As expected, inventory levels in Marin County’s $2 million to $4 million luxury home market surged again this past month–with 89 active listings compared to 68 homes last month. This boost in inventory was accompanied by a moderate month of sales, with 10 homes sold. Tiburon led the pack with 4 sales, followed by Larkspur, Greenbrae, Kentfield, San Anselmo, and San Rafael, with one sale each. The average days on market for homes that sold was about 89 days, the average sales price was just over $2.786 million (roughly $729/per sq. ft.), and the average sized home was 3,937 square feet.
The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also rose–to 39 active listings, compared with 35 last month. Tiburon, as usual, boasts the largest number of such homes with 16 (up from 14). It is followed by Belvedere with 8, Kentfield and Ross with 5, and Mill Valley with 4. Three of these home sold last month. There are, however, another 2 ultra-luxury homes currently in escrow. The homes that sold averaged about 8,000 square feet, sold for an average price of $7.333 million (approximately $928/sq. ft.), and were on the market for an average of 126 days. Marin’s most expensive home remains a unique gated Tiburon estate sitting on eight acres with stunning views and resplendent gardens–asking price: $38.5 million.
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Marin Cities & Towns
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$2 Million ? $4 Million
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$4 Million & Up
|
|
Active
|
Pending
|
Active
|
Pending
|
|
Sausalito
|
9
|
0
|
0
|
0
|
|
Belvedere
|
11
|
2
|
8
|
0
|
|
Tiburon
|
12
|
4
|
16
|
1
|
|
Mill Valley
|
20
|
4
|
4
|
0
|
|
Larkspur
|
4
|
3
|
0
|
0
|
|
Corte Madera
|
1
|
0
|
0
|
0
|
|
Kentfield
|
7
|
1
|
5
|
0
|
|
Greenbrae
|
1
|
0
|
0
|
0
|
|
Ross
|
2
|
2
|
5
|
0
|
|
San Anselmo
|
13
|
2
|
0
|
0
|
|
San Rafael
|
3
|
0
|
1
|
0
|
|
Novato
|
6
|
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].
Real estate inventory levels in Marin County, California, as expected are on the rise in the new year. There are 641 active listings (up from 519 in February 2008). We are entering the Spring selling season and buyers are ready. The percentage of homes in escrow is up substantially in many markets. Buyers have been exploring open houses in droves (virtually all open houses held for my listings over the past two weeks have seen at least one dozen groups of people). I anticipate a continued remainder of the first quarter in Marin real estate as interest rates continue in historically low territory. Once the new conforming loan programs are in place, it is anticipated that there will be a rush of buyers moving quickly to grab the homes of their choice (it seems some are waiting to take advantage of the new conforming loan limits). Meanwhile, buyers continue offering large down payments and short contingencies to bolster their negotiating leverage with sellers anxious to make a deal.
The graph below breaks down the current number of homes for sale in Marin County, California, in March 2008, along with the price ranges for each town/city. Also included is a note indicating whether inventory is up or down over the past month:
Marin Single Family Homes For Sale
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Town/City
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Homes for Sale
(Active Listings)
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Price Range
|
|
Sausalito
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16 — up 1
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$749,000-$3.995 million
|
|
Belvedere
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18 — up 2
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$2.298 million-$12.5 million
|
|
Tiburon
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33 — up 5
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$1.2 million-$38.5 million
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|
Mill Valley
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72 — up 22
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$725,000-$10.25 million
|
|
Larkspur
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12 – up 2
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$399,900-$2.5 million
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|
Corte Madera
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14 — up 1
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$819,999-$2.4 million
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|
Greenbrae
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7 — down 4
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$850,000-$2.595 million
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|
Kentfield
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18 — up 3
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$875,000-$15.95 million
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|
Ross
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2 — up 2
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$749,000-$22 million
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|
San Anselmo
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37 — up 17
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$499,000-$3.45 million
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|
San Rafael
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126 — up 20
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$499,000-$6.95 million
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|
Novato
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203 — up 27
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$398,000-$3.499 million
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Some observations: Buying a home in tony Belvedere, as always, is an expensive proposition–you’ll need about $2.4 million to live on the Lagoon (click HERE to see a delightful Lagoon home). The highest priced luxury home in Marin, however, is located in Tiburon. An ultra-luxury dream estate on about 8.5 acres, with 12 Bedrooms, 10 full baths, 3 half baths, and show-stopping views of the San Francisco, the Golden Gate Bridge, and the Bay–asking price $38.5 million. In fact, Tiburon boasts several homes in the $10 million and up range.
