A brand-new Belvedere Island mansion in Marin County , trumpeted by real estate agents as “Villa Belvedere,” was scheduled to be auctioned off Sunday to bidders willing to fork over at least $25 million.

But before the auction, the developer accepted an offer from a buyer, said auction consultant Guy Masters.

Masters said that under a non-disclosure agreement, he could not reveal the selling price or buyer of the 15,500-square-foot, seven-bedroom home and its surrounding 1.14-acre waterfront lot. He would not say whether the property had sold for more or less than the $25 million asking price.

“I can only tell you it’s under contract,” he said.

Developer Jeff Paster spent about $34.5 million buying the property and building the massive edifice, which was completed early this year. It was first listed for $45 million, then $35.88 million before it was slated to go on the auction block.

The layout of the mansion, designed by architect Sandy Walker, is perhaps more stunning than the asking price, which was considered a bargain for such splashy digs.

Nearly every room offers picturesque views of the Golden Gate and Bay bridges, San Francisco, Alcatraz Island and the bay, which real estate agents noted would come in handy for the millionaire buyer who fancies watching the 2013 America’s Cup races from the comfort of home.

The posh pad also includes eight full and two half-bathrooms, solar panels on the roof, wall-mounted iPads to control room conditions, a temperature-controlled wine cellar, a screening room, an indoor sauna, an elevator to all three floors, an outdoor pool and spa, and a terrace paved with fossil stones.

The Belvedere mansion is the latest of an increasing number of luxury homes that are on track to be sold while not in foreclosure, a welcome change from recent history, real estate agents said.

Properties that were recently sold at comparable prices include a $100 million Los Altos Hills mansion and a $28.8 million mansion on Broadway in San Francisco. Other homes in the Bay Area have sold for $23.5 million to $33 million in the last five years, according to the real estate researcher DataQuick.

But homeowners who have their hearts set on the Belvedere home – and who still have a few extra million bucks left over from Christmas – needn’t despair.

The developer “is accepting back-up offers if someone wants to make another offer,” Masters said. Interested buyers can contact real estate agent Olivia Hsu Decker at (415) 435-1600.

Stephanie M. Lee is a San Francisco Chronicle staff writer. E-mail: slee@sfchronicle.com Twitter: @stephaniemlee

Article source: http://www.sfgate.com/bayarea/article/Swanky-Marin-mansion-sold-for-big-bucks-4155987.php

Designed by renowned San Francisco architect Sandy Walker, the recently completed 15,500-square-foot estate is located on a prized 1.15 acre waterfront lot on the San Francisco Bay with unobstructed views of Bay Bridge, San Francisco, Golden Gate Bridge, Alcatraz, Sausalito and beyond. The stucco exterior is adorned with stone columns and trims and walls of glass for unparalleled indoor/outdoor living and entertaining. The residence features seven bedrooms with eight full baths and two half baths, including two masterful bayfront guest suites.

The well-planned property features a three-car garage and on-site parking for 24 cars; a gated 200-foot-long driveway leading to large cobblestone motor court; over 6,000 square feet of stone terraces for making the most of the panoramic vistas and incredible sunsets; a 50-foot Bisazza tile lap pool and spa; terraced gardens and a separate pool house with a teak outdoor kitchen; a private health club with a sauna, steam room and gym; a gourmet kitchen with butler and food pantry; a temperature-controlled wine cellar; a fully-equipped home theater; a spacious cherry paneled office/library; African mahogany floors; solar capability; and several working fireplaces. There are 16 rooms in total, with an elevator connecting all three floors of the main residence. Visit SanFranciscoFineHomes.com to learn more.

Article source: http://www.justluxe.com/lifestyle/real-estate/feature-1710161.php

The sale was completed Tuesday, said Patrick Barber, head of the San Francisco office of Pacific Union International, the property’s listing brokerage. He declined to name the buyer. The four-level brick house in Pacific Heights has 11,000 square feet of space and panoramic views of San Francisco Bay.

“Homes now are priced realistically, and they’re selling,” Barber said. Nearby properties listed for $40 million to $60 million in the Pacific Heights section known as the Gold Coast never sold, he said. The 1922 mansion sold for 24 percent less than the original listing price of $39 million and below the most recent asking price of $33.9 million.

Home prices in desirable parts of San Francisco and Silicon Valley have defied the U.S. housing slump, buoyed by investors and employees from local tech firms, who sell shares on private exchanges. The unemployment rate in San Francisco’s metropolitan area is 8.7 percent, the lowest in California, according to the state’s Employment Development Department.

A $737,500 transfer tax indicates the sale was the second-highest residential transaction of the year, according to the San Francisco assessor’s office. The most expensive was a nearby Pacific Heights property that recorded a tax payment in August of $825,000, which translates to a $33 million purchase price, based on the assessor’s formula.

