July 11, 2012

COMPLETELY UPDATED: $4.2 million teardown in Belvedere

Burbed has visited this high-priced peninsula before, but we’ve never reported on a teardown at Hillsborough-with-Baywater.  Thanks very much to Burbed reader Pkamp3 for the find.

A $4.2 Million Tear-Down House in Belvedere, California

By ALAN FARNHAM | ABC News – Fri, Jun 29, 2012

120710-belvedere-abcIn Marin County, California, where people tend to have money, people in Belvedere tend to have more. Even so, a recent decision by Clark and Sharon Winslow of 337 Belvedere Avenue to buy the home next to theirs for $4.2 million — and then tear it down — might seem extraordinary.

It’s not, say locals and real estate professionals.

“There are houses being torn down all the time,” says Bill Smith, realtor and ex-mayor of Belvedere. In neighboring Tiburon, he says, a buyer not long ago paid $20 million for the home of tennis star Andre Agassi and wife Steffi Graf, then announced his plan to raze it.

While the article specifically mentions the house that isn’t being torn down, we’re left to guess which property is getting the extreme makeover.  And we think it’s this one.

Update 9:30 AM: And we are completely wrong.  Burbed reader gallileo provided the evidence that it’s the house on the OTHER side.  Correct info added to end of article, because we hate to waste a good housing rant.

341 Belvedere Ave
Belvedere Tiburon, CA 94920
Sold on 01/14/2000 for $2,100,000

120710-belvedere-redfin

120710-belvedere-satelliteSource: Public Records
BEDS: 3
BATHS: 2.5
FINISHED SQFT: 2,831
UNFINISHED SQFT: –
TOTAL SQFT: 2,831
FLOORS: –
LOT SIZE: 8,400
STYLE: Single Family Residential
YEAR BUILT: 1964
YEAR RENOVATED: 1975
COUNTY: Marin County
APN: 06022128
LAST UPDATED: August 24, 2011

The interesting thing about buying and tearing down a perfectly good house isn’t that someone with way too much cash went ahead and did it.  It’s how much the house was worth in the first place.  Zillow says… ZEstimate of $1,876,100.  Which means the new “owners” spent more than twice what this house may be worth just to make more land.

Yes, the purchasers live in that 9524 square foot housing tumor on the left.  Let’s see what they got for $4.2 million!

120710-belvedere-streetview

Oh yeah.  Perhaps they’ll be tearing down this place next, since it’s blocking their Bay access.  (See #42.  Only 1017 days on Redfin!)

Update: Here is the correct house.  gallileo provides a link to SocketSite with the story, and there’s a further link to a piece in the Marin Independent Journal.  So, without further adieu, the actual house that was purchased for $4.2 million only to be torn down.  That and more, after the break.

333 Belvedere Ave
Belvedere Tiburon, CA 94920
Sold on 3/17/2004 for $7,000,000

120710-belvedere-redin-333

120710-belvedere-satellite-333BEDS:  5
BATHS: 4.5
FINISHED SQFT:  4,836
UNFINISHED SQFT:  –
TOTAL SQFT:  4,836
FLOORS:  –
LOT SIZE:  26,940
STYLE: Multi-Family (2-4 Unit)
YEAR BUILT:  1900
YEAR RENOVATED:  1991
COUNTY: Marin County
APN:  06022143
LAST UPDATED:  February 10, 2012

We hope you can see why we chose the other house from looking at this aerial photo versus the one of 341.  But we were wrong, so sorry about that.  We sincerely regret the error on our part.

Here’s the Streetview at 333 Belvedere.

120710-belvedere-streetview-333

This house appears to be more “perfectly good” than 341, other than the wee matter of the February foreclosure.  Maybe they should have torn down 341 instead.

Now check out what we found on Zillow!  The original listing copy is still there from when the house was for sale for $14.8M $12.9M $9.95M $8.95M $7.5M.

