Marin County Real Estate Update – January 2010 (Homes For Sale & Price Ranges)

Welcome 2011! Over the past two days, the stock market has set two year highs on consecutive days (remember the 2008 meltdown?), a headline on CNN Money was “A Hiring Boom in 2011. Really!” and domestic automotive sales were up significantly last month and in the final quarter of 2010. If this all does not sound like recovery and renewed optimism, I don’t know what to think. While the historically low interest rates of October and November 2010 are likely gone for good, rates are still unbelievably low and overall affordability is at its best levels ever recorded.

Hint: time to buy a house if that is in your plans.

As with every year, January brings with it lower residential real estate inventory levels in Marin County, California. There are currently 524 active listings as this time of year is historically slow for home sales — everybody is recuperating from the holiday season and beginning to finalize plans for the coming year. Spring is around the corner and activity is already high at our new home development in Novato. As noted below, the percentages of home in escrow remain fairly high despite the seasonal slowdown — 44% of Novato homes under $1 million are in escrow!

It is anticipated that the number of homes coming on the market in January and February will be higher than years past as those who tried to sell in 2010 (and failed) will renew their efforts and try to beat the competition to market. I think the buyers are ready. They have been flooding the phone lines asking about properties and seeking advice. I anticipate a busy first quarter in Marin real estate as interest rates and prices are both low. Some further observations: Buying a home in tony Belvedere, as always, is an expensive proposition–you’ll need about $2 million at the entry level. Surprisingly, or not, 6 of Tiburon’s 7 sales last month were under $2 million. There is value there! There was also a number of Sausalito closings in the past 60 days in the $2 – $3 million price range, which had been very slow through 2010 — GOOD NEWS! I wonder if bonuses in the financial sector will help propel more of such sales in Southern Marin over the next 90 days?

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. My name is Kyle Frazier. I am a J.D., Broker, Certified Residential Specialist (CRS), and Certified Luxury Home Marketing Specialist (CLHMS) with Christie’s Great Estates | Pacific Union International Realtors. It is always my pleasure to be of service.

Marin County, CA Luxury Home Sales (January 2011 | Pacific Union International)

Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (January 2011) — With 6 trades in December 2010, the luxury property real estate market in Marin County (properties and estates over $2 million) experienced one of its slowest months. This, despite the fact most economists and consumers feel that that the overall economic and housing environments are improving. Indeed, for real buyers there are extraordinary opportunities available right now. Pricing in the marketplace (especially for homes that have remained on the market through the Winter months) is softer than ever and “value” is evident in the luxury segment. In line with normal seasonal adjustments, the inventory of luxury homes for sale is very low.

Cities recording luxury home sales between $2 million and $4 million in December 2010 included: Belvedere (2), Sausalito (1), and Ross (1). These homes averaged 190 days on market. Their average sales price was $2.963 million (roughly $835 per square foot), with an average of 3,559 square feet.

Marin County’s ultra-luxury market (homes priced in the $4 million and up range) accounted for two sales last month, which averaged 233 days on market. Their average sales price was $9.125 million (roughly $1,958 per square foot), with an average of 6,000 square feet.

Note: As a member of the Marin Platinum Group, I have access to a database with several dozen luxury homes not currently on the MLS, but discretely offered for sale off-market. Please contact me regarding your specific desires.

By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Christie’s Great Estates. Call Kyle Frazier at 415/350-9440 for more luxury home market information in Marin County, California (the San Francisco Bay Area’s “North Bay”).

Pacific Union International | Belvedere & Tiburon Real Estate | January 2011 Home Sales Report

During December 2010, Tiburon and Belvedere experienced twelve home sales. Interestingly, all but 1 of Tiburon’s 7 sales were properties below $2 million. Below are the percentages of homes in escrow in each of the major price bands:

• 24% of homes priced under $2 million;
• 17% of homes between $2 million and $3 million;
• 13% of homes between $3 million and $5 million;
• 0% of homes over $5 million.

Tiburon and Belvedere homes that sold in December 2010 exhibited the following characteristics:

• Number of Sales: 12
• Average Days on Market: 159
• Price: $2.862 million
• Square Feet: 2,862
• Price per Square Foot: $750

If you have any 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 | Pacific Union International Realtors. I am also a member of the Marin Platinum Group, an elite agent network in Marin with access to dozens of homes being marketed informally and not on the MLS. It is always my pleasure to be of service.

