We seem to be getting thef lazy summer real estate market without the lazy summer weather. Last Wednesday, according to one account, the weather in San Francisco was the coldest for that day since records have been kept, beginning in the late 1800’s. And, reportedly, we are having the coolest summer weather in over 40 years. Nonetheless, people are still going on vacation, and many have placed their real estate searches or plans on temporary “hold” while they are away. For Marin Real Estate this is fairly normal behavior. The Marin market usually comes back to life in September when everyone returns to work, or school, and stays fairly active until the holidays.
The first four months of 2010 was incredibly hot, with buyers racing to beat the April 30 deadline for federal tax credits, and total units sold were far ahead of 2009. As of July, year to date housing sales were substantially ahead of the same date in 2009, with Condo sales up 10.2% (270 vs. 245), and Single Family Homes up 34.2% (1024 vs. 763).
Recently the President of La Jolla based Data Quick, John Walsh stated, “The next few months should be very interesting. We’re about to see how well the housing market can fly on it’s own. The tax credits no doubt stole some demand from the rest of the year, and soon we’ll have a better sense of just how much.”
Right now the Bay Area is getting a boast from super low mortgage rates and a slightly friendlier lending environment. But, barring new governent stimulus, the housing market may be relying on improvements in the economy… time will tell.
One Cliff Road in Belvedere, California Offered at: $28,850,000
Fred Anlyan is a real estate Broker with Coldwell Banker in Greenbrae
According to the National Association of Realtors, the U.S. is currently in position to sell 4.68 million homes this year. That would put the U.S. within the top 5% of homes sold in U.S. history. The market is indicating that we may have hit the bottom.
The above comments are from the N.A.R. The operative words in the last sentence are “we may have.” Time will tell, and as you already know, it’s anybody’s guess.
On June 27, 2010 Princeton Professor of Economics, Nobel Prize Winner, and New York Times columnist Paul Krugman penned an article titled “The Third Depression” in which he speculated that we are currently entering an extended economic trough. For the whole article go to: The Third Depression
On July 10, Nelson Schwartz, another New York Times Columnist wrote a column for the paper title “Wall Street Hiring in Anticipation of an Economic Recovery.” For that story go to: Wall Street Anticipates Economic Recovery
Last week Wall Street had a pretty good week. The Dow Jones Industrial had its best week since July of 2009, climbing about 5%. Still a long way from it’s former peak, but slowly heading in the right direction though still volatile and changing directions regularly. Mortgage rates are still at historical lows, but buyers need to be well-qualified with good income, assets, and credit scores.
What’s happening in Marin County Real Estate? The average sold price year to date for single family homes (houses) is at $1,054,594 versus $972,521 for this time last year. The average days of the market for homes is 93 days versus 108 days for this time last year. 935 houses has sold as of July 6, 2010. 34% more than the 697 homes sold as of the same date in 2009.
The Corinthian Yacht Club in Tiburon. Founded in 1886, named ”Corinthian” after the Corinthian games in ancient Greece that celebrated amateur athletes. That club burned down and was replaced by the present structure that dominates the waterfront with its Colonial Revival facade and Corinthian Columns. The original charter ” No liquor, cigars, or refreshments shall ever be sold on the premises” did not last.
Fred Anlyan is a Real Estate Broker with Coldwell Banker in Greenbrae
Some More thoughts on the current Real Estate Market:
Paul Krugman, who’s referenced above, recently stated on ABC’s This Week’s television show that “more stimulus, not less” by the Federal Government could actually expedite our Country’s economic recovery. As long as Republicans in the House and Senate pander to groups like the Tea Party, and continue to be the party of NO, any kind of economic recovery will be a long time coming. Not only will real estate markets throughout the United States continue to suffer, any chance of creating jobs in this economy will continue to be threatened. Republicans believe that the weaker the economy is this November, the greater chance for them to get back seats in the House and the Senate they’d lost. What’s good for our Country right now is not what’s good for the Republican Party, and hence the choke hold on any kind of real recovery for our economy in the near future.
