San Mateo mansion breaks record with $12.5M listing: Italian Renaissance-style home listed on market for first time in its 104-year history

The home is larger than most others in the neighborhood, which usually range between 2,500 to 4,000 square feet, though the property also sits on one of the larger lots in the area — almost three-quarters of an acre — and has a pool, pool house, detached three-car garage, sports court, outdoor kitchen, fireplace and floral gardens. Most of the lots in the neighborhood are between 5,000 to 8,000 square feet, said Compass Realtor Alex Buljan, compared to the Edgewood Road home’s sprawling 31,000 square feet.

“Most lots are not anywhere near this size,” he said. “Most people recognize that the biggest driver of the value of properties is the land, not just the structure of the house.”

The home has previously been sold in off-market transactions, making this the first time the house has been formally listed.

“The property is so special, and it’s an incredible setting,” Buljan said.

Since the home was listed over a week ago, on Monday, March 16, Buljan said there has been a significant amount of interest, highlighting the supply-constrained nature even of the luxury home market.

“We’re just constantly at a supply deficit for the amount of buyers that are out there, especially in this pocket,” Buljan said. “These are where all the flat lots are, so when things come up, they tend to go quickly.”

According to MLS data going back to 2000, the closest-priced home sale in the city was for about $10.8 million, also in San Mateo Park.