Archive for March, 2008
March 31, 2008
Marin’s free weekly, the Pacific Sun, recently released their “Best of Marin” poll, where Marinites raised their hands for everything from the best bakery to the best auto repair.
So which towns received top honors in Best Marin Town, Other Than Your Own category?
1st place: San Anselmo
2nd place: Fairfax
3rd place: Mill Valley
As a San Anselmo resident, I’m proud to brag that my town took the top prize for a 2nd year in a row, since this category debut last year.
Now that you know where Marinites like to be, take a look at a some homes in these areas, both on the high and low side:
San Anselmo:
133 Butterfield Rd - 3 bedrooms, 1 bath - $679,000
1348 San Anselmo Ave - 5 bedrooms, 3.5 baths - $1,895,000
Fairfax:
256 Bolinas Rd - 3 bedrooms, 1.5 baths - $689,000
26 Redwood Rd - 6 bedrooms, 4 baths - $1,295,000
Mill Valley:
263 E Blithedale Ave - 2 bedrooms, 1.5 baths - $787,500
111 Locust Ave - 6 bedrooms, 5.5 baths - $3,395,000
March 31, 2008
This week, the San Jose Mercury News has released its monthly data showing home prices and sales throughout the Silicon Valley. Upon reviewing this extensive data, we see some clear trends and information that home buyers can use in planning their next purchase.
Areas with good school districts such as Cupertino and Los Gatos appear relatively unaffected by the current home price plunges. Cupertino shows a 6.9% increase in price per square foot. Los Gatos shows a 1-3% increase based on area code, but Mountain View showed a whopping 66% increase in price per square foot in the prestigious 94040 area code. Children in this district attend Mountain View High - which has shown dramatic improvement in test scores and other accolades in the past several years.
Most San Jose area codes have shown a plunge in per square foot prices - with some reprieve shown those close to and zoned into prestigious Campbell, Los Gatos, or Cupertino school districts.
It is clear that as a Bay Area community - the quality of our children’s education rates second to none!!!
Another telling statistic is that sales of older homes continue to decline - resale home prices across Santa Clara County fell by 44.6%, while prices of newer homes have only declined by 40.3%. Is this number statistically significant? Most statisticians would say that it isn’t - but I think it shows that at least some buyers view newer homes as being more energy and power efficient, and more worthy of investment in these tough times.
March 31, 2008
Some of our current listings are a little ridiculous. In the spirit of April Fool’s Day, I thought it would be a good time to make fun of expose a few for your reading pleasure.
SF
1. 610 El Camino del Mar: This stunning, fantastic, epic mansion-like home should have sold ages ago. But when I posted about it before in my Bay Area Billioniares Blog, one smart reader pointed out the property’s price, $6,200,000 is exactly $5,200,000 more than the sellers paid for it in 2002. Now, this gem has been sitting over 120 days, its aquamarine pool tragically empty, with nary a price reduction in sight.
2. 150 Josiah: A 6/6 single-family in Ingleside, this home has been on the market over 111 days. To be fair, I should point out the price has been reduced from $1,130,000 to $1, 100,00, but that’s still too much. The house is split up into something more like an apartment building than a true single family; it’s not in the best neighborhood (90% of homes in the 94112 zip code have a lesser value than this home); and the Zillow estimates a range of $798,660-$1,055,700.
3. 145 Faith St.: This is a very attractive 3/3 SFH, but it’s been sitting now for 88+ days, and no wonder- at $1,249,999. Comps in the area show nearby 1457 Florida (a 4/3 SFH) listed at $799,000 and 864 Peralta (a 4/2 SFH) listed at $699,000. Zillow’s estimate? $674,250 - $837,000
Daly City
4. 295 Oakridge Dr. : A large 3/2.5 SFH, yes. But $1,388,000? No. And since it’s been on the market 270 days, someone besides me feels this way.
