BLOG - in Transition

Statistics from BAREIS MLS^® February 8, 2008. Information herein believed reliable but not guaranteed.
Copyright @ 2008 by Bay Area Real Estate Information Services, Inc. All rights reserved.
Adjusted average does not include the high and low sale data.

My clients or many Realtors on the National Forum have been asking me about how the market is in general and in Marin county.

My answer is always - Real Estate is LOCAL 

No matter how much the media dramatizes the market condition, Marin County House Prices still hold steady.  This is especially true for great houses in desirable locations in Southern Marin (such as Belvedere, Corte Madera, Greenbrae, Larkspur, Mill Valley, Ross, San Anselmo, Sausalito and Tiburon), or for that matter, all of Marin.

One of the recent news (will follow up with another blog) is the fact that Marin Land Trust just purchased right to another agricultural zoned land at a prime location so that the owners can stay at the property but any future use, including sale of the land will have a restriction of keeping the land for agricultural purposes. 

This helps keeping the Marin developable land to a minimum, future housing supply lower, and the Marin environment healthy and green as our pride and joy. 

The News is Out!  Renowed for Quality of Life, Marin County Towns were winnders in the 2008 Money Magazine 'Best Places To Live' "Clean Air' category.

Among all the small towns ranked by the Money agazine, Novato won first place, San Rafafel Second and Salinas placed 15 in the 'Clean Air' category.

Top 25 in 2008 Money Magazine Quality of Life 'Clean Air' Category

And don't forget, the further North you go in Marin, the sunnier it gets - beats the city 100% 

Another positive trend since July 9th, 2008 statistics.  Total inventory dropped by 11 while pending sales units remained the same! 

Big change in percent pending is the starter single family homes, with a drop of 8%.  My theory is that Locaton, Location, Location.  SFR in desirable location, shows nicely and priced right are moving still.  However, many starter homes that sit on the market for a while can have a few problems such as location (next to freeway, in flood zone), a big one), , unless priced extremely low, the buyers are shy away from them. ''

Big gain in pending sales is in the low to median price range and people who used to not being able to purchase, are looking at such option now; hence a healthy increase in pening sales for this price range. 

Check with your trusted Realtor about inventory on the market and what's the best house for your needs and wants!  

• Buyer’s Market  < 25%
• Neutral                25% - 40%
• Seller’s Market   > 40%

As a San Marin Improvement Association's member, I went to the preconstruction meeting for 200 San Marin Drive Project today. 

200 San Marin Drive is now a the vacant lot situated at the south east corner of San Marin Drive and San Andreas Drive.  Designated as a gas station, it will now be a single story, 6,700sf. medical building planned for four medical or dental offices serving local community.

Others present were two San Andreas HOA members, Chip Fuller, Vice President of Catlin Properties, owner of 200 San Marin Drive and Aton Seikowitz of Selkowitz & CO., Inc. General Contractors.  

The plan is to start construction as soon as possible, either the week of July 28th or August 4th.  The entire project is expected to be around 7 months long, with the first phase having the most impact on the neighborhood.  The crew will be working between 8:00am to 4:30pm, Monday through Friday.   

The first phase, which is expected to last 6-8 weeks, can produce the most noise and dust.  This phase includes building a six foot fence at the rear, leveling the field (where the entire ground will be at midpoint of the current elevation), digging and laying pipes for water and sewage, drainage filtration system, paving the road ,...,etc. 

Dust control is a major concern, and the crew will be keeping the ground wet and dust to the minimum.  The crew will also be trimming some of the trees which overhang the site, where permission will be obtained from the county (for the Oak tree) and the neighboring owners.

A temporary chain link type of fence will be erected to protect the premises and pedestrians.

The rest of the project will be of less impact to the neighborhood, where they will be working on the building itself.  The owner would like to have the lot surface prepared and paved before raining season so as to minimize soil run off to the street.

The last two months is expected to be all internal work with minimum disruption to the neighborhood.

Anton and Chip provided us with their contact information and encouraged neighbors to contact them shall there be any concern during the construction phase.

The above is my understanding after the meeting today.  I welcome comments and corrections. 

