Bay
Area Real Estate Sales.com Newsletter
June
2009
In
This Month’s Issue:
May
Marin Real Estate Statistics
Foreclosures/Bank
Owned and
Auction Properties
Liz
Has Big News!
What
Did Your Neighbors’ House Sell For?
Buyers,
Get Into Negotiating Position
Search
the Marin Multiple Listing Service
Liz
McCarthy Listings
What
Do Clients Say About Working With Liz McCarthy?
JUNE
MARIN REAL ESTATE STATISTICS
|
May
2009 Closed Sales
Single
Family Residences
|
|
|
Days
on Market
|
List
Price
|
Selling
Price
|
|
Average
|
108
|
$960,000
|
$893,733
|
|
Median
|
70
|
$749,000
|
$720,000
|
|
May
2009 Closed Sales
Condos
|
|
|
Days
on Market
|
List
Price
|
Selling
Price
|
|
Average
|
135
|
$459,568
|
$434,139
|
|
Median
|
79
|
$365,000
|
$345,000
|
Below
you will find a break down by city and price range of how many homes
are in contract compared to how many homes are listed. Overall Marin
is in a “Buyers Market” category, but this is a bit
misleading. The very low end of the market (homes priced under
$500,000) is actually in a “Strong Sellers” market, which
tips the overall averages. The high end of the market (over
$2,000,000) is in an Extreme Buyers market. I think if you took out
the low end of the market (condo sales) the market would be in an
overall “Strong Buyers” market.
In
Novato multiple offers have been the norm. (as can be seen by the
fact that Novato is now considered to be in a “Strong Sellers”
category). Keep in mind that these multiple offers and the sellers
market is in the low end, where there have been numerous foreclosures
and short sales. The Middle to high end of the Marin market is s
still challenged, as there is a lot of inventory and it’s
harder to get Jumbo loans. This is especially the case for homes
priced over $2,000,000.
I’ve
heard of some distressed sellers taking offers for as much as
$500,000 off the asking price. Every sellers’ situation is
different, so It’s important that your buyers agent investigate
the reasons as to why the seller is selling. If I can help you
devise a strategy, feel free to contact me:
Liz@BayAreaREalEstateSales.com
For
readers of my newsletter, I recently listed a property downtown Mill
Valley. www.208CorteMadera.com
This home has never before been on the market. Within the first
week of listing it, I received 3 offers on the house. I was very
surprised to find that all 3 of the offers came in UNDER list price.
We ended up countering the buyers and closed on the house just this
week (a very quick escrow) for list price: $899,000. During the
entire time I was in escrow I continued to receive multiple calls a
week for showings and to find out how the escrow was going. This
shows to me that for the right property (this was a great fixer
within 2 blocks of downtown) that there is strong interest out there
for homes priced under $1M.
Foreclosure
activity, in the article/chart below: you’ll see that the
number of Pre-foreclosures, Auction and Bank-owned property was about
the same as in May overall. The number in pre-foreclosure did
decrease. If you’d like to see the bank owned homes on a map,
you can do a search here: Search
the Map Based REO (Bank Owned) Homes in Marin Click Here
I
heard a rumor the Bank of America’s Jumbo Loan limits have
increased, so hopefully that will open up the lending environment a
bit. As you know the recent last few weeks have seen an increase of
about 1% in interest rates.
There
are still a lot of incentives out there for first time home buyers,
but you do have to have verifiable W-2 income, excellent credit and
at least 20% down payment.
