Posts Tagged ‘Marin Real Estate’
As expected, Existing Home Sales fell in February, slipping 30,000 units versus January’s numbers. It’s the 4th straight month in which Existing Home Sales were lower, month-over-month.
An “existing” home is one that is previously owned and lived-in (i.e. not new construction).
Existing Home Sales peaked in November 2009, just as the First-Time Home Buyer Tax Credit was set to expire. Immediately thereafter, according to the National Association of Realtors®, monthly sales plunged 17 percent in December, then another 7 percent in January.
Comparatively, February’s dip is a modest 0.6 percent and is more in line with the pre-tax-credit Existing Home Sales trend. The real estate market is rediscovering its normal.
But “normal” may not last for long.
When the federal home buyer’s tax program was extended last year, the new rules stated that home buyers must be under contract for their new, respective homes on, or before, April 30, 2010 in order to claim up to $8,000 in federal money. That deadline is approaching and many markets –parts of Marin included — are experiencing a surge in buyer traffic as April 30 nears.
The Existing Home Sales data doesn’t reflect this new demand, nor the number of new contracts written. It only accounts for home closings and, in February, closings were down.
For today’s buyers, the market looks favorable. The federal tax credit is in place, mortgage rates stubbornly stick near all-time lows, and home prices are staying in check.
Existing Home Sales should gain through March and April, theoretically pressuring home prices higher. Consider acting sooner rather than later as interest rates are also expected to rise later this spring.
If you are unable to see the video above, please click here
According to the the National Association of Realtors®, “distressed homes” represented nearly 2 of every fifth home sold in January 2010. Clearly, real estate investors in Marin County and around the country are taking advantage of good deals on inexpensive property. But there’s risk involved.
This NBC Today Show interview first ran in March 2009, featuring real estate expert Barbara Corcoran. Despite its age, the message remains relevant. Today may be a terrific time to buy a bank-owned home — just make sure you do your research first. There’s plenty of ways for investors to get burned.
Some of the tips in the video include:
- Buy in your own backyard
- Start small, then build to a bigger portfolio
- Watch receipts — rent rolls don’t matter if tenants aren’t paying rent
Corcoran also gives pointers on how to evaluate a prospective tenant.
Foreclosures may represent a significant number of 2010’s total Marin County home sales and will offer interesting opportunities to bona fide real estate investors.
Remember, the stats and the data are from 12 months ago, but the advice stays meaningful.
Marin County’s luxury housing market was challenging last year. 128 homes over two million dollars sold in Marin last year compared to 222 in 2008 and 288 in 2007. Despite the economy, some pricey Marin homes were still selling and some special luxury homes were even sold above the listed sales price. Below are Marin’s twenty most expensive home sales for 2009. Click the pins on the map to see the home list price and home sale price or view the complete list in the table below.
View Marin’s Most Expensive Home Sales of 2009 in a larger map
| Street Address | Listing Price | Selling Price |
| 324 Palm Ave Kentfield, CA 94904 | $10,500,000 | $9,800,000 |
| 106 Diablo Dr Kentfield, CA 94904 | $9,995,000 | $9,200,000 |
| 3 Rolling Hills Rd Tiburon, CA 94920 | $10,500,000 | $9,000,000 |
| 140 Antonette Dr Tiburon, CA 94920 | $8,500,000 | $7,500,000 |
| 90 Via Los Altos Tiburon, CA 94920 | $6,500,000 | $6,500,000 |
| 456 Belvedere Ave Belvedere, CA 94920 | $7,350,000 | $6,250,000 |
| 32 Meadow Hill Dr Tiburon, CA 94920 | $6,950,000 | $5,880,000 |
| 9 Acela Dr Tiburon, CA 94920 | $5,950,000 | $5,500,000 |
| 450 Belvedere Ave Belvedere, CA 94920 | $6,300,000 | $5,400,000 |
| 193 Gilmartin Dr Tiburon, CA 94920 | $5,995,000 | $5,375,000 |
| 429 Golden Gate Ave Belvedere, CA 94920 | $5,795,000 | $5,200,000 |
| 16 Edgewater Rd Belvedere, CA 94920 | $5,500,000 | $5,100,000 |
| 8 Sandy Ln Mill Valley, CA 94941 | $5,495,000 | $5,000,000 |
| 11 Fernhill Ave Ross, CA 94957 | $4,595,000 | $5,000,000 |
| 30 Peninsula Rd Belvedere, CA 94920 | $5,000,000 | $4,900,000 |
| 12 Laurel Way Kentfield, CA 94904 | $3,650,000 | $4,500,000 |
| 10 Crest Rd Belvedere, CA 94920 | $4,825,000 | $4,350,000 |
| 125 Woodland Rd Kentfield, CA 94904 | $4,495,000 | $4,225,000 |
| 349 Bay Way San Rafael, CA 94901 | $4,500,000 | $4,185,000 |
| 1 Madrona Ave Belvedere, CA 94920 | $4,950,000 | $4,100,000 |
I was reading an article by Robert Frank (The Wealth Report) of the Wall Street Journal discussing Why Luxury Housing Could Be Hit Hardest. Many people have said the market crisis hasn’t impacted the wealthy, but has absolutely impacted Marin County.
