While most of the Marin County real estate market is finding some balance, the higher end remains a decided buyers market. In the $3m and up category, there are currently 71 homes on market and only 6 of them are in contract, (or 8%), so if you've got $3 million or more to buy a home in Marin, you may be in luck.
Homes priced between $3m and $5m make up the bulk of this market, with 36 listings total, and about 10% of them in contract. Most of the these homes are in Belevedere or Tiburon, which seems to have a somewhat higher turnover rate than Kentfield and Ross. There are also a few in Mill Valley.
What's interesting to me is the number of posts we get regularly on Marin's Top Agent Network about "ready to go" buyers in the luxury price categories, often up to $8m to $10m. At least a few times a week, I get a post about a luxury buyer anxious to find the right property, yet so much is on market, and so little is actually going into contract. This is most likely a sign that these notoriously selective high end buyers are simply not finding what they want for their money. Which is also a likely sign that sellers are not (yet?) being realistic about price.
In the $3m to $5m segment, price per square foot varies wildly, from $600 to $700 for homes on the Paradise side (of back side) of Tiburon and one in Bolinas, to up to $2400 per square foot for prime property with dead on views of the Golden Gate Bridge on Mt.Tiburon.
We'll keep an eye on things for you, but don't expect any big changes in the luxury market this year. Empowered buyers will continue to hold out for a great deal, and if sellers can afford to wait, the are, often renting out these high end homes at prices that don't quite cover their costs, but do give them the comfort on not actually having to take that loss on a sale.
And speaking of the rental market, it is very strong. These statistics are harder to come by, since most rentals post on Craigs list and other services that don't post on Bareis MLS, but there are very ordinary 4 bedroom homes in larkspur renting for over $6000/month, and the only Top Agent Network Post more frequent than the needs of high end buyers, is that of high end renters. Tougher lender requirements and simple fear are keeping more and more people moving to Marin in the rental market. So if you know you need to sell but want to hold on for another year (which should show some modest appreciation), you might want to rent for a year, and prepare for next year's market.
If you want to read more about luxury real estate, check out Frank Howard Allen's partner site at www.luxuryportfolio.com Have a good weekend.
Pat Ravasio Frank Howard Allen Realtors CA license #01394550
Homes priced between $3m and $5m make up the bulk of this market, with 36 listings total, and about 10% of them in contract. Most of the these homes are in Belevedere or Tiburon, which seems to have a somewhat higher turnover rate than Kentfield and Ross. There are also a few in Mill Valley.
What's interesting to me is the number of posts we get regularly on Marin's Top Agent Network about "ready to go" buyers in the luxury price categories, often up to $8m to $10m. At least a few times a week, I get a post about a luxury buyer anxious to find the right property, yet so much is on market, and so little is actually going into contract. This is most likely a sign that these notoriously selective high end buyers are simply not finding what they want for their money. Which is also a likely sign that sellers are not (yet?) being realistic about price.
In the $3m to $5m segment, price per square foot varies wildly, from $600 to $700 for homes on the Paradise side (of back side) of Tiburon and one in Bolinas, to up to $2400 per square foot for prime property with dead on views of the Golden Gate Bridge on Mt.Tiburon.
We'll keep an eye on things for you, but don't expect any big changes in the luxury market this year. Empowered buyers will continue to hold out for a great deal, and if sellers can afford to wait, the are, often renting out these high end homes at prices that don't quite cover their costs, but do give them the comfort on not actually having to take that loss on a sale.
And speaking of the rental market, it is very strong. These statistics are harder to come by, since most rentals post on Craigs list and other services that don't post on Bareis MLS, but there are very ordinary 4 bedroom homes in larkspur renting for over $6000/month, and the only Top Agent Network Post more frequent than the needs of high end buyers, is that of high end renters. Tougher lender requirements and simple fear are keeping more and more people moving to Marin in the rental market. So if you know you need to sell but want to hold on for another year (which should show some modest appreciation), you might want to rent for a year, and prepare for next year's market.
If you want to read more about luxury real estate, check out Frank Howard Allen's partner site at www.luxuryportfolio.com Have a good weekend.
Pat Ravasio Frank Howard Allen Realtors CA license #01394550
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