Bay Area Real Estate Sales

Bay Area Real Estate Sales.com Newsletter

April 2009

In This Month’s Issue:

Marin Home Sales Rise in March

Marin Foreclosures/Bank Owned Properties

Whole New Ball Game for Refi’s

2 New Listings

What Did Your Neighbors’ House Sell For?

Search the Marin Multiple Listing Service

Liz McCarthy Has Been Credentialed as a Number1expert!

The Bay Area Real Estate Newsletter Is Provided To You By:

MARIN HOME SALES RISE IN MARCH

Trends at a Glance
(Single-family Homes)
	Mar 09	Feb 08	Mar 08
Median Price:	$712,955	$649,000	$905,000
Average Price:	$1,188,162	$805,496	$1,192,368
Home Sales:	88	61	103
Sale/List Price Ratio:	93.3%	93.9%	96.7%
Days on Market:	102	86	74

Home sales in Marin bounced off the low set in February, rising 44.3%. Year-over-year, home sales were off 14.6%. Year-to-date, home sales are down 21.3%.

The median price for single-family, re-sale homes reversed course again in March, rising 9.9% from February. Year-over-year, the median price is down 21.2%.

The following chart tracks each property sale from March and shows the percentage of the listing price the seller received compared to how many days the property was on the market.

The chart shows that properly priced homes sell quickly and for close to, if not more than, their asking pricing.

Condo sales were up 6.3% year-over-year. Year-to-date, condo sales are up 24%. The median price for condos in Marin County fell 7.8% from February, a drop of 48.2% compared to March 2008.

If you have any questions please call me at 415-250-4929 or drop me an email.

The sales price to list price ratio fell 0.6 of a point to 93.3%. The number of days it took to put a home into escrow rose sixteen to 102 days in March.

If I can help you devise a strategy, call or click the buyers or sellers link to the top.

March Sales Statistics
(Single-family Homes)
	Prices		Unit				Change from last year
	Median	Average	Sales	DOM	SP/OLP	SP/LP	Median	Average	Sales
Marin	$712,955	$1,118,162	88	102	86.3%	93.3%	-21.2%	-6.2%	-14.6%
Belvedere	$4,050,000	$4,050,000	2	140	76.5%	98.8%	-100.0%	-100.0%	-100.0%
Corte Madera	$830,000	$897,333	6	59	96.2%	96.9%	-100.0%	-100.0%	-100.0%
Fairfax	$647,500	$546,250	4	71	88.4%	90.8%	-6.3%	-16.3%	-30.0%
Greenbrae	-	-	-	-	-	-	n/a	n/a	n/a
Kentfield	$1,547,500	$1,547,500	2	248	75.7%	83.9%	-33.1%	-33.1%	0.0%
Larkspur	$575,000	$575,000	1	63	110.6%	100.0%	-58.0%	-65.1%	-66.7%
Mill Valley	$1,032,500	$1,300,600	10	96	87.4%	95.6%	-10.2%	-13.0%	-9.1%
Novato	$570,000	$585,960	25	90	91.4%	96.2%	-21.9%	-26.3%	-30.6%
Ross	$1,595,000	$1,718,333	3	82	91.8%	99.1%	-43.0%	-38.6%	200.0%
San Anselmo	$625,000	$1,160,000	6	76	89.0%	90.2%	-5.3%	32.0%	20.0%
San Rafael	$670,000	$680,679	19	103	89.4%	95.6%	-21.4%	-33.2%	-9.5%
Sausalito	$1,300,000	$1,300,000	1	16	104.0%	104.0%	17.9%	17.9%	-50.0%
Tiburon	$4,351,994	$4,725,997	4	235	82.0%	88.0%	102.7%	81.0%	-33.3%

SP/LP = Sales price divided by the listing price at the time of sale
SP/OLP =Sales price divided by the price for which the property was originally listed