5. 398 Alta Loma Ave. : a 5/3 SFH listed at $1,100,000. Nothing nearby and of similar size is listed for more than $900K. Already on the market for 56 days, if the sellers don’t rethink the asking price, I predict several more days without a buyer.
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Art credit: Elon.edu
March 31, 2008
Top Listings for March 23-29
The following symbols reflect my own personal opinion:
I would consider buying.
I would definitely go look at this but would have to think about it for a while.
I would look at other places first, but would not totally rule this one out.
FREMONT
4243 Tanager Ter – 2/2 – 1405 sf $550,000 This one is located in a nice convenient to commuting and shopping area of Fremont. And it is large enough to give the feeling of a private home.
5798 Ring Ct – 3/2 – 1372 sf $500,000 Plan on some 880 freeway noise here. It is only a couple of houses away but, to be fair, I would go check it out in person.
49170 Aster Ter #304 – 2/2 – 1114 sf $519,000 This one is right on the border of Milpitas and maybe a little too close to the Milpitas dump. I would suggest going to visit on a day when the winds are blowing to the East before making a decision.
4626 Doane St – 4/2.5 – 1958 sf $650,000 This is located in a well-established neighborhood in an area not too far from where I live. It’s a good location and a lot of house for the price.
4271 Carol Ave – 3/2 – 1251 sf $565,000 There is a school right off the backyard of this house and during the school year it gets a lot of traffic due to parents picking up and dropping off their kids.
HAYWARD
19611 Camden Ave – 4/2 – 1459 sf $289,950 While this is not located in one of the more desirable areas of Hayward at only $199 per square foot it could be a good deal to snatch up as a rental.
2069 Continental Ave – 3/2.5 – 1621 sf $439,900 Close to several businesses and Chabot College.
24540 Eden Ave – 3/2.5 – 1506 sf $373,000 Close to Chabot College.
24622 Heather Ct – 3/2 – 1747 sf $415,000 Less than a block away from Chabot College.
28197 Tampa Ave – 4/2 – 1286 sf $299,900 A lot of house for the price but I would advise checking out the neighborhood before you get too excited about it.
MILPITAS
70 Hemlock Ct – 3/1.5 – 1150 sf $418,888 This house is located right next to foothills that afford some great hiking.
445 FERREIRA CT, Milpitas – 5/2 – 1650 sf $695,000 I like this area. Looks like it could be a good deal.
NEWARK
38177 Woodruff Dr – 3/2 – 1379 sf $424,900 This one is in a fairly nice neighborhood as well as right next to an industrial area. A little yin and yang.
6321 Honeysuckle Dr – 3/2 – 1379 sf $695,000 A nice area. Not on a main street so it’s good for letting the little ones play outside.
REAL ESTATE TERMINOLOGY:
Erosion - The wearing away of the surface of the land by the action of wind, water, and glaciers, for example.
March 31, 2008
Real Estate Disposition Corp. (REDC) will be holding another auction, like they did on February 23rd. Due to the large number of properties, they have broken out the auction into 3 separate days, over two weekends, to cover 3 geogra
phic areas. You can log onto their site, go the Northern California auction section, and then click on the area of interest to you. Once you have done that, you are able to search by city, # of bedrooms or # of baths, depending upon your interest. Here are the details of each REDC auction:
April 26th San Francisco Area Properties: 222 homes
Cow Palace
Registration begins at 8am
Auction begins at 9:30
Home Inspections available from 10am to 5pm, 4/5/08, 4/12/08 and 4/13/08.
April 27th San Jose Area: 205 homes
San Jose McEnery Convention Center
Registration begins at 8am
Auction begins at 9:30
Home Inspections available from 10am to 5pm, 4/5/08, 4/12/08 and 4/13/08.
May 4th Oakland Area: 222 homes
Alameda County Fairgrounds
Registration begins at 8am
Auction begins at 9:30
Home Inspections available from 10am to 5pm, 4/5/08, 4/12/08, 4/13/08, and 4/27.