Not too long ago this web site ran a post/article titled: Open Houses, Looky Lou’s, and Stinky Poo that addressed safety and security at Open Houses and showings, and how sellers should take the utmost care in removing or securing valuables whenever the house was open or being shown. (Scroll Down Here For the Article)
On June 16, 2010 I received an email from the Marin Association of Realtors that stated:
One of our REALTORS colleagues reports that $40,000 in cash, jewels, and other valuables was stolen during a recent open house that was held in the Ross/Kentfield/San Anselmo area.
The owner, at the agent’s request, had hidden the items from view (?). The agent noted afterwords that they “never heard anything going on. Somehow they zoned right in on where it was, and took it all.” A police report has been filed.
While the agent did not see anyone in particular who appeared to be suspicious, the agent recalls seeing a woman in her mid-50s or a disheveled overweight male in his mid-40s or so (?).
The unfortunate incident is another reminder about the safety related challenges faced by home sellers and their REALTORS.
(Please be careful out there, these are interesting times to say the least….Mark)
Redfin, the upstart discount real estate brokerage, recently listed the White House for sale on their web site. It’s not for sale, even though many of our Politicians appear to be. Redfin listed the White House for $10,000,000. Publicity stunt or innocent mistake? Redfin claimed their sites software erroneously pulled some information about a property the President rented while in college off of Craigslist, and their site mistakenly listed the White House for sale.
Discount real estate brokerage Redfin first appeared on the real estate scene a few years back, and was featured on 60 Minutes. At that time the real estate bubble had not burst, and real estate sales were en fuego. Move forward a couple of years, and many discount brokerages are struggling to stay afloat. Redfin’s presence in the Bay Area, and in particular in Marin County, is minimal as sellers of homes have begun leaning towards more notable full service real estate companies. When the market shifts to more of a buyer’s market, historically in Marin and the Bay Area, the discount real estate brokerages begin to disapear.
Real Estate commissions for the sale of homes are negotiable. In Marin County the word on the street is that Pacific Union, which is a recent marriage of Morgan Lane and the previous incarnation of Pacific Union, will only be listing homes for 6%. Homes in Marin typically have been listed for anywhere from 5 to 6 percent. Occassionally you’ll find a reduced commission below 5 per cent on a very expensive property ,or one listed by a discount brokerage. Some say, “you get what you pay for.” Let’s see what happens…
Originally listed at $1,699,000 – then recently reduced to $1,500,000 – Now: $1,295,000!
Remodeled Victorian with views of San Francisco situated in “Old Town” Sausalito just a short walk to downtown. Four bedrooms and three baths. For more information about this property contact Kirsten Wolfe at 415-328-5431 or email Kirsten at: MarinRealEstate@gmail.com
Shortly after posting the price reduction here this home has gone “Under Contract.”
174 Avenida Miraflores in Tiburon is an elegant 4 bedroom 3 and one half bath home with stunning views. This property is offered at: $2,950,000. This incredible property offers a beautiful kitchen, two family rooms, and a gorgeous swimming pool with spa. For more information, or to set up a private showing, contact Mark Danforth Lomas at: MDLomas@gmail.com or 415-385-7404 cell
Dates: May 14 – June 5, 2010 * Ticket Prices: $30 General Admission, $25 (62+) * Hours: Tuesday – Sunday 11-4 * Thursday 11-8 * Closed Mondays (Open Memorial Day 11-4) * From Highway 101, take the Central San Rafael exit. Go East on Second Street which becomes Pt. San Pedro Road and proceed 1.5 miles to Summit Avenue. Look for Parking and Shuttle signs. The Marin Designer’s Showcase proceeds benefit the Center for Volunteer and Nonprofit Leadership’s Volunteer Services which include the mobilization of volunteers during disasters, volunteer programs for older adults, families, children and youth, as well as the BoardMatch Marin program, Flexible Volunteer Program, and Civic Leadership Team. Meaningful and well-organized, the volunteer program strengthen a thriving and healthy Marin for all to enjoy.
This property, 315 Summit in San Rafael, is listed for sale by David Schwartz and Coldwell Banker for $6,995,000 (6 Bedrooms 8+baths * 7980 square feet)
With hundreds of exhibits, the Marin Home Show offers the best and newest products for home and garden projects, with experts on site to answer all your questions on home & garden improvement projects. The 34th annual Marin Home Show will feature state-of-the-art kitchen and bath displays, spas, sunrooms and home theater and more.
