Taking Advantage of Foreclosures in Marin

Behind every foreclosure is a sad tale of homeowners losing their homes, possibly a lifetime worth of savings wiped away.  On the other end is the story of hopeful buyers seeing their prospects become more real as home prices come down to a level they can afford.

In Marin, the foreclosure trend has been centered around Novato and San Rafael.  The MarinIJ recently highlighted a few Marinites who’ve been able to get their foot in the door who couldn’t otherwise a couple of years ago. 

For first time Marin buyers, condos are the primary target since the price levels are more affordable than single family homes.  According  to the IJ, “…condominium and townhouse prices have dropped 26 percent…, from $555,000 in June 2007 to $410,000 last month.”

The article notes that the 1,346 homes in Marin are either in foreclosure, or close to it.  Novato has about half of these homes.  And yes, there are listings in Marin below $350,000.  The IJ found 92 properties in this category with, “…14 are bank-owned and 54 teeter on the brink of foreclosure.”  These homes are “…clustered in Novato and San Rafael’s Canal area,…mostly condos between 598 and 1,525 square feet and range from one-bedroom, one-bath units to a three-bedroom, three-bathroom townhouse.”

Surprisingly, while there is quite of bit of inventory in this distressed market, it’s a bit more competetive than one would expect.  The article talks about a young couple being outbid by an investor, having to make several bids on multiple properties, etc.  And most interesting tidbit was how long it took to execute on a short sale – close to three months.  One would think the banks couldn’t wait to recoup some of their money back. 

The happy ending to all this is that folks who may have never ever thought they could ever be homeowners in Marin a few years ago are getting keys to their own pad now.  And with no quick recovery on the near horizon, there may be more happy tales to be made.