Tiburon & Belvedere CA Real Estate Market Report (October 2009 Home Sales Update)
Belvedere and Tiburon sit on the Tiburon Peninsula and associated islands, just across a narrow portion of the San Francisco Bay and the Golden Gate Bridge. Real estate is expensive. 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 three months straight we have experienced sales above the $5 million mark.
Nonetheless, sales and activity remain choppy. There are currently 109 listings in the 94920 zip code, which covers Tiburon and Belvedere (down 4 from last month). Twenty-one of these properties are priced over $5 million. In the lower price segments, activity is tepid. There were just 6 sales in September 2009 — 4 of these homes were priced under $1 million. Meanwhile, there are currently 30 properties listed for sale under $2 million.
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. In contrast, Tiburon’s asking prices have actually increased to the point they are nearly equal to those of a year ago — of course, these are asking prices, not sales prices.
- 9% of homes priced under $2 million (down from 19% last month);
- 10% of homes between $2 million and $3 million (up 2% from last month);
- 12% of homes between $3 million and $5 million (up 9% from last month);
- 13% of homes between $5 million and $10 million (up 13% from last month);
- 0% of homes between $10 million and up (same as last month).
Tiburon and Belvedere homes that sold in September 2009 exhibited the following characteristics:
- Number of Sales: 6
- Average Days on Market: 293
- Price: $2,754,167
- Square Feet: 3,291
- Price per Square Foot: $815
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 [email protected]