Novato Named “Best Affordable” Town by Business News Magazine

As reported in the Marin Independent Journal, Novato, Marin County (California) was named by Business News magazine as one the nation?s ?Best Affordable? towns near a major and expensive metropolis?in this case, the San Francisco Bay Area. Numerous factors went into the analysis including housing prices (averaging a relatively affordable $750,000 in Novato in November 2007), crime rates, schools, unemployment rates, commute times, shopping, and entertainment. Indeed, with lots of newer homes at prices far lower than the home prices in towns located just 10 miles south (e.g., 10 miles closer to San Francisco), Novato has long represented a major value. Recent years have brought many former residents of Southern Marin to Novato as retirees downsize and transfer their tax base under Proposition 60 and young families looking for more homes that can accommodate growing numbers. Novato also has abundant horse properties, waterfront living with access to the Bay, and a robust luxury and ultra-luxury housing market (something for everybody). Novato?s schools are also top-notch. It is home to the highest scoring school in Marin County?Rancho Elementary. The offices at Hamilton Field include numerous businesses and is the future home to a Disney production venture. Downtown Novato (Grant Avenue) has evolved into a robust shopping location with something for everybody, including some very good dining options. Below are some facts as noted in the Marin IJ online.

NOVATO AT A GLANCE:

• Population: 51,518
• Size: 28 square miles, including 3,600 acres of open space
• Median home cost for 2006: $816,000
• Median annual household income: $75,445
• School district: Serves more than 7,600 students, kindergarten through high school with nine elementary, three middle and three high schools. College of Marin’s Indian Valley campus serves some 1,000 students.
• Shopping: Vintage Oaks shopping center includes more than 50 stores; downtown Novato includes numerous small specialty stores and boutiques received more than a $10.7 million face lift in 2003 to upgrade Grant Avenue.
• Incorporated: 1960 as Marin’s northernmost city.

Other key facts:

• The Buck Institute for Age Research, one of the world’s foremost nonprofit, independent biomedical research firms, is located in Novato
• The Chosen Family hippie commune lived in the old Burdell mansion at Olompali State Historical Park in Novato until it burned down in 1969. Janis Joplin and the Grateful Dead played there.
• Olompali State Historical Park is named for a key Miwok settlement, Olemaloke, that dates back to 1300. The Bear Flag Rebellion, which led to California’s statehood, was fought at Olompali in 1846.
• Mount Burdell at 1,558-foot elevation, is the highest peak in Novato and overlooks the Petaluma River and San Pablo Bay.
• Novato claims its share of rock-star talent, including Metallica’s James Hetfield, Journey’s Jonathan Cain and Tom Johnston of the Doobie Brothers.

Marin County, California, Luxury Homes Report (January 2008–Sales and Inventory Analysis)

Marin County’s $2 million to $4 million luxury market continues to experience a seasonal reduction of inventory–we now have 47 active listings compared to 76 homes in December 2007. Six homes sold last month. Belvedere accounted for two sales. Larkspur, Kentfield, San Anselmo, and San Rafael had 1 sale each. The average days on market for homes that sold was 85 days, the average sales price about $3.14 million (roughly $847/per sq. ft.).

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) dipped slightly to 26 active homes on the market (down by 7 from December 2007). Tiburon, as usual, boasts the largest number of such homes with 9. It is followed by Belvedere with 6, Kentfield with 4, and Ross with 3. With 6 sales last month, the ultra-luxury market in Marin surged forward (there 6 such sales in September 2007, 4 in November 2007, and just 1 in December 2007). There are, however, just 2 ultra-luxury homes currently in escrow. Homes in this category averaged a lengthy 214 days on the market and sold for about $5.77 million (approximately $1,217 per square foot). Marin’s most expensive home is a unique gated Tiburon estate sitting on eight acres with stunning views and resplendent gardens–asking price: $38.5 million. In addition, Locksley Hall, a Belvedere Island estate, sold for $65 million off the market.

