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I don’t know very many people who haven’t been impacting by the economy. The financial crisis has significantly impacted our community and our day to day lives and spending habits. Despite that, most people I know are fortunate to have a roof over our heads and food on our tables. Sadly, many Bay Area residents aren’t as fortunate.
In the San Francisco Bay area, there are approximately 35,000 homeless people; In San Francisco, estimates put the number between 7,000-15,000, which is the highest per capita rate of homelessness in any major American city. * Affluent Marin County had more than 1770 homeless people living within its borders at least count in January 2009, with more than 3000 people on the verge of becoming homeless.**
Yesterday morning I was complaining about how cold it was as I had to defrost the ice on my windshield. I can’t imagine living on the streets ever, let alone in the freezing nights of winter.
This Saturday, December 4, 2010 volunteers will be gather to make and distribute 5,000 StreetPacks to bay area homeless adults and children who live on the street. The “StreetPacks” are backpacks filled with cold weather necesseties including gloves, hats, scarves, wool socks and rain ponchos. 5,000 Bay Area children hand write a personal holiday card to be included in the backpack. The backpacks will be distributed to 40 sites around the Bay Area, including Marin County, San Francisco, Richmond and the East Bay.
The event is run by Warm Wishes, a non-profit organization who describes it’s purpose as this:
Our purpose is for the homeless people to stay warm; perhaps to save a life. But our purpose, too, is for our volunteers to reap the rewards of looking into the eyes of a stranger, of coming closer to understanding his or her plight, and filling with the feeling of doing good for others.
How you can you help?
- Volunteer: Join volunteers on Saturday, December 4, 2010 at Unity of Marin in Novato, 600 Palm Drive. 8am. Volunteers will assemble the backpacks and then go out into the community to personally deliver the StreetPacks to Bay Area homeless. Volunteers are asked to donate $10.00 or more to offset the cost of the backpack items.
- Donate: Donations can be made online at WarmWishes.org.
Sources
* Philanthropedia.org
**Marin’s Homeless Report
Since I was born and raised in Arizona, anything remotely related to “fall” makes me happy. I didn’t see the seasons change too much growing up! This stunning display of fall leaves next to the brilliant blue sky made me pull over my car and snap a photo. This photo was taken in Larkspur, just off Magnolia Avenue. Enjoy!
Thinking of dining out this week? Thursday, November 18th is a great night to do it for the 6th annual Dine Out to End Hunger which benefits Homeward Bound of Marin. Homeward Bound is Marin County’s chief provider of shelter and residential services for homeless families and individuals, serving approximately 1,400 people per year in 14 inter-related residential programs. 97% of families and 83% of adults completing Homeward Bound’s programs go on to stable housing.
Tavern at Lark Creek, Larkspur, California
Supporting the event is easy. Simply dine at one of the participating restaurants and twenty percent of your bill will be donated to Homeward Bound of Marin. The restaurant list has some of my favorite local restaurants as well.
Participating Marin Restaurants
Corte Madera Restaurant Partners
Larkspur Restaurant Partner
Mill Valley Restaurant Partners
Novato Restaurant Partner
Point Reyes Station Restaurant Partner
San Anselmo Restaurant Partners:
San Rafael Restaurant Partner
I just returned from trick or treating with the kids. Along the way, we saw lots (and lots, and lots!) of Giants fans, beards and the like. The energy and excitement over the Giant’s game was thrilling. I was concerned about missing the World Series, yet people had brought large screen tvs into their front yards, invited us in for beverages and an inning, and generally cheered and updated us on the score. I loved this pumpkin we found.
The Giant sense of community (pun intended), was clearly felt.
And this, is why I love Marin.
How Social Meda Killed the Deal- Negotiation Killers in the Social Media Age
Facebook, Twitter, LinkedIn- everywhere we go people seem to be tweeting, facebooking or posting status updates on some kind of online group or social network. Unfortunately, many of these seemingly innocuous updates could cost you as home buyer or seller thousands (or hundreds of thousands) of dollars, if not an entire deal.
Recently I have seen updates similar to these on social networks I participate on:
From a Home Buyer
From a Home Seller
“Looks like we are getting an offer on our house this afternoon. About time.”
From a Seller’s Real Estate Agent
“Sitting at an open house AGAIN. This listing is totally over priced.”
From a Buyer’s Real Estate Agent
“Writing a counter offer for a client. Hope they get it. We have written 5 offers and they have to move next month!”
You can probably see how all of these different scenarios could impact how negotiations happen if the other party (or their agent) happens to see your message. Do the updates make you appear desperate, motivated, anxious? As a buyer or seller, your social status updates can have serious and significant ramifications in your home sale or purchase. Your words in online forums can and will be used against you when you negotiate on a home purchase if you have a savvy and aware negotiator on the other side. The key in negotiations is knowing the motivations of the other party. Social status updates of both you and/or your real estate can inadvertently provide information to the other party that could be costly.
