Kyle Frazier, J.D., Broker Associate Ι Pacific Union International | Christies International Real Estate | (415) 350-9440

Bay Area Luxury Home Sales Reaching Record Levels

$2 MILLION-PLUS HOME SALES SOAR IN BAY AREA

High-end homes throughout the Bay Area sold at a record pace in 2013, according to a recent article in the San Jose Mercury News.

Citing figures from research firm DataQuick, the publication reports that 2,604 homes priced above $2 million sold in the Bay Area last year, a 28 percent jump from 2012 and the largest number since the vendor began keeping records.

Some of these luxury homes are bound to induce a bit of sticker shock. Atherton had the largest Bay Area sale of the year, with one home selling for almost $37 million. A $35 million transaction took place in San Francisco, while the costliest in Palo Alto was $15 million.

Million-dollar-plus home sales were also up across the Bay Area as a whole, growing nearly 41 percent since 2012. Alameda and Contra Costa counties saw the largest increases at this price point: 70 and 63 percent respectively.


U.S. HOME PRICE GAINS BEST SINCE 2005

Home prices across the nation grew year over year for the 22nd straight month and saw the largest gains in eight years, according to CoreLogic’s December Home Price Index.

“Last year, home prices rose 11 percent, the highest rate of annual increase since 2005, and 10 states and the District of Columbia reached new all-time price peaks,” Dr. Mark Fleming, CoreLogic chief economist, said in a statement.

In California, December year-over-year price increases were the second highest in the country, trailing only Nevada. Including distressed sales, prices grew 19.7 percent from December 2012; excluding distressed sales, they increased 16.2 percent.


SILICON VALLEY ECONOMY EXPLODING

The current tech boom is bringing high wages and low unemployment rates to Silicon Valley, so much so that recent SFGate article claims that its economy has returned to heights seen in the dot-com era.

Using data from Joint Venture Silicon Valley‘s annual index, SFGate reports that the region added 47,000 new jobs in 2013. Forty-five percent of households in Silicon Valley now earn in excess of $100,000 a year, and the per capita income is more than $70,000.

While all of those jobs have given the area an unemployment rate of less than 6 percent, they haven’t resulted in home construction meeting market demand. Last year, 33,000 people moved to the Silicon Valley region, yet developers built just 6,500 new homes.

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Marin Luxury Properties Report Pacific Union International – Christie’s Great Estates | Marin County, CA Luxury Home Sales (August 2011)

Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (August 2011) — Luxury home sales continued through July (our swoon season) — we had 11 trades (there were 9 in January and just 7 in February 2011). While international events of the past 10 months and economic events this past month have made for a turbulent year in the luxury sector, it appears that buyers are continuing to snap up luxury homes that reflect clear value and/or possess unique sales characteristics. Certainly, there are extraordinary opportunities available right now for buyers. Pricing in the marketplace (especially for homes that started off overpriced) is soft and “value” is evident in virtually every corner and every price segment of the luxury market. In line with normal seasonal adjustments, the inventory of luxury homes remains somewhat low — 138 properties are in the MLS over $2 million in Marin (this is somewhat lower than years past as many home value have dipped below $2 million).

Marin County cities recording luxury home sales between $2 million and $4 million in March 2011 included: Tiburon (2), Belvedere (2); Mill Valley (2); Larkspur (1); San Anselmo (1); and San Rafael (1). These homes averaged 119 days on market. Their average sales price was $2.798 million (roughly $763 per square foot), with an average of 3,903 square feet. Marin County’s ultra-luxury market (homes priced in the $4 million and up range) accounted for two sales last month (one in Mill Valley and the other in Belvedere) and there are currently four more of these homes in escrow.