Marin Cities & Towns	$2 Million ? $4 Million		$4 Million & Up
	Active	Pending	Active	Pending
Sausalito	3	0	1	0
Belvedere	9	1	6	0
Tiburon	11	4	9	1
Mill Valley	8	4	1	0
Larkspur	0	2	0	0
Corte Madera	2	0	0	0
Kentfield	4	0	4	0
Greenbrae	1	1	0	0
Ross	2	3	3	1
San Anselmo	3	1	0	0
San Rafael	1	1	2	0
Novato	4	0	0	0

The above graph identifies the numbers of active listings and homes in contract in the Marin County luxury and ultra-luxury home market segments. Note that all homes in contract are included in the category ?Pending? even though some are technically ?Contingent? properties (e.g., the buyers have not removed all contingencies). This information is limited to Marin County’s Highway 101 corridor towns and cities that consistently maintain a monthly inventory of luxury and ultra-luxury homes (e.g., towns without a consistent luxury market and beach homes are not included here). Call Kyle Frazier, CRS, Broker Associate, Frank Howard Allen Realtors of Marin, at 415/350-9440 with any questions about a particular neighborhood or your situation. You can also e-mail Kyle at [email protected].

Marin County Real Estate Update–January 2008 (Homes For Sale & Price Ranges)

3 Edgewater Road, Belvedere (Waterfront / Lagoon Home in Marin County)

Your waterfront lifestyle on the Belvedere Lagoon awaits. The private setting of this single-story home, which faces Westward across the Lagoon, offers an idyllic resort-style way of life. The expansive deck and accompanying dock is perfect for outdoor entertaining and dining. Spend your time biking, kayaking, sailing, swimming, and bird watching as the coveted amenities of Belvedere & Tiburon are all around you ? such as, the bike path, ferries, restaurants, park, and award winning schools.

This lovely home would generously accommodate those considering down-sizing or a growing family (tax records show 2,380 square feet). The Master Bedroom looks out over the Lagoon. The fourth bedroom (and its adjoining bathroom) has a separate entrance and is perfect for home office or au-pair / caregiver use. There is a formal Dining Room with a fireplace off the Kitchen. And another fireplace in the light and open Living Room, which also features floor to ceiling windows overlooking the Lagoon. Throughout the home there is lots of storage space, including a possible wine room. This location provides an easy San Francisco commute, as it is just minutes from the Golden Gate Bridge and the Tiburon Ferry.

Come visit 3Edgewater.com.

3 Edgewater Road, Belvedere (Marin County, CA. 94920).

If you would like to learn more about this Belvedere Lagoon home or set up an appointment to see it, please call Kyle Frazier at (415) 350-9440.

Kyle Frazier, CRS, Frank Howard Allen Realtors, [email protected]

The information provided above, including square footage, is believed to be true, however, the agents, owners, and broker make no guarantees nor warrant its accuracy.

106 Maybeck Street (South Gate at Hamilton Field), Novato

This home?s superior upgrades and tasteful elegance are unrivaled. Boasting an open Great Room and Kitchen (with extraordinary light and fantastic flow), soaring vaulted ceilings, designer landscaping, built-in barbecue, outdoor fireplace, and 3-car garage with additional work bench area. All 4 bedrooms are upstairs, including the palatial Master Suite with jetted tub and walk-in closet with built-in storage. This rarely available home, located in the highly sought after neighborhood of South Gate at Hamilton Field, has the coveted Plan 4 layout — it is exquisite.

Indulgent & Luxurious Atmosphere Top notch upgrades, finishes, and touches throughout. Great Room Wide open Great Room / Kitchen configuration is perfect for entertaining or just hanging out. Surround sound wiring in place. Built-in shelving, open to formal Dining Room, direct access to backyard and Outdoor Living Space. Chef’s Kitchen Sleek, black granite slabs, island, 6-Burner gas range range, stainless, breakfast bar, breakfast nook, lots of storage, pantry, bright and open … simply immaculate. Palatial Master Suite Huge Master Suite with dressing area, wood floors, built-in bookcases, and double doors. Master Bath with jetted tub, separate sink areas, walk-in shower, walk-in closet, lots of storage space. Designer Landscaping Palm and fruit trees, automated irrigation system, professional lighting. Outside Living Space The back yard is amazing: built-in BBQ (with refrigerator), stonework, designer landscaping with uplighting, 2 trellises (with lighting), and an outdoor fireplace. A one-of-a-kind outdoor living space. 3-Car Garage Also includes a work bench area. Executive Office In addition to the 4 Bedrooms upstairs, there is an office downstairs with built-in bookcase, wood floors, and plantation shutters. Could be utilized as another bedroom. Bonus Room As an added bonus, the second Bedroom provides access to a large storage area that many have transformed into a play area or dedicated hobby room. The possibilities are endless.

