Marin Luxury Properties Report Pacific Union – Christie’s International Real Estate | Marin County, CA Luxury Home Sales (October 2011)
Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (October 2011) — Luxury home sales slowed to 10 in September 2010. This reflects a seasonal lull as Summer travel takes center stage in August and home sales slow in Marin County). It remains clear that buyers will act quickly in the luxury home market when they feel a particular home reflects clear value and/or possess unique sales characteristics. Extraordinary opportunities are literally around every corner for buyers who can stomach uncertainty. 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 remains constricted with just 122 properties actively listed over $2 million in Marin. This inventory level is lower than years past as prices have declined substantially in many markets (e.g., such that homes that priced at $2.25 million in 2006 are now priced below $2 million). Moreover, to the extent sellers do not have a compelling reason to sell now, most are waiting for prices to recover rather trade in today’s market.
Marin County cities recording luxury home sales between $2 million and $4 million in August 2011 included: Tiburon (1), Belvedere (1); Mill Valley (3); Larkspur (1); Sausalito (1); Ross (1); Kentfield (1). These homes averaged a mere 58 days on market (very low). Their average sales price was $2.59 million (roughly $718 per square foot), with an average of 3,720 square feet. Marin County’s ultra-luxury market (homes priced in the $4 million and up range) accounted for one sale last month — a 2.2 acre estate in the flats of Ross.
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, J.D. & Broker, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Realtor with Pacific Union | Christie’s International Real Estate. 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”).