March Sales Statistics
(Condos/Townhomes)
	Prices		Unit				Change from last year
	Median	Average	Sales	DOM	SP/OLP	SP/LP	Median	Average	Sales
Marin	$252,500	$369,388	34	82	91.5%	95.0%	-48.2%	-36.6%	6.3%
Corte Madera	-	-	-	-	-	-	n/a	n/a	n/a
Greenbrae	-	-	-	-	-	-	n/a	n/a	n/a
Mill Valley	$555,000	$555,000	1	25	98.2%	98.2%	-24.0%	-41.8%	-80.0%
Novato	$250,000	$282,231	13	57	95.5%	97.0%	-30.7%	-21.9%	30.0%
San Rafael	$229,000	$271,513	15	104	90.2%	97.0%	-44.8%	-42.5%	114.3%
Sausalito	$1,037,500	$1,084,833	3	49	88.5%	88.5%	34.7%	40.9%	50.0%
Tiburon	-	-	-	-	-	-	n/a	n/a	n/a

Below are details of sales for 2008 and 2009 year to date:

2008 Closed Sales (SFR)
Month	# of Listings	# of Closed Sales	Value of Closed Sales
Jan	318	105	$137,440,397
Feb	412	131	$149,339,585
Mar	513	146	$151,974,175
Apr	534	189	$236,282,733
May	487	216	$274,447,644
Jun	428	225	$249,869,544
Jul	393	249	$264,920,518
Aug	374	228	$227,872,982
Sep	429	211	$226,530,805
Oct	311	204	$190,269,950
Nov	208	145	$111,743,252
Dec	167	413	$122,158,835
TOTALS	4574	2192	$2,342,850,420

2009 Closed Sales (Single Family Residences)
Month	# of Listings	# of Closed Sales	Value of Closed Sales
Jan	327	110	$73,090,837
Feb	308	92	$59,880,244
Mar		89	$99,137,748
TOTALS	635	202	132,971,081

As you can see sales dollar volume is down for the same period 2008 versus 2009 but has increased from the previous month.

Even though these numbers are disturbing Marin is a market of many micro markets.

Of course, if you have any questions please call me at 415-250-4929 or drop me an email at Liz@BayAreaRealEstateSales.com .

Monthly Statistics

If you would like to see all of the recent home sales (by address) in Marin my Real Estate company (Vision Real Estate) publishes these here: http://westbayre.com/frame_main.htm

Below you will find a break down by city and price range of how many homes are in contract compared to how many homes are listed. Overall Marin is in a “Buyers Market” category, but this is a bit misleading. The very low end of the market (homes priced under $500,000) is actually in a “Strong Sellers” market, which tips the overall averages. The high end of the market (over $2,000,000) is in an Extreme Buyers market. I think if you took out the low end of the market (condo sales) the market would be in an overall “Strong Buyers” market.

MARIN HOME (CONDO + SFR) SALES STATISTICS - BY CITY AS OF 4/16/2009
City	Total	Active	Number in Contract***	Percent in Contract*	Type of Market* (See Key)
Belvedere	27	23	4	15%	Strong Buyers
Corte Madera	44	31	13	30%	Buyers
Fairfax	41	32	9	22%	Strong Buyers
Greenbrae	36	26	10	28%	Buyers
Kentfield	31	29	2	6%	Extreme Buyers
Larkspur	35	30	5	14%	Strong Buyers
Mill Valley	168	145	23	14%	Strong Buyers
Novato	338	206	132	39%	Sellers
Ross	24	23	1	4%	Extreme Buyers
San Anselmo	97	81	16	16%	Strong Buyers
San Rafael	339	230	109	32%	Balanced
Sausalito	64	54	10	16%	Strong Buyers
Tiburon	105	97	8	8%	Extreme Buyers
Others	81	71	10	12%	Strong Buyers
Total Marin 4/16/09	1430	1078	352	24.62%	Buyers
Total Marin 3/30/09	1323	1006	317	23.96%	Buyers
Total Marin 2/18/09	1136	870	266	23.42	Buyers
Total Marin 1/22/09	1037	819	218	21.02%	Buyers
Total Marin 1/22/08	1037	819	218	21.02%	Buyers
Total Marin11/24/08	1244	965	279	22.43%	Buyers
Total Marin10/29/08	1377	1096	281	20.41%	Strong Buyers
Total Marin 6/16/08	1586	1220	366	23.08%	Buyers
Total Marin 5/21//08	1582	1226	356	22.50%	Buyers
Total Marin 4/15/08	1375	1085	290	21.09%	Buyers
Total Marin 3/16/08	1157	913	244	21.09%	Buyers
Total Marin 2/18/08	949	742	207	21.81%	Buyers
Total Marin 1/17/08	802	674	128	15.96%	Strong Buyers
Total Marin 12/18/07	932	757	175	18.78%	Strong Buyers
Total Marin 11/17/07	1,146	904	242	21.12%	Buyers

