Marin Real Estate (March 2009)
March 17, 2009
Although February was a short and rainy month, Marin County, CA., still experienced a good number of sales. So far in March 2009. we are seeing increasing inventory similar to “normal” years (I hesitate to call 2009 a “normal” year in light of the current economic situation). Recent gains in the stock market are a welcome change. Interest rates are down to about 5% on conforming loans right now, which is great (that is more than 1 full point lower than this time last year). So, it seems the pump is primed. We’ll see if the real estate market responds.
Obviously, the more stringent underwriting policies of lenders are stifling demand. Although word on the street is that at least one big lender has taken steps to loosen up underwriting practices. It is obvious to everybody who comes into contact with the Marin real estate market that home buyers are continuing to wait for the perceived bottom. This, despite the FACT that interest rates are as low as could be realistically expected and prices in many Marin communities and neighborhoods have receded to 2003 or 2004 price levels.
[Click here for the rest of the report, courtesy of http://www.NorthBayRE.com/blog/2009/03/12/marin-county-ca-real-estate-update-march-2009-homes-for-sale-price-ranges/.]
Mill Valley CA. Real Estate Market Report (March 2009 Home Sales Update)
March 11, 2009
For several months my Mill Valley, CA, real estate report has noted that the market “is strangely out of sync,” and that buyers “are taking a few pitches to see what happens,” and I have also aired my suspicians about “undercover buyers” who are ready to buy and want to buy the “right” home. More than ever, I believe this is all true. At Morgan Lane we have about $12 million of closings taking place in the next week or so (and we closed a $4 million Mill Valley deal last month). If we can gather a little wind behind our sails, I believe we will be off to the races. Certainly, sellers seem to grasp the need for aggressive pricing and it appears that attractive new inventory will help drive the market in 2009.
As evidenced by the above graph, The median price per square foot has dipped to about $625 per sq. ft. (which is down from well over $800 in mid-2007). While some buyers believe prices may slip a bit more, most appreciate the fact that interest rates are very appealing. Indeed, mortgage math punishes those who don’t lock in at or near the lowest rate possible. For example, if prices dip another 5% and interest rates go up just 1%, the monthly payment would increase rather significantly for an $800K home with 20% down (call me for exact numbers relating to a given situation).
Up just a bit from February 2009, the percentage of homes in escrow under $800,000 rose to 43% (it had been as low as 15% in November 2008). Based on last month’s sales total (we had 9 sales in February 2009), we currently have an inventory of homes sufficient to last 10 months in Mill Valley, CA (this is called the absorption rate). Overall, the number of homes for sale rose to 90 (from 73 in January 2009). The number of “bead and butter” homes (those priced between $1 million to $2 million) currently in escrow is 8 — nearly tripling last month’s number (there were just 3 in escrow last month). Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) continues its sleepy hibernation–just a single luxury home closed last month (the aforementioned $4 million sale) and there none currently in escrow.
|
Price Range |
Total Active Homes |
Pending Listings |
|
Up to $750K |
7 (down 5) |
43% |
|
$750K - $1 mil. |
27 (up 11) |
7% |
|
$1 mil. - 1.5 mil. |
32 (down 10) |
19% |
|
$1.5 mil. - $2 mil. |
15 (down 13) |
13% |
|
$2 mil. - $4 mil. |
19 (up 1) |
0% |
|
$4 mil. & Up |
3 (up 1) |
0% |
Of the 9 sales to close escrow in February 2009, they averaged a low 61 days on the market and sold for an average price of about $1.25 million with about 2,283 sq. ft. (or about $512 per sq. ft, which is down from $518 sq. ft. last month). The numbers from February reflect the fact that 5 of the 9 sales were priced under $1 million (in Mill Valley, these are generally entry level homes). Homes in Homestead Valley, Sycamore Park, Middle Ridge, and Kite Hill continue to be in low supply and high demand. If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com. It is always my pleasure to be of service.
p.s. I currently have a couple potential sellers waiting in the wings with homes not on the MLS, please contact me to see if any of these opportunities fit your needs.
Mill Valley Public Library A Hoot!
February 21, 2009
Moreover, Owliver does not pipe down when shushed by staff and has proven to be a somewhat messy guest by leaving droppings wherever it wants. Because the bird has taken to snatching pencils from the children’s room, there is some concern for its safety as it apparently was trying to build a nest with them. My suspicion is that if Owliver could speak, it would ask “Please sir, can I have another.”
Bob Weir to Help Casa de Milagros
November 20, 2008
Casa de Milagros (a home for orphaned children in Peru’s Sacred Valley) will be the beneficiary of a night of musical and spoken word performances featuring Bob Weir, Ray Manzarek (from The Doors), esteemed poet Michael McClure, Rob Wasserman, Maria Muldar, and Jay Lane will be on hand.