Of
course, if you have any questions please call me at 415-250-4929 or
drop me an email at Liz@BayAreaRealEstateSales.com
|
MARIN
HOME (CONDO + SFR) SALES STATISTICS - BY CITY AS OF 6/15/2009
|
|
City
|
Total
|
Active
|
Number
in Contract***
|
Percent
in Contract*
|
Type
of Market*
(See
Key)
|
|
Belvedere
|
35
|
32
|
3
|
9
|
Extreme
Buyers
|
|
Corte
Madera
|
47
|
32
|
15
|
32
|
Balanced
|
|
Fairfax
|
44
|
31
|
13
|
30
|
Buyers
|
|
Greenbrae
|
32
|
22
|
10
|
31
|
Balanced
|
|
Kentfield
|
46
|
41
|
5
|
11
|
Strong
Buyers
|
|
Larkspur
|
38
|
32
|
6
|
16
|
Strong
Buyers
|
|
Mill
Valley
|
197
|
157
|
40
|
20
|
Strong
Buyers
|
|
Novato
|
350
|
183
|
167
|
48
|
Strong
Sellers
|
|
Ross
|
31
|
25
|
6
|
19
|
Strong
Buyers
|
|
San
Anselmo
|
99
|
65
|
34
|
34
|
Balanced
|
|
San
Rafael
|
343
|
217
|
126
|
37
|
Sellers
|
|
Sausalito
|
74
|
65
|
9
|
12
|
Strong
Buyers
|
|
Tiburon
|
115
|
101
|
14
|
12
|
Strong
Buyers
|
|
Others
|
103
|
93
|
10
|
10
|
Extreme
Buyers
|
|
Total
Marin 6/15/09
|
1554
|
1096
|
458
|
29.47
|
Buyers
|
|
Total
Marin 5/12/09
|
1552
|
1120
|
432
|
27.84%
|
Buyers
|
|
Total
Marin 3/30/09
|
1323
|
1006
|
317
|
23.96%
|
Buyers
|
|
Total
Marin 2/18/09
|
1136
|
870
|
266
|
23.42
|
Buyers
|
|
Total
Marin 1/22/09
|
1037
|
819
|
218
|
21.02%
|
Buyers
|
|
MARIN
HOME SALES STATISTICS - BY PRICE RANGE AS OF 6/15/09
|
|
Price
|
Total
|
Active
|
Number
in Contract***
|
Percent
in Contract*
|
Type
of Market*
(See
Key)
|
|
$100,000-$499,999
|
313
|
139
|
174
|
56
|
Extreme
Sellers
|
|
$500,000-$749,999
|
334
|
203
|
131
|
39
|
Sellers
|
|
$750,000-$999,999
|
294
|
223
|
71
|
24
|
Buyers
|
|
$1,000,000-$1,499,999
|
241
|
195
|
46
|
19
|
Strong
Buyers
|
|
$1,500,000-$1,999,999
|
136
|
119
|
17
|
13
|
Strong
Buyers
|
|
$2,000,000-$2,499,999
|
71
|
64
|
7
|
10
|
Extreme
Buyers
|
|
$2,500,000-$2,999,999
|
53
|
49
|
4
|
8
|
Extreme
Buyers
|
|
$3,000,000-$3,999,999
|
46
|
40
|
6
|
13
|
Strong
Buyers
|
|
Over
$4,000,000
|
66
|
64
|
2
|
3
|
Extreme
Buyers
|
|
Total
|
1554
|
1096
|
458
|
29
|
Buyers
|
|
*Key
to
market type:
|
|
0%
- 10% of Homes in Escrow: Extreme Buyers
|
36%
- 45% of Homes in Escrow: Sellers
|
|
11%
- 20% of Homes in Escrow: Strong Buyers
|
46%
- 55% of Homes in Escrow: Strong Sellers
|
|
21%
- 30% of Homes in Escrow: Buyers
|
56%
- 100% of Homes in Escrow: Extreme Sellers
|
|
31%
- 35% of Homes in Escrow: Balanced Market
|
**Based
on information from Bay Area Real Estate Information Services,
Inc. (BAREIS). Information has not been verified, is not
guaranteed, and is subject to change and is based on one period of
time.”
***Includes
all: Sale Pending & Contingent properties
The
real estate market is very hard to generalize. It is a market made up
of many micro markets. For complete information on a particular
neighborhood or for an evaluation of your home's worth, call me. If
I can help you devise a strategy, call or click the buying or selling
link in the menu to the top.
If
you know of anyone who would like to receive this monthly newsletter
or is thinking of either buying or selling a home please let me know.
I’d love your referrals!
FORECLOSURES/BANK
OWNED AND AUCTION PROPERTIES
|
Type
|
Number
as of 6/16/09
|
Number
as of 5/12/09
|
Number As
of
4/24/09
|
|
Pre-foreclosure
|
451
|
538
|
426
|
|
Auction
Sale
|
253
|
245
|
152
|
|
Bank
Owned
|
329
|
319
|
266
|
|
TOTAL
|
1033
|
1102
|
846
|
I
can provide you a list of all of the current properties in any of the
above types anywhere in Marin.
Now,
let’s get into the detail on these homes and others that are on
the MLS. The majority of the bank owned properties are listed on the
MLS as the banks hire local real estate agents to sell the
properties. In addition to these 266 bank owned there are also
approximately 500 additional homes on the MLS being marketed along
with these bank owned. These distressed properties will pull down the
sales price for any home in the neighborhood.