Note: As a member of the Top Agent Network (top 10% in Marin) and the Marin Platinum Group (Top 100 agents), 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 Properties Report Pacific Union International – Christie’s Great Estates | Marin County, CA Luxury Home Sales (March 2011)

Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (March 2011) — As anticipated, February 2011 luxury home sales were limited to just 7 trades (there were 9 in January 2011). While international events of the past several weeks weigh on our hearts and have had some impact on the stock market, many believe that the overall economic and housing environments are improving, particularly in the Bay Area where the recovery in real estate is being spearheaded by San Francisco. Indeed, there are extraordinary opportunities available right now for buyers as pricing in the marketplace (especially for homes that have remained on the market through the Winter months) is soft and “value” is evident in virtually every segment of the luxury segment. In line with normal seasonal adjustments, the inventory of luxury homes for sale is very low — just 123 homes total on the MLS over $2 million in Marin (this is up from last month and will continue to rise through the Spring).

Marin County cities recording luxury home sales between $2 million and $4 million in March 2011 included: Sausalito (2), Tiburon (1), Kentfield (1), and Mill Valley (1). These homes averaged 192 days on market. Their average sales price was $2.671 million (roughly $711 per square foot), with an average of 3,783 square feet.

Marin County’s ultra-luxury market (homes priced in the $4 million and up range) accounted for two sales last month and there are currently eight more of these homes in escrow. This is a big shift from last month, when at the time of writing my monthly update on this market segment, this strata of the market was comatose. Both of the ultra-luxury homes that sold last month were in Kentfield, had over 5,500 sf of living space, and sat on large parcels (one sat on 1.1 acres and the other sat on 2.5+ acres).

Note: As a member of the Top Agent Network (top 10% in Marin) and the Marin Platinum Group (Top 100 agents), 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”).

Christie’s Great Estates | Marin Luxury Homes Report (October 2010)

Christie’s Great Estates | Marin County, CA Luxury Home Sales — 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.

Marin County’s ultra-luxury market (homes priced in the $4 million and up range) witnessed three sales last month. These homes averaged 100 days on market. Their average sales price was $5.06 million (roughly $1,177 per square foot) and 4,484 square feet. We currently have 60 homes for affluent buyers to choose from in this high end price band.

Note: As a member of the Marin Platinum Group, I have access to a database with several dozen luxury homes not currently offered on the MLS, but available for sale. 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 San Francisco and Marin Counties.

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

Pacific Union International | Marin Luxury Homes Report (August 2010)

Despite the annual Summer swoon, Marin County, CA’s home sales numbers for homes priced over $2 million was strong this year.

$2 Million to $4 Million Luxury Homes

With 16 sales, Marin County again performed much better than this time last year. Buyers feel some urge to buy as overall economic and housing environments continue improving (albeit incrementally) and pricing in the marketplace increasingly suggests “value.” Inventory remains relatively low at just 124 homes actively on the market.

Cities recording July 2010 sales in this price band included: Belvedere (1), Tiburon (4), Mill Valley (6), Greenbae (1), and Kentfield (4). These homes averaged 56 days on market. Their average sales price was $2.745 million (roughly $691 per square foot), with an average of 4,056 square feet.

$4 Million & Up Ultra-Luxury Homes

The low inventory level of Marin County’s ultra-luxury market (homes priced in the $4 million and up range) continue to shrink — we have 61 homes for buyers to choose from. Just one home in this price band sold in July — a $6.9 million, 4 Bed, 7 Bath home with panoramic views of the entire Bay Area.  

Note: As a member of the Marin Platinum Group, I have access to a database with several dozen luxury homes not currently offered on the MLS, but available for sale. 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 — Pacific Union International. Call Kyle Frazier at 415/350-9440 for more luxury home market information in San Francisco and Marin Counties.

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

Marin County, California, Luxury Homes Report (January 2010–Sales and Inventory Analysis)

Home sales in Marin County, California’s luxury price bands continue to recover from the proverbial 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. Indeed, “value” properties are gobbled up quickly. Despite this apparent thirst for luxury digs, inventory levels remain 40% higher than two years ago. This trend is not unique to Marin, but prevails nationwide. For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click HERE.

