Tiburon & Belvedere CA Real Estate Market Report (November 2009 Morgan LaneUpdate)

Belvedere and Tiburon real estate is expensive — land values are extraordinarily high. Several homes each year sell for $5 million and up. As 2009 began to unwind, the luxury sector was flat for obvious reasons and it seemed as though the highly valued luxury homes with jetliner views and royal class appointments would never sell again — that has changed. For four months straight we have experienced sales above the $5 million mark. October was no exception with 2 sales. 

Nonetheless, sales and activity remain choppy. There are currently 93 listings in the 94920 zip code, which covers Tiburon and Belvedere (down 16 from last month). Twenty-two of these properties are priced over $5 million. In the lower price segments, activity is moderate (3 sales under $2 million). There were 8 sales in September 2009.

Not until March of this year did the median asking price for homes in Belvedere dip below that of 2008. Belvedere was the last Marin city to experience that shift (a full 6 months after Tiburon). Over the past several months however, that shift has become more exaggerated as prices begin reflecting market realities. Currently, the median asking asking price in Belvedere is more than $1.25 million lower than 1 year ago. In contrast, Tiburon’s asking prices have actually increased to the point they are slightly above those of a year ago — of course, these are asking prices, not sales prices. 

For homes that sold in October 2009, the average price per square foot was $774 — far above August’s $674. Below are the percentages of homes in escrow in each of the major price bands:

• 20% of homes priced under $2 million (up from 19% last month);
• 22% of homes between $2 million and $3 million (up 10% from last month);
• 8% of homes between $3 million and $5 million ( down from 12% from last month);
• 4% of homes over $5 million (down from 12% from last month).

Tiburon and Belvedere homes that sold in October 2009 exhibited the following characteristics:

• Number of Sales: 8
• Average Days on Market: 121
• Price: $3,097,500
• Square Feet: 3,684 
• Price per Square Foot: $774

If you have any other questions or would like a custom market analysis of your home’s current likely sales price, please call me at (415) 350-9440. My name is Kyle Frazier and I am a Broker, Certified Residential Specialist (CRS), and Certified Luxury Home Marketing Specialist (CLHMS) with Christie’s Great Estates | Morgan Lane International Realtors. It is always my pleasure to be of service. 

 

 

p.s. I know of several properties that are not being formally marketed on the MLS, so if you are looking to buy please call me to see if any of these may meet your needs. If you would like a copy of my Tiburon / Belvedere Hotlist, e-mail me at Kyle@ImagineMarin.com.