Case Study
Consider Jane (name changed for privacy sake). Jane had been looking for a new home in the lovely town of Mill Valley for eight months. We looked at home after home until one day, we found the perfect home. The right number of bedrooms, a lovely back yard with a swingset, even a basement area- perfect for games, television and play. She was so excited about the home, she ran home to tell her husband. She also posted an update on her Facebook account about finally finding her dream home in the xxxx neighborhood. Unfortunately, this neighborhood was highly coveted and one of her Facebook “friends” happened to have another very close friend (we’ll call her Buyer 2) looking to move to the same neighborhood. This so called friend notified Buyer 2 about the house and at the end of the day, that second buyer, Buyer 2, was the one who walked away with keys in her hand. Buyer 2′s agent was not aware of the home even being on the market until the Facebook post by Jane was shared.
While in the world of transparency and social networking it might be tempting to talk about the ups and downs in your home sale or purchase, it might pay to keep quiet until the transaction is closed.
“Have to vacuum and clean up the kids toys AGAIN. So tired of showing this house, I hope we sell it soon.”
While we like to think we have some sort of privacy in online forums, our social networks may not be as tight as we deem them to be. This same situation applies to our offline activities and interactions as well, but social networks magnify your message, however unintentional it might be. Use your words cautiously as you make a move- it is possible it could have a significant impact on your bottom line and the success of your real estate transaction.
P.S. Before you hire your real estate agent, you may want to look and see what they are posting on Facebook, Twitter, etc. Do they talk about their clients and transactions? Even “generic” complaints or comments can harm a transaction. Sure, they didn’t post the client’s name or address, but hey, they only had one listing! Which listing do you think they might be talking about? Yours? Make sure their words in online forums don’t cost you too!
There have been 50 Marin homes over three million dollars sold since January 1, 2010. In the same time frame last year, there were 37 homes over three million dollars sold in Marin. Yes, despite the mortgage mess the overall luxury home market has actually improved since 2009 in terms of number of sales.
As you can see in the chart above, the town of Tiburon tops the list of the most homes over three million dollars sold. The bulk of the luxury home sales are still under 3.5 million.
Top Ten Most Expensive Homes
The top ten most expensive homes sold year-to-date in Marin are as follows:
| Ross | 1 Upper Rd Ross, CA 94957 | 17,500,000 | 1/15/10 | 14,000,000 |
| Ross | 7 Laurel Grove Ave Ross, CA 94957 | 10,000,000 | 1/20/10 | 8,000,000 |
| Tiburon | 3680 Paradise Dr Tiburon, CA 94920 | 8,800,000 | 4/2/10 | 7,800,000 |
| Belvedere | 8 Eucalyptus Rd Belvedere, CA 94920 | 7,500,000 | 10/19/10 | 7,140,000 |
| Tiburon | 4639 Paradise Dr Tiburon, CA 94920 | 7,485,000 | 8/3/10 | 7,000,000 |
| Tiburon | 133 Sugarloaf Dr Tiburon, CA 94920 | 6,995,000 | 7/15/10 | 6,900,000 |
| Sausalito | 77 Harrison Ave Sausalito, CA 94965 | 8,750,000 | 4/15/10 | 6,834,000 |
| Tiburon | 232 Trinidad Dr Tiburon, CA 94920 | 7,995,000 | 3/10/10 | 6,500,000 |
| Kentfield | 65 Rock Rd Kentfield, CA 94904 | 5,500,000 | 5/17/10 | 5,500,000 |
| Mill Valley | 401 Lovell Ave Mill Valley, CA 94941 | 5,695,000 | 9/26/10 | 5,500,000 |
Both the price per square foot and the list price to sales price ratios were almost identical in 2009 and 2010. What’s to come for the luxury market? It’s still unclear how the meltdown of the mortgage markets will impact the overall economy and confidence in the real estate market. We’ll be watching carefully to see what’s next.
*information from Bay Area Real Estate Information Services.
The Mill Valley Film Festival returns for it’s 33 year tonight. The highly acclaimed film festival is recognized as one of the top ten film festivals in the country and is considered to be a launching pad for upcoming Academy Awards campaigns.
The festival features 143 fiction and non-fiction films — 82 features and 61 shorts representing 46 countries. 32 of the films are premieres. 21 Bay Area artists are featured. Mill Valley is always bustling for this great event. It’s a great way to capture the best of film and support our local community.
Films opening tonight include Conviction starring Sam Rockwell (expected to be in attendance), Hilary Swank, Minner Driver, and Juliette Lewis among others and The King’s Speech with Colin Firth, Helena Bonham Carter and Geoffrey Rush.
