There has been renewed discussion about off market home sales in Los Altos Hills ever since the record setting $100 million transaction completed a couple of months ago. In looking at that transaction, many buyers will be curious to know how many other homes have sold off market in Los Altos Hills in 2011 and 2010. Remember, off market sales are those homes that sell without being on the MLS.
In 2010, there were a total of 12 off market sales transactions. There were several other transfers to trusts and other property exchange events but they weren't true sales transactions. Of those, the vast majority were reasonably priced with only 3 transations exceeding $3 million. One transaction exceeded $20 million and the others were more reasonable.
The composition of the transactions was mixed as well with a few "land only" properties sold. Those transactions firmly support the on market valuations for land in Los Altos Hills. In general, the market value of a prime acre of land in Los Altos Hills is about $2.2 million per acre. That assumes views or other advantages. The off market transactions fall in line with that.
The majority (75%) of transactions happened in the later half of the year, from June onward. This is a sign that the "off market" followed the trend of the "on market" in Los Altos Hills improving in the latter half of the year. We have seen 4 transactions so far this year with one off market transaction pending which is a further sign that properties sold off the MLS is accellerating in 2011.
There were many buyers who wanted to make off market purchases in 2010 but were unable to find suitable properties. There has been considerable discussion in the local market about these buyers finding good properties in 2011. If the regular market is any indication, Los Altos Hills will see substantial off market sale activity this year.
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Bryan Robertson, CEO | T: 650.799.9951 | Email: firstname.lastname@example.org | Website: http://www.BryanRobertsonHomes.com |CA BRE# 01191946 | Catarra Real Estate, Inc | 171 Main St #220 | Los Altos, CA 94022