21 Aug Belvedere CA Real Estate: Fall 2010 Update
Statistically, Belvedere home prices have really taken a fall since my last update. Average prices are down another -17% from 2009 levels and over -40% from the top. The only segment of the market that has had any traction at all this year is the bottom half of the market as the sales below show: there have only been 3 sales in the middle market and none in the high end.
| 5 N Point Cir | 1,550,000 | 2939 | 527 | 256 |
| 1 Hilarita Cir | 1,725,000 | 2675 | 645 | 320 |
| 49 Bellevue Ave | 1,750,000 | 1342 | 1304 | 32 |
| 19 Acacia Ave | 1,963,000 | 2700 | 727 | 38 |
| 11 Britton Ave | 2,250,000 | 3647 | 617 | 518 |
| 412 Golden Gate Ave | 2,295,000 | 2867 | 800 | 23 |
| 19 Belvedere Ave | 2,300,000 | 2407 | 956 | 132 |
| 430 Bella Vista Ave | 2,300,000 | 2889 | 796 | 102 |
| 29 Peninsula Rd | 2,350,000 | 1412 | 1664 | 28 |
| 213 Golden Gate Ave | 2,423,000 | 3183 | 761 | 35 |
| 83 W Shore Rd -2461 | 2,500,000 | 3481 | 718 | 234 |
| 14 Laurel Ave | 2,625,000 | 4100 | 640 | 22 |
| 7 Edgewater Rd | 3,300,000 | 3085 | 1070 | 28 |
| 180 San Rafael Ave | 4,000,000 | 4112 | 973 | 210 |
| 3 Britton Ave | 4,580,000 | 4280 | 1070 | 80 |
| Average | 2,527,400 | 3,008 | 885 | 137 |
Our office has two $7m deals near closing. The issue is not desirability of Belvedere homes—the issue is pricing. The average listing price is $6,130,000 or $1,365/sqft. This implies an average lot value of $4.3m for the town of Belvedere—well above my research which shows the average lot value in Belvedere is worth ~$1.9m. Please reference below average lot value graphs.
The truth is there are a quite a selection of high end and wonderful properties on the market, but almost every one is priced for a very stong economic recovery.
Please reference our main website www.thedupontgroup.net or call Dave 415-867-6611 for more information.
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