“Crown jewel of Mill Valley” goes into contract with $17.5M ask

Even with an extensive outdoor remodel still ongoing and an overall market slowdown,
a turn-of-the-century home in Mill Valley with a $17.5 million asking price found a buyer in just three days.

The interior of the 5,755-square-foot five-bedroom, five-bath home at 480 Throckmorton Avenue was remodeled when it came to market on June 27, but the exterior work had not yet wrapped up, according to the marketing notes. Before the end of the month it was in contract, with buyers apparently willing to accept that their new pool, pergola with outdoor fireplace and alfresco kitchen were still a work in progress. The 1.15-acre property also has vegetable gardens, fruit trees and a sports court.

The large lot in the popular Old Mill neighborhood just outside downtown Mill Valley was a major selling point, with agent Chris DeNike of Madrone Homes calling the property “arguably the crown jewel of Mill Valley” and a “seldom-found sanctuary” on the listing site.

DeNike did not respond to a request for comment on whether the home is the biggest sale in the town’s history, but at $17.5 million it would be the biggest sale for at least the last five years, according to Redfin data. It’s likely the house could have sold for more than that, given that it went into contract so quickly. It could be one of the biggest sales in Marin County so far this year, though it would need to sell for more than $2 million over asking to take the top prize from a new-build home in Belvedere that went for $19.5 million in May.

No matter the final sales price, the deal represents a hefty profit for seller Paul Sinclair, founder of health care hedge fund Blue Jay Capital Management, who bought the property for $6.25 million in 2017, according to public records.

Marin is seeing the same softening trends that have hit the rest of the Bay Area housing market the last few months. The number of listings accepting offers and the number of home sales were both down more than 20 percent in June 2022, compared with one year ago, according to Compass data. Higher-priced home sales have not been immune to the trend, with sales of $3 million-plus homes down 11 percent year over year.

Yet certain North Bay homes seem able to buck the slowing sales trend. In addition to 480 Throckmorton, a pair of Stinson Beach properties recently went for over asking at $17.5 million combined for the “once in a generation beach retreat.” And a remodeled Kentfield home sold in days for $10 million—$2 million above the ask.