West Atherton Real Estate Spikes in Q1
co-written by Mary Jo McCarthy and Rich Bassin
After a sleepy Q4 in 2015, the real estate activity in the first quarter of this year turned more than a few heads. Although the median sales price for all of Atherton is slightly up (approximately 7% from last year) it had been declining since November of 2015. In contrast, West Atherton (prime Atherton, between El Camino and Alameda de las Pulgas) has been on an upward trend since October and finished the first quarter with a median sales price of $8,000,000 compared to $6,500,000 for the same period last year, an increase of 23%! With that said, this is only a snapshot in time and may not be indicative of what the future holds.
Driving west Atherton prices are a number of significant sales, some of these properties have been on the market anywhere from 5 months to 3 years. My personal favorite is a beautiful newer home located on Austin; it was only on the market 3 days and sold for $13m. At less than 6500/sq (which equates to $2082/sf), it demonstrates that you don’t have to have a big house to get a big price.
Buyers Beware of Trees
Most buyers are aware of the heritage tree ordinance in Atherton; don’t assume that a tree can be removed if it’s in the building envelope. If you’re looking for a large level parcel with the flexibility for gardens, pools, tennis court or other amenities and one that is not encumbered by trees, check out the 2-acre property at 120Selby.com.
