Marin Luxury Report (January 2011)

January 5, 2011

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”).

Marin Luxury Report (November 2010)

January 5, 2011

Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (November 2010) — With 13 trades again in October 2010 (same as the prior month), the luxury property real estate market in Marin County (properties and estates over $2 million) continues to perform in the face of uncertainty. As it is becoming clearer that the overall economic and housing environments are improving, real buyers are making legitimate offers. Pricing in the marketplace certainly suggests “value.” In line with normal seasonal adjustments, the inventory of luxury homes for sale is down (we currently have 149 luxury homes on the market).

Cities recording luxury home sales between $2 million and $4 million in October 2010 included: Tiburon (4), Belvedere (2), Corte Madera (1), Sausalito (1), and San Anselmo (1). These homes averaged 141 days on market. Their average sales price was $2.459 million (roughly $557 per square foot), with an average of 2,459 square feet.

[Click here for the rest of the report courtesy of www.ImagineMarin.com]

Marin Luxury Report (October 2010)

November 12, 2010

Tiburon and Belvedere home sales rose a bit in September 2010 with eleven sales. Building on a trend noted in this report over the past few months, median sale prices continue to rise while asking prices continue to drop. Both of these very important market indicators point to an improving market and more realistic expectations by sellers — the median price of homes for sale is down 7% and the median price of homes sold is up 17%. Also of interest is the fact that there are multiple homes currently available in Belvedere below $2 million and another two dozen such properties for sale in Tiburon.

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

  • 26% of homes priced under $2 million;
  • 20% of homes between $2 million and $3 million;
  • 20% of homes between $3 million and $5 million;
  • 0% of homes over $5 million.
[Click here for the rest of the report, courtesy of www.ImagineMarin.com]

Marin Luxury Report (September 2010)

November 12, 2010

With 8 sales, the luxury property market in Marin County again performed admirably in the face of uncertainty. As it is becoming clearer that the overall economic and housing environments are improving, buyers are shaking off media ennui and making offers. Pricing in the marketplace certainly suggests “value” and inventory remains relatively low — we currently have just 132 homes actively on the market.

Cities recording luxury home sales between $2 million and $4 million in August 2010 included: Tiburon (3), Mill Valley (1), Greenbae (1), Ross (1), Corte Madera (1), and Sausalito (1). These homes averaged 117 days on market. Their average sales price was $2.518 million (roughly $732 per square foot), with an average of 2,518 square feet.

[Click here for the rest of the report, courtesy of www.ImagineMarin.com]

Marin Luxury Report (August 2010)

November 12, 2010

With 13 trades in September 2010, the luxury property market in Marin County (properties and estates over $2 million) again performed admirably in the face of uncertainty. As it is becoming clearer that the overall economic and housing environments are improving, real buyers are making legitimate offers. Pricing in the marketplace certainly suggests “value” and inventory is steadily increasing — there are now 163 homes actively on the market.

Cities recording luxury home sales between $2 million and $4 million in September 2010 included: Tiburon (4), Mill Valley (1), Belvedere (1), and Kentifield (2). In addition, Nicasio and Stinson Beach also recorded one sale appiece. These homes averaged 154 days on market. Their average sales price was $2.748 million (roughly $784 per square foot), with an average of 2,748 square feet.

[Click here for the rest of the report, courtesy of www.ImagineMarin.com]

Marin Luxury Report (July 2010)

July 26, 2010

As reported in June 2010, “real buyers” continue purchasing “done” homes in prestige locations such as Mill Valley, Belvedere, Ross, Kentfield, etc., along with “value” properties with locational upside, views of San Francisco, southern exposures, and knolltop properties. Marin County’s luxury home real estate market reflects increased sales velocity driven by buyer optimism. In the $2 million to $4 million price band, June 2010 sales eclipsed last year’s total, inventory is down from last year, and the number of homes with accepted offers (in escrow) is high. This combination of factors looks promising for continued improvement. And we are not alone — click HERE for a detailed snapshot of current national trends from the Institute for Luxury Home Marketing. I also believe that the imminent resolution of the tragic oil spill in The Gulf of Mexico will help improve public optimism, which has been suppressed by this calamity.

$2 Million to $4 Million Luxury Homes

True to last month’s prediction, trades were again up significantly in this luxury segment (with 20 sales, Marin County more than doubled last year’s total for the month and equaled May’s numbers) — another 24 homes currently in escrow (more than last month). Pending sales is a good leading indicator of increased sales next month. Certainly, buyers are feeling some urge to buy as it appears that the overall economic and housing environments are improving and pricing in the marketplace increasingly suggests “value.” Inventory remains relatively low at just 159 homes actively on the market (up by 22 from last month).

[Click HERE for the rest of this article, courtesy of www.ImagineMarin.com.]

