Marin County, California, Luxury Homes Report (February 2010–Sales and Inventory Analysis)

Marin County, California’s luxury home market continues to recover from the proverbial wasteland of late 2008 and early 2009 when it seemed as though the luxury home market would never recover. Yet, as reported in previous months, real buyers continue to snap up homes in prestige locations such as Belvedere, Ross, Kent Woodlands, etc. Indeed, “value” properties are gobbled up quickly. Despite this apparent thirst for luxury digs, inventory levels remain 40% higher than two years ago. This trend is not unique to Marin, but prevails nationwide. For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click HERE.

The below chart reflects the number of homes in the $2 million to $4 million luxury price band which are in escrow (compared against the past 2 years). Note that the number of homes with accepted offers (not closed sales), is up 50% from 2 years ago and 450% from last year. This is a promising trend.

Another statistic that may not be readily apparent to casual observers is the fact that prices in the $2 million to $4 million price band are stabilizing as median sales prices countywide are down just 6% over the past 2 years. Of course, the impact of the downturn varies greatly by neighborhood and even within neighborhoods based on amenities.

[Click here for the rest of the article, courtesy of ImagineMarin.com.]

Marin County, CA. Real Estate Update — February 2010 (Homes For Sale & Price Ranges)

The Marin County, California real estate market, which entered the new year with momentum, seems to have achieved traction. While year over year prices are down in many price segments and locations within Marin, some areas have actually seen prices increase (albeit nominally). Indeed, countywide supply and demand figures suggest an improving real estate environment as supply is down 24% and sales are up 29%, compared with last year (the numbers are for homes with at least 3 beds, 2 baths, 1,500 square feet, and priced under $1 million). 

Much of the apparent strength evident today stems from the red-hot Novato market. Yet, further evidence of a strengthening market exists in the more traditionally (if not perenially) fashionable Mill Valley. Recent weeks have seen several homes in Mill Valley’s bread-and-butter price range of $1.25 million to $1.75 million sell with multiple offers and very attractive terms from a seller’s standpoint. We are hopeful that this renewed vigor sets in. 

Below is a snapshot of the current real estate market in Marin. Contact me for a detailed executive summary providing statistics and trends relating to the Marin real estate market (or any specific zip code). It is always my pleasure to be of service.

Not surprisingly, inventory dropped again over the past month to 462 single family homes for sale (I suspect we will be back up to ~650 by the end of March). The below chart includes only the 13 cities along the Highway 101 corridor (excluding Western Marin inventory and condos).

By: Kyle Frazier, Broker Associate, Certified Residential Specialist (CRS), Certified Luxury Home Marketing Specialist (CLHMS), Realtor

Mill Valley CA. Real Estate Market Report (February 2010 Home Sales Update)

The number of home sales in the Mill Valley, California real estate market slipped to 16 listings sold, compared with 27 in December 2009. Based on last month’s total, we currently have an overall inventory of homes sufficient to last 3.7 months (note that several homes came on the market very recently). This is a big reduction from the absorption rate from May 2009, which stood at well over 8 months. Indeed, the number of homes for sale in Mill Valley remains very low at 63. Meanwhile, asking prices have held steady over the past quarter and stand now at about $605 per square foot.

The above graph tracks sales prices vs. listing prices over the past 2 years in Mill Valley for homes under $2 million. While the median sales price is down 19%, the median asking price is down just 3%. Meanwhile, for homes over $2 million, the median asking price has dipped 11%, while median sales prices have dipped about 30%. We still believe that there are many “real buyers” out there who have been waiting for “a sign” to buy.

[Click here for the rest of the article, courtesy of www.MillValley101.com]

Tiburon & Belvedere CA Real Estate Market Report (February 2010 Home Sales Update)

After a strong run of 6 months with $5 million and up sales, Tiburon and Belvedere had none in January 2010. There are currently 65 listings in the 94920 zip code, which covers Tiburon and Belvedere, CA. It was quite a slow month, with just 3 sales. While the sales totals remain similar to that of late 2007 (well before the financial crisis of September 2008), inventory is up 43%. The slow market reminds some of 2009’s beginning. While January tends to be slow, we will have to wait and see how the increased inventory and lack of "real buyers" (e.g., those who actually buy homes) impacts the market in coming months. My suspician is that this Spring will see a lot of good inventory hit the market as sellers who have held off trying to sell over the past 2 years will take thier shot this year. Now, more than ever, careful consideration must be given to pricing, staging, and marketing to maximize the likelihood of a positive result. Below is a graph comparing median prices over the past year.

For homes that sold in January 2010, the average price per square foot was $611 — a number drifting down below August’s $674 nadir. Below are the percentages of homes in escrow in each of the major price bands:

• 23% of homes priced under $2 million (up 21% from last month);
• 19% of homes between $2 million and $3 million (up 1% from last month);
• 16% of homes between $3 million and $5 million (down 4% from last month);
• 6% of homes over $5 million (same as last month).

