Best Location in South Gate, Hamilton Field (Novato CA)

This is a special home with immutable qualities not found in other South Gate at Hamilton Field offerings. Most signifricantly, this gorgeous home is on the levee and has no immediate neighbor to the south — very rare.

• Mediterranean home on the levee
• No rear or immediate southerly nieghbors
• 4 Bedroom, 2.5 Bath, 2 car garage
• Master Bedroom with his-and-hers walk in closet and large master bath with views
• Living Room with vaulted ceiling opens to Great Room
• Formal Dining Room
• Chef’s kitchen with island, pantry and black Corian countertops
• Dual-Zone wine refrigerator (36 bottle capacity)
• Utility Room
• Fabulous views toward The Bay
• Gorgeous garden with front and back tile patios
• Wood burning / gas fireplace
• Media unit in Family Room with surround sound wiring
• Internet, cable, and phone throughout house
• Distressed oak flooring downstairs
• Amazing landscaping includes hand crafted rock wall and large grassy area
• Window coverings included
• Pre-wired for alarm and Cat-5 wiring installed
• Pre-cast mantle with raised hearth and media niche with library shelves
• Art niches upstairs and down
• Fire suppression sprinklers throughout home
• Automated landscape and lawn irrigation system
• Backs to open space with direct access to the Bay Trail
• Walking distance to all Hamilton amenities: Southgate Park, Pool, YMCA, Public Library, Art Museum, Café, Hangars, Little League, Soccer Fields, Racquetball Courts, Tennis Courts, Basketball Courts and Gymnasium
• Nearby shopping and dining include the newly opened Hamilton Plaza including Safeway, Pete’s Coffee, Sonoma Latina Grill and Toast
• Enjoy a 30-minute morning commute to SF with HWY 101 widening project approaching completion (southbond and northbound carpool lanes have both opened within the past two months)

• Property Address: 89 Moore Road, Novato, CA 94949
• Listing Price: $765,000 

Marin County, California, Luxury Homes Report (April 2009–Sales and Inventory Analysis)

Despite my self-imposed limited media diet, I do read headlines. And the headlines are becoming more optimistic. This is a prerequisite for increased buyer confidence. I remain convinced that with minimal social proof, buyers will return to the market and pent-up demand will create a surge in sales figures. Increased conforming loan limits and a pronounced level of increased affordability across the board is a recipe for sales. 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 (it is said that 80% of buyers are also sellers) and this will be a big step in the right direction. And interest rates are a full 1-point lower today than they were last year. Certainly, the pump is primed as there are nearly 60 active escrows on homes priced $1 million and up (again, move-up buyers typically need to sell their current home). For national trends, click here — April 2009, 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, call (415) 350-9440.

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.

 

[Click HERE for the rest of this article, courtesy of www.ImagineMarin.com.]

Marin County, CA. Real Estate Update — April 2009 (Homes For Sale & Price Ranges)

March 2009 new escrows up 17% from March 2008 (and 58% from February 2009) – In Marin County our most reliable indicator of changing market conditions is new escrow activity. New escrow activity bottomed out in December 2008 and began a modest ascent through January and February 2009. I believe the sharp increase in new escrows in March 2009 is a combination of demand returning to our market and the cyclical nature of the business. It stands to reason that thought is that April and May closings will rise accordingly.

Another interesting trend is the surge of activity in central and southern Marin. In the first half of 2008, nearly 60% of the units sold were in central and southern Marin.  By January 2009, largely a result of the October 2008 stock market meltdown, this activity gradually fell to 37% of the units sold in Marin. In February and March 2009 the percentage rebounded to nearly 50% of the county’s activity.This upbeat trend in central and southern Marin is consistent with the activity in my business and a solid sign of strengthening buyer confidence. We expect a strengthening Spring season in Marin County real estate.

As a seller, pricing for “perceived value” has proven to be a very successful approach as homes sold in the first 60 days generally close at or above 95% of the original list price. Homes sold after 120 days on the market generally achieve less than 80% of the original list price. One additional important fact- Marin County single family homes over $500,000 experienced only 173 closing in Q1’09. This is less than 20% of the available listings. The best priced homes are selling quickly. The chart below represents the percentage of sale price to original list price by days on the market. 

Marin County Single Family Homes – Original List v. Sale Price – Q1 ‘09

I am frequently asked, “Where is the bottom?” The answer will be different neighborhood-by-neighborhood and client-by-client; many of our current trends are positive. As demand returns to the market, prices generally stabilize and begin to climb.  As for “ringing the bell at the bottom”, many feel the bottom is forming now. The question is - would you rather be partially right and get in now, or late and miss the current market opportunities? Please feel free to call me with your specific questions at (415) 350-9440 or e-mail me at [email protected] 

Inventory for single family homes stands at 643 (down a tad from last month) in the Highway 101 corridor (this number excludes Western Marin inventory and condos). There is definitely a sense that with a little positive media and some further anecdotal evidence (and actual closings) that buyers are jumping because they believe the bottom is here or near, the market will surge with pent up demand. Certainly, well outfitted homes in great locations are selling promptly. Marin saw 60 homes go into escrow last week and our office had at least 5 homes get multiple (3 or more) offers recently (including 2 of my listings). 

The following graph breaks down the current number of homes for sale and price ranges in Marin County’s HWY 101 corridor (e.g., Marin’s coastal communites are not included) in April 2009, along with the price ranges for each town and/or city.

 Marin Single Family Homes For Sale

For a detailed executive summary providing statistics and trends relating to the Marin real estate market (or any specific zip code), please call me any time (I am Kyle Frazier, Marin Realtor & CRS, Morgan Lane Marin Real Estate) at (415) 350-9440 or e-mail me at [email protected] . It is always my pleasure to be of service.