Marin Luxury Report (June 2010)

July 26, 2010

As reported in previous months, “real buyers” continue to snap up homes in prestige locations such as Mill Valley, Belvedere, Ross, Kentfield, etc., along with “value” properties with locational upside, views of San Francisco, southern exposures, knolltop properties. Without question, Marin’s luxury home market is showing signs of increased velocity and buyer optimism. In the $2 million to $4 million price band, May 2010 sales eclipsed last year’s total, inventory is down from last year, and the number of homes with accepted offers (in escrow) is high. This combination of factors looks promising for continued improvement. And we are not alone — click HERE for a detailed snapshot of current national trends from the Institute for Luxury Home Marketing. The below chart shows the dramatic increase in the number of luxury homes sold in Marin County, as compared with last year.

$2 Million to $4 Million Luxury Homes

True to last month’s prediction, sales were again up significantly in this luxury segment (with 20 sales, Marin County more than doubled last year’s total for the month). Incredibly, we have another 27 homes currently in escrow (more than last month). Pending sales is a good leading indicator of increased sales next month.Certainly, buyers are feeling some urge to buy as it appears that the overall economic and housing environments are improving and pricing in the marketplace suggests “value.” Inventory remains relatively low at just 137 homes actively on the market.

[Click here for the rest of the report courtesy of www.ImagineMarin.com]

Marin Luxury Report (May 2010)

July 26, 2010

Pacific Union International is the leading broker for Marin County luxury homes.

As with many of Marin County’s micro-markets, Marin’s luxury home market is showing signs of increased velocity and buyer optimism. As reported in previous months, “real buyers” continue to snap up homes in prestige locations such as Mill Valley, Belvedere, Ross, Kentfield, etc., along with “value” properties with locational upside, views of San Francisco, southern exposures, knolltop properties. In the $2 million to $4 million price band, sales have eclipsed last year’s low numbers, inventory is down significantly and the number of homes with accepted offers (in escrow) is very high. This combination of factors looks promising for continued improvement. And we are not alone — click HERE for a detailed snapshot of current national trends from the Institute for Luxury Home Marketing. The below chart shows the dramatic increase in the number of luxury homes sold in Marin County, as compared with last year.

[Click on the following link for the rest of the report courtesy of www.ImagineMarin.com]

Marin Luxury Homes (April 2010)

April 30, 2010

As with many of Marin County’s micro-markets, Marin’s luxury home market is showing signs of increased velocity and buyer optimism. As reported in previous months, “real buyers” continue to snap up homes in prestige locations such as Belvedere, Ross, Kent Woodlands, etc., along with “value” properties with locational upside, views of San Francisco, southern exposures, knolltop properties. In the $2 million to $4 million price band, sales have eclipsed last year’s low numbers, inventory is down significantly and the number of homes with accepted offers (in escrow) is very high. This combination of factors looks promising for continued improvement. And we are not alone — click HERE for a detailed snapshot of current national trends from the Institute for Luxury Home Marketing. The below chart shows the dramatic increase in the number of luxury homes under contract in Marin County, as compared with last year.

$2 Million to $4 Million Luxury Homes

Following a lackluster January 2010, sales in February and March 2010 increased quite a bit, with 9 trades. Incredibly, we have another 28 homes currently in escrow (there were just 16 in escrow last month). This is a leading indicator of increased sales next month. Certainly, buyers are feeling some urge to buy as it appears that the overall economic environment is improving, the DJIA has trended up over 11,100, and the pricing in the marketplace suggests “value.” However, inventory remains low (although higher than last month) at just 96 homes on the market.

[Click HERE for the rest of the report, courtesy of www.ImagineMarin.com.]

Marin Luxury Homes (March 2010)

March 29, 2010

Marin County, California’s luxury home market continues to recover from the wasteland of late 2008 and early 2009 when it seemed as though the luxury home market would never recover. Yet, as reported in previous months, real buyers continue to snap up homes in prestige locations such as Belvedere, Ross, Kent Woodlands, etc., along with “value” properties with undeniable upside. In the $2 million to $4 million price band, sales are up 300% over last year and inventory is down 25% — this combination of factors looks promising for continued improvement. For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click HERE.

$2 Million to $4 Million Luxury Homes

The $2 million to $4 million price band  remains volatile with prices down 17% over the past 2 years. Despite this obvious and well-noted trend, many sellers have not adjusted their asking prices to reflect market realities. As noted in my columns over the past two years, a seller’s refusal to price correctly at the outset of the listing period is the single greatest mistake possible. Often, listing agents are willing accomplices however because they will “say anything” to obtain the listing. However, bottom line costs to sellers is very significant. I have developed a chart that show exactly just how bad it gets over time when Marin County sellers and their agents) overprice their homes — please call or e-mail me for a copy.

[Click HERE for the rest of the article, courtesy of www.ImagineMarin.com.]

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