The below graph tracks asking prices for 3 popular cities in Marin — Tiburon/Belvedere (they are combined here because they use the same zip code), Mill Valley, and Kentfield.

Year over year luxury market inventory levels in Mill Valley have hovered at around 20% higher than last year for 6 months (and are now down to about 12%). Meanwhile, inventory in Kentfield is up 22% and Tiburon – Belvedere inventory levels are over 42% higher than last year.

Below is a new chart focusing on the percentage of homes that have experiencd price reductions and the depth of those price reductions, on average. This chart examines these trends in Mill Valley and in Belvedere – Tiburon. It is perhaps not surprising that approximately 17% of listings in Tiburon – Belvedere have experienced a price reduction and those reductions average about 8%.

Real Estate Market Chart by Altos Research www.altosresearch.com

$2 Million to $4 Million Luxury Homes

Following a strong November, sales in December (a traditionally slow month) were also quite high given the typical seasonal slowdown. With 15 trades, this December was stronger than anybody may have anticipated six months ago. Additionally we have 12 more homes in escrow. Certainly, buyers are feeling some urge to buy as it appears that the poor economic environment may be improving and the pricing in the marketplace suggests “value.” Inventory is low, as is typical this time of year, with just 56 homes on the market between $2 million and $4 million.

Cities recording December 2009 sales in this price band included: Belvedere (1), Ross (3) Mill Valley (2), Larkspur (1), Kentfield (1), Tiburon (5), and San Rafael (1), and San Anselmo 1). These homes averaged 139 days on market. Their average sales price was $2.626 million (roughly $715 per square foot), with an average of 3,968 square feet. The absorption rate for Marin homes in this price band is about 3.7 months (down from 13 months in November — this huge reduction is the result of seasonally reduced inventory levels).

$4 Million & Up Ultra-Luxury Homes

The already low inventory level of Marin County’s ultra-luxury market (homes priced in the $4 million and up range) dipped to 34 homes for sale. The highest concentrations of homes in this price band are Tiburon and Belvedere. Marin County experienced just 1 sale last month in this price band. It was a $5.4 million Belvedere estate with great views: days on market – 315, price – $5.4 million, square feet – 7,300.  

By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Morgan Lane International. Call Kyle Frazier at 415/350-9440 for more luxury home market information in San Francisco and Marin Counties.

Marin County, California, Luxury Homes Report (December 2009–Sales and Inventory Analysis)

The luxury home market in Marin County, California, which is vastly improved over a year ago, seems to have hit a comfortable level of activity. As reported in previous months, real buyers continue to homes in prestige locations with emphasis on views and lifestyle amenities (such as large usable yards, proximity to athletic clubs/shopping, reputable schools, and sensible scales). And they are seeking “value.” For the last 2 quarters, the Marin County luxury market has strongly favored homes priced under $3 million. [For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click HERE. And if you would like a hyper-local report relating to any town or zip code in Marin or San Francisco, e-mail or call me at (415) 350-9440.]

The below graph tracks asking prices for 3 popular cities in Marin — Tiburon/Belvedere (they are combined here because they use the same zip code), Mill Valley, and Kentfield.

Year over year luxury market inventory levels in Mill Valley have hovered at around 20% higher than last year for 6 months (and are now down to about 15%). Meanwhile, inventory in Kentfield is up 40% and Tiburon – Belvedere inventory levels are over 60% higher than last year.

Below is a new chart focusing on the percentage of homes that have experiencd price reductions and the depth of those price reductions, on average. This chart examines these trends in Mill Valley and in Belvedere – Tiburon. It is perhaps not surprising that approximately 25% of listings in Tiburon – Belvedere have experienced a price reduction and those reductions average about 8%.