MARIN HOME SALES STATISTICS - BY PRICE RANGE AS OF 4/16/09
Price	Total	Active	Number in Contract***	Percent in Contract*	Type of Market* (See Key)
$100,000-$499,999	323	176	147	46%	Strong Sellers
$500,000-$749,999	304	212	92	30%	Buyers
$750,000-$999,999	254	209	45	18%	Strong Buyers
$1,000,000-$1,499,999	233	195	38	16%	Strong Buyers
$1,500,000-$1,999,999	115	99	16	14%	Strong Buyers
$2,000,000-$2,499,999	60	57	3	5%	Extreme Buyers
$2,500,000-$2,999,999	47	42	5	11%	Strong Buyers
$3,000,000-$3,999,999	44	40	4	9%	Extreme Buyers
Over $4,000,000	48	47	1	2%	Extreme Buyers
Total Marin 4/16/09	1428	1077	351	25%	Buyers

Key to market type:*
0% - 10% of Homes in Escrow: Extreme Buyers	36% - 45% of Homes in Escrow: Sellers
11% - 20% of Homes in Escrow: Strong Buyers	46% - 55% of Homes in Escrow: Strong Sellers
21% - 30% of Homes in Escrow: Buyers	56% - 100% of Homes in Escrow: Extreme Sellers
31% - 35% of Homes in Escrow: Balanced Market

**Based on information from Bay Area Real Estate Information Services, Inc. (BAREIS). Information has not been verified, is not guaranteed, and is subject to change and is based on one period of time.”

***Includes all: Sale Pending & Contingent properties

The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me. If I can help you devise a strategy, call or click the buying or selling link in the menu to the top.

If you know of anyone who would like to receive this monthly newsletter or is thinking of either buying or selling a home please let me know. I’d love your referrals!

FORECLOSURES/BANK OWNED AND AUCTION PROPERTIES AS OF 4/24/09

Type	Number
Pre-foreclosure	426
Auction Sale	152
Bank Owned	266
TOTAL	846

I get asked all the time to look for deals, as buyers want to purchase a "Foreclosed Property" or are looking for homes that are 50% of their value (as many parts of the country have had dramatic price reductions). As I've mentioned, in my many newsletters, Marin is made of of many Micro areas where home values have clearly not dropped like they have in other parts of the state/country. Yes, our prices oure down. But if you are looking for a "Foreclosure deal" be prepared that so is everyone else!

Now, let’s get into the detail on these homes and others that are on the MLS. The majority of the bank owned properties are listed on the MLS as the banks hire local real estate agents to sell the properties. In addition to these 266 bank owned there are also approximately 500 additional homes on the MLS being marketed along with these bank owned. These distressed properties will pull down the sales price for any home in the neighborhood.

