PALO ALTO — A just-built house in a choice Palo Alto neighborhood has been bought for $20 million, signaling resilient market strength for luxury residences despite the coronavirus.
The deal suggests that residential investors still hunger for Silicon Valley properties despite the economic uncertainties that the coronavirus has unleashed.
The house, in the Professorville district of Palo Alto, totals 7,900 square feet, sits on one-third of an acre, and contains five bedrooms and eight bathrooms, the Zillow site shows.
Realty agents Michael Dreyfus, Noelle Queen, and Mary Jo McCarthy of The Dreyfus Group, a real estate firm within Sotheby’s International Realty, arranged the purchase of the house at 1500 Cowper St.
Despite plenty of economic uncertainties due to the coronavirus, top-notch residences in Silicon Valley continue to trade hands at a brisk pace, according to realty executive Michael Dreyfus.
“This area is doing very well for ultra-high-end real estate,” Dreyfus said. “We sold a house for $23 million in Woodside during the worst of the coronavirus problems in April.”
The Palo Alto house that was sold is at 1500 Cowper St., at the corner of Churchill Avenue, Santa Clara County real estate records filed on Sept. 3 show.
The seller tore down a residence that had been on the property and replaced it with a brand-new home, according to Dreyfus.
The buyer, operating as Tall Stick Properties, paid $20 million in cash for the Cowper Street house, according to county documents.
“The lookers at the house were varied,” Dreyfus said. “They were local, national, and international buyers.
Plenty of interest in properties within Palo Alto’s Professorville neighborhood has emerged in recent years.
Brian Acton, a co-founder of tech company WhatsApp, has been collecting a number of houses in the neighborhood, including a home a few blocks away at 1107 Cowper.
Through affiliates, Acton has collected enough sites on Cowper Street to potentially replace the residences with a large compound at some point. Acton-linked affiliates have spent $86.3 million in recent years to collect seven residences on the same block next to or near the 1107 Cowper St. house.
“We have a lot of local buyers who are looking at owning a much bigger house than what they have,” Dreyfus said.
The buyer in the deal at 1500 Cowper is linked to a California-based group. Dreyfus declined to discuss the identity of the buyer.