Real Estate Market Chart by Altos Research www.altosresearch.com

$2 Million to $4 Million Luxury Homes

Following a very strong October, November sales were also quite high given the typical seasonal slowdown. Buyer activity has sustained through November. With 13 sales, this November was stronger than anybody may have anticipated (there were 9 sales in October). Additionally we have 14 more homes in escrow. Certainly, previously patient buyers are feeling some urge to buy now as it appears that the poor economic environment may be improving and the pricing in the markerplace suggests “value.” Inventory is low, as is typical this time of year, with just 70 homes on the market between $2 million and $4 million.

Cities recording November 2009 sales in this price band included: Belvedere (2), Ross (1) Mill Valley (4), Larkspur (1), Tiburon (3), and San Rafael (2). These homes averaged 98 days on market. Their average sales price was $2.858 million (roughly $799 per square foot), with an average of 3,673 square feet. The absorption rate for Marin homes in this price band is about 5.3 months (down from 13 months in November — this huge reduction is the result of seasonally reduced inventory levels).

$4 Million & Up Ultra-Luxury Homes

The already low inventory level of Marin County’s ultra-luxury market (homes priced in the $4 million and up range) dipped slightly to 40 homes for sale (there was 47 such homes on the market in November 2009). The highest concentrations of homes in this price band are Tiburon and Belvedere. Marin County experienced just 2 sales last month in this price band and these homes had the following characteristics: days on market – 107, price – $5.237 million, square feet – 4,906, price per square foot – $1,059. Note that Christie’s Great Estates agents represented all buyers and sellers in last months ultra-luxury market segment in Marin County. 

By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Morgan Lane International. Call Kyle Frazier at 415/350-9440 for more luxury home market information in San Francisco and Marin Counties.

Marin County, California, Luxury Homes Report (November 2009–Sales and Inventory Analysis)

Building on a trend noted in last month’s report, media coverage of the overall economy has improved. In particular, reporting on the housing market. Forecasters are predicting that 2010 will be the first year since 2005 for housing to contribute to the growth of the U.S. economy (based on a survey by the National Association for Business Economics). According to that organization, home prices are expected to rise 2 percent next year — over 80% of economists surveyed think the recession is over and recovery has begun. The Mortgage Bankers Association Chief Economist Jay Brinkmann, predicts that sales of existing homes will rise 11 percent in 2010, with sales of new homes climbing 21 percent.

But, perhaps more importantly, the Dow Jones has rocketed up past 10,000 and the tone of the W-shaped recovery dialogue has moderated. It was announced today that JPMorgan Chase plans to hire 1,200 mortgage bankers in light of improved housing market and signs of stability.

Finally, we know from past experience that in down cycles, once the San Francisco housing market recovers, there is a domino effect on surrounding communities. Accordingly, in our current cycle, we believe that our best leading indicator regarding a healthy, appreciating market (particularly in Southern Marin) will be the home sales environment in San Francisco. And there can be no doubt that the San Francisco market has improved dramatically in recent months. Additionally, as the banking institutions regain their footing and again provide bonuses to their employees, we will also see a surge in luxury home sales. In fact, if bonuses are significant and broad-based, I predict a very strong luxury sales market early in 2010 as buyers snap up the many “values” out there in the luxury and ultra-luxury sectors.

As reported in previous months, real buyers have become less numerous. They are placing emphasis on prestige locations, views, lifestyle amenities (usable yards, proximity to clubs/shopping, etc.), schools, and sensible scale. And they are seeking “value.” The Marin County luxury market has favored homes priced under $3 million — although 5 homes traded over $4 million in November 2009. [For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click HERE. And if you would like a hyper-local report relating to any town or zip code in Marin or San Francisco, e-mail or call me at (415) 350-9440.]

The below graph tracks asking prices for 3 “hot” locales in Marin — Tiburon/Belvedere (they are combined here because they use the same zip code), Mill Valley, and Kentfield. Interestingly, while Belvedere continues to see asking prices drop, Kentfield and Mill Valley have seen asking prices increase over the last 4 months. Of course, asking prices do not necessarily closely reflect selling prices and in Mill Valley, there are lots of homes on the market in the higher price bands, which have not sold.