If you would like to see the public Bank Owned properties in Marin, here they are on a map:

Search the Map Based REO (Bank Owned) Homes in Marin Click Here

I have access to all of these homes!! Additionally, if you would like me to pull a more customized list for any town in Marin that will show: Pre-foreclosure, Auction and/or Bank owned properties, just email me: Liz@BayAreaRealEstateSales.com

FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com: Search for Homes

WHOLE NEW BALL GAME FOR REFI’S

By Dian Hymer

Mortgage interest rates have declined to all-time lows, resulting in a pickup in mortgage refinance applications. How many of these applications result in successful refinances remains to be seen. Lenders' qualifying criteria have tightened. The lowest interest rates are reserved for homeowners who have sufficient equity in their homes and who have high credit scores -- usually above 720. Lenders also are stricter on the borrower's overall debt-to-income ratio, but this varies from lender to lender.

Validating sufficient equity can be a show stopper, particularly in areas that lenders designate as declining markets. Should property values fall further, and the borrower suffers financial hardship, the lender could end up foreclosing. If the property doesn't sell for enough to cover the mortgage amount, the lender takes a loss.

Some appraisers are cutting back on their property valuations. For example, an Oakland, Calif., homeowner had his house appraised early in 2008 for $1.1 million. By the end of 2008 the same property was appraised again, only this time the appraiser came up with a value of $670,000. This was a very low value for a neighborhood where similar properties sell in the price range of $900,000 to $1.2 million.

HOUSE HUNTING TIP: In a situation like this, there are several ways to proceed. The first is to challenge the appraisal. The homeowner mentioned above called a local real estate agent for comparable sales information for listings sold in his neighborhood since September 2008. In this market, lenders are requiring the most recent sales data available.

A possible explanation for an appraisal that's not in sync with the local market is that the lender used an automated appraisal service. If so, sales information from outside the immediate area could have been used. For instance, in some areas, being located on one side or the other of a major thoroughfare can dramatically affect market value.

Some lenders are changing from using in-house or local appraisers to ordering appraisals through Rels Valuation, a company that provides appraisals quickly at a competitive price. However, this means that an appraiser from outside the local area could be the person who generates the appraisal.

This might be satisfactory for homes in tract developments where there is little variability from one house to the next. However, in older established neighborhoods, where there is a lot of variability in the housing stock, an out-of-area appraiser who doesn't know the idiosyncrasies of the local market could come up with an inaccurate property valuation by simply looking at the data.

Wells Fargo and other larger lenders will be requiring Rels appraisals. Wells announced on Jan. 2 that they would require a Rels appraisal for conventional purchases and cash-out refinances. Local appraisers may be slow to affiliate themselves with Rels because they will need to cut their fee considerably; they will share their fee with Rels.

Refinancers who aren't successful in challenging a low appraisal should shop around for another lender. Your real estate agent should be able to provide you with references. Mortgage brokers who have access to a private lender source, like a mortgage banker, should have fewer restrictions regarding who generates the appraisal.

Before submitting an application, make sure that you qualify creditwise and find out how much the lender will be willing to lend (the loan-to-value, or LTV, ratio). Some lenders will lend up to 90 percent of the appraised value on a conforming loan up to a loan amount.

THE CLOSING: On jumbo loans, lenders generally require a lower LTV, often 70 to 80 percent.

2 NEW LISTINGS

Liz just listed 2 great new properties in Marin:

208 Corte Madera Ave, Mill Valley:

Mid-Century Classic just a few blocks from downtown Mill Valley. This 1950's home has never before been on the market. Update it to current mid-century modern standards or build your dream home nestled in the redwoods just around the corner from town with it's many parks, schools and quaint shops. This home has been well-loved for many years by its owners. The gardens all around the house feature many varieties of plants and flowers and are all on drip-irrigation.

This won’t last long!

Price: $899,000

View the Virtual Tour for 208 Corte Madera Ave
View the Property Website

27 Rutherford, San Anselmo

This is what you have been waiting for - Fall in love with this sunny and bright 2 Bedroom, 2 Bathroom charming San Anselmo home. You'll find 1930's period details, an updated kitchen with marble counters and high-end stainless-steel appliances, hardwood floors and decorator colors. It is just up the street from one of San Anselmo's award wining elementary schools. It has a sunny deck for entertaining, a flat, grassy yard and a private drive with a locking gate. Ample storage and parking for more info and pictures. This won’t last long!!!