If
you would like to see the public Bank Owned properties in Marin, here
they are on a map:
Search
the Map Based REO (Bank Owned) Homes in Marin Click Here
I
have access to all of these homes!! If you would like me to pull a
more customized list for any town in Marin that will show:
Pre-foreclosure, Auction and/or Bank owned properties, just email me:
Liz@BayAreaRealEstateSales.com
LIZ
HAS BIG NEWS!!!
I’ve
always felt that working for a locally owned Boutique brokerage was a
benefit to my clients. In order to serve my clients even better, I
have exciting news to announce! Vision Real Estate has merged with
McGuire Real Estate.
This
is from the recent press release: "This merger provides new
opportunities for McGuire and its clients. With the addition of the
Vision team, we are able to extend our presence in Southern Marin
County. We waited for the right opportunity to partner with a
technologically-savvy marketplace leader such as Vision," said
Charles Moore, CEO of McGuire Real Estate.
McGuire
Press Release
What
does this mean to you as my clients?
I
will now have access to McGuire’s membership in the Luxury
Portfolio, which is an exclusive network of Luxury properties
worldwide (for properties over $1M), I also have access to network my
listing and buyers requirements amongst all the other McGuire Agents,
as well as their first class marketing materials. Stay tuned for
some more great tools for my clients!
About
McGuire Real Estate
McGuire
Real Estate (www.mcguire.com)
has been an integral part of the real estate scene in the San
Francisco Bay Area, stretching back nearly 90 years. A mid-sized,
regional boutique, McGuire specializes in luxury real estate but
applies the highest standards of service to properties in every price
range, and to every client. Its "customer first" philosophy
and local focus have proved to be a winning formula for this Bay Area
real estate leader. McGuire's affiliations with Luxury Portfolio and
Leading Real Estate Companies of the World, successfully connects
McGuire's clients and agents to a worldwide marketplace. Luxury
Portfolio is an exclusive network of luxury properties worldwide, and
its parent company, Leading Real Estate Companies of the World, is
the largest global real estate network in the real estate industry.
McGuire operates four offices in San Francisco, three in Marin County
(Mill Valley, Corte Madera and Tiburon), one in Burlingame serving
the Peninsula, and one in Oakland serving the East Bay.
FREE…..You
can search for Marin listings directly on BayAreaRealEstateSales.com:
Search
for Homes
Back
to top
LIZ
McCARTHY LISTINGS
208
Corte Madera Ave, Mill Valley:
Mid-Century
Classic just a few blocks from downtown Mill Valley. This 1950's home
has never before been on the market. Update it to current mid-century
modern standards or build your dream home nestled in the redwoods
just around the corner from town with it's many parks, schools and
quaint shops. This home has been well-loved for many years by its
owners. The gardens all around the house feature many varieties of
plants and flowers and are all on drip-irrigation.
This
won’t last long!
Price:
$899,000
SOLD
$899,000 in 41 days with 3 offers!
View
the Virtual Tour for 208 Corte Madera Ave
View
the Property Website
27
Rutherford, San Anselmo
This
is what you have been waiting for - Fall in love with this sunny and
bright 2 Bedroom, 2 Bathroom charming San Anselmo home. You'll find
1930's period details, an updated kitchen with marble counters and
high-end stainless-steel appliances, hardwood floors and decorator
colors. It is just up the street from one of San Anselmo's award
wining elementary schools. It has a sunny deck for entertaining, a
flat, grassy yard and a private drive with a locking gate. Ample
storage and parking for more info and pictures. This won’t
last long!!! This property is currently contingent, but we are
awaiting bank approval for the short sale.
Price:
$788,000
View
the Property Website for 27 Rutherford
View
the Virtual Tour
Don’t
forget about Liz’s 3 other listings:
22755
S Central Ave, Sonoma
Wonderful
horse/vineyard property located in convenient East Sonoma with so
many amenities you have to see it in person: 5 private acres
includes: Breath-taking vineyard views, an organic Chardonnay
vineyard (located in prestigious Carneros Vineyard Region), gated
property, custom spacious main house with 2 master bedroom suites +
additional room/office (no closet), 2.5 bathrooms, granite kitchen
and stainless appliances, pool, sauna and landscaped back-yard,
detached guest house (1BR/1BA) with private driveway/garage, separate
artist/studio/retreat, beautiful barn with 5 horse stalls, tack room,
electricity and water, paddocks and turn outs, hay barn with trailer
parking the property even has numerous redwood trees for peace and
tranquility.
