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

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

Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (May 2011) — As expected, April 2011 luxury home sales increased — we had 14 trades (there were 9 in January and just 7 in February 2011). While international events of the past several months have been a roller coaster, it appears the stock market’s rally is unabated. 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. 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 has risen over the past month — 144 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 (4); Kentfield (2), and Mill Valley (1); Greenbrae (2); San Anselmo (1). These homes averaged 90 days on market. Their average sales price was $2.699 million (roughly $802 per square foot), with an average of 3,511 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 Kentfield) and there are currently three 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”).

Marin Luxury Homes Report (November 2008)

Marin Luxury Homes Report (November 2008) The traditionally slower season for luxury homes sales is here. Nationwide, the number of homes sold in the luxury market is down this month (although sales were up about 7% nationwide as compared with September 2007-the most recent data available). The financial debacle is unquestionably impacting (or should I say, infecting) the market. Marin County buyers in these price bands are often portfolio investors, entrepreneurs, executives, or business owners and all are now feeling the bite of economic decline and many have decided to spell their purchasing decisions 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. 

Inventory in Marin County, California’s, luxury home market (e.g., homes for sale between $2 million and $4 million) is holding steady. There are 130 homes on the market, compared to 129 homes in October 2008. October saw a respectable number of sales with 15 homes sold–same as September 2008. Mill Valley again experienced the most luxury home sales (with 5). San Rafael had 4 sales, Tiburon had 2 sales, and Sausalito, Belvedere, and San Anselmo each saw 1 home sold in this price range. The average days on market for the homes that sold was 117 days and the average sales price was just over $2.785 million (roughly $756/per sq. ft.), with an average of 3,896 square feet. Belvedere and Tiburon have 4 and 3 homes currently in escrow. I expect the number of sales next month will drop precipitously as the full effect of the stock market’s recent plunge takes hold.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) has seen an more exaggerated decline this month. There are 49 active listings, compared with 46 last month. Tiburon, as always, leads the pack in this price band with 13 homes for sale and Belvedere follows with 9 active listings. Other cities / towns with homes in this price band include Kentfield, Sausalito, Mill Valley, Ross, San Anselmo, San Rafael, and Novato. There were just 2 sales last month (September 2008 had 3 sales). Reflecting the uncertainty of the times, no ultra-luxury homes in Marin County in escrow. The homes that sold last month averaged 243 days on the market, sold for an average of about $5.25 million ($964/sq. ft.), and were 5,372 square feet.   

 

Marin Cities & Towns

$2 Million — $4 Million

$4 Million & Up

Active

Pending

Active

Pending

Sausalito

7

1

1

0

Belvedere

9

4

9

0

Tiburon

33

3

13

0

Mill Valley

22

0

4

0

Larkspur

7

0

0

0

Corte Madera

1

0

0

0

Kentfield

9

2

2

0

Greenbrae

1

0

0

0

Ross

4

2

6

0

San Anselmo

16

0

1

0

San Rafael

13

1

3

0

Novato

5

0

1

0

 

The above graph identifies the numbers of active listings and homes in contract in the Marin County luxury and ultra-luxury 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, Broker Associate, Frank Howard Allen Realtors of Marin, at 415/350-9440 for more luxury home market information. You can also e-mail Kyle at Kyle@NorthBayRE.com. It is always a pleasure to be of service.