The year over year inventory levels in Mill Valley have hovered at around 20% higher than last year for 6 months, but has dipped to about 15%. Meanwhile, inventory in Kentfield is up 65% and Tiburon – Belvedere inventory levels are over 90% higher than last year.

Below is a new chart focusing on the percentage of homes that have experiencd price reductions and the depth of those price reductions, on average. This chart examines these trends in Mill Valley and in Belvedere – Tiburon. It is perhaps not surprising that nearly 35% of listings in Tiburon – Belvedere have experienced a price reduction and those reductions average about 12%.

Real Estate Market Chart by Altos Research www.altosresearch.com

$2 Million to $4 Million Luxury Homes

As we begin to see the contours of the Winter market form, many feel we will have an active Winter. Many agents are noting (and this is backed up by the numbers) that we had our best month of the year in October. Buyer activity has picked up significantly. The number of sales (9) and homes in escrow (17) remain quite strong. There is a lot of home shopping going on as patient buyers have begun snapping up homes that they perceive represent “value.” I expect that next month will see a continued surge of sales. Inventory remains low with 108 homes on the market between $2 million and $4 million.

Cities recording sales in this price band included: Tiburon (1), Belvedere (1), Ross (1) Mill Valley (3), Sausalito (1), and San Rafael (2). These homes averaged 98 days on market. Their average sales price was $2.858 million (roughly $799 per square foot), with an average of 3,673 square feet. The absorption rate for Marin homes in this price band is about 12 months (down from 18 months in October).

$4 Million & Up Ultra-Luxury Homes

The inventory level of Marin County’s ultra-luxury market (homes priced in the $4 million and up range) remained virtually unchanged with 47 homes for sale. The highest concentrations of homes in this price band are Tiburon, Belvedere, Sausalito, and Ross. As noted earlier, Marin County experienced 5 sales last month and these homes had the following characteristics: days on market – 111, price – $5.86 million, square feet – 5,030, price per square foot – $1,011. Note that Christie’s | Morgan Lane agents were involved in three of the five sales in this price band last month.

By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Morgan Lane International. Call Kyle Frazier at 415/350-9440 for more luxury home market information in San Francisco and Marin Counties.

Marin County, California, Luxury Homes Report (August 2009–Sales and Inventory Analysis)

Marin County, CA’s luxury real estate market segment continues to take shape in the aftermath of the equities meltdown of Fall 2008. In our New Economy, buyers are placing emphasis on prestige locations, sweeping views, grand appointments, compelling “estate history,” and impressive scale. The luxury market in Marin remains weighted towards homes priced under $4 million, although we did have 3 sales of homes priced over $4 million in July 2009. The number of sales in July 2009 is off by 74% from July 2008. The news is not all negative, however, as we had several significant properties trade last month and another 30 luxury homes are currently in escrow. For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing dated August 2, 2009, click here. Note, if you would like a local report relating to any town or zip code in Marin or San Francisco, call me at (415) 350-9440.

Buyers remain dubious of price stability for good reason (see chart below reflecting year over year median asking prices in Tiburon, Mill Valley, and Kentfield). But, increased conforming loan limits and a pronounced level of increased affordability across the board should help sales moving forward into the Fall as buyers with 25% down will obtain top-shelf financing for purchases of $1.6 million. While not necessarily “Luxury” territory here in Marin (although declining prices are putting some very nice homes into the sub-$2 million price bands), a sizable segment of buyers of luxury homes must sell their current homes first (80% of buyers are sellers). The chart below indicates that across the trend in Marin’s luxury segment is for lower prices — 10-25% lower than last year in Mill Valley, Belvedere, and Kentfield. 