Price
reduced again – Make any offer, very motivated Seller!!
Price:
$1,199,000 (was originally $1,790,000!)
View
the Property Website for 22755 S Central:
www.SonomaHorseProperty.com:
View
the Video
47
Liberty Dock
Tranquility,
Sunshine, Great Neighbors, Stunning Views & only 10 minutes from
SF. One of Sausalito's finest internationally renowned Floating
Homes, this contemporary jewel is bright and sunny with an open floor
plan and amazing views of Mt Tam and the Lagoon. On a highly coveted
dock in a premier deep water corner berth. Kitchen newly updated with
granite counters & new cabinets. Bathroom newly updated with
custom vanity, concrete counters, bidet toilet and glass tiles. Brand
new Brazilian Cherry wide plank hardwood floors throughout. A special
old-fashioned neighborhood where people are happy and say hello. No
similarly priced condo can match this enchanted waterfront home. Live
the seaside dream. Ask nicely and the owners may throw in a tandem
kayak for free!
Price:
$549,000
View
the Virtual Tour for 47 Liberty Dock
View
the Property website for 47 Liberty Dock
48
Liberty Dock
Enjoy
the Waterfront lifestyle in this almost new Floating Home in
Sausalito. Stunning Remodeled home with Amazing attention to
detail. Custom wood-work makes this home shine. It features an open
floor plan and a full-size kitchen with plenty of beautiful maple
cabinets, granite counters, stainless appliances and even a hidden
drawer dish-washer. Down the wood stairs are 2 bedrooms and a
full-size bathroom. The granite and limestone bathroom features a
gigantic soaking tub, and full size shower. The attention to detail
and quality throughout this home is hard to match. Peaceful mountain
and water views. Come enjoy the lifestyle of living on a Floating
home! On a highly coveted dock in a premier deep water location. Only
10 minutes from SF.
Price:
$649,000
View
the Virtual Tour for 48 Liberty Dock
View
the Property Website for 48 Liberty Dock
WHAT
DID YOUR NEIGHBORS’ HOUSE SELL FOR?
Are
you Curious to know what the Median home price is in your
neighborhood?
The
data posted here is typically recorded a few months after the
property officially sold. This is the public data available in the
published tax records. The home addresses, sales price, number of
bedrooms, square footage and the year the homes were built are based
on information supplied from Bay Area counties' property transaction
records which, in some cases, may not be complete.
http://westbayre.com/frame_main.htm
BUYERS,
GET INTO NEGOTIATING POSITION
By
Diane Hymer
Decades
ago, sellers priced a little high to leave room to negotiate down.
Buyers typically offered 5 percent less. Then they negotiated and
settled at a price in between. Today, there is so much variability in
the housing market that it's impossible to use a pat formula for
coming up with an offer price.
Your goal is always the same:
You want to buy the best house for your needs and pay the lowest
price. In many cases, you can start with a price that is less --
maybe even considerably less -- than the asking price and negotiate
from there.
However,
this strategy might not work in some California inland markets where
housing prices have dropped about 50 percent in recent years. Some
low-end housing markets plagued with foreclosures have heated up in
recent months. Multiple offers are common, and some listings sell for
more than the asking price.
Tailor your offer price to the
specific house you want to buy. How much you offer should depend on
how much you can comfortably afford to pay, which may be less than
what the lender says you can afford. The price should be determined
by current local market values, how well the listing is priced for
the market, and whether or not you are in competition.
HOUSE
HUNTING TIP: Buyers making offers in competition should try to make a
rational decision regarding how much they're willing to pay. Don't
get caught up in the frenzy of activity and offer more than your top
price for the property. If you overpay, you could get cold feet and
back out. In this case, your deposit might be at risk.
An
appraisal contingency makes your offer contingent on the house
appraising for the price you agreed to pay in the purchase agreement.
If the property appraises for less than that price, you can withdraw
from the contract and your deposit will be returned to you. That is,
if your purchase agreement clearly stipulates this.
Other
options are to try to renegotiate the price with the seller or put
more cash down to make up the difference between the loan amount the
lender is willing to lend and the purchase price.
Lenders are
being just as cautious about appraisals as they are about qualifying
buyers for a mortgage. Some appraisals are coming in lower than
market value and some lenders are knocking down the appraisal 5
percent or so if they're concerned that home prices might
decline.