The Tudor-style house is located near the Presidio on Broadway near Lyon Street. The property has six bedrooms, five full bathrooms, two half-baths and a landscaped garden overlooking the bay. Other features include a four-car garage, heated pool and spa, and a wine cellar for 3,000 bottles, according to multiple listings service data.

“There was a time when it wasn’t fashionable to spend money, but today the market sees value,” Barber said.

This article appeared on page D – 4 of the San Francisco Chronicle

Article source: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/11/03/BUFQ1LPL09.DTL&tsp=1

The sale was completed Tuesday, said Patrick Barber, head of the San Francisco office of Pacific Union International, the property’s listing brokerage. He declined to name the buyer. The four-level brick house in Pacific Heights has 11,000 square feet of space and panoramic views of San Francisco Bay.

“Homes now are priced realistically, and they’re selling,” Barber said. Nearby properties listed for $40 million to $60 million in the Pacific Heights section known as the Gold Coast never sold, he said. The 1922 mansion sold for 24 percent less than the original listing price of $39 million and below the most recent asking price of $33.9 million.

Home prices in desirable parts of San Francisco and Silicon Valley have defied the U.S. housing slump, buoyed by investors and employees from local tech firms, who sell shares on private exchanges. The unemployment rate in San Francisco’s metropolitan area is 8.7 percent, the lowest in California, according to the state’s Employment Development Department.

A $737,500 transfer tax indicates the sale was the second-highest residential transaction of the year, according to the San Francisco assessor’s office. The most expensive was a nearby Pacific Heights property that recorded a tax payment in August of $825,000, which translates to a $33 million purchase price, based on the assessor’s formula.

The Tudor-style house is located near the Presidio on Broadway near Lyon Street. The property has six bedrooms, five full bathrooms, two half-baths and a landscaped garden overlooking the bay. Other features include a four-car garage, heated pool and spa, and a wine cellar for 3,000 bottles, according to multiple listings service data.

“There was a time when it wasn’t fashionable to spend money, but today the market sees value,” Barber said.

This article appeared on page D – 4 of the San Francisco Chronicle

Article source: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/11/02/BUFQ1LPL09.DTL

Prometheus adds three properties to portfolio totaling 810 units in third-party management to Seattle region

SAN FRANCISCO, May 4, 2011 /PRNewswire/ — Prometheus Real Estate Group Inc., the largest private owner of multi-family properties in the San Francisco Bay Area, continues to expand its Pacific Northwest portfolio. Three new fee managed assets in the Puget Sound region of Washington, all owned by Berg Holdings, are now part of Prometheus’ roster bringing its Pacific Northwest region unit count to close to 4,500 units and overall unit count to over 19,000.

Located in Kirkland, Washington, Villaggio is a luxury waterfront 292 unit community. Dramatic city views, an unparalleled set of amenities including marina access, and surrounding fitness trails help round out the waterfront property. Villaggio’s amenities include a clubhouse, movie theatre, fitness and yoga center, business center, pool and spa, tennis courts, and sand beach volleyball court.

Yarrowood Highlands Apartments feature two and three bedroom apartment homes, located close to Downtown Bellevue and major eastside employers. Yarrowood has easy access to public transit, parks, and some of the best schools in the region.

Keeler’s Corner Apartments are located in Lynnwood, Washington, near the recently renovated Alderwood Mall and Boeing headquarters. The amenities at Keeler’s Corner include a clubhouse, fitness center, business center, two pools (indoor and outdoor), spa, clubhouse, theater room, yoga/Pilates studio, indoor basketball court, and conference room.

“Our entire team is extremely excited to work with Berg Holdings and take over management for these top-flight assets that complement our existing Pacific Northwest portfolio,” said Pat Calihan, Director of Acquisitions. “We’re planning to implement a number of proven strategies that will positively position these properties in a market already showing strong signs of recovery.”

About Prometheus

Since its inception in 1965, Prometheus Real Estate Group has specialized in the development and management of high quality residential properties throughout the Western United States. Today, they are the largest private owner of multi-family properties in the San Francisco Bay Area with a growing portfolio which includes over 19,000 class A apartments in Seattle, Portland, the San Francisco Bay Area and Los Angeles. Recognition includes over 70 awards since the firm’s inception including  2010 MHN Best Property Management Company of the Year.

For more information visit:
http://prometheusreg.com
http://investor.prometheusreg.com
Facebook/PrometheusApts
Twitter/PrometheusApts
LinkedIn/Companies/Prometheus-Real-Estate-Group

SOURCE Prometheus Real Estate Group Inc.

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Article source: http://www.prnewswire.com/news-releases/prometheus-real-estate-group-expands-in-pacific-northwest-121240499.html