Other Auctions of Interest:
April 13th: Accelerated Marketing Partners is being kept mighty busy auctioning off homes these days. Sunday, April 13th brings 28 new homes to the block from the Forest Park development in Gilroy. Previously listed for $565,000 and up, auction prices will begin at $335,000 for the townhouses and single family residences near the downtown area. Information and home tours are available daily until the auction at 7661 Forest Street, Gilroy.
Out of Area/Vacation Property/Second Homes
April 13th: For those of you interested in a second home, you might think about heading down to Monterey. On Sunday, April 13th, Accelerated Marketing Partners will hold an auction of 41 condos and townhouses, with starting bids from $225,000. The auction center is open daily from 10am to 5 pm at 820 Casanova Avenue, Monterey. To learn more about the homes available, you can register at their website.
April 6th: Brand new golf and lakefront homes in Chowchilla will be sold on Sunday, April 6th. Kennedy Wilson is auctioning the properties located in The Cascades and The Villas developments, with prices beginning at $160,000. Homes are from 2 to 5 bedrooms and 1,430 to 4,000 square feet. More information available at www.golfhomesauction.com.
April 6th: The Gold Country and Sierra Foothills has an auction offering on Sunday April 6th, through Accelerated Marketing Partners. Fifteen new single family homes are up for grabs in Copperopolis. Starting at $195,000, these homes originally sold for $413,900 and up. Daily tours and auction information are available at 195 Pheasant Run Drive, Copperopolis or on the website.
March 31, 2008
And a modern mansion it is. Located at 47429 Avalon Heights Terrace in Fremont, this 4,410 square foot home, on the market just 27 days, struck my eye right away in the Daily Stats. Why? Because we haven’t seen any mansions at all in the Bay Area stats of late, which is probably indicative of the kind of market we are having right now. People are not even playing voyeur and looking at the high-end homes. So it was refreshing to see
something other than a foreclosure or a ticky-tacky townhouse.
By far, the best feature of this home in my opinion, built in 2000, is the grounds. The property is .64 acres, and I can see how the owner spent $500,000 on landscape/hardscape, with the covered terrace, pool, and even a vineyard. Situated up on a hill with views, the home has a 5 bedrooms and 4 bathrooms within its two stories. I was very impressed by the floor-to-ceiling windows in the living room, which overlooks the terrace and pool, however I found the kitchen, like many rooms in the house, to be somewhat small for a home of this stature. The front is a bit close to the street, given the size of the lot, but it is on a cul de sac of similar new high-end homes, and there is a nice view overlooking the city and bay. Priced at $2,290,000 ($519/sf), you can see a virtual tour here.
Recent Sweet Digs Posts
Selling Short in San Rafael
The State of the Market in Los Gatos
As Expected, NAR Commercials Biased and Irresponsible
Sub $1 Million Club Forming in Novato and San Rafael
Lucky 8? Buyers Hope to Be on Oakland Condo Auction
Go BIG or Go Home
Mirabile Dictu, Price Drops in El Cerrito
March 30, 2008
Wealthy Marin has been insulated mostly from the rise in foreclosure activity that most of the US and Cali is experiencing. Like every well to do county, there are areas where more affordable housing exists. San Rafael hosts a few pockets and unlike the rest of Marin (except Novato), is seeing a rise in default activity.
Below are a few properties that unfortunately, the recent owners bit off more than they could chew:
18 Bret Ave - 3 bedrooms, 1 bath, 1,334 SF - $675,000: Purchased in Aug 2005 for $718,000, this Bret Hart house has been on the market since Halloween last year. It looks well maintained and has a decent size lot. It is now ~$75K off from the first ask of $749,000.
15 Stevens Pl - 3 bedrooms, 2 baths, 1,531 SF - $499,000: Last owners got in this place for $665,000 in November 2005. It is now $100K less than the first ask of $599,000 from last November. Located by central San Rafael off of Lincoln Avenue, this home also looks well maintained - with a nice fireplace and hardwood floors.
