December 16, 2012

Hella Pricy Place in Hella Expensive Space Fails to Sell Hella Quick

121215-belvedere-houseview

Let’s say you built a super expensive, fancy-schmancy custom one-of-a-kind house on a spectacular view lot and had a bunch of designers each decorate a different room in the place to make it Extra Super Mega Special. Then you ran a charity fundraiser by calling it a Designer Showcase and listed the place for $45 million.  And of course you list it with Sotheby’s.

121215-belvedere-windowAnd yet, let’s say this drop-dead-gorgeous spec palace did not find a buyer for $45 million (or, we assume, anywhere near that vicinity) when it was first listed this February.  What do you do?

You could cut the price ten million or so.  And it looks like that was tried as well, as the most recent price last week is $35.88M.  And yet, the house is still sitting there, all lonely on its double lot and intense blue skies obtained with the finest Photoshop filters.  What’s the next step to avoiding serious financial fail?

In this case, the solution (or at least the next attempt at avoiding a catastrophe) is to put the house up for auction.  The starting price will be $25 million.  At least one website actually states this is going to result in the home selling for last February’s price.

Alas, we missed the preview yesterday afternoon.  But the auction will be on December 30th, giving you plenty of time to contact the right people and get yourself in on the fun.

121215-belvedere-brochureRedfin won’t disclose the address, but we sure will: 425 Belvedere Ave, Belvedere.  You’re welcome.

Click the image at right to see the home’s brochure and many more pictures in tones of sapphire and sunset.  You can also drool all over the home’s website if the brochure isn’t enough house porn for you.

So, is the market bubble over already, or did the home builders simply overreach with a $45 million ask?  What do you expect the place to fetch at auction?  Is the opening $25 million minimum sufficient to move this mess?

Comments (7) -- Posted by: madhaus @ 5:08 am

7 Responses to “Hella Pricy Place in Hella Expensive Space Fails to Sell Hella Quick”

  1. Zak Says:

    Wow! This one is a real Burbed jewel.

  2. madhaus Says:

    Oh yeah, it’s absolutely stunning. The question is if it’s $25 million worth of stunning, because the market said no to $45M and we’re not so sure about $35M.

  3. SEA Says:

    Is this in the RBA?

  4. sfbubblebuyer Says:

    My in-laws live around there, about a dozen houses away. They live next to a guy with his own chicken ranch right there on Belvedere. Gotta love the ‘original’ settlers in a place that has turned into snooty-patootyville. They add the only charm and character to be found.

    10 million is my suggested price.

  5. nomadic Says:

    I have some new neighbors (around the block) that apparently put in a chicken coop. The old neighbors are complaining about the increased coyote traffic we’re getting now. I wouldn’t mind, except they seem to be eating more cats than chickens.

  6. Tom Paine Says:

    Geez, go a little further north and buy Robin Williams place if you want to spend $35MM ( I suspect $30MM would take it) Nice views, more land (680 acres, 25 acre vineyard) and a bigger house (17,000 Sq Ft).

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

    [...] Belvedere Design House doesn’t sell, going up for auction [...]


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