Marin Luxury Real Estate (March 2009)

While sluggishness has trickled-up into the luxury real estate market in Marin, CA., there is legitimate cause for optimism in coming months. For example, there were 161 new escrows opened in Marin County in February 2009. While the majority of these (68%) were value plays in Novato and San Rafael, it was the highest level seen since August 2008 and was 19% higher than February 2008–encouraging news since we had just 19 “working days” last month. Moreover, the first 2 weeks of March 2009, resulted in 116 opened escrows. In March 2008, we saw just 98 homes go into escrow. That is an increase of 18% over last year. Again, encouraging. For a detailed accounting of national trends, click here for the March 2009 Market Report from Institute for Luxury Home Marketing. Note, if you would like a local report relating to any town or zip code in Marin or San Francisco, e-mail me. 

It is clear to me that with minimal social proof, buyers will return to the market and pent-up demand will create a surge in sales figures. The $8,000 no-strings-attached credit from the government (for first time home buyers, loosely defined as someone who has not owned a home for the past 3 years and meets income limitations), the increased conforming loan limit (set to go back up to $729,750 some time in April 2009), and a pronounced level of increased affordability across the board is a recipe for sales. I should also note that with the increased conforming loan amount, buyers with 25% down (and who otherwise qualify) will be able to obtain top-shelf financing for purchases of a little over $1.6 million.

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

Marin Luxury Homes (January 2009)

While many bankers, lawyers, and executives received annual bonuses this year, many others did not. It can be expected that the resulting impact on the luxury market will be felt. Last month I noted a sluggish high end for Marin County real estate and nothing much has changed. In fact, sales and escrows slowed further. National number reflect a similar trend. Click here to view the Institute for Luxury Home Marketing’s Housing Report dated 1/4/09. If you would like a similar report relating to any town or zip code in Marin or San Francisco, e-mail me and I will send you a pdf of the report.

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

Marin Luxury Homes (October 2008)

Nationwide, a chill has fallen on the luxury market as the financial debacle unfolds. Historically, many of the luxury homes and ultra-luxury homes sold in Marin County went to buyers who earned their livings in the financial sector. It appears that those buyers have stepped back from the market for the time being. Meanwhile, the number of such homes has increased, placing pressure on pricing. Indeed, even portfolio buyers have taken a wait and see approach…. Mill Valley again experienced the most luxury home sales (with 6).

[ ... click here for the complete report courtesy of NorthBayRE.com].

Marin Luxury Homes (September 2008)

The number of homes for sale in the $2 million to $4 million luxury home market in Marin County, California rose over the past month to 109, compared to 106 homes in August 2008. The slight rise in inventory coincided with a respectable month of sales with 16 homes sold in August 2008 (down by 4 from July).  

Mill Valley and Ross experienced the most luxury home sales (with 4 of these homes selling in each). Belvedere, Tiburon and Corte Madera each had 2 homes sold and Kentfield and Sausalito had 1 sale each. The average days on market for homes that sold was a mere 95 days (25 days more than in July) and the average sales price was $2.927 million (roughly $875/per sq. ft.), with an average of 3,503 square feet. Belvedere and Tiburon seem to be hot as they each have 6 homes in escrow.

Mill Valley Homes & Real Estate (August 2008)

Predictably and in line with June 2008, 53% of homes priced under $800,000 and 18% of homes between $1 million and $1.5 million are in escrow. Mill Valley’s inventory of single family homes for sale is about 102 homes currently on the market (there were 107 in July 2008). Mill Valley homes that sold during the past month averaged 56 days on the market and sold for an average price of about $1.726 million (about $724 per square foot), and averaged about 2,348 square feet.  

Marin Luxury Homes (August 2008)

The number of homes for sale in the $2 million to $4 million luxury home market in Marin County, California fell over the past to 106, compared to 122 homes in July 2008. This time of year is the typical slow season as sellers recalculate their positions, buyers are out of the County on vacations, etc., and a number of agents doze off, waiting for things to pick back up in the Autumn. Indeed, the lower inventory was accompanied by a respectable month of sales with 20 homes sold in July 2008. 

Mill Valley led the way with the most luxury home sales (4 of these homes sold). Tiburon and Larkspur followed with 3 homes sold and Kentfield and San Rafael had 2 sales each. Ross, San Anselmo, and Corte Madera had 1 sale each. The average days on market for homes that sold was a mere 70 days (14 days more than in June) and the average sales price was $2.576 million (roughly $907/per sq. ft.), with an average of 3,083 square feet.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also fell–we now have just 46 active listings, compared with 54 last month

 [ ... click here for the complete report courtesy of NorthBayRE.com].

Marin Luxury Homes (July 2008)

The number of homes for sale in the $2 million to $4 million luxury home market in Marin County, California dipped slightly this month with 121 active listings, compared to 127 homes in June 2008. This reduction in inventory was accompanied by another solid month of sales–26 homes sold (one more than in May 2008). As noted last month, and this bears repeating, while the number of homes sold in the non-luxury market this year compared to last year is down by about 25%-30% (depending on where you look), the luxury market has NOT experienced a similar decline. This is great news for owners of luxury homes in Marin!

Mill Valley and Kentfield led the way with the most luxury home sales (each with 5 homes sold). Belvedere, Larkspur, and San Rafael had 3 sales each. Ross, San Anselmo, and Sausalito had 1 sale. The average days on market for homes that sold was a mere 59 days (8 days less than last month) and the average sales price was just under $2.5 million (roughly $772/per sq. ft.), with an average of 3,353 square feet.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) rose to 54 active listings, compared with 46 last month. Tiburon, as usual, boasts the largest number of such homes with 19.

[ ... click here for the complete report courtesy of NorthBayRE.com].