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California Real Estate/Economic Forecasts

Posted on November 18, 2009 by Ginger Wilcox

In this video, California Association of REALTORS economist Leslie Appleton Young speaks to agents but it is good information for everyone.  A couple of takeaways:

  • Median home price in California has plummeted because of foreclosures.
  • The California real estate market bottomed in 2007.  Sales have increased dramatically in the last two years.
  • The dollar volume of sales will have bottomed this year.  It will be flat in 2010.
  • Statewide numbers aren’t as important as local data (Follow my Marin market statistics!)
  • If the government does not put more policies in place to put people to work and fuel job growth, the recession will go on for quite some time.

If you are unable to see the video, please click here

Interested in Marin market data? Sign up to receive very detailed real-time market reports in your email. Learn about Marin County price trends, supply and demand, leading indicators and more.  Download a sample report.

Say it isn’t so! Default notices rising in Marin?

Posted on November 11, 2009 by Ginger Wilcox

If you read the San Francisco Chronicle or sfgate.com, you might have come across a very noticeable article (at least noticeable if you are buying, selling, or interested in Marin County real estate!)  The article even got picked up by a national blog – Calculated Risk – which is widely read by Wall Streeters and investors.

Mortgage distress is rising in affluent areas around the Bay Area, according to a Chronicle analysis of foreclosure notices.

Not very positive, especially when the article mentions Greenbrae and other “high end” zip codes in the Bay Area.  Well, here’s what I’m seeing locally:
greenbrae-real-estate-market-stats

So far, so good this Fall.  Asking prices have remained steady and are slightly above price levels from 2006.  Certainly not where we were in 2007, but these seem to be holding well.

What about the number of Greenbrae homes available for sale (a.k.a “inventory”):
greenbrae-real-estate-market-inventory

Definitely rising….

So yes, markets like Greenbrae are showing trends the don’t exactly jive – you’d expect prices to fall a little with the increased number of homes of the market.

October has been the busiest month in Marin all year for sales, but we are also seeing a buzz in the general market.  Open houses are busier, even my web traffic has been up this month.

It’s never a perfect science but getting in to the details is important.  Real estate is local and you can’t believe everything you read in the newspapers.

Courtesy of Altos Research

Home buyer tax credit extended

Posted on November 6, 2009 by Ginger Wilcox

President Obama has just signed the home buyer tax credit bill.  The tax credit will be extended through April 30, 2010, with a 60-day extension if a contract is in place prior to the deadline.  First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500.  Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years.

The bill also increases the qualifying income limits to  $125,000 for single tax filers and $225,000 for joint filers.  The purchase price of the home is capped at $800,000.

Taxpayers will also be able to claim the credit on home purchases completed in 2010 on their 2009 income tax returns. Home buyers do not have to repay the credit as long as the home remains their primary residence for 36 months after purchase.  This requirement will be waived for active duty military personnel who move due to a military order.

So, what does this mean for Marin? This extension will definitely aid the lower tier of the Marin real estate market.  Communities like Novato, parts of San Rafael, Fairfax and San Anselmo will benefit most from the credit.  Southern Marin cities will not see much of a direct benefit because of the $800,000 purchase price cap but the overall Marin real estate market should benefit from the credit.

Marin Food Bank Annual Drive

Posted on October 27, 2009 by Ginger Wilcox

marin-food-bankIt is that time of year again when the Marin Food Bank does its annual food drive.  Sadly, Marin food pantries have seen increases as high as 70% in the number of people who need food over the same month last year.  Recent surveys show more than 16% of Marin’s children live in poverty and more than 35% of households live below the basic self-sufficiency income for a family of three- one parent and two children ($68,880).  This means it would take four full-time minimum wage jobs to reach self-sufficiency.

Over the last year, the Marin Food Bank has distributed over 1.5 million meals.  Food collected in the annual drive will be distributed in Thanksgiving, Hanukkah and Christmas boxes and next year to low-income seniors on the Brown BagProgram, severely ill individuals served by the Compassion in Action Program and the following Emergency Food Pantries:

  • Canal Community Alliance
  • San Geronimo Valley Community Center
  • The Salvation Army
  • Southern Marin Food Pantry
  • Novato Human Needs Center
  • West Marin Community Resource Center

What they need:

