Tiburon Real Estate Market Softening?

A quick comparison of the first 6 months of 2017 to 2018 leads me to believe the Tiburon housing market is slowing down a little.
In 2017 74 homes sold and days on the market was 56. In 2018, same time period, 60 homes have sold and the days on the market is now 68. The median price of the 2017 sold homes was $2,691,000. In 2018 the median price of the sold homes was $2,955,000, so prices still continue to climb.

However, the condo market presents a different picture more condos have sold in 2018, 22 of them, and the days on the market was 37, the median price was $1,112,000. Compare that to 2017 when 14 sold and the days on the market was 101 but the median price was $1,480,000.

Anecdotally at my open house on the weekend half of the prospective buyers were from San Francisco.

Belvedere Real Estate Market 2018 Update

2018 is not yet half over but here are some stats for the first 6 months for Belvedere’s real estate market.

18 homes and one lot are currently being offered for sale, ranging in price from $1,695,000 for a 2 bedroom condominium to $12,995,000 for the waterfront lot that has approved plans for a 10,000 plus square foot home.

19 homes and one lot have sold ranging in price from $1,050,000 for the lot to $10,000,000 for a waterfront home with city and Golden Gate Bridge views. Because of the utility of the 1.26 acre lot, this 10 million dollar beauty was a good buy. Listing price was $12,995,000 and it sold in 23 days. One home on cottage row sold off the market for $2,310,000. Another home that was located on the Lagoon, had 6 offers, selling in 10 days for $3,755,000, the list price was $2,995,000.

Average days on the market for the sold homes was 61 days.

WEWORK coming to Strawberry, Mill Valley

JEFF QUACKENBUSH
NORTH BAY BUSINESS JOURNAL | June 8, 2018, 5:55PM
06/08/2018
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WeWork, a fast-growing big name in the hot trend of co-working in shared office space, plans to come to the North Bay in a big way.
The New York-based company would be the largest and latest provider in the counties north of the Golden Gate Bridge of workspaces that offer short-term commitments for office space with the vibe of a coffee shop but with the technological and business services of executive suites or dedicated office space.
WeWork is leasing 20,000 square feet at 1 Belvedere Place, one of two sizable office buildings nestled into a Mill Valley hillside overlooking Highway 101. That’s somewhat of a departure from typical locations in dense downtown areas of urban cities, according to Elton Kwok, general manager for Northern California.
“This Mill Valley location will serve as a complimentary outpost to the many entrepreneurs, executives, and small businesses at WeWork, scaled to meet the needs of the dynamic community north of San Francisco,” Kwok said in an email.
Mill Valley would be the farthest north in the region for WeWork, which has 258 locations across 74 cities and 22 countries. That includes 17 Bay Area sites in San Francisco, the East Bay and Silicon Valley.
The Marin site is set to have 350 desks, according to a company spokesman. Starting prices for hot desks and dedicated workstations in the forthcoming location are quoted at $500 a month, according to the company website. Private offices there start at $1,020 monthly for one seat, or as low as $566 each for 50 seats.
One of the roughly 15,000 WeWork members in the Bay Area is Tucker Barash, who will be basing his Woodbury Financial Services investment adviser business at the Mill Valley location.
“My brother Griff and I own a boutique financial company and jumped at the chance to join WeWork,” he said in an email statement. “We spend a lot of our time on the go meeting with clients, so it’s super helpful to have a fully built-out office environment that’s all set up with everything we need. WeWork supports businesses as they scale and by joining the WeWork community we’ll have exposure to interesting founders and teams at happy hours, meetups and in the common areas. The location is also fantastic with easy access to the freeway, a quick zip into S.F., and of course a quick hop to the Buckeye (Roadhouse restaurant in Mill Valley).
“WeWork provides the things we need, like internet, phone, conference rooms, snacks so that we can focus on our clients and the things that drive our business.”
Companies and professionals who live in southern Marin and are interested in a shared work environment are driving demand for such office space, according to Haden Ongaro, who leads Newmark Knight Frank’s North Bay commercial real estate team and has been part of the WeWork deal at Belvedere Place.
“That tenant profile demand high-quality space with amenities, and Belvedere Place has unique improvements with a great location and walkable amenities,” he said.
Rating agency Standard & Poor’s analyzed a WeWork bond offering document in late April. S&P expects large corporations will occupy half of WeWork’s desks within two years, up from a quarter currently, according to the Wall Street Journal.
Belvedere Place is located next to the Strawberry Village Shopping Center, which fronts on Highway 101.

Peaceful View Setting

I represented the buyer on this property in Novato, it closed this week. A peaceful setting with a lovely garden and views out across the valley. Special treat was the spacious upstairs master suite.

Today’s Broker Tour

Gorgeous custom built Belvedere residence on broker tour today 217 Golden Gate Avenue. Needs some updating but priced just right $5,900,000.

Remember seeing this home being built in 1989, I liked it then and it has stood the test of time. Offered at $3,895,000.

 

Best Belvedere Home Sold

Belvedere home sells for $10 million.

This Belvedere home was one of the best Belvedere homes to come on the market in many years, it sold quickly in April in 23 days. Great utility of land and superb views of San Francisco and the Golden Gate Bridge. The list price was $12,995,000.

 

Marin County Real Estate Rankings

My Company achieved significant rankings on 2018 Real Trends 500 lists.
Third highest ranked brokerage in country based on average sale price.
Number 45 nationwide based on sales volume.
Ranked 33rd on the list of top movers by transactions.
Number 8 on the top movers by volume list.

Belvedere Lagoon’s Failing Bulkheads

Officials in charge of maintaining the Belvedere Lagoon are pushing homeowners to bulk up their waterside retaining walls to prevent soil erosion and collapse — a problem that could reduce the lagoon’s capacity and lead to flooding during storms.

The Belvedere Lagoon Property Owners’ Association said about 42 percent of lagoon residents either don’t have bulkheads or have ones needing replacement, a figure that jumps to 56 percent when including bulkheads in poor condition.

The association is working with the city to require homeowners who do certain construction projects check to make sure they have bulkheads capable of bearing the load on the lot.

Additionally, it is looking to streamline the permitting process so residents who want to replace a deteriorating bulkhead can do so quickly.

Read the full article in this week’s Ark Newspaper

www.thearknewspaper.com

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