Pacific Union San Rafael, CA Real Estate Update (July 2011 Real Estate Report)

San Rafael, CA’s June 2011 home sales were up (we had 45 trades last month compared with 37 in May). The entry level price band (under $600K) remains strong — 28 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 22 homes in escrow. Consistent with prior months, the vast majority of sales in San Rafael are homes priced under $800K. That said, we also experienced an uptick in million dollar and up homes sales last month with 8 (including 3 trades over $1.5 million). There are currently 140 homes active on the MLS, about the same as last month. Averages relating to the 45 homes which sold in June 2011 are as follows:

• days on market — 89
• sales price — $794,747
• home size was 2,036 square feet
• $294 per sq. ft.

Homes in Gerstle Park, Lucas Valley, 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 International | Novato Real Estate Market Update (July 2011 Novato Home Sales)

The number of Novato home sales shot up by 50% in June 2011 — another excellent month. Buyers continue to act quickly on well-priced and/or unique opportunities. The average sales price of Novato homes has swung wildly so far this year based on the composition of sales each month — it was $626K in June 2011 and $565K in April. Last month’s trades averaged 102 days on market, were about 2,396 sq. ft., and averaged roughly $277 sq. ft. Novato’s  absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is a very low 3.2 months’ worth of available inventory overall (141 single family homes are actively for sale in Novato). Of note is the fact that under $750K, 58% of Novato homes are IN ESCROW! Also, as noted in recent updates, the number of new listings introduced to the market which are either bank owned or short sales is down dramatically.

[Click here for the rest of this article, courtesy of Novato101.com.]

Tiburon / Belvedere Home Sales & Real Estate | June 2011 | Pacific Union International

During May 2011, Tiburon and Belvedere experienced a total of 10 home sales. Consistent with prior months this year, half of these were properties were priced below $2 million. Interestingly, all but one of the homes currently in escrow and priced below $2 million (there are 13) are located in Tiburon. Below are the percentages of homes in escrow in each of the major price bands:

• 28% of homes priced under $2 million;
• 11% of homes between $2 million and $3 million;
• 33% of homes between $3 million and $5 million;
• 3% of homes over $5 million.

Tiburon and Belvedere homes that sold in March and April 2011, exhibited the following characteristics:

• Number of Sales: 10
• Average Days on Market: 176
• Price: $1.99 million
• Square Feet: 2,660
• Price per Square Foot: $753

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.

And if you are a buyer, I am also a member of the Top Agent Network (Top 10% in Marin County) and the Marin Platinum Group (Top 100 agents in Marin County). These are elite agent networks 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 June 2011 Home Sales Update)

May 2011 home sales in Mill Valley held steady with 28 trades (up from 13 in January!). These properties sold for an average price of $1.058 million and averaged 1,952 sq. ft. (or about $552 per sq. ft.).  Pricing remains the key ingredient determining buyer interest. Buyers insist on apparent and undeniable value. If they don’t see it in a property, they are willing to wait it out. Now, more than ever, is the time for sellers to be very careful about who they have negotiating for them — poor negotiating by “say anything” agents can result in losses of tens or hundreds of thousands of dollars.

The number of listings actively on the market in the MLS has increased as we enter the slower Summer season to 122. The percentage of homes in escrow:

• Under $800,ooo — 39%
• $800,000 to $1 million — 30%
• $1 million to $1.5 million — 25%
• $1.5 million to $2 million — 24%
• Above $2 million — 4%

Listings in Strawberry, Boyle Park and Homestead Valley generated the most calls this month. Well priced homes continue to generate multiple offers.

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 Top Agent Network and 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. It is always my pleasure to be of service. Christie’s Great Estates | Pacific Union International Mill Valley, CA.

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

San Rafael, CA’s May 2011 home sales held steady (up one trade from May). The entry level price band (under $600K) remains strong — 34 of these homes are currently in escrow (WOW!). Meanwhile, the $600K to $800K price band (a mix of entry level and move-up homes) remains buyer-friendly and accounts for another 23 of homes in escrow. While the entry level market stood alone a well-performing market sector in February, we are now seeing some significant activity in the $600K to $800K range where 40% of homes are in escrow. Same as in May, 28 of our sales last month were under $800K. There are currently 136 homes active on the MLS, about 20 less than last month. Averages relating to the 37 homes which sold in June 2011 are as follows:

• days on market — 84
• sales price — $736,784
• home size was 2,191 square feet
• $342 per sq. ft.

Homes in Gerstle Park, Lucas Valley, 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.

BEWARE — Here’s What Happens When You Overprice Your Home

Barring special circumstances, there is generally nothing more important to sellers than the net amount of funds they retain when their home is sold. As every real estate professional will attest, pricing correctly for the market at the outset of the listing period is far and away the most important factor in the sales process — as they say, “price conquers all buyer objections.”

Each year in the real estate industry, numerous books are written, classes are taught, and sermons are delivered on the topic of pricing. Nonetheless, every day homes come on the market that are overpriced based on recent market data.

The image below is a snapshot of just how big a hit sellers take when they price incorrectly in the Mill Valley, California real estate market for homes between $1 million and $2 million (based on sales from January 1, 2009 to October 7, 2009).

Note: if a home sells within the first 30-days, those sellers received an average of ~97% of list price. I think all would agree that is a great result! At the other end of the spectrum, homes sitting on the market for over 120-days, sold for 82% of list price. Those are startling figures.

Let’s do a touchstone example with easy math — we have a house that should sell for about $1 million, based on recent comparable sales.