While previous market swings (such as around the .com bust) have not made a huge impact on wealthy Marin County and the Marin real estate market, this one definitely has. Marin has a large number of residents who work in financial services and they are losing their jobs. The wealthy have lost huge percentages of their wealth in their portfolios. While many of the wealthy may not lose their homes, they are definitely holding tight to what they do have. The charts below show the dramatic difference in the lower end Marin real estate market vs. the upper end. The number of Marin homes sold under one million dollars is actually up. The over a million stats? Down 63.3%!
Marin Real Estate Sales Stats for homes under $1,000,0000
Marin Real Estate Sales Stats for homes over $1,000,0000
Clearly the luxury real estate market in Marin County is hurting, and I anticipate this trend to continue in 2009.
The holidays are almost through and many Marin homeowners are thinking about putting on their homes in the New Year. Here are a few tips to prep your home for sale.
- Create curb appeal. First impressions can be everything. If it doesn’t look good out front, potential buyers may never enter the front door. Cut back overgrown landscaping, put fresh pots of flowers by the front door. Replace your exterior light fixtures if they are rusted and dirty.
- Paint. It is amazing how much a coat of paint can change the look and feel of a home. Use neutral colors but don’t go all white inside. Use paint to make your home feel warm.
- Clean, clean, and clean again. Make your home sparkle.
- Organize your closets, buyers will be looking in them.
- Remove excess furniture, clutter, and toys but don’t just move it to the garage, buyers look there too.
- Remove valuables, prescription medicine and personal items that should remain private.
- Eliminate odors. Bad pet smells can send a potential buyer running almost immediately.
- Have professional inspections before you put it on the market. Buyers are picky in today’s market and inspections are one of the primary reasons buyers back out of transactions. Know of any potential roadblocks before you put it on the market and eliminate those problems in advance.
- Consider professional staging. Staging works! Want more information about why you should stage? Read this excellent article about why to stage.
- Don’t spend a lot of money renovating without first consulting a Marin real estate professional. Renovating that kitchen before you put it on the market may not make sense.
The real estate stats lie. If you have spent any time on my site, you know I LOVE real estate stats. I am stats junkie as a matter of fact. They provide a ton of valuable information. Unfortunately, what you can’t see from the currents stats are real listing inventory numbers.
In Marin County, a HUGE number of home are for sale, but are not on the MLS. Tons of homes are coming on the market or are staying on the market, but you won’t find a good chunk of them on whatever search engine you might be using.
Home sellers and agents are afraid of the all important DOM- Days on market. Fearing a high number, they are withholding the listing from the MLS. This skews the stats for both real, accurate days on market numbers and also for market absorption rates.
I believe keeping listings off the MLS is a bad for everyone, even sellers fearful of too many days on the market.
Marin home sellers- listen to me now, most buyers are smart enough to know that the days on market stats aren’t accurate. The tradeoff of being off MLS is that you miss a huge portion of buyers. Suddenly, you rely on agents, many of whom may not know that your home is for sale. What if the home buyer happens to have an agent who isn’t connected? This also assumes active buyers are working with an agent. There are tons, and tons of home buyers doing their initial research on their own. Those buyers are very real, and they aren’t being exposed to your property. As much as high days on market may be undesirable, it is even more undesirable for you to limit your access to home buyers. Staying “off the MLS” is really like being off the market. It just doesn’t make sense if you want to sell your home.
Unfortunately, do-it-yourself home buyers are really only seeing a small portion of true home inventory. If you are a buyer not working with agent, there are a lot more homes available for sale in Marin than show up on the MLS. Contact a qualified (and connected) agent to give you the inside scoop. As much as I dislike off the market listings, the reality is that there are a ton of them out there, and unless you are working with agent “in the know”, you may never see them.
This market profile is a snapshot of what is happening in Kentfield. Kentfield home prices have been on a nice up trend in recent weeks but inventory and days-on-market have been increasing. The Market Action Index has been essentially flat. (more…)
This market profile is a snapshot of what is happening in Ross. Home prices are up this week in Ross have dipped slightly but they have settled in recent weeks. With inventory trending up but days-on-market and the Market Action Index essentially flat recently, conditions don’t seem to a have strong up or down pull. (more…)
This market profile is a snapshot of what is happening in Larkspur. Home prices are up this week in Larkspur while the average days on market continues to to climb. The market action index has been on the rise- a positive indication for the market. (more…)
This market profile is a snapshot of what is happening in San Rafael. Home prices are down again this week in San Rafael while the average days on market continues to to climb. Inventory has been tightening. The market action index remains flat. (more…)