March 30, 2008

Selling Short in San Rafael

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