The year over year inventory levels in Mill Valley have hovered at around 20% since May 2009 (much improved from a nearly 60% inventory increase in February 2009). Meanwhile, inventory in Kentfield has rocketed nearly 90% higher this year compared with last year. In combination, Tiburon and Belvedere inventory levels are about 70% higher than last year. Prediction: Kentfield and Tiburon / Belvedere prices will continue to recede through Q4 2009. Indeed, we can see that trend has set in dramatically in the above chart which tracks asking prices of homes currently for sale.  

Among the sales last month, was a $9.8 million trade in Kentfield after just 3 days on the market. Our agents are noting a more focused approach by buyers. In addition, Carlos Santana’s San Rafael estate sold last month after just a couple of weeks on the market. Indeed, we are also starting to see buyers lose out on properties they loved because they assumed there was no urgency in writing an offer.
 
The graph below reflects a 90-day rolling average of asking prices for homes in the topmost quartile (e.g. prices of the most expensive homes) in 3 touchstone Marin County cities: Tiburon, Mill Valley, and Kentfield. As you can see, over the past year, prices have declined, although asking prices appear to have leveled in all 3 towns.

 Below is a new chart focusing on the percentages of homes in Tiburon and Mill Valley that have experienced price reductions, as well as a look at how deep those reductions have been, on average.

Real Estate Market Chart by Altos Research www.altosresearch.com

The definition of this market stat is: “Percentage of homes on the market that have decreased their asking price at least once over the past 90-day period.” In any market, even in strong seller’s markets, there will always be some number of properties that will decrease their listing price. These may include sellers that drastically overpriced their homes just “to see what they could get” or homes that simply entered the market at a price level above what the market will bear.

Even in strong seller’s markets, the Percent Price Decreased will be 10-12%, so some repricing of individual properties is common in any market. In weaker markets, this value begins rise into the teens, 20%, 30%, and higher. Percent Price Decreased is an incredibly insightful gauge of demand levels in the residential housing market. This statistic illustrates how many listed properties may be behind the “price curve” – listed at a price above what the market is willing to pay for similar properties. However, “Percent Price Decreased” alone does not indicate the overall health of a particular market. This statistic should be combined with other market stats to determine the overall direction of a market.
 
$2 Million to $4 Million Luxury Homes
Summertime is a traditional slow season for Marin real estate because many families focus more on vacations than on home buying. While buyer activity has picked up over the past week, home sales in July 2009 were limited to six. It seems that there is a lot of home shopping going on, but few sales. Inventory has dipped to 126 homes on the market between $2 million and $4 million (down from 135 last month, but up from 110 in March).
 
Quick recap of 2009: Since the emergence of the “new economy” (post-October 2008), sales numbers in this price band are down. For example, there were 18 sales in October 2008 (a relatively strong time of year for sales and, of course, these buyers were well into their escrow periods at the time of the meltdown). Then, by February 2009, sales dipped to just 2. As things began to improve in April & May 2009, sales bumped up to 8. And June 2009 was relatively strong with 16 sales. Although that number fell to just 6 in July 2009, I believe we will pleased in coming months with sales numbers. Today, there are 25 homes in escrow in this price band. That portends stronger sales months to come.  
Cities recording sales in this price band included: Belvedere (2), Kentfield (1), Ross (2), and San Rafael (1). These homes averaged 61 days on market. Their average sales price was $2.993 million (roughly $747 per square foot), with an average of 4,177 square feet. As noted above we also have a stockpile of homes in the escrow pipeline, including homes in Belvedere (5), Tiburon (4), Sausalito (2), Mill Valley (4), Corte Madera (1), Larkspur (1), Ross (3), and Kentfield (3), and San Rafael (1). The absorption rate for Marin homes in this price band is up to 21 months. Most sellers seem to understand that they must position their home at the head of the line when it comes to pricing if they want to sell. 
$4 Million & Up Ultra-Luxury Homes
The inventory level of Marin County’s ultra-luxury market (homes priced in the $4 million and up range) remained static with 54 homes for sale. The highest concentrations of homes in this price band are Tiburon, Belvedere, and Ross. Recent activity in this price band is improved. Marin County saw three homes sell last month, including a $9.8 million sale Kentfield, Carlos Santana’s San Rafael estate, and a spectacular Belvedere home. Moreover, there are an additional 5 homes currently in escrow in this price range (including 2 in both Belvedere and Ross). Marin cities and towns with homes priced over $4 million include Tiburon, Belvedere, Sausalito, Kentfield, Ross, Mill Valley, San Rafael, and Novato. The absorption rate for these homes is 18 months.  