Tiburon & Belvedere Real Estate Market Report (April 2009 Home Sales Update)

There is nothing like Springtime on the Tiburon Peninsula, Corinthian Island, and Belvedere Island. Not only is the setting the most stunning in the World, but the wave of homes that hit the market this time of year is always awesome in its suddenness and impressiveness. Following a lackluster January & February 2009, March delivered 6 sales, including five sales in the $3 million to $10 million price range. Certainly, some extremely alluring inventory has found its way to market over the past few weeks, as we now have 19 homes on the market over $5 million, with more to come, including a couple of homes that are stunning!  

Mill Valley CA Real Estate Market Report (April 2009 Home Sales Update)

Readers of my monthly reports on Mill Valley, CA. are well aware of my love for Mill Valley. They are also among the most informed consumers of Marin real estate (why else would they be reading my blog?). As such, despite my bias favoring Mill Valley, these consumers KNOW that Mill Valley presents serious value — right here, right now. This is true for every price band. Here are some numbers to contemplate: (1) just eleven homes sold in Mill Valley last month — a slow market; (2) of the eleven homes that sold, four were priced under $800K; (3) the bread-and-butter price band is experiencing an abysmal 8% to 13% escrow rate; (4) the current absorption rate (AR) for homes in Mill Valley’s sweet spot (homes priced between $1 million and $2 million) is an amazingly high 17.25 months. 

Note to buyers: write offers! A closed mouth does not get fed. Ask and you shall receive. Life happens and people have to sell their homes. Last night on Larry King, Donald Trump said that he has never seen a window of opportunity like this one and that this is the best time to buy real estate he has ever seen. Whatever you think of the source, can you really disagree? Don’t have a down payment? If not, do what it takes and put one together. Interest rates will shoot up at some point, evaporating affordability.

San Rafael CA Real Estate Market Report (April 2009 Home Sales Update)

 San Rafael CA’s real estate market is increasingly fueled by foreclosures and short sales. We are currently experiencing 44% pending ratio for homes priced at or below $600K (up from 31% last month). Although San Rafael’s low end is not as strong as Novato’s, it is certainly gathering momentum. Importantly, San Rafael’s bread and butter homes, priced between $600K and $800K continue selling — 32% of these homes are in escrow (up 1% from February 2009). Increasing affordability, low interest rates on conforming loans, and a general shift in mindset are helping many buyers in the lower price ranges attain home ownership.

Additionally, 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. It is a sign of the times: San Rafael currently has 10 listings under $400K and another 9 homes under $500,000 (this is a giant increase from 5 in January 2009). Overall, the number of homes on the market continues to rise with 175 homes (up from 153 last month and about 135 last year at this time).

[Click HERE for the rest of this article, courtesy of www.SanRafael101.com]

Novato CA Real Estate Market Update (April 2009 Home Sales Report)

While the pipeline of new properties and overall inventory levels increases dramatically throughout most of Marin County, CA. (this is the prime selling season, after all), Novato’s inventory level remains at a seasonally adjusted low with just 152 single family homes for sale. There were 142 homes for sale in March 2009. 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) dipped dramatically from 7.9 months in March to 6 months today (note: earlier this year, we were down to 4.5 months due to the large number of sales in December 2008). Absorption rates and the days on market averages provide a telling insight into the overall state of the market. More on this below. 

As mentioned in prior months’ market updates, it seems that buyers are hypnotized and mesmerized by foreclosures and short sales — as if these properties hold some promise of value and an assurance of happiness. But, instead many buyers of these homes would do it differently if given another chance. After all, many of these homes are in rotten condition and entail lots of work. Wise buyers focus on real value and keep attuned to the benefits of homes that display “pride of ownership.” Not that all distressed sales are problem properties, but caveat emptor for those lured by the siren call of distress.

[Click HERE for the rest of the article, courtesy of www.Novato101.com].

Southern Rock Fans Read On … or … “Ramblin’ Man” Come Home (Auction Sale, San Rafael (Marin County), CA)

The former home of Southern Rock legend Gregg Allman is being auctioned off on April 21st. This is a big home (a "vacation-like retreat offer(ing) a remodeled 4BR 2.5BA main residence with approx. 2,671 sf and a state-of-the-art kitchen and walls of glass, fabulous guest house with great room and separate BR/BA, former professional recording studio has been converted into multi-use space. Luxurious pool and spa, waterfall, tropical gardens, amazing views, 2000+/- sf decks – all on over an acre private paradise)," according to the description on the auction site.

Further, this home was "[b]uilt in 1978, the architectural elements of the home includes exposed cedar ceilings, Brazilian maple hardwood floors and walls of glass. Over one acre of lush landscaping provides an ultimate backdrop for the outdoor entertainment area and resort-like pool and spa. Chef’s kitchen has custom cherry cabinets, French limestone island, Viking gas range, Sub-Zero refrigerator and Kalantos wood bar – custom made for this kitchen. The main residence also has a wine cellar. The master suite has a sitting room/office, fireplace and panoramic views. The guest cottage has an expansive great room, stone fireplace and charming bedroom and bath."

The location of this home is great — near China Camp, which is secluded, yet close to restaurants, bars, HWY 101 (and HWY 580), hiking, fishing, golf, San Francisco, and everything else a true Southern Rocker could want. This home is valued at ~$1.7 million according to Zillow. Bidding starts at $250,000 and located at 45 Lockwood Drive in San Rafael, CA. If you are interested in pursuing this home, call me at (415) 350-9440.