Home near downtown sells for more than $1 million

The sale of the first million-dollar plus home in the city’s
traditional core will take place this week, when Bente and Michael
Hewitt close escrow on their Princevalle Street house for more than
$1.1 million.
Gilroy – The sale of the first million-dollar plus home in the city’s traditional core will take place this week, when Bente and Michael Hewitt close escrow on their Princevalle Street house for more than $1.1 million.

The 4-bedroom, 2-bath Country English-style home at 7590 Princevalle Street is just blocks away from the city’s historic downtown and the First Street shopping corridor. The family originally listed it several months ago for nearly $1.3 million. A lack of offers led the Hewitts to reduce the price to $1.2 million in April, but the family and their real estate agent, Susan Hughes of Intero Real Estate Services, remained confident it would fetch top dollar given the home’s considerable tax breaks for historic architecture and their efforts to keep it in top condition.

Hughes would not disclose an exact sale price until the closing of escrow this week, nor would she reveal the names of the buyers, but described them as a local Gilroy couple with kids.

The $700,000 the Hewitts spent on the home set a record five years ago. Since then, the couple has installed new hardwood floors, replanted the gardens, and remodeled the bathrooms and kitchen.

While the million-dollar-plus sale sets a record for the city’s core, the area as a whole has seen its share of spiraling home values.

Hughes predicted the Hewitt home will not be the last to break the million-dollar mark in the city’s historic core.

“There’s other (houses) of this caliber that could sell for this much,” she said. “They’re just not for sale right now.”

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