Tuesday, January 29, 2013

Silicon Valley House Sells for $117.5 Million

LaTi reports:
An estate has sold in the wealthy northern California community of Woodside for $117.5 million, making it one of the highest-priced residential sales ever in the U.S.

Woodside is known for its striking equestrian neighborhoods and billionaire Silicon Valley homeowners, among them Oracle Corp. chief Larry Ellison. It also is the site of Filoli, a landmark country estate designed by Willis Polk, with 16 acres of gardens and another 654 acres of grounds used in the filming of "Heaven Can Wait."

The seller was Tully Friedman, chief executive of Friedman, Fleischer and Lowe, a San Francisco-based private equity firm. The property was purchased in the name of SV Projects LLC.
Public records show the house is 8,930 square feet and is located at 360 Mountain Road, Woodside CA, next door to the Steve Jobs house at 370 Mountain Road.

Bottom line: Bernanke money is flooding Silicon Valley. The sale comes as Silicon Valley luxury home sales surged 54 percent in December, according to residential brokerage Coldwell Banker Wendy McPherson, quoted by the San Jose Mercury News. In the wealthy Silicon Valley town of Atherton, CA, the number of days to sell a home has dropped 72 percent in the past 24 months, she said..

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