How Does One Home’s Price Drop Affect an Entire Community?
As we have seen, many homes’ values are dropping in San Mateo. The most drastic cuts are seen in East Palo Alto and Daly City, which are considered the fringes of San Mateo. After six months I was actually able to find a short sale in Woodside. Woodside is a town hidden within many majestic and beautiful redwoods on the west side of 280. It also is home to Oracle CEO Larry Ellison’s Japanese style palace. This majestic property went on the market last year with no takers. I did see it on MLS last year but the price was concealed. A few days ago it was revealed that Larry did the next best thing. Since he is no longer using the property, he asked for its value to be reassessed. The lavish estate’s value was reduced from $173 million to $69.7 million and Ellison received more than $3 million in a tax refund from San Mateo County. Let’s see, this is a $103.3 million drop, or 59.7%. I think no other San Mateo Home Seller in Trouble listing could ever beat Ellison’s record.
After this happened, it was reported that the Portola Valley School District, which gets income from Woodside properties, will get a cut of $250,000 to $300,000 per year. This cut comes from just one home’s reassessment!
Of course, old Larry is not really a home seller in trouble per se. He has billions of dollars to spend, but if every rich person in Atherton, Burlingame, Menlo Park, and Hillsborough follows his lead. I think we may see more education funding cuts here in our lovely little county.
Source: http://www.almanacnews.com/news/show_story.php?id=1835
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