Homestead Valley | Mill Valley (111 Janes Street — Tremendous Fixer Opportunity)
March 31, 2009
Tremendous fixer opportunity in Mill Valley, CA’s fabulous Homestead Valley. Oversized 14,000 square foot parcel with southwesterly exposure and lots of afternoon sun. Home backs up to Molino Park. Features 3 Beds and 2.5 baths, front and rear decking, possible estate type environment. Private location, close to town.
Click here for Marin Extraordinary Living’s recent article on Homestead Valley.
Deemed "Very Walkable" by Walkscore.com — click here for details.
This home is not for the faint of heart. Contact Kyle Frazier (415.350.9440) for more information. This home is exclusively listed with Kyle Frazier and Morgan Lane Marin Real Estate for $768,800.
Coveted Baywood Canyon Estates Home For Sale (Fairfax, CA.)
March 17, 2009
Situated at the entrance to the coveted Baywood Canyon Estates, this meticulously renovated residence boasts sophisticated, timeless finishes throughout. Great scale, and large, light filled open spaces are evident throughout the +-3346 square foot home. Designed to take advantage of the central courtyard, all of the home’s main rooms open to large, level areas for outdoor entertaining. The completely level +-1.8 acre property offers a sprawling level lawn, large patios and lovely, mature gardens. Located just steps to the famed equestrian center, hiking trails and community pool, this residence affords the new owner a resort like lifestyle just 15 minutes from highway 101 and 45 minutes from San Francisco.
Main Level
- Large, formal foyer
- Stunning, open living room with high ceilings, a wood burning fireplace and walls of glass that overlook the yard and gardens
- Large, formal dining area with tall windows overlooking the gardens
- Grand scale great room with large eat in space, built in semi circular sofa, and windows overlooking the yard and gardens
- Sophisticated, Carrera marble “chef’s kitchen” opens to large deck and features a huge center island, high end stainless appliances, bar counter seating for four, & wood burning pizza oven
- Large laundry/mud room with extensive built ins located just off the kitchen
- Attached two car garage with interior access
Residential Wing
- Large, elegant master suite with wood burning fireplace and large, custom built walk in closet overlooks the yard and gardens
- Beautifully designed Carrera marble and tile master bath with double vanity, soaking tub, and large, walk in shower
- Lower level bedroom with full marble and tile bath
- Upper level secondary family room with high ceilings overlooks the side yard and gardens
- Two bedrooms on the upper level have high ceilings and custom built closet systems
- Full bathroom on the upper level with ample storage
Additional Features
- Security system
- Gated driveway
- Off street parking for up to 10 cars
- Large exterior storage unit
- Ample storage throughout
Exclusively listed with Morgan Lane Marin Real Estate. Please contact Kyle Frazier, CRS at (415) 350-9440.
Marin County, California, Luxury Homes Report (March 2009–Sales and Inventory Analysis)
March 16, 2009
While sluggishness has trickled-up into the luxury real estate market in Marin, CA., there is legitimate cause for optimism in coming months. For example, there were 161 new escrows opened in Marin County in February 2009. While the majority of these (68%) were value plays in Novato and San Rafael, it was the highest level seen since August 2008 and was 19% higher than February 2008–encouraging news since we had just 19 “working days” last month. Moreover, the first 2 weeks of March 2009, resulted in 116 opened escrows. In March 2008, we saw just 98 homes go into escrow. That is an increase of 18% over last year. Again, encouraging. For a detailed accounting of national trends, click here for the March 2009 Market Report from Institute for Luxury Home Marketing. Note, if you would like a local report relating to any town or zip code in Marin or San Francisco, e-mail me.
It is clear to me that with minimal social proof, buyers will return to the market and pent-up demand will create a surge in sales figures. The $8,000 no-strings-attached credit from the government (for first time home buyers, loosely defined as someone who has not owned a home for the past 3 years and meets income limitations), the increased conforming loan limit (set to go back up to $729,750 some time in April 2009), and a pronounced level of increased affordability across the board is a recipe for sales. I should also note that with the increased conforming loan amount, buyers with 25% down (and who otherwise qualify) will be able to obtain top-shelf financing for purchases of a little over $1.6 million. While that is not “Luxury” territory here in Marin, many potential move-up buyers of luxury homes must sell their homes first and this will be a big step in the right direction. And interest rates are a full 1-point lower today than they were this time last year. Certainly, the pump is primed.
As noted above, we are seeing greater activity so far this year as the number of homes in escrow has increased and buyer enthusiasm is improved. Open houses have been extremely busy in all price bands with 30-50 groups being reported for new listings in desirable locales. Offers are being written. And our agents are noting a more focused approach by buyers. We are also starting to see buyers lose out on properties they love because they figured there was no urgency in writing an offer.
The graph below reflects a 90-day rolling average of asking prices for homes in the topmost quartile (e.g. prices of the most expensive homes) in 3 touchstone Marin County cities: Tiburon, Mill Valley, and Kentfield. As you can see, over the past year, prices have declined in each. Note however, that a few homes in Kentfield marketed early last year were priced at the extreme high end, resulting in an exaggerated shift.
