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Mill Valley Film Festival Opens Tonight

Posted on October 7, 2010 by Ginger Wilcox

The Mill Valley Film Festival returns for it’s 33 year tonight. The highly acclaimed film festival is recognized as one of the top ten film festivals in the country and is considered to be a launching pad for upcoming Academy Awards campaigns.

The festival features 143 fiction and non-fiction films — 82 features and 61 shorts representing 46 countries.  32 of the films are premieres.  21 Bay Area artists are featured.  Mill Valley is always bustling for this great event.  It’s a great way to capture the best of film and support our local community.

Films opening tonight include Conviction starring Sam Rockwell (expected to be in attendance), Hilary Swank, Minner Driver, and Juliette Lewis among others and The King’s Speech with Colin Firth, Helena Bonham Carter and Geoffrey Rush.

The Opening Night Gala takes place tonight after the screenings at the Mill Valley Community Center.

See you at the movies!

Marin & California Housing Market Forecast

Posted on October 6, 2010 by Ginger Wilcox

2011 Housing Forecast *Mildly* Optimistic

The California Association of REALTORS® released its housing forecast for 2011 earlier this week. As we expected, predictions show very mild improvement overall.

“A lean supply of available homes for sale will drive prices up at the low end, but larger inventories and limited, less attractive financing will cause continued softness at the high end. There’s some indication that lenders will accelerate the number of foreclosures coming on market, further adding to the housing supply, but we do not anticipate that lenders will flood the market with distressed properties,” said Leslie Appleton-Young, CAR’s Chief Economist.

We anticipate that recovery to be very location and price specific in Marin. In September 2010, the number of Marin homes on the market was up 16.6% over September 2009, while sales were down 11.6%. Sales were down almost 15% from the same time period two years ago.

All County Marin County Sales

As we drill down into price ranges you can see the numbers shift pretty dramatically, as we look at homes sold under one million dollars versus above one million.

Marin County Home Sales Under One Million

Marin County Home Sales Over One Million

We don’t expect to see a major shift in these trends as we head into 2011. Homes under one million continue to move as buyers move in to the county, taking advantage of low interest rates. Many homeowners who would traditionally move up to larger houses are staying put. We are starting to see more pre-foreclosures in the upper end, and expect more in 2011. CAR’s predictions are in line with what we expect–sluggish prices and more options in the upper end with continued movement in the lower price ranges.

What does this mean for home sellers? Well, that depends! We hate to say that, but it really does depend on your area, home condition, and how you price it.  We are still seeing the occasional multiple offer situation. Home buyers are picky and expect homes to be in prime condition unless they are a foreclosure situation. Proper preparation and pricing are crucial.

What does this mean for home buyers? Historically low interest rates and low home prices can make it a great time to buy for people with the means to do so, especially those buying for the long term. And for the first time in many years we’re seeing some possible “deals” where numbers actually make sense for investors to buy in Marin.

Considering making a move? Contact us to discuss the best options for you.


Is it Time to Think About Investment Property in Marin?

Posted on September 22, 2010 by George Crowe

One casualty of the run up in real estate prices in Marin County in the mid 2000s was that staple of American real estate, the investment property. When home values got to a certain point the numbers just stopped working–no longer was it feasible (without a huge down payment) to buy a starter home or condo and have the rent from a tenant cover your mortgage, taxes, and other monthly expenses. But falling home prices and a fairly consistent rental market have made it possible again, at least for the time being.

For example, 3 bedroom, 2 bath units in Western Oaks III, one of the nicer townhome developments in Novato, have been selling in the mid $300Ks, after peaking around $600K back at the height in 2005 and 2006. They average around 1400 square feet, with 2-car garages, in a nice complex with two swimming pools. If you got one for say $350K and were to put 20% down, with a 4.5%, 30-year fixed loan your monthly outlay including the mortgage, taxes, and HOA dues would total about $2,000. A nice townhome in that development should rent for $2,000 or more per month, which would mean covering your costs or even possibly a little positive cash flow to maintain the unit and/or put in your pocket. This of course assumes you have the extra $70,000 for the down payment, and since you wouldn’t be putting that money in another investment you’d be forgoing whatever return you might have realized somewhere else. But in the right situation it’s certainly interesting to think about, and nice to know the numbers at least are making sense again.

It’s important for anyone thinking about buying a condo or townhome to consider units in better developments, as there are big differences in desirability from complex to complex, and the right property will have more upside. And even within the same complex some locations are better than others. In Western Oaks III for example, units closer to the freeway come with substantial road noise, while those set back from 101 are much quieter.

And of course nobody can predict with certainty what the housing market will do in the next couple of years, though there does seem to be some stabilization in the lower price ranges lately, as buyers have been snapping up distressed properties and the entry level segment has been relatively active. 

Marin County Pending Percentages for August

Posted on September 17, 2010 by George Crowe

Time to look at some numbers now that Labor Day has passed and we’re transitioning into what’s traditionally a busy time of year. Overall, Marin home sales slowed down quite a bit over the Summer, but much more in some areas and segments of the market than others.

