April 30, 2008

Sparing a Quarter in San Rafael

Yesterday I read an article in The Wall Street Journal talking about the drop in the Case-Shiller home index, which measures home price levels in 20 major metro areas—Bay Area included. Looking at the current rate of decline, the article noted that prices are dropping by 25% on a three-month annualized basis. Whoa.

However, some recent price reductions in San Rafael have already hit that 25% mark—and it didn’t even take 365 days. Pretty dramatic price reductions but maybe an opportunity to find some a good value in your next home.

166 Oak Dr, San Rafael - 3 bedrooms, 2 baths - $999,000: Now just under $1 million, this house was first listed back in November for almost $1.3 million. Near the Loch Lomond area of San Rafael, this offers great views of the water and Mt. Tam. Sits on a large lot with a unique A-frame style.

7 Belloreid Ave, San Rafael - 4 bedrooms, 2.5 baths - $799,000: Attractive Miracle Mile/Sun Valley location, this close to 1400sf house sits on just over half an acre. First listed in February for $1,079,000, it’s price has been dropped by over $250K.