Mill Valley Real Estate Update (January 2008 Home Sales Report)

Mill Valley’s inventory of single family homes for sale is very low, with just 33 homes currently on the market (there were 46 in December 2007). With 12 sales last month, Mill Valley’s absorption rate is about 3 months. However, this is a seasonal phenomenon–lots of folks take their homes off the market during the holidays and put them back on the market in the Spring. Incredibly, there are just a dozen homes on the market under $1 million!

Mill Valley homes priced between $1 million and $1.5 million continue selling briskly–5 of these homes sold in December 2007. As with much of the rest of Marin, homes priced aggressively are getting multiple offers—note: the winning bid (which is not always the highest bid) is likely to be a couple of percent above asking price, depending on the home ad price. Mill Valley homes that sold during the past month averaged 75 days on the market and sold for an average price of about $1.4 million (about $610 per square foot). As usual, the hottest market segment was the $1 million to $1.5 million price range.  

As always, the commute to San Francisco from Mill Valley via the Golden Gate Bridge (a short 5-10 minutes), along with the excellent Mill Valley schools, pleasant weather and laid back ambiance provides ample motivation for San Francisco professionals to relocate to Marin County. Accordingly, prices and sales are ever-strong. Indeed, Mill Valley is THE place people thinking of moving out of San Francisco generally start with when they decide to buy a home in Marin County. Homes in Tam Valley, Strawberry, Sycamore Park, Blithedale and Cascade Canyons continue to be in low supply and high demand. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440 or e-mail me at [email protected].

San Rafael Real Estate Market Report (January 2008 Home Sales Update)

The housing market in San Rafael reflects the typical seasonal slowdown in activity. Inventory is down to 90 active listings (down from 114 homes on the market in December 2007). As noted below, San Rafael’s bread and butter homes (those priced between $750,000 and $900,000) continue to sell if priced in accordance with recent relevant sales. Buyers now focus very carefully on knowing every home in a given market segment and show deep understanding of their leverage in this flat market.

Of the 27 homes that sold during the past month (sales are down a bit from 34 home sales in November 2007), they averaged about 73 days on market, for an average price of about $957,000 (about $482/square foot). In something of a statistical anomaly, San Rafael’s luxury and sub-luxury markets remain very active, with 40% of homes in escrow in the $1.5 million to $2 million price range. And the market also remains at a slow boil at the entry level, with 23% of homes in escrow. For a brief discussion regarding the importance of the percentage of homes in “Pending” status, click HERE. San Rafael’s strongest micro-climate markets during the past month included The Dominican, Glenwood, Terra Linda, Marinwood, Peacock Gap, and Lucas Valley Estates). Renovated Eichler homes, particularly those in the Berry Patch, continue to see strong sales.

Contact Kyle Frazier, CRS, Frank Howard Allen Realtors with any questions: (415) 350-9440.

Novato Real Estate Market Update (January 2008 Home Sales Report)

While the number of active listings in Novato, Marin County, is down markedly from last month, Novato’s abundant inventory of relatively affordable homes (including newer construction under $800,000) is giving home buyers some very attractive options. As for sellers, moreso than in any other town in Marin County, homes MUST BE PRICED FOR TODAY’S MARKET. They must be maintained, updated, and/or located in a desirable neighborhood if they are likely to sell in a time frame under 90 days. 

Homes in Novato that sold in December 2007 (there were 26 home sales–same as November 2007) averaged about 107 days on market, for an average sales price of $728,000 (roughly $384 per sq./ft.). Homes in Hamilton Field (particularly Southgate and Newport), Pointe Marin, Rush Creek, Indian Valley, San Marin, and Partridge Knoll continue to get robust numbers of showings, as do the new luxury homes at Stonetree and Olive Ridge.

For a brief explanation of the importance of the statistic addressing the percentage of “Pending” listings, click HERE. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440. It is my pleasure to be of service.