Surge in interest from overseas after $88 million Los Altos estate has 55 percent price drop – KGO

LOS ALTOS, Calif. (KGO) — One of the most expensive homes in Silicon Valley just went through a massive price cut at now 55 percent less than its original $88 million asking price. With a surge of interest from potential overseas buyers, there’s a new interest in the past several months from one country in particular.

Tucked privately away on eight-acres 27500 La Liva Real in Los Altos Hills is a 21,000 square foot estate that could easily be mistaken for a resort.

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“The house wraps around this expansive courtyard then off to the left we have the bedroom wing and the master suite with its own indoor pool,” says CEO of Deleon Realty, Michael Repka.

The estate was built from the ground up over the course or four-years, from the pool with automatic skylight to all five bedrooms and seven full bathrooms and grand kitchen space.

“Notice the kitchen is very functional as is the butler pantry– so a lot of time it’s perfectly set up for the caterer,” says Repka.

When the property first hit the market in 2015, the owner, the founder of a tech company, listed it at $88 million. Today, the price is reduced 55 percent to just under $40 million.

The home’s custom features such as an array of sculptures outside, indoor sauna and separate office building on the grounds appeals to a specific buyer. There has been interest from all over the globe-and a rise in inquiries from Hong Kong.

“We’ve seen significant increases in buyers coming from over in Hong Kong. With the political tensions over there and the protests people are looking to get some money out of Hong Kong and possibly reconsider where they want to live,” says Repka.

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Michael says while there is still a pool of buyers from the Bay Area, many in the range of $5 million to $10 million are choosing to retire out of state.

“The market has definitely softened up and with the tax changes in the state and local tax deductions has had quite an impact on Silicon Valley.”

While Michael and his team are getting ready to travel overseas to meet with a potential buyer, they are confident that they will sell because of the price reduction and interest from Asia and the Middle East.

“I’m very confident it’s going to sell– it’s such a spectacular property,” smiles Repka.

Deleon Realty is also currently listing another $40 million home in Palo Alto. You can learn more about it and La Vida Real here. https://deleonrealty.com/

Article source: https://abc7news.com/realestate/overseas-interest-after-$88-million-los-altos-estate-has-55-percent-price-drop/5629624/

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