Here’s a chart showing the pending percentage by city for August, which you get by dividing the the number of new sales each month by the number of homes for sale. A higher number means more demand compared to the supply of homes on the market. As you can see, a few cities in the county were pretty active while other areas were relatively much quieter.

And when you look at the same stat by price range you see that the lower end is much more active than the luxury market.

Well-priced entry level homes are moving, driven somewhat by distressed properties as has been the case for some time now, but the high end market is very sluggish. It’ll be interesting to see what happens this month. There are more listings coming on as expected, but we’ll have to see if sales pick up enough to keep pace.

Finding a deal on homes in Marin

Posted on September 16, 2010 by Ginger Wilcox

On a daily basis we are getting calls from home buyers looking for a “deal” on homes for sale in Marin.  This could possibly be one of the best times to buy real estate in the last few years.

  • Interest rates are at their lowest point since 1971
  • Home inventory levels are high in most areas
  • Home prices are down in most areas

In August, the median home price was $790,000 for a single family home and the number of homes sold was down 17% from August 2009.

So how do you find a deal and what constitutes a good deal?  Finding a deal takes time, patience, and preparation.  Many clients come to us asking about homes being foreclosed upon.  So what is the difference between a short sale, a home for sale at auction and an REO?

Short sale- A short sale is a home being sold for below what the current seller owes on the property.  The seller does not have other funds to make up the difference at closing. If the lender agrees to accept an amount less than the outstanding mortgage as satisfaction for the debt, the sale is considered a short sale.  Short sales can be “good deals” for the right buyer–one who has patience and time.  Short sales can take 120 days or even longer!  If you don’t have a lot of time, short sales are not for you.

Auction sale- After a property owner has been been given a NOD (Notice of Default) a sale date will be set by the lender, whereupon the property will be auctioned at the courthouse steps.  If no one purchases the property at the auction it is then owned by the bank and it’s typically listed for sale through a REALTOR®.  Buying property at auction can be a risky process, as you are purchasing that property with any outstanding liens and there is no time for inspections.  Buyers are unlikely to know the true condition of the property.

REO- (Real Estate Owned) If the home doesn’t sell at auction, it typically becomes an REO.  An REO is when the seller’s lender has taken back title of the home (the bank now owns it) and is selling it directly through a real estate broker. REOs take considerably less time than a short sale but they aren’t always as good of a deal.  Most REO properties are sold close to fair market value and are sold “as-is” , meaning the bank typically won’t do a lot of, if any, repairs.  Unlike an auction sale, buyers still have the right to perform inspections so they at least know the condition of the property before they buy and can get an idea of how much actual repairs will cost.  Again, the lender is unlikely to pay for them. They are much quicker to close then short sales. If you are buying an REO, you are likely to need some cash reserves to do repairs after close of escrow.

What is considered a “deal” depends on your goals, how much time you have, how much cash you have, and what risks you’re willing to take.

Dual Agency and the Perils of “Double Ending”

Posted on August 31, 2010 by George Crowe

Dual agency is created when the same brokerage represents both sides in a transaction. Even if each side has its own agent, it’s technically dual agency if they both work for the same company. Single-agent dual agency, or “double ending” as it’s commonly known, happens when it’s actually the same agent representing both the buyer and seller in the sale of a property. It’s a pretty common practice, but is it a good idea?

There are plenty of agents who are happy to represent both sides in a transaction since they earn twice the commission, but there are a number of us who refuse to “double end”, and for very good reasons. Real estate transactions are complicated, and can involve quite a bit of negotiation. No matter how ethical and competent you are it’s impossible to negotiate effectively with yourself. An agent’s job is to act as an advocate not a mediator, and there’s no way one person can simultaneously be an advocate for two sides with opposing interests.

So why would a buyer want to get involved in such a situation? Some home buyers think they can gain an advantage by working with the listing agent to purchase a property. They assume they’ll get a better deal and have an advantage over competing buyers. What they often don’t realize is that they could be putting themselves at risk, as their agent has a fiduciary duty to the seller as well, and that’s pretty much the very definition of a conflict of interest.

We advise clients it’s in their best interest to have their own representation in a transaction. That means, for example, that if I’m holding an open house at my listing and I meet a potential buyer who’s interested in the home, I’ll refer her to another agent. Yes, I’m passing on an opportunity to make twice the commission on the sale, but I know that both my client (the seller) and the buyer need to have proper representation, and that can’t happen if I’m acting as agent for both sides. I take my fiduciary duty to a client very seriously, as any agent should, and the only way to perform that duty properly is to be looking out for that client’s interests above all else.

To be honest, it’s odd that the practice of single-agent dual agency is still legal, as it presents potential for all sorts of conflicts of interest and opens the agent up to potential liability. Attorneys will tell you that judges don’t look kindly on “double ending” agents when things go bad and they end up in their courtrooms. Perhaps at some point things will change and the practice will finally be banned, but until then we’ll steer clear anyway and we hope you do too.

