A 1-acre property in Atherton with a brand new foremost house, visitor home and indifferent storage has bought for $22.5 million, one in all this yr’s priciest single-family residential gross sales within the nation’s most costly zip code.
Two trusts, one named after Ray Newton III and the opposite after the property’s tackle, acquired the positioning at 54 Reservoir Street from Benchmark Builders, paperwork filed with the San Mateo County Clerk-Recorder’s Workplace on Aug. 16 present. Public information and folks search engine Spokeo match Newton III with a Florida-based personal investor with the identical identify. He didn’t reply to a cellphone name and LinkedIn message in search of remark.
Menlo Park-based Benchmark has spent greater than two years changing the property’s beforehand accomplished four-bed, three-bath house, indifferent two-car storage, and related landscaping with a brand new pad. Its new foremost house acquired the primary of two momentary certificates of occupancy final month, whereas its visitor home, indifferent storage and 1,100-square-foot pool and spa space acquired last inspections final week, in keeping with Atherton’s on-line allow portal.
Benchmark has additionally obtained constructing permits for a firepit, out of doors kitchen and accent dwelling unit, which spherical out the pad’s residing area and facilities. The only-family homebuilder didn’t reply to requests for remark.
The deal is tied for the fifth-priciest in Atherton this yr and comes at a time when residential markets throughout the Bay Space are slowing, in keeping with Zillow and Compass knowledge. Atherton, the nation’s most costly zip code for the previous 5 years, in keeping with PropertyShark, hasn’t been proof against the slowdown.
Gross sales quantity final month was lower than half the $69.6 million in June quantity, MLSListings knowledge present. Common gross sales value and the variety of new listings and houses bought additionally declined over that point, in keeping with MLSListings. Nonetheless, Atherton topped all residential markets in San Mateo County in median home gross sales value, median value per sq. foot and median house measurement from Might by July, Compass knowledge present.
As a result of neither Atherton’s allow portal nor Benchmark’s web site discloses the brand new pad’s sq. footage, it’s unimaginable to calculate the place the sale ranks on a per-square-foot foundation. No different properties have bought this yr on Reservoir Street, which sits lower than 3 miles from quite a few main enterprise capital companies on Sand Hill Street, in keeping with Zillow knowledge. The property at 54 Reservoir Street wasn’t listed on the market on-line, indicating that it could have bought in an off-market deal.