Purchased for $8.5 million in June of 2016, the “sumptuous” Palo Alto home at 1117 Hamilton Street, which measures 3,376 square feet, sits on a prestigious 10,000-square-foot Crescent Park parcel, and features “exquisite architectural and interior design, exotically-sourced materials, hand-crafted finishes, and elegant appointments throughout,” with five bedroom suites and a two-car garage, returned to the market listed for $8.95 million in September of 2017.
Reduced (twice) and relisted for $6.988 million in September of 2018, 1117 Hamilton Avenue finally re-sold for $6.65 million at the end of 2018, which was officially “within 5 percent of asking!” according to all industry stats but down 21.8 percent ($1.85 million) on an apples-to-apples basis from the second quarter of 2016.
And having returned to the market priced at $6.988 million [this past September], a sale at which would represent total appreciation of 5.1 percent for the “Mediterranean masterpiece” since the end of 2018, 1117 Hamilton Street remains listed for sale.
The list price for 1117 Hamilton Avenue has since been reduced to $6.588 million, a sale at which would now represent a one (1) percent drop in value for the “Mediterranean masterpiece” since the end of 2018 on an apples-to-apples basis.
The widely misunderstood Case-Shiller index for Bay Area (“San Francisco”) home values is up 30.1 percent over the same period of time. And once again, if you think you know the market in Palo Alto, or the market for prestigious homes in general, now’s the time to tell.
if you think you know the market in Palo Alto…
Guess someone didn’t, huh?
Poor decorating and staging choices cannot be helping.
I don’t know Palo Alto very well at all, but it looks like a perfectly nice house, if a bit dated inside.
I wonder why this isn’t a gut renovation or demolition opportunity? There must be something wrong with the site, eh?
There’s an exterior door in that shower.
I do not understand.
It’s a rather nice amenity, particularly if you exercise outdoors, which leads to a private courtyard and spa. It’s also nice to have if you have a dog.
Its a pandemic-ready decontamination chamber.
So, in aggregate the houses in the area are increasing in value, just not the ones this site chooses to cover.
That’s correct as we primarily cover San Francisco proper and higher end properties around the Bay versus entry-level housing in the burbs.
the fact that this ever sold for $8.5m is legit hilarious…
yeah, the purchase price was way too much.
SS basically cherry picks blunder purchases that resell at the real market rate, (which actually has moved up over time significantly) and then they call it out far too often.
Factually speaking, that’s incorrect. We don’t “cherry pick” the sales we feature on the site nor do we go looking for sales that result in losses (or gains, as the case(s) may be). Which brings us back to the property, its history, which we’ve been tracking since 2018, and the area at hand…