There’s still reason to be optimistic about the Bay Area’s luxury market.
A Belvedere Lagoon home owned by Giants co-owner Arthur Kern has sold for nearly $10 in just three days.
Kern purchased the land at 72 Lagoon Road in April 1997 for $1.45 million, according to public records, and built the four-bedroom, 2.5-bath one year later. He died in November 2022 at the age of 76 and the home went into a trust in the name of his wife, Alison Gray, according to public records.
Compass agent Shana Rohde-Lynch listed the 4,600-square-foot home on April 14 and the closing took place on May 15.
The home had a custom renovation by Red Horse Construction, according to Rohde-Lynch.
The buyers were Steven Walske, managing director of the early stage software investment fund Myriad Investments, and his wife Jennifer, a professor at the UC-Berkeley Haas School of Business, according to public records and their LinkedIn profiles.
Bill Bullock, Lydia Sarkissian and Magda Sarkissian of Sotheby’s Golden Gate Realty represented the buyers but did not confirm their identities. The Sarkissians said via email that their clients “were resolute and did not hesitate” once they saw the home and knew it was what they were looking for in a primary residence.
“They were certain they wanted to be on the lagoon. They wanted Belvedere but not the hillside living,” they said, adding that their clients were also drawn to the home’s private positioning on the man-made waterfront, as well as its floor plan.
Sotheby’s represented a buyer in another lagoon sale this week. In that case, it was a $6 million deal. The Sarkissians said the luxury market in Marin may not be as robust as it was in 2021 but that high-end homes that are right priced are selling quickly. The lagoon had an average sales price above $5 million last year, with homes routinely selling above $10 million, they said.
Rodhe-Lynch said sales have been slower in the lagoon than in the past, but that there had not been a a big drop in prices. She has a $9 million listing for a 3,000-square-foot lagoon listing under contract and has been involved in several other sales above $10 million this year.
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