Looking for the Sub $1 Million Marin Buyer

Three homes this week broke a barrier and dropped below that 7 digit figure.  Once priced over $1 million dollars, these properties dropped that extra digit, in hopes of attracting those buyers who just can’t stomach the plunking down 7 digits for that Marin home.  It can be a mental threshold and when a price is almost a million as opposed to one – point something, emotionally, it does sound better.  When you are inundated with homes that average well over a million, pricing it just below may be a smart move – giving the sense it’s not as pricey as all others.

Look at these homes that are hoping to find another breed of buyers:

2 Fawn Rdg,  Fairfax – 3 beds, 2baths – $999,000:  This is the very first price reduction for this home in the hills of Fairfax.  The lot is huge – almost a half acre.  Great views from a nice looking deck.  Almost at the one month mark, this home originally asked $1,095,000.  Almost a $100K price reduction here.

1150 Mission Ave, San Rafael - 2 beds, 1 bath – $999,000:  Moving east to San Rafael, there is another property exhibiting the same price drop pattern.  However, this home is a bit on the funky side.  A historic turn of the century, it only has 2 legal bedrooms but downstairs contains 2 extra rooms that could be an extra unit.  Near downtown San Rafael, this is the first price drop for this property since it listed in April for $1,095,000.  Past sales history indicates it sold for $1,225,000 in 2005.  Hmmmm……

50 Mono Way, Mill Valley – 3 beds, 2baths – $999,000:  The owner of this property is movivated.  The price has been reduced and they are willing to entertain a lease option.  Last purchaser (assuming the owner here) paid $1,106,000 in 2007. The original ask was just shy of $1.2 million and now they are hoping to just get this thing off their hands with the next bracket of buyers who will bite.  Only after a week, they dropped the price to the sub million mark from $1,095,000, which was their 4th price reduction.     There seems to be a pricing trend going on here….