Although Palos Verdes real estate is one of the most expensive zip codes in the area, the most expensive single family home in the country just sold in Los Altos Hills, California. As reported yesterday in the Wall Street Journal, a Russian investor paid $100,000,000 for a 25,000 square foot home with indoor and outdoor pools, a wine cellar, ballroom and tennis court.
The most expensive recent sale for Palos Verdes homes just closed earlier this month for $9,150,000. This home located in the Monte Malaga area of Palos Verdes Estates had 9 bedrooms, 12 baths, 15,147 square feet, and a 69,696 square foot lot. It also had a tennis court, pool, home theatre, wine cellar, gym, library, and 5-car garage. This was the most expensive Palos Verdes home sold since 2007 when a home sold in Rolling Hills for $12,900,000.
“Sales of homes over the $1 million mark rose nearly 4% in February year over year, according to the National Association of Realtors. That compares to a nearly 8% decline in sales volume for homes priced between $100,000 and $250,000.” according to the Wall Street Journal. That has to be good for our market. Click here to see the entire article with a aerial photo of the Los Altos Hills home.