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Belvedere: The number of homes that sold on the island in 2008 are down 30% from the 2006 and 2007 average pace. In addition, average home prices in Belvedere are down 8.6% in 2008. Future price trends on the island are very difficult to forecast due to its dynamic and unique attributes. There are only 25 to 30 homes that sell on the island each year so price stability is dependant on a small number of transactions. The housing stock in Belvedere is comprised mostly of very expensive homes which historically were purchased by successful entrepreneurs and executives after liquidity events (IPOs and M & A events) or successful careers. There are still plenty of people that can afford these homes, as shown by the dramatic increase in money market accounts as investors cash in stocks. It will remain to be seen at what pace high-end home sales continue in Belvedere. The Reed School District, staggeringly beautiful views, safe neighborhoods and a great community should continue to draw people to Belvedere neighborhoods from all over the world.
Inventory: There are 19 homes for sale in Belvedere of which three or 16% are currently in contract.
Q4 2008 Belvedere Real Estate Market Analysis
Belvedere: The number of homes that sold on the island in 2008 are down 30% from the 2006 and 2007 average pace. In addition, average home prices in Belvedere are down 8.6% in 2008. Future price trends on the island are very difficult to forecast due to its dynamic and unique attributes. There are only 25 to 30 homes that sell on the island each year so price stability is dependant on a small number of transactions. The housing stock in Belvedere is comprised mostly of very expensive homes which historically were purchased by successful entrepreneurs and executives after liquidity events (IPOs and M & A events) or successful careers. There are still plenty of people that can afford these homes, as shown by the dramatic increase in money market accounts as investors cash in stocks. It will remain to be seen at what pace high-end home sales continue in Belvedere. The Reed School District, staggeringly beautiful views, safe neighborhoods and a great community should continue to draw people to Belvedere neighborhoods from all over the world.
Inventory: There are 19 homes for sale in Belvedere of which three or 16% are currently in contract.