On the other hand, Novato continues to be a Marin home buyers’ dream. Novato has 18 homes priced under $500,000 (and another 31 homes at or under $600,000). Novato’s 203 active listings is by far the most in Marin County (yet, almost 25% of Novato homes are in escrow). Even San Rafael in Central Marin has 9 homes priced under $700,000 (4 of these are under $600,000). As noted last month, investors are beginning to ask about certain homes and condos (condo prices have come down by 40% in some cases). All signs point to a healthy end to Q1 2008.
If you desire a list of Marin County’s best deals or more specific analysis of your neighborhood, please give me a call at (415) 350-9440.
As we progress through Q1 2008, Mill Valley’s inventory of single family homes for sale has blossomed to 76 homes currently on the market (there were 46 in February 2008). With just 8 sales last month, Mill Valley’s absorption rate rose to about 10 months, compared with 3 months in February (e.g., there is currently enough supply to cover current demand for 10 months). This is a seasonally related anomaly and the absorption rate is expected to creep back down to 4 or 5 months as the Spring selling season wears on.
Mill Valley homes priced between $1.5 million and $2 million continue selling briskly–3 of these homes sold in February 2008. Homes priced aggressively are getting multiple offers and some price segments reflect a seller’s market. Mill Valley homes that sold during the past month averaged 65 days on the market, sold for an average price of about $1.205 million (about $652 per square foot), and averaged about 1,975 square feet.
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Price Range
|
Total Active Homes
|
Pending Listings
|
|
Up to $800K
|
9 (up 5)
|
22%
|
|
$800K – $1 mil.
|
11 (down 5)
|
36%
|
|
$1 mil. – 1.5 mil.
|
28 (up 13)
|
3%
|
|
$1.5 mil. – $2 mil.
|
17 (up 6)
|
29%
|
|
$2 mil. – $4 mil.
|
24 (up 10)
|
21%
|
|
$4 mil. & Up
|
4 (up 1)
|
0%
|
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. 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].
The housing market in San Rafael reflects the pent-up buyer demand noted in these market updates for several months. Again, inventory is up. And the percentage of homes in escrow is up. San Rafael homes priced between $750,000 and $900,000 continue to sell quickly if priced right. Indeed, buyers are very knowledgeable, showing great familiarity with their target neighborhoods and recent sale prices.
Of the 26 homes that sold in February 2008, they averaged about 101 days on market, sold for an average price of about $1.095 million, for an average of about $474/square foot (with homes averaging 2,277 square feet). The market remains at a slow boil at the entry and move-up levels, with 22% – 25% of homes priced below $1.5 million 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.
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Price Range
|
Total Homes
|
Pending Listings
|
|
Up to $800K
|
68 (up 22)
|
24%
|
|
$800K – $1 mil.
|
45 (up 18)
|
22%
|
|
$1 mil. – 1.5 mil.
|
36 (up 9)
|
25%
|
|
$1.5 mil. – $2 mil.
|
12 (up 7)
|
8%
|
|
$2 mil. & Up
|
3 (down 3)
|
0%
|
Contact Kyle Frazier, CRS, Frank Howard Allen Realtors with any questions: (415) 350-9440.
The Novato (Marin County, California) home sales market has recovered nicely in the first quarter of 2008. The number of active listings is way up, providing buyers with an abundant inventory of relatively affordable homes (including newer construction (less than 10 years old) under $800,000). Yet, well over 20% of homes on the market in Novato are in escrow. Sellers are still facing stiff competition and their homes must be priced extremely well. It helps if the home is updated and/or located in a desirable neighborhood.
Homes in Novato that sold in February 2008 (there were 17 home sales) averaged about 94 days on market, sold for an average sales price of $820,000 (roughly $348 per sq./ft.), and the average sized home was 2,530 square feet. Homes in Hamilton Field (particularly South Gate 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.
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Price Range
|
Total Homes
|
Pending Listings
|
|
Up to $600K
|
65
|
25%
|
|
$600K – $750K
|
44
|
18%
|
|
$750K – $1 mil.
|
71
|
19%
|
|
$1 mil. – $1.5 mil.
|
49
|
22%
|
|
$1.5 mil. & Up
|
25
|
8%
|
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.
