Getting Hit in San Rafael: More REO Listings

Marin hasn’t been hit that hard (yet) in general by the decline in housing prices.  With home prices that hover here and there around the million dollar mark, wealthy Marinites are riding out this storm in a decent fashion.  But not all of Marin is immune to what is going on in the rest of the country.  San Rafael and Novato are the two cities where the income and home prices of residents ranges more substantially.  And unfortunately, where the foreclosure bug of the rest of the country has infected.

This week, a host of REO homes came onto the market in San Rafael.  An indication that San Rafael is still getting hit by the downturn.  A sample of the listings that just came on to the markets:

3665 Kerner Blvd #A San Rafael – 2 beds, 2 baths – $150,000:  This was the lowest of the bunch that popped up on the market.  In the canal area, where a lot of foreclosures are taking place.  Looks like the bank owns it for about $325,000.  A good starter property if you are on a budget or possibly a good investment property.

15 Stevens Pl San Rafael -  3 beds, 2 baths – $450,000:  A single family home north of downtown by Lincoln Ave.  No pics (none of these listings seem to have them).  Close to 101 may be a distractor, especially currently witht the construction going on.  Last estimated minimum value was around $570,000.

262 Prospect Dr San Rafael - 4 beds, 3 baths – $642,900:  Another single family home and further north in San Rafael. In somewhat the general vicinity of the one above but further north and not by the highway.  House is just over 2000 SF.  Plenty of room here for a large family.

6 Redwood Dr San Rafael – 4 beds, 3 baths – $975,000:  In the Gerstle Park area of San Rafael.  While a REO, the bank seems to be trying to get their full dollar back.  Last assessed at $970,000 and the bank owns if for just above $1 million.  Home value estimates range from a low of $1.1 million to a high of $1.9 million.