There has been a lot of excitement regarding the recent sale of 360 Mountain Home Road in Woodside California (see map below). Many media outlets including Forbes.com, ABC News, and our local San Jose Mercury News have written on the sale.
Although I have not personally viewed this home, it appears to be a one-of-a-kind luxury estate. It closed escrow in November of 2012 for a record price of $117,500,000. In these tight times when state and county resources are strapped, residents of San Mateo County should appreciate the additional property tax revenue.
It had to be a difficult property to value so I thought that I would do what many home sellers do, I went to Zillow to get a Zestimate. Zillow’s Zestimate is $19,240,572., a mere $98.2 million dollars shy of its actual sales price. In 2012, the property’s assessed value was $19,774,471. To be fair, this property is extremely unusual, making it difficult to price.
According to Zillow’s web site:
“A Zestimate home valuation is Zillow’s estimated market value. It is not an appraisal. Use it as a starting point to determine a home’s value.”
Zillow is a good place to start, but please don’t think a Zestimate should be the actual market value for your home. Your home’s condition, location, upgrades etc. must be included in your home’s valuation. Seek a knowledgeable real estate professional to help you determine the value of your home in today’s real estate market.
According to County records, the 8,930 square foot estate consists of 4 bedrooms, 5 baths plus an additional 1,600 square foot basement. The home was built in 2005 on 391,604 square foot lot and includes a 4-car garage and large swimming pool.
The price paid for 360 Mountain Home Road surpassed last year’s record sale of 100 million dollars paid by Russian Billionaire Yuri Milner for the property located at 13310 La Paloma Road in Los Altos Hills.
View The most expensive home sold in Woodside in a larger map