Price: $799,000

View the Property Website for 27 Rutherford

View the Virtual Tour

Don’t forget about Liz’s 3 other listings:

22755 S Central Ave, Sonoma

Wonderful horse/vineyard property located in convenient East Sonoma with so many amenities you have to see it in person: 5 private acres includes: Breath-taking vineyard views, an organic Chardonnay vineyard (located in prestigious Carneros Vineyard Region), gated property, custom spacious main house with 2 master bedroom suites + additional room/office (no closet), 2.5 bathrooms, granite kitchen and stainless appliances, pool, sauna and landscaped back-yard, detached guest house (1BR/1BA) with private driveway/garage, separate artist/studio/retreat, beautiful barn with 5 horse stalls, tack room, electricity and water, paddocks and turn outs, hay barn with trailer parking the property even has numerous redwood trees for peace and tranquility.

Price reduced again – Make any offer, very motivated Seller!!

Price: $1,199,000 (was originally $1,790,000!)

View the Property Website for 22755 S Central: www.SonomaHorseProperty.com:

View the Video

47 Liberty Dock

Tranquility, Sunshine, Great Neighbors, Stunning Views & only 10 minutes from SF. One of Sausalito's finest internationally renowned Floating Homes, this contemporary jewel is bright and sunny with an open floor plan and amazing views of Mt Tam and the Lagoon. On a highly coveted dock in a premier deep water corner berth. Kitchen newly updated with granite counters & new cabinets. Bathroom newly updated with custom vanity, concrete counters, bidet toilet and glass tiles. Brand new Brazilian Cherry wide plank hardwood floors throughout. A special old-fashioned neighborhood where people are happy and say hello. No similarly priced condo can match this enchanted waterfront home. Live the seaside dream. Ask nicely and the owners may throw in a tandem kayak for free!

Price: $549,000

View the Virtual Tour for 47 Liberty Dock

View the Property website for 47 Liberty Dock

48 Liberty Dock

Enjoy the Waterfront lifestyle in this almost new Floating Home in Sausalito. Stunning Remodeled home with Amazing attention to detail. Custom wood-work makes this home shine. It features an open floor plan and a full-size kitchen with plenty of beautiful maple cabinets, granite counters, stainless appliances and even a hidden drawer dish-washer. Down the wood stairs are 2 bedrooms and a full-size bathroom. The granite and limestone bathroom features a gigantic soaking tub, and full size shower. The attention to detail and quality throughout this home is hard to match. Peaceful mountain and water views. Come enjoy the lifestyle of living on a Floating home! On a highly coveted dock in a premier deep water location. Only 10 minutes from SF.

Price: $649,000

View the Virtual Tour for 48 Liberty Dock

View the Property Website for 48 Liberty Dock

WHAT DID YOUR NEIGHBORS’ HOUSE SELL FOR?

Are you Curious to know what the Median home price is in your neighborhood?

The Neighborhood Homes Sold listing is a weekly reader feature of the Sunday San Francisco Chronicle. The data posted here is typically recorded a few months after the property officially sold. This is the public data available in the published tax records. The home addresses, sales price, number of bedrooms, square footage and the year the homes were built are based on information supplied from Bay Area counties' property transaction records which, in some cases, may not be complete.

http://westbayre.com/frame_main.htm

SEARCH THE MARIN MULTIPLE LISTING SERVICE

The following links will take you to home searches for different cities in Marin.
All search results are displayed from the highest price to the lowest price. You can scroll through pages at a time.