Tiburon and Belvedere homes that sold in December 2009 exhibited the following characteristics:

• Number of Sales: 3
• Average Days on Market: 232
• Price: $2,593,333
• Square Feet: 4,198
• Price per Square Foot: $611

If you have any other questions or would like a custom market analysis of your home’s current likely sales price, please call me at (415) 350-9440. My name is Kyle Frazier. I am a Broker, Certified Residential Specialist (CRS), and Certified Luxury Home Marketing Specialist (CLHMS) with Christie’s Great Estates | Morgan Lane Marin Realtors. It is always my pleasure to be of service.

San Rafael CA Real Estate Market Report (February 2010 Home Sales Update)

San Rafael, California real estate sales slowed in January 2010, with 25 trades, down about 20% from December. The entry level price band (under $600K) remains active, with 59% of homes now in escrow. Meanwhile, the $600K to $800K price band (a mix of entry level and move-up homes) has risen to about 36% of homes in escrow. The inventory for single family homes for sale has risen significantly to 111 homes (we had 79 active listings last month). It is expected that this Spring will see a large number of homes hitting the market as sellers who have stayed out of the market for the past 2 years will feel more confident in the real estate market this year.

Of the 22 homes sold in January 2010:

• days on market was 94 days
• sales price was $871,625
• home size was 2,230 square feet
• $390 per sq. ft. (the average price per square foot has  been trending downwards at an average of about $5 per month for the past few months). 

Homes in Lucas Valley, The Dominican, Terra Linda North, and Peacock Gap generated the most calls and showings this past month. If you would like me to run the exact numbers for your San Rafael neighborhood or if you have any questions about our many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Morgan Lane Marin Real Estate (Pacific Union International). It is always my pleasure to be of service.

Novato Real Estate Market Update (February 2010 Home Sales Report)

• 86% of homes priced under $500,000 (67% last month);
• 59% of homes between $501,000 and $600,000 (66% last month);
• 47% of homes between $601,000 and $750,000 (42% last month);
• 43% of homes between $751,000 and $1 million (33%  last month);
• 25% of homes between $1 million and $1.5 million (24% last month);
• 0% of homes between $1.5 million and up.

The Landing at Hamilton | New Homes | Hamilton Field, Novato

The Landing at Hamilton

Introducing The Landing at Hamilton (Hamilton Field, Novato)  — a secluded enclave of luxurious homes reflecting timeless style and contemporary conveniences. This fantastic community is located approximately 20 minutes from the Golden Gate Bridge and the Wine Country.

These thoughtfully designed homes focus on sophistication, beauty, and community. Residents will enjoy spacious and refined interior spaces, along with the peace of mind associated with living in such a charming neighborhood adjacent to a rich wildlife sanctuary. An unrivaled passion for excellence and detail is exhibited in each home. The Landing at Hamilton benefits from easy access to recreation, dining, shopping, schools, transportation, and the myridad benefits of living at Hamilton Field in Novato. It must also be noted that this community is the final large-scale residential development for the foreseeable future in Novato, and possibly in Marin County.

Luxury Is Our Standard

Hamilton Field, Novato’s final residential development, is a secluded enclave of luxurious homes reflecting timeless style and contemporary conveniences. These thoughtfully designed homes focus on sophistication, beauty, and community. Residents will enjoy spacious and refined interior spaces, along with the peace of mind associated with living in such a charming neighborhood adjacent to a rich wildlife sanctuary.

An unrivaled passion for excellence and detail is exhibited in each home. The Landing at Hamilton benefits from easy access to recreation, dining, shopping, schools, transportation, and the myriad benefits of living at Hamilton Field in Novato. Pricing begins at approximately $840,000 for the smallest homes and ranges up to approximately $900,000 for the larger homes. There will be four models in up to three elevations, ranging from ~2,432 square feet to ~3,000 square feet.

Kitchen Highlights:

• Sumptuous granite slab countertops with backsplash
• top-of-the-line stainless steel appliances, including 5-burner gas range, double ovens, dishwasher, and built-in microwave
• Chef’s island
• Designer cabinetry featuring tasteful hinges and hardware
• Illuminated under-cabinet lighting in Kitchen
• Large sinks
• Powerful disposal
• Pull-out recycling and trash center
• Handsome stainless exhaust hood

Master Bedroom Indulgences:

• Master baths with dual sinks and designer accents
• Built-in dressing table (per plans)
• Expansive walk-in closets
• Soothing oversized soaking tub
• Large decorative framed mirrors (if applicable)
• Contemporary clear glass shower enclosure
• Quality hardware and faucets
• Granite slab countertops

Luxurious Features and Attention to Detail:

• 10-foot ceilings
• Durable and beautiful ceramic flooring
• Dual-glazed Milgard windows
• Dual-glazed sliders
• Gas fireplace in Family Room with pre-cast surrounds
• Functionally superior laundry rooms (with sink, granite countertops and backsplashes, and loads of storage space)
• Energy-saving lighting systems incorporating fluorescent bulbs, motion detectors, and dimmer switches in various locations
• Efficient forced-air heating and cooling system with dual-zone capabilities
• Finished garage including texturizing and paint
• Tasteful stairways and handrails
• Large capacity hot water heater
• Elegant crown moldings in main rooms
• High baseboards throughout home
• Extra wide door casings
• Smooth interior doors
• Striking oversized entryway door
• Professionally engineered post-tension slab foundations
• Reinforced concrete driveways
• Complete home wiring system including convenient plug and play locations, phone jacks, CAT5 wiring
• fire suppression sprinkler system

Note: all finishes, amenities, features and options subject to change without notice.

