Luxury home has a long history
The other day I read that Roger and Wendy Mairose’s home sold
for possibly the highest sales price in San Benito County in only
100 days. I chortled. I guffawed. I envisioned all the sellers in
the county turning to their Realtors, demanding to know why that
wasn’t happening for them. In the words of Paul Harvey, here’s the
rest of the story.
Luxury home has a long history
The other day I read that Roger and Wendy Mairose’s home sold for possibly the highest sales price in San Benito County in only 100 days. I chortled. I guffawed. I envisioned all the sellers in the county turning to their Realtors, demanding to know why that wasn’t happening for them. In the words of Paul Harvey, here’s the rest of the story.
The Mairoses built their spectacular 22,000 sq. ft. home on beautiful San Juan acreage, hoping to develop that into luxury housing. They were generous with the use of their home, allowing many local groups to hold fund-raisers, so many people are familiar with the property.
Then it became evident the county would not allow development of their land. I surmise Roger and Wendy turned their focus elsewhere, and decided to sell. They have relocated further north.
The first time we saw the Mairose home listed on the local multiple listing service (MLS) was Dec. 14, 2000. It was listed by an agent for $18,000,000. It made quite a splash in the local real estate scene, not only for the price but also for the marketing. I believe there were catered events for agents, open houses with twilight wine tasting, etc., etc. I recall lots of money was spent on ads, photos, etc. You name it, it was done. The listing expired in June 2002, and by then the price had been reduced to $9,900,000. It was relisted in July by the same agent at the same price, but it expired at the end of the year without selling.
Two months later, February 2003, it pops back onto the market at the same price but with a different real estate agent. The listing was pulled off the market short of its expiration date one year later.
This was a change in strategy. Sneaking onto the inventory the very same day is the very same house with the very same agent with a very different listing price…$7,900,000. But this time, the MLS offering included only 105 acres. By January 2006 the price had fallen to $6,999,000 and it was once again pulled off the market.
In March 2006, it returned with yet another agent! This time it is listed for $10,498,000 but includes 736 acres. It went into escrow in June 2006 and closed escrow on August 17, 2007 for a price of $9,834,375.
Total time from initial appearance on the MLS until close of escrow? 2137 days. Whoa, doggies! That’s a far cry from 100 days.
But wait? What is this I see? It’s listed on the MLS again! Mick Pfaff and Irwin Sewell of David Lyng are representing the new owners.
The property is now being marketed in two separate packages. First is the amazing 22,000 sq. ft. home and 50 acres being offered for $5,750,000. Though it still may be purchased as a family home, it is also being promoted as a potential corporate retreat or private club.
The owners have been creating relationships with both the city of San Juan and the county of San Benito. Because of new faces and new leadership in both these governmental entities, they have been able to create new directions.
the remaining acreage which is being offered at $6,500,000.
Though nothing is carved in stone, there are some exciting new prospects on the horizon. One potential vision is to create an equestrian development similar to those found in Carmel Valley. Somewhere between 8 to 20 homes would dot the landscape, with many acres of permanent equestrian trails and open space as a welcome addition to San Benito’s recreational opportunities.
It is encouraging to see the enthusiasm and excitement around this unique property once again. It had languished for so long! Hopefully this time around the property will be brought to its highest and best use.
The equestrian industry is a sleeper. When San Mateo County had a study done, it turned out the equestrian economic sector was one of their largest industries, and no one knew it. The equestrian businesses employ, use services and buy feed and equipment such as tractors, trailers and pickup trucks. They buy jeans, boots, ropes, ladders, buckets and brushes. The people who come to participate in equestrian activities eat in restaurants, enjoy entertainment, buy food, clothes, gas, etc. An equestrian development would not be the total drain on resources that historical “bedroom community” developments have been.
We Realtors cannot predict what will happen with this property, any more than we can predict with certainty when the market will change or how the Feds will act or which mortgage lenders will survive this shake-out. But we can say with certainty that life in San Benito is wonderful and there’s no reason to think that won’t continue into the future.
Be kind to your Realtor.
