The Town of Hillsborough has posted 4 sales over $10,000,000 in just the last 30 days. This is bold and healthy news for a luxury market ensconced between Silicon Valley and San Francisco, known for its affluence and charismatic architecture. While there were a handful of $8,000,000 - $9,000,000+ sales reported to MLS in 2015, there were NO eight-figure sales, thus denoting a decided increase in luxury activity for 2016. For 2015, insiders will note the $13,500,000 off-market sale on Culebra Road in July of 2015. Notwithstanding, in addition to the four $10M+ sales just reported to MLS, 2016 had at least one other off-market sale, the April 2016 closing on Robin Road at $11,000,000.
Relative to Atherton, Woodside, and Los Altos Hills (where 1+ acre lot sizes are the norm), Hillsborough can be considered a late bloomer to the $10M+ luxury market. But with the northward expansion of what is now considered Silicon Valley, as well as strength in San Francisco’s private equity sector, we can expect to see 6 – 8 eight-figure Hillsborough sales become the norm each year. In years past, Hillsborough’s ultra-high-end sales were often tied to legacy estates, such as the Tobin Clark Estate or the Arthur Dale King Castle on Chiltern. But this year’s sales demonstrate the rising value and demand for more modern housing stock custom designed or renovated. And of course, for this echelon of estates, land is king. All of the sold properties commanded at least 1.7 acre, with the pending sale on Forest View offering 2.56 acres. Not coincidentally, three of the four $10M+ Hillsborough MLS sales for 2016 rest within the coveted Lower North location.
Eight-figure sales in Hillsborough are often purchased by buyers already living in Town. These properties represent a pinnacle of land, size, and location aspired to or graduated up to. If you are looking to buy at this price point, the good news is that more sellers may be encouraged to market their homes, thus bringing more available choices. If you are selling a $10M+ Hillsborough estate, the benefits of today’s market are the increased buyer pool and precedent of sales comps readily posted.
To discuss the Hillsborough luxury real estate market in confidence, always contact Luxury Estate Specialist Geoffrey C. Nelson, headquartered in downtown Burlingame at Pacific Union Real Estate. Cell/Text: (650) 455-3735 HillsboroughBlog.com