333 Belvedere Ave
Belvedere Tiburon, CA 94920
Zestimate: $7,620,600

120710-belvedere-zillow

120710-belvedere-workmenBeds: 5
Baths: 5.5
Sqft: 6,347 (listing) 4,836 (public records)
Lot: 26,940 sq ft / 0.62 acres
Type: Single Family (listing) Multi Family (public records)
Year built: 1900
Last sold: Mar 2004 for $7,000,000
Parking: —
Cooling: —
Heating:  Other
Fireplace: Yes
Other facts
Construction quality: 9.0
County: Marin
Garage sqft: 952 (listing) — (public records)
Last remodel year: 1991
Legal description:  MAP D2 627
Parcel #: 06022143
Per floor sqft: 6,347 (listing) 4,836 (public records)
Structure type: Contemporary
Zillow Home ID: 80731562

120710-belvedere-diningroomOriginally the Blanding Estate Carriage House, now beautifully transformed into one of Belvedere’s most prominent view-oriented residences.Gracious patio/garden entry & inviting foyer w/ captivating Golden Gate Bridge view.Kitchen/family area w/ granite-top center isle, butler’s pantry & adjacent terrace w/ San Francisco skyline & bay view.Formal living & dining rooms w/ adjacent water-side terrace w/ riveting bay views from the Bay Bridge through Mt. Tam,study w/ fireplace,powder room & bedroom w/ full bath complete the entry level.Downstairs level comprises approx 1400 sq ft master bedroom w/ fireplace, small pantry w/ fridge,large water-side terrace & stunning marble bath,walk-in closet & second full bath.A second guest suite w/ full bath completes this level.A third level w/ its own separate entrance comprises a large living area,2 bedrooms & 1 bath.2-car enclosed garage & multi-car off street parking.5 bedrooms (4 en suite),5 & 1-half baths,including the master w/ his & her bath.

There’s a comment on SocketSite from Marten with some excellent history on this house and its neighbors.  Most of the comments are well worth checking out.

On the upside, looking at the new parcel overview above, purchasing 1 Cliff Road makes even more sense.  No wonder the owners haven’t budged from their $22.5M asking price.

 

Comments (10) -- Posted by: madhaus @ 5:15 am

10 Responses to “COMPLETELY UPDATED: $4.2 million teardown in Belvedere”

  1. PK Says:

    Or maybe they can buy an easement through that Cliff Road land? $4.2 million should come with a boat launch!

  2. gallileo Says:

    The teardown is actually the house on the other side of the big one: 333 Belvedere Ave.

    Bunus: This puppy sold in 2004 for a cool $7 million, listed in 2009 for just under $10 million, then sold on the courthouse steps for $4 million.

    I guess Belvedere isn’t in the RBA!

    Socket site covered it here:
    http://www.socketsite.com/archives/2012/06/a_four_million_dollar_view.html

  3. madhaus Says:

    Thanks gallileo. I’m going to have to completely update this article, then. Honest, the place I found did look like that picture!

  4. nomadic Says:

    Here’s a listing link for the teardown:
    http://theshowcasebuilder.com/Listings/333Belvedere/

    Bypass the “great financing option” and click on Table of Contents (after turning off the annoying music) to see photos.

  5. nomadic Says:

    BTW, madhaus, the target you picked is certainly ugly enough to look like it would be torn down by a rich neighbor.

  6. madhaus Says:

    Yeah, plus look at the new pictures I’ve added to the piece. I think comparing the aerial shots makes 341 look more like the news photo showing the house getting ripped up. I just focused on that deck.

  7. gallileo Says:

    The story here is good, no doubt. A three-million dollar loss in eight years translates to a rental cost of $31,250 per month.

    You can live in some seriously nice places for $31,250 a month. Plus, you wouldn’t even need to pay taxes or buy draino and light-bulbs.

    Of course, you wouldn’t get pride of ownership.

    Was the value in the land?

  8. madhaus Says:

    Oh yeah, the SocketSite article mentions the HELOC abuse on the house as well:

    Purchased for $7,000,000 in 2004, the 4,836 square foot home at 333 Belvedere Avenue across the bridge in Belvedere returned to the market in early 2009 listed for $12,900,000. The property had been been refinanced in 2008 with a first mortgage for $4,650,000 and a second for $2,100,000 to which a third for $1,725,000 was added in July 2009.

  9. magdalena Says:

    Finally – someone who understands the essence of the RBA:

    1. You can see The Bay – really well, actually, but there’s always room for improvement

    AND

    2. $500,000 really isn’t a lot of money

  10. Last post of 2012 [Burbed.com] Says:

    [...] $4.2M Belvedere teardown [...]


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