Purchased for $8.5 million in June of 2016, the “sumptuous” Palo Alto home which sits on a “prestigious Crescent Park” parcel at 1117 Hamilton Street returned to the market listed for $8.95 million in September of 2017.
Relisted for $8.95 million this past February, the asking price for the nearly 3,400-square-foot, 5-bedroom home which features “exquisite architectural and interior design, exotically-sourced materials, hand-crafted finishes, and elegant appointments throughout” was reduced to $7.988 million in May.
And as of this morning, the list price for 1117 Hamilton has been reduced to $6.988 million or roughly $1.5 million below the price it fetched in 2016.
Easy walking distance to East Palo Alto – what’s not to like?
It’s 6 blocks from downtown Palo Alto and nowhere near East Palo Alto. That is one of the best areas in Palo Alto.
It’s on a 10,000 square foot lot and was obviously priced for development. Apparently, developers have closed up shop in Palo Alto like they appear to be doing in San Francisco.
There is a home around the corner (the corners of the properties probably touch one another) at 47 Hamilton Ct that isn’t listed for $3000 psft, and is about the same size building, better layout, on a cul-de-sac (no traffic), and listed at $6M, on a lot size “merely 8600 square feet). That building is not really priced for development, and this is obviously a repricing to bring it closer in line with that one, when that one didn’t fly off the market.
1 month later: neither of these sold. This loss is going to be epic.
10,000 square foot lot on the 1100 block of Hamilton. Literally top 5 best location in the entire city of Palo Alto.
UPDATE: Palo Alto Prestige Finally Trades for Nearly $2 Million Less