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

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

As reported in June 2010, “real buyers” continue purchasing “done” homes in prestige locations such as Mill Valley, Belvedere, Ross, Kentfield, etc., along with “value” properties with locational upside, views of San Francisco, southern exposures, and knolltop properties. Marin County’s luxury home real estate market reflects increased sales velocity driven by buyer optimism. In the $2 million to $4 million price band, June 2010 sales eclipsed last year’s total, inventory is down from last year, and the number of homes with accepted offers (in escrow) is high. This combination of factors looks promising for continued improvement. And we are not alone — click HERE for a detailed snapshot of current national trends from the Institute for Luxury Home Marketing. I also believe that the imminent resolution of the tragic oil spill in The Gulf of Mexico will help improve public optimism, which has been suppressed by this calamity.

$2 Million to $4 Million Luxury Homes

True to last month’s prediction, trades were again up significantly in this luxury segment (with 20 sales, Marin County more than doubled last year’s total for the month and equaled May’s numbers) — another 24 homes currently in escrow (more than last month). Pending sales is a good leading indicator of increased sales next month. Certainly, buyers are feeling some urge to buy as it appears that the overall economic and housing environments are improving and pricing in the marketplace increasingly suggests “value.” Inventory remains relatively low at just 159 homes actively on the market (up by 22 from last month).

Cities recording June 2010 sales in this price band included: Belvedere (2), Tiburon (4), Mill Valley (5), Sausalito (1), Corte Madera (1), San Anselmo (1), and Kentfield (3). These homes averaged 93 days on market. Their average sales price was just over $2.7 million (roughly $831 per square foot), with an average of 3,537square feet. The absorption rate for Marin homes in this price band has fallen dramatically and is down to approximately 4 months.

$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) remains even — we have 69 homes for buyers to choose from. There were 2 homes to sell in this ultra-luxury price band in June 2010; both in Belvedere. They averaged $4.29 million, 145 days on market, 4,196 square feet and just over $1002 per square foot. There are four additional homes in this price band in escrow. I look forward to coming months as this important segment of the Marin real estate market continues to improve. 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 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.