The Canal area of San Rafael is home to several affordable condo complexes. And unfortunately, also home to several condos approved for short sale:
197 Novato St - 3 bedrooms, 1.5 baths, 1,344 SF - $289,000
263 Playa Del Rey - 3 bedrooms, 2.5 baths, 1,323 SF - $349,000
462 Bahia Way - 3 bedrooms, 1.5 baths, 1,116 SF - $299,000
March 30, 2008
Properties in Los Gatos continue to appreciate - a 5.6% price gain was seen in March over February of this year. According to Yahoo Real Estate, there are 182 homes for sale through the MLS at a median price of $1,399,990, and 277 homes for sale through classifieds at a median price of $1,750,000. There are only 37 foreclosures at a median price of $260,000 - in the prestigious Los Gatos market, that means they are mobile homes as even condos run about $600k-900K.
What’s great about this is that many homes in the surrounding areas, such as the 95124 area of San Jose and parts of Campbell, are buoyed upwards by the Los Gatos mystique. At the very least, they are not falling as fast as other areas of the South Bay.
What’s so special about Los Gatos? Los Gatos is the last Silicon Valley town you pass through before entering the Santa Cruz mountains, making it closer to the beach and great hiking than other South Bay towns. The school system is excellent, local restaurants are quaint and homey while providing great cuisine, and the downtown area is full of fascinating antique shops and boutiques. Joe Dimaggio and Marilyn Monroe even stayed here once, after their San Francisco wedding!
Another reason that property values are rising in Los Gatos is that no new mega developments are happening here. When massive low cost condos are built in an area, it creates downward pressure on existing homes.
March 30, 2008
As I sit and watch the NCAA Tournament on CBS, I have to endure repeated advertisements by the National Association of Realtors stating why it’s a good move to buy a house this year. Please.
It’s not that I am surprised at all I guess. I shouldn’t be. Just look at the wonderful books the NAR’s former chief “economist” (and I use that word loosely in this case) David Lereah had written in recent years before his exit:
2005: “Are you Missing the Real Estate Boom? Why home values and other real estate investments will climb through the end of the decade, and how to profit from them.” (Long title much?)
2006: “Why the Real Estate Boom will not Bust–And How You Can Profit From It. How to build wealth in today’s expanding real estate market.” (Shorter title, but equally terrible message!)
Not much of a track record for guiding the general public, wouldn’t you say? If you followed the advice of the former Chief of the NAR when these books were published, you are likely in major financial trouble now. Are you sure it’s a good idea to listen to the NAR now? Never.
See their new website for supposed housing market “facts.” I couldn’t even finish looking it over.
March 30, 2008
It seems that there is a lot of activity in the Marin market this week, as Spring is now officially here. A total of 36 homes went into contract this week. If the rest of March was like the past week, it will be on pace to have just under 150 homes being sold, which would be up from 122 and 136 homes in January and February.
One interesting, but not surprising stat is the two clubs that appear to be forming in Marin County—a sub $1 million club and a $1 million plus club. Those buying below one million were the perpetrators of most of the contracts, 22 out of the 36. And where are they finding these sub $ 1 mil homes? Yep, San Rafael and Novato—the two Marin cities known to be way more affordable than the picture-perfect southern Marin towns. Of these 22 in contract, 9 each were in San Rafael and Novato. The remaining 4 were southern Marin outliers - a condo in MV, a fixer in Larkspur, etc.
So…what does this all mean? My take on this is that most of Marin is STILL oh-so expensive. The average Mill Valley asking price is $1,375,000 while Novato is more than HALF that at $649,000. While a bit higher at $789,000, San Rafael is still nowhere near places like Corte Madera, at just over a mil.
I know all counties have their exclusive enclaves and then the other area on the “other side of the tracks.” As the income and wealth gap in the US keeps growing, it looks like there is one widening too in Marin.
