We’re always looking at indicators to see where the housing market is headed, like today’s reading of the Realtors’ “Pending Home Sales Index,” which measures contracts signed for home purchases, hence an indicator of future closings. We look at consumer confidence, construction permits, even employment numbers to gauge housing’s future, but what about remodeling as an indicator?

Today the National Association of Home Builders put out its quarterly remodeling index, which rose to the highest level since 2006.

What does remodeling say about home buying? I think it says two things.

At the top of a housing bubble, there’s a lot of remodeling because a lot of people are buying a lot of homes, and they naturally want to put their personal touches on those homes. We also saw a lot of remodeling during the housing boom because so many borrowers took all that bloated equity out of their homes to pay for new kitchens and bathrooms and swimming pools and “man caves” (I really really hate that term).

Remodeling plummeted during the housing crash because of negative equity, lack of home buying, and zero confidence in housing as an investment. Not to mention that nobody wanted to spend a dime of whatever cash they had on anything.

So now as we bump along the bottom and anticipate a potential double dip, why would remodeling improve?

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It also surprised many who live in the area. Los Altos Hills has been proud of its rural, easy-going roots, which has been in transition with the influx of more monied residents. As much as we know the value of our neighborhoods, a $100 million-dollar home exceeds the imagination of most, since it’s pegged as the most expensive single family home sale in America.

What does that look like? The architect who originally designed the home for Fred Chan and his wife, Annie, told the Wall Street Journal that there was “no budget” for the 18th century French chateau-inspired mansion, that includes tennis courts, indoor and outdoor swimming pools, wine cellar and ballroom, taking up a tidy 25,000 square feet.

Los Altos Hills is one of the wealthiest towns in America. Yet “home compounds” in the 20,000-square-foot range are rare enough that the handful that have been built have raised eyebrows, and caused civic concern that the town could end up with “white elephants” in the future.

In reality, homes in Los Altos Hills are much more modest than the $100 million that the Journal reported was paid by Russian investor Yuri Milner, founder of Digital Sky Technologies. Of course, to 99.9% of Americans, there is nothing modest about owning a $2.2 million home, which was the median home price of Los Altos Hills in February. Much of the action in very high-end luxury properties, however, is generally acknowledged to take place in communities such as Portola Valley or Atherton. 

Between $2.2 and $100 million, where do the values of most Los Altos Hills homes fall? To satisfy my own—and maybe your—curiosity, I pulled from the MLS the ten-most expensive homes that were sold in Los Altos Hills since 2000.

There’s one important caveat. They aren’t likely to actually be the most expensive homes sold. That’s the thing to remember about homes selling in the highest strata: The sales price is usually nowhere to be found on the MLS, the multiple listings service in which most real estate brokers participate.

These types of home sales are made “off market,” when an agent representing a seller makes it known to his or her network that a property is for sale, and buyers who want discretion also rely on a representative to find an appropriate property through networks. But here’s some perspective: In Los Altos Hills and Los Altos, high off-market sales prices talked about have been in the $25-or-30-million range. 

Through bypassing the MLS, the agreed-upon sales price never appears on a publicly visible database. Once the sale is made, don’t expect to find the sales price reflected on the deed at the county recorder’s office, either.

“It’s called California Revenue and Taxation Code 11932,” said Vic Sharma, the head of the Santa Clara County Recording division. Colloquially, in the Recorder’s office, it’s known as “a confidential,” a request to keep the transfer tax amount off the deed, and thus obviate the ability to calculate the sales price from the tax.

Anyone can request a confidential, Sharma said, and has been able to since 1959. You needn’t be a billionaire foreign investor or Donald Trump. If you don’t want people to know how much you paid for your one-bedroom condo next to the landfill, you have as much access to a confidential  as Yuri Milner does.

The tax, of course, is recorded by the county—which needs to get paid—but once it’s logged in, an employee in the Recorder’s office can’t see it nor retrieve it. “I’m not interested, no—it’s not my money,”  Sharma said.

“There’s a lot of speculation on the price, and that’s all I can say.” 

So here are the top ten highest sales prices paid for Los Altos Hills properties, with the usual MLS admonition that the information is deemed reliable but not guaranteed. Remember that the highest visible price of a home sold in Los Altos Hills can easily be lower than that of a non-public, off-market sale in Los Altos:

 1. 13902 Campo Vista Ln – Sold for $14.8 million (2007)

Topping the list is a 6.89 acre property with views of the Bay and the mountains around. The house sitting on the lot has only two bedrooms with 2000 sf. Obviously, the value was in the land.

2. 25751 Elena Rd. – Sold for $12 million (2006)

This newly constructed Mediterranean estate, sitting on a two-acre lot, has six bedrooms and eight and a half baths with 12,000 square feet of living space. Other amenities include a game room, an exercise room, a wine cellar, a pool, and a detached cabana with its own kitchen.

 3. 25810 Vinedo Ln – Sold for $12 million (2005)

This four-acre private gated estate has five bedroom and eight baths with a stunning formal entry, a designer’s kitchen, two offices, a home theatre, and an exercise room. Besides over 12000  sf of living space, it has its own vineyard inside the estate. (This home is currently for sale at $14,995,000.)

 4. 12775 Viscaino Rd – Sold for $12.7 million (2004)

This 7,000+ square-foot home sits on a 2.36 acre lot with six bedrooms and seven baths. Additional features include a guest house, a tennis court, a pool and a pool house.

 5. 12638 La Cresta Ct – Sold for $12 million (2000)

This private gated estate is located on a cul-da-sac lot. The home has five bedrooms and four and a half baths with over 4,800 square feet of living space.

 6. 10285 Magdalena Rd – Sold for $11 million (2008)

A gated Mediterranean estate with views of the Bay and city lights, this property has seven bedrooms and nine and a half baths. Other dramatic features include a wine cellar, an infinity pool and a cabana.

 7. 26000 Alicante Ln – Sold for $10 million (2000)

This 4,000+ square-foot property sits on an acre plus level lot close to town. It has four bedrooms and three baths, and a tennis court and a pool.

8. 13815 Barton Ct – Sold for $9.95 million (2009)

This gated Tuscan retreat, sitting on an acre-plus lot not too far from the village, was built in 2007. The three-level home has a basement with elevator and handicap access. With over 7,000 square feet of living space, it has five bedrooms and six baths.

 9. 27241 Altamont Rd – Sold for $9.5 million (2000)

This six acre plus estate, with magnificent bay views, has over 6000 sf of living space with six bedrooms and four baths.

 10. 13350 Country Wy – Sold for $9.1 million (2000)

This 2.4 acre estate boosts magnificent views of the wooded hill. The home has five bedrooms with three and a half baths with close to 6,000 square feet of living space.

Los Altos Patch editor L.A. Chung contributed to this report

Article source: http://losaltos.patch.com/articles/estimated-100-million-home-sale-places-spotlight-on-real-estate-in-los-altos-hills