Belvedere Island Home Price Falls Again to $23 Million

A waterfront Marin County property took another price cut as San Francisco’s supply-constrained luxury home market attracts cash-rich buyers.

The 8,100-square-foot home at 445 Belvedere Avenue on Belvedere Island is listed for nearly $22.9 million after initially asking for more than $30 million, the New York Post reported.

Olivia Hsu Decker with Golden Gate Sotheby’s International Realty has the listing.

The latest cut brings the price to $3,690 per square foot and represents a nearly 21 percent drop from the previous price of $28.9 million.

The four-bedroom home overlooking San Francisco Bay and the Golden Gate Bridge was built in 2020 and designed by architect Charles Gwathmey.

The four-story home sits on a 0.7-acre lot. The property has a detached one-bedroom, one-bathroom guest house. Other amenities include a wine cellar, three-car garage and a steam shower and sauna on the bottom level that opens to an outdoor terrace with an infinity-edge pool.

The estate’s owner, whose identity is hidden behind an LLC, has been trying to sell the property for years.

The owner purchased the property in 2007 for a then-record price of $15.5 million. When the neighboring property at 455 Belvedere came up for sale in 2015, the owner purchased it for nearly $8.3 million. Three years later, the same property owner purchased the adjacent 441-443 Belvedere Avenue for $10 million.

The adjoining parcels at 445-455 Belvedere Avenue were listed for a combined $60 million in 2021 and were asking for $39.5 million a year later, a reduction of more than $20 million.

As competition for luxury homes surges across the bay in San Francisco, Belvedere has been attracting interest.

Former Apple design chief Jony Ive dropped $73 million on four properties around the corner from 445 Belvedere in September. That same month, a three-story, 9,200-square-foot mansion at 440 Golden Gate Avenue known as Locksley Hall sold for $43.5 million, $4 million less than the Marin County record price it set in 2015.

— Chris Malone Méndez