The benefit is to take place Sunday evening, November 30th, at 7 p.m. at 142 Throckmorton.
Tickets are $50. Call 383-9600, visit the box office at 142 Throckmorton Theatre, or click on 142throckmortontheatre.com for tickets and/or additional information.
Mill Valley Real Estate Market Report (November 2008 Home Sales Update)
November 13, 2008
|
Price Range |
Total Active Homes |
Pending Listings |
|
Up to $800K |
11 (down 1) |
15% |
|
$800K - $1 mil. |
15 (up 3) |
12% |
|
$1 mil. - 1.5 mil. |
34 (down |
11% |
|
$1.5 mil. - $2 mil. |
16 (down 12) |
20% |
|
$2 mil. - $4 mil. |
22 (up 4) |
0% |
|
$4 mil. & Up |
4 (up 2) |
0% |
Homes in Boyle Park, Middle Ridge, Almonte, and Cascade Canyon continue to be in low supply and high demand. If you would like more information, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com. It is always my pleasure to be of service.
Mill Valley Embraces Green Building
November 7, 2008
On the commercial side, any project over 2,500 sq. ft. or any remodeling which exceeds $500,000 must attain a “Leadership in Energy and Environmental Design” silver rating.
For residential homes, new construction under 3,500 sq. ft. must attain 50 points under the “Build It Green” rating system (verified by a GreenPoint inspector). And new homes bigger than 3,500 sq. ft. must attain 60 points. Also, remodels that increase floor area by 50% will have to meet the 50-point requirement.
It is expected that the additional cost for new homes will be abut $1,150 to $3,000. Green building considerations include the use of sustainably harvested lumber, waste recycling, low water usage, energy-efficient building practices, and other design features intended to reduce the environmental impact of construction and housing.
Mill Valley Homes & Real Estate (October 2008)
October 14, 2008
|
Price Range |
Total Active Homes |
Pending Listings |
|
Up to $800K |
13 (up 1) |
38% |
|
$800K - $1 mil. |
25 (up 13) |
12% |
|
$1 mil. - 1.5 mil. |
49 (up 7) |
20% |
|
$1.5 mil. - $2 mil. |
29 (up 1) |
24% |
|
$2 mil. - $4 mil. |
23 (up 5) |
9% |
|
$4 mil. & Up |
4 (up 2) |
0% |
Homes in Boyle Park, Middle Ridge, Homestead Valley, and Sycamore Park continue to be in low supply and high demand. If you would like more information, just give me a call at (415) 350-9440 or e-mail me at Kyle@NorthBayRE.com. It is always my pleasure to be of service.
Mill Valley Honors Tennis Legends Gilbert & Hingus
October 9, 2008
Brad Gilbert boasts a score (20, that is) of singles titles and is widely acknowledged as an all-time talent in tennis. He is retired and now lives in San Rafael.
Martina Hingis debuted on the world scent at the age of 14. She rapidly rose to the highest eschelon of women’s tennis and become the number one player on the circuit.
Both plan to make appearances at the Harbor Point Tennis Club this week for the Esurance Tennis Classic. Friday features a junior tennis clinic, Saturday features the celebrity pro-am event, and Sunday’s events include an exhibition featuring top players, as well as the Cal and Stanford women’s tennis teams.
Click HERE for more information about the event.
Mill Valley, California (Private Schools)
October 3, 2008
Mill Valley (Marin County), California has several private schools offering top-notch educational programs. Each of these educational programs offer something unique and noteworthy. I encourage you to investigate their websites and contact the schools directly for supplemental information and briefings.
Greenwood School
17 Buena Vista Avenue, Mill Valley
415/388-0495
Grades: K – 8
Marin Horizon School
305 Montford Avenue, Mill Valley
415/388-8408
Grades: PK – 8
School Info: Montessori school
Mount Tamalpais School
100 Harvard Avenue, Mill Valley
415/383-9434
Grades: K – 8
Ring Mountain Day School
70 Lomita Drive, Mill Valley
215 A Blackfield Drive, Tiburon (preschool campus)
415/381-8183
Grades: PK - 8
Homestead Valley (Mill Valley Neighborhoods Description)
September 16, 2008
Roughly stated, Homestead Valley sits between Sycamore Parkand Tam Valley–think “across from Whole Foods.” George Lucas lived here, above Tamalpais High School, way back when.
It is an unincoprated area with about 1,100 homes. Homes here vary in stature and price. There are fine estates with super views and cabin-sized dwellings in need of love.
Stolte Grove is a delightful park in HV, bisected by Reed Creek. It has picnic tables, barbecues, and a stage on which my girls have been known to provide impromptu performances of varying qualities and lengths. There is also garden area nearby. You can find both of these parks at Montford and LaVerne Avenues on the the loop. The Marin Horizon School is in Homestead Valley (pre-school through eighth grade).