Because people constantly inquire about the infiltration of foreclosed homes (a.k.a. REO’s) and short sales in the higher end, just a few quick notes: While 42.9% of Marin home sales in January and February 2009 were distressed, the phenomenon has not appreciably gathered traction in the luxury segment. The numbers of foreclosures and REO’s in Southern Marin is definitely on the rise though. For example, Sausalito has 19 homes in some stage of foreclosure and Tiburon has 28 homes. Yet these towns only have 8 homes that are actually bank owned. Finally, while we seem to hear a lot about distressed homes, less than 1% of Marin homes are considered “distressed.”
[For the rest of the article courtesy of www.ImagineMarin.com, click here.]
Tiburon CA & Belvedere CA Real Estate Market Report (March 2009 Home Sales Update)
March 11, 2009
After a lengthy period of overcast skies and a good deal of rain, the sun has returned to our happy peninsula, just in time for daylight savings. Never-mind that just like January 2009, February 2009 gave rise to just 2 home sales in Belvedere and Tiburon combined; sunshine, recently improving numbers in the stock market (considered by some a leading indicator), and pent-up buyer demand just might be the recipe for increased sales as Spring sets in. Certainly, some nice inventory has found its way to market over the past few weeks, including 9 homes over the past week (among these are a couple of Belvedere Lagoon properties).
| Price Range | Total Homes | In Escrow |
| up to $2 million | 28 | 21% |
| $2 million to $3 million | 27 | 4% |
| $3 million to $5 million | 19 | 21% |
| $5 million to $10 million | 16 | 13% |
| $10 million and up | 7 | 14% |
Mill Valley CA. Real Estate Market Report (March 2009 Home Sales Update)
March 11, 2009
For several months my Mill Valley, CA, real estate report has noted that the market “is strangely out of sync,” buyers “are taking a few pitches to see what happens,” and I have also aired my suspicians about “undercover buyers” who are ready to buy and want to buy the “right” home. More than ever, I believe this is all true. At Morgan Lane we have about $12 million of closings taking place in the next week or so (and we closed a $4 million Mill Valley deal last month). If we can gather a little wind behind our sails, I believe we will be off to the races. Certainly, sellers seem to grasp the need for aggressive pricing and it appears that attractive new inventory will help drive the market in 2009.
As evidenced by the above graph, The median price per square foot has dipped to about $625 per sq. ft. (which is down from well over $800 in mid-2007). While some buyers believe prices may slip a bit more, most appreciate the fact that interest rates are very appealing.
[Click HERE for the rest of the article, courtesy of www.MillValley101.com.]
San Rafael Real Estate Market Report (March 2009 Home Sales Update)
March 9, 2009
Following Novato’s lead, San Rafael’s real estate market is gathering momentum at the low end as foreclosures and short sales drive the market. We are currently experiencing 31% pending ratio for homes priced at or below $600K. Although not as strong a market segment as Novato, I would still characterize it as competitive price band.
Importantly, San Rafael’s bread and butter homes, priced between $600K and $800K continue selling at a rapid clip — 31% of these homes are in escrow (up 2% from January 2009). Low interest rates on conforming loans are helping many buyers in the lower price ranges attain home ownership. Meanwhile, rates for conforming jumbo loans are a bit higher and apparently not being embraced by buyers as the San Rafael housing market is flat above $1 million (see below chart). But, the $8K tax credit for first time home buyers should also help pull buyers into the fray as value priced properties come onto the market. Amazingly, we have 15 homes currently being marketed under $500,000 (there were just 5 last month), and another 16 under $600,000. Overall, the number of homes on the market remains relatively low, with 153 homes (up from 142 last month).
Because many inquiries come in regarding the distressed market, the chart below illustrates the number of and percentage of distressed sales so far in 2009.
[Click here for the chart and the rest of this article, courtesy of www.SanRafael101.com.]
Novato Real Estate Market Update (March 2009 Home Sales Report)
March 8, 2009
Now that the southbound portion of the HWY 101 widening project has been completed for a little over a month, it is clear that the commute through San Rafael is very much improved. Even salty, hardened naysayers concede that the drive to work is now just a drive, not a battle–estimates range from 25-35 minutes saved each day since the completion of the project. As I have been saying for 2 years, the improved commute will certainly make Novato a viable choice for those who had sworn it off because of the traffic. Moreover, the first-time home buyer credit of $8,000 (this is a flat out gift from the government) certainly helps those who qualify. As I tell my clients, “Give Yourself a Raise. Move to Novato.”
Novato’s inventory level remains relatively low with just 142 single family homes for sale. There were 145 homes for sale in February 2009 and 150 homes for sale in January 2009–an odd downward trend. Perhaps we are on the back side of the distressed property curve. Meanwhile, the absorption rate (e.g., the number of months of inventory currently available in Novato) rose again to 7.9 months (it was 4.5 months just a month ago due to the large number of sales in December). If this seems schizophrenic, it is.
[For the rest of this article, please click here, courtesy of www.Novato101.com]
Perfection at South Gate, Hamilton Field (Novato, CA. Home or Sale)
March 2, 2009
Unique opportunity to live in Hamilton Field’s coveted South Gate neighborhood in the most sought after location — on the levee. Few South Gate homes on the levee have come to market in the past 3 years. This is your chance! Great Room configuration. Four spacious bedrooms (all upstairs). Dining Room. Luxurious Master Suite with views across the Bayside open space and watershed. This home is absoutely move-in ready.
Click HERE for a letter from the sellers.
- Address: 78 Maybeck Street, South Gate at Hamilton Field, Novato CA
- List Price: $759,000
- For a private viewing, call Kyle Frazier at (415) 350-9440.
- 78Maybeck.com