The Opening Night Gala takes place tonight after the screenings at the Mill Valley Community Center.
- What: Mill Valley Film Festival
- When: October 7-17, 2010
- Where: Marin County Theaters
- Tickets
- More Information
See you at the movies!
2011 Housing Forecast *Mildly* Optimistic
The California Association of REALTORS® released its housing forecast for 2011 earlier this week. As we expected, predictions show very mild improvement overall.
“A lean supply of available homes for sale will drive prices up at the low end, but larger inventories and limited, less attractive financing will cause continued softness at the high end. There’s some indication that lenders will accelerate the number of foreclosures coming on market, further adding to the housing supply, but we do not anticipate that lenders will flood the market with distressed properties,” said Leslie Appleton-Young, CAR’s Chief Economist.
We anticipate that recovery to be very location and price specific in Marin. In September 2010, the number of Marin homes on the market was up 16.6% over September 2009, while sales were down 11.6%. Sales were down almost 15% from the same time period two years ago.
All County Marin County Sales
As we drill down into price ranges you can see the numbers shift pretty dramatically, as we look at homes sold under one million dollars versus above one million.
Marin County Home Sales Under One Million
Marin County Home Sales Over One Million
We don’t expect to see a major shift in these trends as we head into 2011. Homes under one million continue to move as buyers move in to the county, taking advantage of low interest rates. Many homeowners who would traditionally move up to larger houses are staying put. We are starting to see more pre-foreclosures in the upper end, and expect more in 2011. CAR’s predictions are in line with what we expect–sluggish prices and more options in the upper end with continued movement in the lower price ranges.
What does this mean for home sellers? Well, that depends! We hate to say that, but it really does depend on your area, home condition, and how you price it. We are still seeing the occasional multiple offer situation. Home buyers are picky and expect homes to be in prime condition unless they are a foreclosure situation. Proper preparation and pricing are crucial.
What does this mean for home buyers? Historically low interest rates and low home prices can make it a great time to buy for people with the means to do so, especially those buying for the long term. And for the first time in many years we’re seeing some possible “deals” where numbers actually make sense for investors to buy in Marin.
Considering making a move? Contact us to discuss the best options for you.
On a daily basis we are getting calls from home buyers looking for a “deal” on homes for sale in Marin. This could possibly be one of the best times to buy real estate in the last few years.
- Interest rates are at their lowest point since 1971
- Home inventory levels are high in most areas
- Home prices are down in most areas
In August, the median home price was $790,000 for a single family home and the number of homes sold was down 17% from August 2009.
So how do you find a deal and what constitutes a good deal? Finding a deal takes time, patience, and preparation. Many clients come to us asking about homes being foreclosed upon. So what is the difference between a short sale, a home for sale at auction and an REO?
Short sale- A short sale is a home being sold for below what the current seller owes on the property. The seller does not have other funds to make up the difference at closing. If the lender agrees to accept an amount less than the outstanding mortgage as satisfaction for the debt, the sale is considered a short sale. Short sales can be “good deals” for the right buyer–one who has patience and time. Short sales can take 120 days or even longer! If you don’t have a lot of time, short sales are not for you.
Auction sale- After a property owner has been been given a NOD (Notice of Default) a sale date will be set by the lender, whereupon the property will be auctioned at the courthouse steps. If no one purchases the property at the auction it is then owned by the bank and it’s typically listed for sale through a REALTOR®. Buying property at auction can be a risky process, as you are purchasing that property with any outstanding liens and there is no time for inspections. Buyers are unlikely to know the true condition of the property.
REO- (Real Estate Owned) If the home doesn’t sell at auction, it typically becomes an REO. An REO is when the seller’s lender has taken back title of the home (the bank now owns it) and is selling it directly through a real estate broker. REOs take considerably less time than a short sale but they aren’t always as good of a deal. Most REO properties are sold close to fair market value and are sold “as-is” , meaning the bank typically won’t do a lot of, if any, repairs. Unlike an auction sale, buyers still have the right to perform inspections so they at least know the condition of the property before they buy and can get an idea of how much actual repairs will cost. Again, the lender is unlikely to pay for them. They are much quicker to close then short sales. If you are buying an REO, you are likely to need some cash reserves to do repairs after close of escrow.
What is considered a “deal” depends on your goals, how much time you have, how much cash you have, and what risks you’re willing to take.
I had to go check out the 300 million dollar yacht anchored in the bay off the Sausalito harbor. Nice helicopter! The yacht belongs to 38 year old Russian banking, steel and fertilizer mogul Andrey Melnichenko. The 394 foot long yacht was designed by Phillippe Starck and completed in 2008. You can see other shots taken by the Walk Street journal here.
If you get a chance to head over to the Sausalito harbor, check it out. Talk about lifestyles of the rich and famous!