• Option 1: The sellers go with my suggested list price of $1 million — because it is priced approprately, it sells after the 1st open house for $997,000 (e.g., 97%).
• Option 2: The sellers decide to list it at $1.1 million (to test the market and/or to allow “wiggle room” in negotiations) and it takes 5 months to sell — eventually, it sells for $902,000 (e.g., 82% of list price).

The takeaway: By pricing correctly at outset, not only do the sellers net $95,000 more for the sale of their home, but they also avoid the massive inconvenience of prolonged marketing (open houses, showings, and general anxiety — and you can’t put a price on that).

If you would like to discuss pricing issues in relation to your upcoming home sale, please call me at (415) 350-9440 — Kyle Frazier, J.D., Broker Associate, Realtor, Certified Residential Specialist with Pacific Union International, Kentfield (Marin County, CA).

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

Marin County Real Estate Agent Seeks Buyer’s Agent (Employment / Job Opportunity For Licensed Professional)

Marin County real estate agent (and Community Sales Director for The Landing at Hamilton) is looking for a buyer’s assistant. Most importantly — you must have a great attitude and motivation to succeed. You will have access to literally dozens of potential buyer and seller clients monthly as you will be benefit from working at one of Marin County’s only New Home developments. We have homes ready to sell right now and construction will continue (as will your opportunities to meet great people looking to buy and/or sell homes).

QUALIFICATIONS:

• Highly motivated, quick learner
• reliable & focused
• Positive attitude and friendly
• Sales experience
• Agent License required

JOB RESPONSIBILITES:

• Host open houses (must be available to work from 1 p.m. to 4 p.m. on Saturdays or Sundays every weekend – on an alternating basis)
• Marketing: help with print marketing content and design, bulk mailers, website updates, E-marketing through email and online ads and social marketing through Facebook, Twitter, etc.
• Listing & buyer presentation materials
• Follow Up and lead management (send reports, make calls, show homes, etc.)

COMPENSATION & SCHEDULE:

• Commission based pay; Possible mentoring relationship if desired and mutually agreed upon
• Buyer and seller assistance as needed (Alternating Saturday and Sunday open homes (3 hours a day) — and possible Friday afternoons (3 hours))

Please email me, [email protected], if you are interested. Thanks! Kyle Frazier, Broker Associate, Pacific Union International Realtors

Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (May 2011)

As expected, April 2011 luxury home sales increased — we had 14 trades (there were 9 in January and just 7 in February 2011). While international events of the past several months have been a roller coaster, it appears the stock market’s rally is unabated. Many believe that the overall economic and housing environments are improving, particularly in the Bay Area where the recovery in real estate is being spearheaded by San Francisco. There are extraordinary opportunities available right now for buyers. Pricing in the marketplace (especially for homes that started off overpriced) is soft and “value” is evident in virtually every corner and every price segment of the luxury market. In line with normal seasonal adjustments, the inventory of luxury homes has risen over the past month — 144 properties are in the MLS over $2 million in Marin (this is somewhat lower than years past as many home value have dipped below $2 million).

Marin County cities recording luxury home sales between $2 million and $4 million in March 2011 included: Tiburon (2), Belvedere (4); Kentfield (2), and Mill Valley (1); Greenbrae (2); San Anselmo (1). These homes averaged 90 days on market. Their average sales price was $2.699 million (roughly $802 per square foot), with an average of 3,511 square feet. Marin County’s ultra-luxury market (homes priced in the $4 million and up range) accounted for two sales last month (one in Mill Valley and the other in Kentfield) and there are currently three more of these homes in escrow.

Note: As a member of the Top Agent Network (top 10% in Marin) and the Marin Platinum Group (Top 100 agents), 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”).

Marin County (San Francisco Bay Area) Real Estate April / May 2011 (Pacific Union International Realtors)

Despite formidable world events over the past few months, the roiling volatility of the equity markets (although things seem to have settled of late), and increased gas prices, the first quarter of 2011 experienced positive trends in many San Francisco Bay Area real estate markets. Properties selling below $1 million, which are over 70% of the closings in the six counties served by Pacific Union International, are experiencing modest to very favorable increases in units sold. In many markets we are enjoying units sold up nearly double the closings in the marketplace from Q1 2009. A refreshing trend which we feel is always a precursor, albeit by twelve to eighteen months, to value/price appreciation.

Most importantly we are experiencing a recovery in our clients’ confidence. We believe this is a result of historic low interest rates, stabilized pricing in our real estate markets and a general feeling that “the worst” is behind us and that 2011 may be a better year than we expected in late 2010.

In Marin County we have begun to experience a refreshing rebound in units sold in the high end (over $1 million), this trend extends to northern Napa County, the Town of Sonoma, and San Francisco as well. This activity at the high-end will begin to motivate the “move-up” buyers throughout the San Francisco Bay Area. As a result, we expect more favorable results in our local market segment throughout 2011.

The table below illustrates the number of homes available and under contract in Marin under $1 million. The percentages of homes in escrow are high. In fact, the right homes, in the right locations with market based pricing are experiencing multiple offers. This is an indicator of pent up demand and client confidence. Pragmatic property sellers are finding that strategically wise price reductions are garnering multiple offers while homes with a 10% – 12% “pricing cushion” for which to negotiate are finding no one to negotiate with.

Opportunities exist in all our neighborhoods – please feel free to call me to explore your local market conditions and real estate opportunities you may be considering. 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.