Belvedere homes for sale: Belvedere Homes For Sale
Corte Madera homes for sale: Corte Madera Homes For Sale
Fairfax homes for Sale: Fairfax Homes For Sale
Greenbrae homes for sale: Greenbrae Homes For Sale
Kentfield homes for sale: Kentfield Homes For Sale
Larkspur homes for sale: Larkspur Homes For Sale
Mill Valley homes for sale: Mill Valley Homes For Sale

Mill Valley condos for sale: Mill Valley Condos For Sale
Novato homes for Sale: Novato Homes For Sale

Novato Condos for Sale: Novato Condos
Ross homes for sale: Ross Homes For Sale
San Anselmo homes for sale: San Anselmo Homes For Sale
San Rafael HOMES for sale: San Rafael Homes For Sale
San Rafael CONDOS for sale: San Rafael Condos For Sale
Sausalito homes for sale: Sausalito Homes For Sale
Tiburon homes for sale: Tiburon Homes For Sale

LIZ HAS A NEW LISTING TOOL TO MARKET YOUR HOME

As Liz is a certified e-Pro Internet Expert, she is constantly on the look-out for the best technology tools to help market your home. Liz recently listed quite a few homes and is using an incredible new internet marketing property service. Click on the following links to see the listing sites of my 2 new listings:

www.47LibertyDock.com

www.27Rutherford.com

And if you’d like to see the DETAILS of all that this new service provides to you, my client, click on this 48LibertyDockFlipShow

One of the great features: interested buyers who drive by the house will be able to text message pictures and more information right from their cell phone in from of your house!

LIZ MCCARTHY HAS BEEN CREDENTIALED AS A NUMBER1EXPERT!

Why do some Real Estate agents outsell others 5 to 1?

Verified Number1Expert Realtors:

They negotiate the best deals, list the best homes, have the biggest network of active buyers, and market properties more effectively. That's why people come back to them again and again. That's why they sell more homes! They are proven winners - and people know it.

Only real estate agents who meet or exceed $5 million in sales can receive NUMBER1EXPERT™ credentials and premium Internet marketing across an expanding network of websites. Currently 2,500 agents and 90,000 listings receive premium advertising and distribution, generating over 25,000 exclusive leads weekly.

What does this mean to you?

Top selling real estate agents...
- Negotiate the best deals for their clients
- List the best homes for sale
- Sell homes quicker
- Sell homes for a higher percentage of the asking price
- Have the biggest network of buyers looking for homes
- Market properties more effectively, both on the web and off

...that's why buyers and sellers insist on them. Shouldn't you?

Liz has just launched her Number1Expert Marin Real Estate website: www.MarinHomeStore.com

THE BAY AREA REAL ESTATE NEWSLETTER IS PROVIDED TO YOU BY:

If you would like to have Liz help you sell your Marin home or help you find a home, or you know of someone that could benefit from her services, just send her an email: liz@BayAreaRealEstateSales.com or give her a call: 415-250-4929

“High-Touch through High-Tech”: Did you know that Liz McCarthy is ePro Internet Certified by the National Association of Realtors and that 70 percent of home buyers today use the internet in their home search? Why are you still working with a Realtor who isn’t a technology expert?

What this means to you:

Home Buyers: Liz is an expert in helping save you time by using the internet, email and other technology resources to help save your valuable time and money. She knows how busy you are!

Home Sellers: Liz will hire a professional photographer and market your home extensively on the internet: a personal property website (see www.SonomaHorseProperty.com or www.48LibertyDock.com for samples), she will post your home on over 50 websites.

FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com: Search for Homes

Be sure to check out all the other great content & features of my website:

www.BayAreaRealEstateSales.com

Liz McCarthy

“High-Touch through “High-Tech”

Real Estate Broker, e-PRO certified

Vision Real Estate

Liz@BayAreaRealEstateSales.com

415-250-4929

Is this email going into your junk folder? If so, add Liz@BayAreaRealEstateSales.com to your address book to ensure that all future BayAreaRealEstateSales.com emails appear in your mailbox.

Spam Free Guarantee

We do not share, sell or rent our mailing list and we do not place pop-up ads on your computer.