  • Canned Proteins (tuna, salmon, chicken, peanut butter)
  • Canned Fruits in Own Juices or Light Syrup (fruit cocktail)
  • Macaroni & Cheese
  • 100% Fruit Juices (All sizes including juice boxes)
  • Grains (pasta, whole wheat pasta, rice, brown rice, macaroni and cheese)
  • Condiments (tomato based sauces, light soy sauce, ketchup, mustard, light salad dressings)
  • Low Sodium/ No Salt Added Canned Vegetables (mixed, green beans, corn)
  • Soups (beef stew, chili, chicken noodle, turkey rice)
  • Multigrain Cereal (cheerios, cornflakes, grapenuts, raisin bran)
  • Ensure and other nutritional drinks
  • Alternative Food: wheat-free, dairy-free, nut-free, vegan

Where to drop food donations off?

  • Alain Pinel  101 Nellen Avenue, Corte Madera
  • Bon Air Center in Greenbrae- CDS Pharmacy, Molly Stones, Peet’s Coffee, The Ranch of Bon Air, and all banking institutions located at the center.
  • The Great Turkey at Corte Madera Town Center
  • Most Marin Safeway locations

Mill Valley, CA Real Estate Market Conditions (October 9, 2009)

Posted on October 13, 2009 by Ginger Wilcox
90-day stats for Single Family properties in
MILL VALLEY, CA as of October 9, 2009
Median List Price $1,302,500 Average List Price $1,595,483
Total Inventory 149 Price per Square Foot $616
Average Home Size 2,282 Median Lot Size 9,550
Average # Beds 3.52 Average # Baths 2.77
Homes Absorbed 10 Newly Listed 9
Days on Market 131 Average Age 50

Median Price for homes in MILL VALLEY, CA All ZIP Codes

Median Price for homes in MILL VALLEY, CA All ZIP Codes as of October 9, 2009 is $1,302,500
Average Days on Market for homes in MILL VALLEY, CA All ZIP Codes

Average Days on Market for homes in MILL VALLEY, CA All ZIP Codes as of October 9, 2009 is 131

Tiburon, CA Real Estate Market Conditions (October 9, 2009)

Posted on by Ginger Wilcox
90-day stats for Single Family properties in
TIBURON, CA as of October 9, 2009
Median List Price $2,729,231 Average List Price $3,876,647
Total Inventory 83 Price per Square Foot $838
Average Home Size 3,362 Median Lot Size 17,270
Average # Beds 4.04 Average # Baths 3.78
Homes Absorbed 4 Newly Listed 4
Days on Market 177 Average Age 37

Median Price for homes in TIBURON, CA All ZIP Codes

Median Price for homes in TIBURON, CA All ZIP Codes as of October 9, 2009 is $2,729,231
Average Days on Market for homes in TIBURON, CA All ZIP Codes

Average Days on Market for homes in TIBURON, CA All ZIP Codes as of October 9, 2009 is 177

Belvedere, CA Real Estate Market Conditions (October 9, 2009)

Posted on by Ginger Wilcox
90-day stats for Single Family properties in

BELVEDERE, CA as of October 9, 2009
Median List Price $2,845,577 Average List Price $3,987,798
Total Inventory 37 Price per Square Foot $1,000
Average Home Size 3,243 Median Lot Size 10,299
Average # Beds 4.10 Average # Baths 3.81
Homes Absorbed 1 Newly Listed 1
Days on Market 175 Average Age 64

Median Price for homes in BELVEDERE, CA All ZIP Codes

Median Price for homes in BELVEDERE, CA All ZIP Codes as of October 9, 2009 is $2,845,577
Average Days on Market for homes in BELVEDERE, CA All ZIP Codes

Average Days on Market for homes in BELVEDERE, CA All ZIP Codes as of October 9, 2009 is 175

Understanding the “Zestimate” for your home

Posted on October 9, 2009 by Ginger Wilcox

Ever wondered how Zillow calculates their zestimates?  This is a great video by Zillow on how they actually calculate the “zestimate” for homes.  In the video, David Gibbons, Community Relations Manager for Zillow says “a zestimate is an estimate of the value of your home.  It is not what you should list your home for and it is not what we are saying you should offer for a home you are trying to buy.”  He goes on to talk about considerations impacting the accuracy of the zestimate.  The wider the range, the less confident Zillow is in the zestimate value.  Gibbons also says you should look at the Zestimtae value over time.   It is a great video to get an understanding of how zestimates are calculated. 