Green Building Components:

Per Catlin Website.  200 San Marin Drive will incorporate the following "Green Building" Components:

- Plumbing for solar panels,and reuse of gray water
- Filterra storm water treatment systems
- Satellite weather controlled drip irrigation
- Native and drought tolerant landscaping
- High efficiency HVAC systems
- Low VOC paints, adhesives and sealants
- No added-urea formaldehyde for all composite wood products
- CRI Green Label Plus carpets
- Fluorescent lighting
- Occupancy sensors in rest rooms
- Dual flush and low flow fixtures
- LED exit signs
- Waste management system, recycling
- Energy modeling and analysis reporting system

Reference:

200 San Marin Drive Project by Catlin Properties

Novato Planning Commission Meeting Agenda March 17, 2008

200 San Marin Drive Medical Office Documents for Panning Commission 03/17/08 meeting

                        

Another positive trend since June 25th, 2008 weekly statistics.  Total inventory actually dropped by 1 while pending increased by 7. 

From a price range point, starter condos/townhomes as well as starter single family homes up to $800K, while $800K and up homes suffered slightly. 

With Fannie Mae tightening guidelines for people who are thinking about using their current home as a 2nd home or investment property, this might be the time to lock down that loan and purchase your dream home. 

Check with your mortgage broker for the details and how that affect the specific lenders they work with.

Check with your trusted Realtor about inventory on the market and what's the best house for your needs and wants!  

• Buyer’s Market  < 25%
• Neutral                25% - 40%
• Seller’s Market   > 40%

In today's Frank Howard Allen Office meeing, Andy Shine, mortgage broker with Residence Pacific Mortgage, discussed the new guideline by Fannie Mae, which will be effective on August 1. The guidelines affect loans for purchase a new home while retaining the current residence as 2nd home or investment porperty.

Might be time to buy the house you always wanted if you are sitting on the fence.

Here are the details:

Situation	New Requirement
Current Principal residence is pending sale but the transacction will not be closed (with title transfer to a new owner) prior to the new transaction	Both the current and the proposed mortgage payments must be used to qualify the borrower forthe new transaction
Coversion to a Second Home	- Both the current and the proposed mortgage payments must be used to qualify the borrower forthe new transaction, and - 6 months of PITI for BOTH properties is required to be in reserves.  Lender may consider reduced reserves of no less than 2 months for both properties if there is documented equity of at least 30 percent in the existing property
Conversion to an Investment Property	Fannie Mae continues to permit up to 75% of rental income to be used to offset the mortgage if there is document equity of at least 30% in existing property The rental income must be documented with: - Copy of fully executed lease agreement - Receipt of security deposit from tenant and into borrower's account If not meeting 30% equity requirement, rental income may not be used to offse the mortgage payment. - Both the current and the proposed mortgage payments must be used to qualify the borrowers for the new transaction; and - 6 months of PITI for BOTH properties is required to be in reserves.

ndependence Day is a heartbeat away and one of the beauties of life in the North Bay is the variety of fun events that our charming communities organize at this time of year. Read on to learn of the many unique ways to observe this all-American holiday. Happy Fourth!
 
Corte Madera-Larkspur
43rd Annual Corte Madera/Larkspur Chambers of Commerce 4th of July Parade - Elaborate floats, precision drill teams, classic cars and the Corte Madera Town Band.
Parade Time: 10:30 am
Route: From Redwood High in Larkspur, it moves down Magnolia into Corte Madera and continues down Tamalpais Ave to the Town Center.
Post-parade: Check out the festivities at Corte Madera's Town Park: arts and crafts, food and drink, carnival games, children's activities and live entertainment.
Info: (415) 924-0441.

Novato
16th Annual 4th of July Parade - Come see over 100 parade entries ranging from classic cars and vehicles from a military museum to Irish bagpipers and a Chinese drum and bell corps.
Parade Time: 10 am
Route: Downtown Novato, starting at the corner of Grant and Railroad Avenues  
Along the parade route, you will also find food and refreshment booths, and souvenir t-shirts.
Info: (415) 899-8900.

The 55th Annual Buckaroo Breakfast
Location: Redwood Credit Union parking lot: 1010 Grant Ave, downtown Novato
Time: Breakfast served from 7-10 am
Organizer: The event is presented by the Presbyterian Church of Novato.
Fee: There is a suggested donation of $5 for adults, $3 for kids. Proceeds will be donated to the Marin Community mission project.

First Annual Novato 4th of July Race
Tamalpa, a Marin running club, presents a "4 on the 4th" four-mile road race and a "Mayor's Mile" one-mile family walk/jog.
Starting time/place: 7:20 am at 7th and Grant, downtown Novato
Entry fee: $15, which includes a race mug and post-race goodies
To register, go to the Tamalpa website.