Marin Cities & Towns

$2 Million — $4 Million

$4 Million & Up

Active

Pending

Active

Pending

Sausalito

12

2

7

0

Belvedere

26

5

10

2

Tiburon

20

4

21

1

Mill Valley

30

4

4

0

Larkspur

2

1

0

0

Corte Madera

0

1

0

0

Kentfield

11

3

2

0

Greenbrae

2

0

0

0

Ross

6

3

8

2

San Anselmo

6

0

0

0

San Rafael

6

1

1

0

Novato

5

0

1

0

The above graph identifies the numbers of active listings and homes in contract in the Marin County luxury ($2 million to $4 million) and ultra-luxury ($4 million and up) home market segments. Note that all homes in contract are included in the category “Pending” even though some are technically “Contingent” properties (e.g., the buyers have not removed all contingencies). This information is limited to Marin County’s Highway 101 corridor towns and cities that consistently maintain a monthly inventory of luxury and ultra-luxury homes (Western Marin coastal homes are not included)

Call Kyle Frazier, Marin Realtor & CRS, Member of Institute of Luxury Home Marketing, Broker Associate, Morgan Lane Marin Real Estate, Pacific Union International, Christie’s Great Estates of Marin, 415/350-9440 for more luxury home market information. You can also e-mail Kyle at mailto:Kyle@ImagineMarin.com.

Extraordinary Service, Extraordinary Results — Kyle Frazier & ImagineMarin.com (Marin County’s Hub For Luxury Homes)

Kyle Frazier is a certified residential specialist–the highest designation offered by the National Association of Realtors. Client satisfaction is demanding in the rough and tumble world of luxury real estate. Kyle and his dedicated and caring team are there to meet the challenge.

Client Satisfaction Is Paramount

Kyle’s exemplary professionalism manifests itself in many ways, from treating everyone with courtesy and respect, to doing the right thing every time (not just when people are looking).  This focus on integrity and quality have benefited Kyle’s clients with tangible results and bnefitted Kyle with extraordinary good will.

Marin County property owners and real estate investors can rely on regular and consistent services carefully coordinated by Kyle and his team. Kyle’s #1 source of new business is referrals from past and current clients. The equation is simple: Happy clients lead to growth. And happy clients are created and nurtured by properly executed plans, carried out by knowledgable and caring people. This is Kyle’s focus.

Kyle Understands That Everybody Has Particularized And Unique Objectives

There is no cookie cutter approach to buying and selling real estate in Marin County, CA. Motivations of buyers and sellers ratchet along a sliding scale. At any given point in time, motivations can ratchet either direction. Understanding this phenomenon is a crucial skill of successful realtors. While Kyle cannot control the motivations of others, he can and does know how to best leverage knowledge in favor of his clients’ objectives.

Kyle also appreciates the fact that his business only succeeds if his clients’ goals are met via a consistent application of principled and directed action.

Kyle’s Endorsements

With gratitude, Kyle appreciates your stopping by ImagineMarin.com and encourages you to contact him with any questions you may have or to set up an appointment to help determine if Kyle is the REALTOR® for you. Indeed, Kyle believes his clients say it best (click HERE to view his endorsements).