Marin Luxury Properties Report Pacific Union International – Christie’s Great Estates | Marin County, CA Luxury Home Sales (March 2011)
Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (March 2011) — As anticipated, February 2011 luxury home sales were limited to just 7 trades (there were 9 in January 2011). While international events of the past several weeks weigh on our hearts and have had some impact on the stock market, 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. Indeed, there are extraordinary opportunities available right now for buyers as pricing in the marketplace (especially for homes that have remained on the market through the Winter months) is soft and “value” is evident in virtually every segment of the luxury segment. In line with normal seasonal adjustments, the inventory of luxury homes for sale is very low — just 123 homes total on the MLS over $2 million in Marin (this is up from last month and will continue to rise through the Spring).
Marin County cities recording luxury home sales between $2 million and $4 million in March 2011 included: Sausalito (2), Tiburon (1), Kentfield (1), and Mill Valley (1). These homes averaged 192 days on market. Their average sales price was $2.671 million (roughly $711 per square foot), with an average of 3,783 square feet.
Marin County’s ultra-luxury market (homes priced in the $4 million and up range) accounted for two sales last month and there are currently eight more of these homes in escrow. This is a big shift from last month, when at the time of writing my monthly update on this market segment, this strata of the market was comatose. Both of the ultra-luxury homes that sold last month were in Kentfield, had over 5,500 sf of living space, and sat on large parcels (one sat on 1.1 acres and the other sat on 2.5+ acres).
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”).