Mill Valley CA (Luxury Homes & Real Estate — Selling Update 2009)
We are consistently asked by our clients (sellers), “when will our markets return to normal?” We formed our definition of a normal Marin County market in our Q3 2008 Luxury Newsletter (call us for a copy) only to be followed by the October ’08 stock market meltdown. A normal Mill Valley market over the past ten years has been an annual average of 377 single family homes sold (31 per month). For the past six months the total has been 78 (16 per month). The number of units sold is off roughly 50%.
Without closings we have limited comparables to make investment decisions. We are all looking for recent closings to benchmark property values. In the stock market we know CitiGroup Inc. will not soon return to its September 2008 value of $25 per share. In turn, we do not expect Mill Valley real estate to return to early – mid 2008 values. The question is what will the going forward adjustment be?
To discuss the above or for further detailed advise rendered, call Kyle Frazier, CRS (Marin Luxury Homes Specialist) at (415) 350-9440.