Companies that offer “green” products and servicesand provide first hand information on conservation rebates offered by our federal, state and local governments. See the latest in energy-saving solar and heating, energy-efficient appliances, hybrid and electric cars. Also look for full landscape displays in the expansiveGarden & Landscape Pavilionwith Landscape designers who will talk about low maintenance water saving landscapes.
New this year, the Marin Home Show will be featuring the “Going Green” tent. The tent will focus on providing homeowners as well as contractors the latest in Green Building products, services and education.
Median Home Prices Rise in Marin
The median price for homes in Marin County rose for the second month, gaining 10.1%. The median price for condominiums also rose. The median price for homes Sold in Marin in April of 2009 was $800,000, the median price for homes Sold in April of 2010 was $865,000. The average price for homes Sold in April of 2009 was $1,022,859, the average price for homes Sold in April of 2010 was $1,164,496. Average days on the market for homes Sold in April of 2009 was 107 days, and the average number of days on the market for homes Sold in April of 2010 was 80 – the shortest time since August of 2008.
By Robert Taska, owner of Foresight Property Inspections, LEED Green Associate
Want to do something simple, cheap and incredibly important for our environment? Start at home–Green your house, live happier and increase the value of your property. Start with your electricity consumption. Most of America’s electrical usage comes right from our buildings–66%, in fact. Since 1/3 of the world’s population still has no access to electricity, cutting the US consumption will make a significant difference in decreasing the world’s greenhouse emissions.
WHAT CAN YOU DO?
REFRIGERATOR–GET A NEW ONE
In most places in the US, the fridge is the 2nd largest user of electricity, right after air conditioning. So here in Marin, where air conditioning is often provided free, it’s the first. With most appliances you save energy by using them less, but you can’t do that very well with your fridge. The main way to save money with this appliance is to use an efficient model. New refrigerators aren’t just a little more efficient, they’re incredibly more efficient. A 1986-era fridge uses 1400 kWh a year, while a post-2001 fridge uses only 500 kWh — a 64% savings.
WASHER–USE COLD WATER, FRONT LOADING
Washing your clothes in hot water instead of cold water for a year, wastes more electricity than leaving the refrigerator door open 24 hours a day for a year! Front-loading washers use 40-75% less water and 30-85% less energy than typical top-loaders.
LIVE IN CALIFORNIABack in 1976 California set a maximum amount of energy of 1400 kilowatt hours per year for a standard fridge. After they finished protesting, appliance producers met the standard easily, and on time. Because California represented such a large share of the market, and the necessary improvements were so minimal, the appliance manufacturers applied that standard to their entire lines. California kept demanding more efficiency, the manufacturers kept complying, and now, the criteria is 500 kWh….wow! Now Energy Star is the government’s rating–follow that, and get more efficient appliances.
CHANGE YOUR LIGHT BULBSCompact fluorescent bulbs, or CFLS, use 75 % less energy, last six times longer, generate less heat and reduce energy costs associated with cooling as compared to incandescent bulbs. Each bulb will save $30 or more in energy cost over its lifetime compared to standard bulbs.
BELIEVE “Optimism is a political act. Those who benefit in the status quo are perfectly happy for us to think nothing is going to get any better. “* So, believe each step you take, each bit of electricity you don’t use, will make a difference.
HAPPY MOTHER’S DAY! if you’re driving down Sir Francis Drake Boulevard, check out the sculpture in front of Ross’s Town Hall and have a wonderful, and safe Mother’s Day!
May 5, 2010—Pending home sales increased again in March2010, affirming that a surge of home sales is unfolding for the spring homebuying season, according to the National Association of Realtors®. The PendingHome Sales Index (PHSI) forward-looking indicator based on contracts signed inMarch, rose 5.3% to 102.9 from 97.7 in February, and is 21.1% above March 2009when it was 85.0; this follows an 8.3% increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expirationof the tax credit, we expect measurably lower sales,” he said. “Later in the second half of the year, and into 2011, home sales will likely becomeself-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.”
