It took less than a day to sell a 8,200-square-foot Burlingame home for a record $17 million, at $3.5 million above the asking price.
Jennifer Colvin and Eric Klein sold their century-old home with a modern addition at 133 Pepper Avenue, the San Francisco Business Times reported. The buyer was undisclosed.
The couple’s home was listed on April 18 for $13.5 million. By the next day, a buyer had inked a contract with a 10-day escrow.
“We were on the market for less than 24 hours,” Compass’ Alex Buljan, who held the listing, told the newspaper.
The sale far surpassed Burlingame’s previous highest sale in February last year at 121 Pepper Avenue, two doors down the street, for just shy of $9 million.
Colvin and Klein bought the house in 2015 for $4.2 million, then spent five years working with San Mateo-based TRG Architecture & Design to remodel it.
They took a historically designated 1924 Tudor home and mated it with a modern addition, on a half acre. The revamped two-story home has five bedrooms and seven bathrooms and a backyard infinity pool.
“This house was one of the best I’ve ever seen,” Buljan told the Business Times. “The quality of the construction and finishes was to such an incredibly high level, and it showed every inch of the property.”
Klein said they decided to sell the home so they could move out of state to be closer to their extended family.
A typical home in San Francisco was $1.6 million in the first quarter ending in March, down 2 percent from a year earlier, according to Compass. In comparison, San Mateo County had the highest median home sale prices on record, at $2 million, 5 percent higher than a year ago.
The Burlingame sale comes after a home in the county’s wealthy enclave of Atherton sold last month at 94 Melanie Lane for $32.1 million, with another selling in March at 81 Somerset Lane for $51.5 million, the highest sale price in the Bay Area this year.
The latter Somerset Lane sale topped an Atherton sale last year by Gap co-founder Doris Fisher, who sold two parcels for a combined $48 million. Last summer, a 12-acre Woodside property traded for $54.4 million.
— Dana Bartholomew
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