300 Million Dollar Yacht Anchored in Sausalito

Posted on August 24, 2010 by Ginger Wilcox

I had to go check out the 300 million dollar yacht anchored in the bay off the Sausalito harbor. Nice helicopter! The yacht belongs to 38 year old Russian banking, steel and fertilizer mogul Andrey Melnichenko. The 394 foot long yacht was designed by Phillippe Starck and completed in 2008. You can see other shots taken by the Walk Street journal here.

If you get a chance to head over to the Sausalito harbor, check it out. Talk about lifestyles of the rich and famous!

Bucking the Trend in Berkeley

Posted on August 23, 2010 by Stephen Pringle

It may be the August doldrums in many areas and segments of the market, but things are not slow everywhere. We just listed this 3 bedroom, 1 bath Spanish charmer in North Berkeley and had more than 100 groups through the first open house and 50 groups at the second open. We’ve sent out 19 disclosure packets and agents have already written 3 offers. Much like we see with listings in Marin, the interested buyers are coming mostly from San Francisco, tired of the fog and public school roulette.

Check out the property webpage at www.1409ada.com.

Sausalito Film Festival at Cavallo Point

Posted on August 14, 2010 by Ginger Wilcox

Looking for something to do this weekend?  Film is the ticket this weekend in Marin County as the Sausalito Film Festival rolls in to town.  The event takes place this weekend at Cavallo Point at Fort Baker in Sausalito.

If you haven’t been to Cavallo Point, the setting alone is well worth the visit.  It has some of the most breathtaking views in all of Marin.  Cavallo Point sits at the southern tip of Marin County at Fort Baker.  It overlooks the San Francisco skyline and a gaze up reveals the Golden Gate Bridge.

The film festival takes place today and tomorrow. I love the description of the film festival from their website:

In the heart of an artist’s community, with the Golden Gate Bridge and San Francisco across the water, lies the ideal backdrop for a premiere film festival experience.People around the world are drawn to Sausalito, certainly for its picturesque beauty, but possibly because it is so uniquely different from anywhere else. Creatives, nonconformists, the famous (and infamous) have felt its gravitational pull. Artists, writers, philosophers, rock legends and film stars have made it their home, in the company of boat-builders, bootleggers and ex-madams.

Films that speak to our naturally rebellious nature, our creative soul, our passion for cultural understanding. Films of all lengths and genres are presented – features, shorts, animation, and documentaries from around the globe. Coupled with conversations and presentations that will stimulate, and provoke the senses. Because this is no mere picture show.

The event features 13 exclusive bay area premiers and a total of thirty films, both full length and short film.  The centerpiece film is the award winning documentary, Climate Refugees which explains the growing reality of displaced populations due to environmental disasters. Be aware, some of the shows are already sold out.

  • What: Sausalito Film Festival
  • When: August 13, 14, & 15th
  • Where: Cavallo Point, 601 Murray Circle, Fort Baker, Sausalito, CA 94965 at Cavallo Point
  • More Information

Enjoy!

Hiking to Stinson Beach

Posted on August 11, 2010 by Julie Segura

If you are up for a good day hike, the Matt Davis/Steep Ravine loop is one of the best in Marin. The half way point is Stinson Beach, where you can relax for the day at the beach or grab lunch at one of the quaint cafes in town. I did this hike over the weekend and had forgotten how beautiful the redwoods and mossy trees can be. The single track trail hugs the creek so that you hear the trickling of water as you walk. There are fallen trees that you’ll need to duck under and a ladder to climb makes it fun, especially if you have kids with you.   Although there are many people on the trail, it’s very relaxing and at times you’ll find yourself completely alone.  The quiet and tranquility are amazing.

I can’t stress enough the importance of dressing  in layers because it can be very cool under the shade of the redwoods (which is 60% of the hike) and then can become very warm once you get into the open and closer to Stinson Beach.  You also never know what you will get once you get to Stinson, as the restaurant was sunny when we arrived there but the beach was foggy–only a couple hundred yard difference.  The trail to Stinson is mainly downhill so also be prepared for the hike back up.  For those who just want to go downhill, you can always take the bus back.

We saw a wide variety of people on the trail, from kids to grandparents, so don’t miss out on an unforgettable hike. It’s a great outing any time of the year and really under any weather conditions. The water level is higher in winter and spring but during the summer the creek is still active.

  • Where to start: Park at Pantoll parking area (there is a fee of $8)
  • How to get there: From Hwy 101 exit W on Hwy 1 for 3.3 miles, right on Panoramic Hwy for 4.9 miles to the Pantoll parking area.  From Mill Valley, go up Miller and take a left on Montford to Molino to Edgewood to Panoramic Hwy then 4.9 miles to the Pantoll parking area.
  • Distance: 7.0 round trip (it takes about an hour downhill and hour and half up)
  • Difficulty: Steep in some places and one area has a ladder to climb