Mill Valley Real Estate Report (Pacific Union January 2011 Home Sales Update)

December 2010 home sales in Mill Valley totaled 20. These trades sold for an average price of $1,149,219 and averaged 2,364 sq. ft. (or about $491 per sq. ft.).  The end of 2010 saw a heightened sense of security from buyers of homes in the bread-and-butter Mill Valley price range of $1.5 million to $2 million. We had 6 such sales and another 5 between $1 million and $1.5 million. The number of listings actively on the market in the MLS a very low 64 — most sellers took their homes off the market as Winter set in. Inventory will increase again beginning in February and peak in May or June. It will be interesting to see how sales play out in Q1 as it appears that bonuses for employees working in the San Francisco financial sector may spur luxury sales in our highly desirable city.

The percentage of homes in escrow:

• Under $800,ooo — 38%
• $800,000 to $1 million — 21%
• $1 million to $1.5 million — 30%
• $1.5 million to $2 million — 21%
• Above $2 million — 10%

Listings in Homestead Valley and Sycamore Park generated the most calls this month.

If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at [email protected] I currently have several clients who want to sell, but are waiting in the wings for Spring 2011. Please contact me to determine if any of these opportunities fit your needs. I am also a member of the Marin Platinum Group with access to dozens of homes not “officially” on the market but available for sale.

If you would like my Mill Valley Hot List, e-mail me at [email protected] It is always my pleasure to be of service.

Christie’s Great Estates | Pacific Union International

Pacific Union San Rafael, CA Real Estate Update (January 2011 Home Sales Report)

San Rafael, California real estate sales in December 2010: 26 homes sold. The entry level price band (under $600K) remains strong — 24 of these homes are currently in escrow. Meanwhile, the $600K to $800K price band (a mix of entry level and move-up homes) remains buyer-friendly and accounts for another 14 of homes in escrow. Interestingly, the entry level market is virtually the only segment of San Rafael inventory experiencing any meaningful traction — for example, of the 26 homes which sold last month, 23 were priced under $800,000 and the highest priced sale was just $925,000. There are currently 118 homes active on the MLS. Averages relating to the 26 homes which sold in December 2010 are as follows:

• days on market — 86
• sales price — $619,054
• home size was 1,731 square feet
• $368 per sq. ft.

Homes in Lucas Valley, Terra Linda, and The Dominican 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 J.D., Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International. It is always my pleasure to be of service.

Pacific Union Novato Real Estate Market Update (January 2011 Novato Home Sales Report)

Happy New Year! As I write this real estate report, the stock market is at its highest level since the 2008 meltdown began and up 125 points on the first day of trading in 2011 and the headline on CNN Money is “A Hiring Boom in 2011. Really.” Despite historically low interest rates and overall affordability at its best levels recorded, the overall Marin market was down in terms of sales numbers in 2010. Yet, in December 2010, the Novato, California real estate market continued to show very real strength across all price bands, except for homes priced above $1.5 million. This strength was consistent with the rest of the year’s results.

December 2010 was HOT with 41 home sales. In fact, it was hotter than December 2007 (with 26 sales — Note: click HERE for article dating back to January 2008 “Novato Named “Best Affordable” Town by Business News Magazine”) and December 2008 (35 sales) and about even December 2009 (42 sales). The average sales price of Novato homes in December 2010 was $570,724. These homes averaged 111 days on market, were about 2,078sq. ft., and averaged roughly $283 sq. ft. Novato’s  absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) sits at 2.4 months’ worth of available inventory overall (99 single family homes are currently for sale in Novato). This is an extraordinarily low number and will rise as sellers begin putting their homes on the market in coming months.

Below are the percentages of homes in escrow in each of Novato’s major price bands:

• 55% of homes priced under $500,000;
• 54% of homes between $501,000 and $600,000;
• 37% of homes between $601,000 and $750,000;
• 19% of homes between $751,000 and $1 million;
• 27% of homes between $1 million and $1.5 million;
• 11% of homes between $1.5 million and up.

Of the homes that sold in December 2010:

• 25 homes were priced under $600,000;
• 15 homes priced from $601,00 to $1 million; and
• 1 home priced from $1 million and up.

Homes in The Landing at Hamilton Field, Breakers at Pointe Marin, Country Club, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. My new home listing at 10 Audubon Way (in The Landing at Hamilton) closed escrow at the end of the month for $957K (about 3.5% above asking price). If you would like me to run the exact numbers for your Novato neighborhood or if you have any questions about Novato’s many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a J.D., Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.

The Landing at Hamilton Field had its first sale last month (the sale was consumated upon completion of the home). We have another 4 homes that should be ready for occupancy by the end of January or early February 2011. Pricing starts in the mid-$800,000’s. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com