Comment by alarge

Atherton is a bit of a weird case and seems to derive its land values almost exclusively from lot size (and maybe inertia?). The peninsula in general tends towards low density and high property values and Atherton is just really on one end of the spectrum. However, it doesn't have something like walking distance to downtown Palo Alto or the views of Saratoga, Los Altos Hills, or Belmont. It has... big lots. With big houses. I honestly have no idea why it is so coveted.