Buyers who offer an under-asking price can improve
their chances of starting a dialogue with the seller if they are
preapproved by a lender for the financing they'll need to close the
deal. The number of transactions that fail has increased in the
current market. In most cases, this is due to buyers having
difficulty getting financing. If the sellers know you will be able to
perform, they'll be more likely to work with you to come up with a
mutually acceptable price.
Short-sale sellers will need lender
approval if the accepted price is lower than the amount of financing
secured against the property. This can be a slow and tedious process.
Many lenders realize that it makes more sense for them to work with a
buyer on a short sale than it is to let the property go into
foreclosure. But, your contract should include an escape clause so
that you can withdraw without penalty if the lender is not
responsive.
THE CLOSING: If you make a low offer on a
bank-owned property (REO) and you don't get a response, make another
offer at a higher price, but only if you think the property is worth
it.
Dian Hymer is a nationally syndicated real estate
columnist and author.
SEARCH
THE MARIN MULTIPLE LISTING SERVICE
The
following links will take you to home searches for different cities
in Marin.
All
search results are displayed from the highest price to the lowest
price. You can scroll through pages at a time.
Belvedere
homes for sale: Belvedere
Homes For Sale
Corte
Madera homes for sale: Corte
Madera Homes For Sale
Fairfax
homes for Sale: Fairfax
Homes For Sale
Greenbrae
homes for sale: Greenbrae
Homes For Sale
Kentfield
homes for sale: Kentfield
Homes For Sale
Larkspur
homes for sale: Larkspur
Homes For Sale
Mill
Valley homes for sale: Mill
Valley Homes For Sale
Mill
Valley condos for sale: Mill
Valley Condos For Sale
Novato
homes for Sale: Novato
Homes For Sale
Novato
Condos for Sale: Novato
Condos
Ross
homes for sale: Ross
Homes For Sale
San
Anselmo homes for sale: San
Anselmo Homes For Sale
San
Rafael HOMES for sale: San
Rafael Homes For Sale
San
Rafael CONDOS for sale: San
Rafael Condos For Sale
Sausalito
homes for sale: Sausalito
Homes For Sale
Tiburon
homes for sale: Tiburon
Homes For Sale
Back
to top
WHAT
DO CLIENTS SAY ABOUT WORKING WITH LIZ MCCARTHY?
"We
contacted Liz McCarthy after doing much research on the agencies in
the area. We were attracted by the small, boutique nature of
her agency as well as the fact that she is e-Pro certified. We were
gifted a home through the estate of an alumnus and needed someone who
could work efficiently through electronic means. She did a superb
job coordinating clean-up, advertising and negotiating in very
unusual circumstances. Liz provided timely advice, support, and
communication that kept the selling process going forward.
Every phone call was returned and feedback given after every
showing. We were in contract within weeks of the listing and
her negotiations got us top dollar. We appreciate all she has done
for us and would not hesitate to refer her to anyone looking to sell
their home in the Mill Valley area."
-
The Ohio State University Foundation, Columbus, Ohio (June 2009)
THE
BAY AREA REAL ESTATE NEWSLETTER IS PROVIDED TO YOU BY:
If
you would like to have Liz help you sell your Marin home or help you
find a home, or you know of someone that could benefit from her
services, just send her an email: liz@BayAreaRealEstateSales.com
or give her a call: 415-250-4929
“High-Touch
through High-Tech”:
Did you know that Liz McCarthy is ePro Internet Certified by the
National Association of Realtors and that 70 percent of home buyers
today use the internet in their home search? Why are you still
working with a Realtor who isn’t a technology expert?
What
this means to you:
Home
Buyers:
Liz is an expert in helping save you time by using the internet,
email and other technology resources to help save your valuable time
and money. She knows how busy you are!
Home
Sellers:
Liz will hire a professional photographer and market your home
extensively on the internet: a personal property website (see
www.SonomaHorseProperty.com
or www.48LibertyDock.com
for samples), she will post your home on over 50 websites.
FREE…..You
can search for Marin listings directly on BayAreaRealEstateSales.com:
Search
for Homes
Be
sure to check out all the other great content & features of my
website:
www.BayAreaRealEstateSales.com
Liz
McCarthy, PMN
“High-Touch
through “High-Tech”
Real
Estate Broker, e-PRO certified
McGuire
Real Estate
Liz@BayAreaRealEstateSales.com
415-250-4929
License
Number: 01421997
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