Revisiting 240 Third Street in Downtown Los Altos
Back in February of this year, I wrote of two upcoming luxury residences in Downtown Los Altos called the Terraces on Third. Unit 302 of the Terraces on Third has been completed and was on our 12/14/2012 Broker tour. While the three-story building was not quite done (parts of the lower two floor office spaces are being built out), I was really excited to see this ultra-luxurious modern unit.
Given unit 302 was priced at just under 4 million, my expectations were extremely high. Unfortunately, I left the tour a little disappointed. The unit was very nice, just not what I was expecting for 4 million dollars in downtown Los Altos.
The first thing that your drawn to when you enter the unit is its openness and the wall of glass that allows one to take in the stunning views of the western mountains. I envision the new buyers relaxing on the large terrace with a glass of wine and enjoying the endless beauty of our Northern California sunsets. The stunning views may be negated somewhat by the traffic noise from the vehicles parking in the public parking lots below.
The main room which incorporates the living room and formal dining area is lovely with its high ceilings, walnut floors and walls of glass, but it almost seemed to be too much space for what it was. I could be wrong, but there seems to be a dead space in between the dining and living room spaces (take a look at the photos on-line and judge for yourself). It is a fabulous room for grand entertaining but a little to grand for most everything else. I think the terrace is ideal for intimate gatherings.
I really like that the master bedroom is located on the opposite end of the residence from the second bedroom and office. It offers the owners a private retreat for just them to enjoy. For some reason, it also reminded me of one of the suites at the Rosewood Hotel on Sand Hill Road in Menlo Park. The master bath is stunning with both a large shower and deep whirlpool tub. It also has views of the western mountains.
The kitchen, with its modern and clean lines, is lovely, but not over the top. From its Miele appliances and Carrara marble counters to the three skylights and walk in pantry, this is what one would expect in a really nice kitchen.
Completing unit 302 is a sizable media room (pre-wired for componentry), laundry room and wine storage closet (I didn’t see a cooling unit but I may have missed it). The new buyer will have to consider how to finish off these rooms because one could spend thousands (and even hundreds of thousands) in media componentry and wine. Filling the wine cellar (and of course emptying it) would be fun.
At $1,057 (per the MLS data), the homeowners association dues are the highest in town. Parking is underground with access via the elevator.
Unit 302 at the Terraces on Third is a one of a kind property that may never be duplicated due to a lack of development space in downtown Los Altos. Will that uniqueness be enough to fetch what the sellers want for the unit. Unfortunately, I don’t think so. It will be interesting to see how the market views it. Stay tuned!
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