Hamilton Field is a vibrant community with a richly varied assortment of things to do and see. The communities are cohesive and inviting. The Landing at Hamilton’s location at the rear of Hamilton Field is fantastic and within easy walking distance of many of the amenities noted below, including the pool, South Hamilton Park, the baseball field, open grass fields, and the Bay Trail. Come and experience it for yourself.

Hamilton Field Amenities

• Several Parks, Baseball Field, Tot Lots, Amphitheater, Pool, YMCA, Public Library, Art Museum, Hamilton Café, dozens of businesses located in the Hangars, Little League, Soccer Fields, Racquetball Courts, Tennis Courts, Basketball Courts, Gymnasium, Trails, Public Transportation, Airport Shuttle, and more.

Nearby Amenities

• Hamilton Marketplace (Safeway with Starbucks and Jamba Juice, Petfood Express, Peet’s Coffee, Toast, La Boulange, Moto Pasta, Yogenfruz, Massage, Verizon Store, and gas station, among others), Marriot Courtyard, and numerous resaurants (California cuisine, steakhouse, sushi, pizza, assorted fast food), Paradise Foods, banking, cleaners, and more.

Other Shopping

• The ever-popular Vintage Oaks Shopping Center is in close proximity. Here, you can find just about anything you need or want.  There are 55 stores and restaurants: Costco, Sports Authority, Target, BevMo, GNC, Old Navy, Sephora, Ross, Marshalls, Macy’s Home Store, Pasta Pomodoro, Sushiholic, Chevy’s, IHOP, and more.

A Few Thoughts From Current Hamilton Field Residents

From the moment we first heard about Hamilton, we knew it was the perfect community for us.  Life here is idyllic – the climate, the green space, the wetlands restoration project, the countless amenities, the history of the airfield, the proximity of San Francisco and Wine Country, the unequaled elementary school and the warm, loving neighbors who have become our dear friends – make this a community unlike any other.  We can’t imagine living anywhere else.

The Winnett Family

When I was relocated to a job in San Francisco, we did a lot of research and took our time finding the right place to raise our family. Eventually, we focused on South Gate in Hamilton Field and were fortunate enough to find the right home for us there. The peace and quiet, new pool, parks, fields, and trails are an easy 1 or 2 minute walk from our front door, and only a few of the reasons why we love it here.  The people in our neighborhood are great and there is a real sense of community — everyone looks out for everyone else. It is remarkable in that respect and reminds me of the old neighborhoods where we grew up as children.

Since we moved into Hamilton Field, getting to work each morning has improved in a meaningful way (they completed a new lane on HWY 101 in each direction in 2009). I drive about 20 minutes and get on the Ferry in Larkspur, which takes me to the Financial District. Not only is it quick and easy, but it is a relatively stress-free commute. The other major change to our community has been the addition of Hamilton Marketplace, which has virtually everything we need, including a very upscale Safeway, great restaurants, and a Peet’s Coffee (Paradise Foods also just opened close by). And, of course, Costco, Target, and a host of other stores are within minutes. Simply put, when Kyle asked if we would be willing to write about why we love Hamilton Field, we had no hesitation. It turned out to be a wonderful place to live and raise our family next to great neighbors.

The Van Balen Family

We chose Hamilton as a place to reside based upon its close proximity to SF and the Napa Valley. The general architecture of the homes within the community and its family oriented atmosphere also appealed to us. We have found our neighbors to be warm and friendly. The setting, the former Hamilton Field Air base, along with the open parks, also add to its charm.

Randy Bryant & Lynelle Takigawa

Kyle Frazier, CRS (Morgan Lane Real Estate)

Tel./Text: (415) 350-9440

Website: www.TheLandingNovato.com

The information contained herein, as well as that posted to Facebook, Twitter, and other sites associated with The Landing at Hamilton, has not been verified by listing broker and is not guaranteed. Prices, designs, features, and specifications are subject to change without notice. All square footage is approximate per plans and builder and is subject to change without notice. Buyer is advised to conduct all investigations deemed necessary relating to The Landing at Hamilton Field and Hamilton Field, Novato. Hamilton Feld is located Marin County, California (San Francisco’s "North Bay"), about 19 miles north of the Golden Gate Bridge. The Landing at Hamilton Field, a luxurious enclave of twenty-seven homes set for a secord quarter release in 2010, is tucked away at the rear of Hamilton Field, adjacent to the future site of the Bay Trail. Premium levee locations will provide views from the upstairs out across the Bayside open space