Exceptional value in a 5 Bedroom, 3 Bath home with a large and serene grassy back yard in Newport at Hamilton Field in Novato. Sweet floorplan with Great Room, Media Room, Dining Room, and huge Master Suite with lots of closet space and a luxurious bath. Other unique features include a patio with hand-laid Chinese granite bricks and outside bar illuminated by an Old World gas lamp. Click HERE for more information about Hamilton Field.
- Property Address: 43 Brookline Drive, Novato, CA 94949
- Listing Price: $785,000
If you would like to learn more about this amazingly priced Newport home or set up an appointment to see it, please call Kyle Frazier, the listing agent, at (415) 350-9440.
Kyle Frazier, CRS
Frank Howard Allen Realtors
Email: [email protected]
Amazing one-level, waterfront home in Bel Marin Keys, Novato. Boat dock with easy access to the Bay and beyond. Vaulted ceilings, large windows and multiple sliding doors with wide open views to Bel Marin Keys? highly desirable south lagoon. Open floor plan with spacious Master Suite (opens to lagoon), formal dining room, outdoor breakfast nook, Great Room styled open Kitchen/Family Room, Living Room, formal entryway with double doors, large and private back yard. Lots of recent improvements.
- Property Address: 1116 Bel Marin Keys Blvd., Novato, CA 94949
- Listing Price: $849,000
If you would like to learn more about this lovely waterfront home or set up an appointment to see it, please call Kyle Frazier, the listing agent, at (415) 350-9440.
Kyle Frazier, CRS
Frank Howard Allen Realtors
Email: [email protected]
Over the past several years, numerous businesses have moved into the renovated hangar space located in Hamilton Field, Novato (called Hamilton Landing). These hangars, built by the military decades ago (and used by the Army, Air Force, and Coast Guard), are now home to a wide variety of business and non-profit enterprises. Along with the recently announced plans of ImageMovers Digital, Disney (which plans to move into its renovated 3-D computer animation complex in December 2008), the current and prospective faces of business in Novato’s rapidly emerging chic business locale includes: Smith & Hawken, Oracle, Cytograft Tissue Engineering, Halcyon Investment Partners, Clair Mail, Toys for Bob, Marin Community Foundation, Nihilistic Software, Birkenstock Distribution, Sony ImageWorks, a library, the YMCA, Visual Concepts Entertainment, and there are plans for a large office building at Hangar 8. This is an impressive and varied list of firms, ranging from non-profits to bio-tech and software companies. The existing hangars (on just over 20 acres) provide over 450,000 square feet of office space and employ about 850 people.
Picture Courtesy of http://www.barkerpacific.com/pages/projects.php?project=hamiltonlanding
Of course, Hamilton Field is also home to nearly 1,000 housing units. Many employees of Hamilton companies are finding the perfect work-life balance by living close enough to their jobs to bicycle home for lunch. Home prices in Hamilton Field range roughly from about $650,000 to $1,000,000, depending on the size of home and neighborhood (click HERE for a sampling of homes). Hamilton also features about 70 acres of parks and open space, a library, a YMCA, sports fields, a cozy cafe, and a skate park. Also underway is the largest wetlands restoration project on the West Coast.
Spectacular home with 5 Bedrooms (plus an office) and 4.5 Baths in one of Novato?s premier neighborhoods, Breakers at Pointe Marin.
With approximately 3,862 square feet, this home was built in 2005. The list of upgrades and modern amenities is dazzling. The Great Room opens to a spectacular Kitchen with built-in Sub-Zero refrigerator, chef?s island with sink, 6-burner Wolf range, double ovens, built-in microwave, and large pantry. The huge Master Suite opens to the back yard and boasts an impressive Bath Suite with an oversized, jetted tub, step-in shower, separate sink areas, lots of cabinet space, and a monster-sized walk-in closet.
Other features include: 74?gallon water heater, Sub-Zero wine storage refrigerator (dual zone system), ADT security system, Milgard and Anderson windows and sliders, plantation shutters in many rooms, large office, formal entry-way with soffited ceiling, dual-zone climate control, and elegant limestone tile flooring through much of the lower level.
Exterior features include newly refurbished landscaping and hardscaping, remote controlled lighting system (including uplights in front and back, as well as in the inner courtyard, which features a gorgeous fountain), patios, and a large grassy area.
Property Address: 117 Laurelwood Drive, Novato, CA 94949
Listing Price: $1,259,000
If you would like to learn more about this contemporary home or set up an appointment to see it, please call Kyle Frazier, the listing agent, at (415) 350-9440.
Kyle Frazier, CRS
Frank Howard Allen Realtors
Email: [email protected]
