Building a new house in Palo Alto

Building a new house in Palo Alto

Friday, August 29, 2014

172 Park Completed and Sold! Days on Market: 0


Well that was fast. The day after we finished hanging the light fixtures we had an offer on the Park Ave house. I was hoping to use my marketing skillz to sell the house but our buyers showed up before we even passed the final inspection. The deal closed yesterday, here were the terms:

House: 5 bedrooms, 4 bathrooms.
Living space 2722 sq ft + garage & basement
Lot: 7500 sq ft

Price: 3.8M
Close: 21 days after passing the final inspection, contingent upon a home inspection

The nice thing about selling a house off-market is that you don't have the ticking "days on market" time bomb where your property gets stale if it hasn't sold in a week. This is nice because it takes away the pressure to only accept an all-cash, no contingency offer and allows you to be more flexible with potential buyers. In this case, we gave them time to secure a mortgage and hire a home inspector to check out the house.

We were okay being flexible because it was very important to us to find the right buyers. As my builder partner, James Witt likes to say, "I'm not interested in selling to a suitcase of money." We were lucky enough to acquire the property at a below-market price and we were karmically committed to passing it along to a nice family who would enjoy living in the house and neighborhood for years to come. In this crazy climate we may have been able to get a higher offer by listing it on the open market and stirring up a bidding war, but the deal felt right so we accepted it on the spot.

Here's James signing the contract...


...ha, not really. Neither of us had a pen, so the buyer's agent had to run to his car to fetch one while we staged this photo opp. If you look closely, you'll see James "signing" the offer with a drawer handle. You'll also see a photo of the nice family who bought the house. We're super psyched because we know the neighbors are going to love them.

My apologies to everyone I promised to invite to the open house. We've been scrambling to finish up the final details so we could get the buyers into their new home before Labor Day.  In lieu of an open house, here are some photos of the finished product:

Front of house

Back view
Outdoor dining area. As a bonus, our expert landscaper planted an edible garden.
Bonus sitting area in the front of the house under a grand old oak tree.
James thought it'd be festive to string up some party lights for evening entertainment.

Kitchen...you can't see it but the island is a lovely honed Calcutta marble. 
The dining section of the great room
The great room is really great.
The homework nook at the top of the stairs with built in desks, storage shelves,
skylights and Nelson pendant lights is visually my favorite space.
Master bedroom with vaulted ceilings and a simple propeller ceiling fan.
One of the two upstairs bedrooms. Some lucky kid is going to love this room.
My final inspector giving his stamp of approval.

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