If you are selling your home, it is import to know the zestimate because home buyers are looking at those numbers before they write offers on your home.  A zestimate is not a replacement for a full market analysis by a licensed agent who understands the current market conditions in that neighborhood, but it can be a helpful starting point.

Mill Valley Film Festival October 8-18 2009

Posted on October 1, 2009 by Ginger Wilcox

millvalleyfilmfestival.jpg

The Mill Valley Film Festival is back for it’s 32nd year October 8–18, 2009.  The internationally acclaimed Mill Valley Film Festival celebrates the best of independent and world cinema with 143 films from 41 countries.  The event is greatly anticipated by cinema fans and film industry veterans and is considered by many to be a launching pad for the Oscar campaign. The 11-day Festival sells over 40,000 tickets and welcomes more than 200 filmmakers from around the world. Festival sections include: Active Cinema, World Cinema, US Cinema, Valley of the Docs, Children’s FilmFest, and 5@5 (daily shorts programs).

Opening Night debuts with two feature films – The Boys Are Back, directed by Scott Hicks at CinéArts at Sequoia in downtown Mill Valley on Thursday, October 8 at 7:00 pm and 7:15 pm.   Director Scott Hicks and actor Clive Owen will be in
attendance. Precious: Based on the Novel “Push” by Sapphire, from director Lee Daniels (Shadowboxer) will be shown at the Christopher B. Smith Rafael Film Center in downtown San Rafael on Thursday, October 8 at 7:00 pm. Director Lee Daniels and actresses Gabourey Sibide and Paula Patton are expected to attend. After the screenings the Opening Night Gala will be held at the Mill Valley Community Center starting at 9:30 pm.

Tickets:
$12.50 General Admission
$11 Seniors (65+)
$10 Children’s FilmFest (kids and adults)
$10 Members
$5 5@5 Programs
Purchase Tickets

More Information

Junior League of San Francisco Home Tour- MUST SEE EVENT!

Posted on September 28, 2009 by Ginger Wilcox

It is that time of year again- The Junior League of San Francisco Home Tour! I look forward to this event all year long. I might be slighly biased- I was fortunate to have had the opportunity to chair the event in 2006 (The Give My Regards to Broadway Tour) but if you haven’t been, you shouldn’t miss this tour. Think stunning homes, great architecture and fabulous interior design.  The tour is features private San Francisco residences most people never have the  opportunity to explore.

Now celebrating its 15th year, the Tour has been recognized by national media such as the Wall Street Journal as one of the nation’s premiere residential tours. This year the event will take place on October 2 and 3 in the Gold Coast of Pacific Heights – an exclusive section of Pacific Avenue between Divisadero and Lyon.
I have put together a slide show with a sneak peak at some of the homes’ interiors. I can’t show you the exteriors because the addresses are not able to be released until you arrive at the tour, but let’s just say- this tour is off the charts!

Photos courtesy of Kira Stackhouse of Nuena Photography. Video features sound. If you are unable to see this video in your reader, click here

The  Evening Home Tour + Preview Party takes place on Friday, October 2 at the Hamlin School from 5:30 – 10:00 pm. This event provides an intimate setting in which guests can view the homes before they open to the public, with door-to-door service and an exclusive cocktail reception. Tickets are $165/person.

The Home Tour takes place on Saturday, October 3 takes place from 10:00 a.m. – 4:00 p.m., and enables members of the public to walk through some of San Francisco’s most architecturally distinct residences. VIP tickets are $115 and include door-to-door service, viewing of a museum-quality art collection, and tasting of culinary delicacies from Bay Area restaurant chefs. General admission tickets are $65.

Highlights include:

* A 5,000 square foot home built in 1918 with some innovative “green” elements – such as a sustainable garden that naturally recycles water via a hydroponic system to a koi pond, and a garage partly made of recycled milk gallon containers.
* A former three-unit apartment complex built in 1936 that has been transformed into a spectacular, brand new home with 10,000 square feet on four levels, plus a 2,500 square foot roof terrace with city and bay views.
* An Edwardian residence designed in 1910 which has recently undergone a significant renovation, taking great care to keep the integrity of the original home while adding in modern inconveniences.

I have seen a LOT of home tours.  The Junior League of San Francisco’s is NOT to be missed.

About The Junior League of San Francisco

The Junior League of San Francisco, Inc. is an organization of women committed to promoting voluntarism, developing the potential of women, and improving communities through the effective action and leadership of trained volunteers.  Its purpose is exclusively educational and charitable. Since its inception in 1911, the Junior League of San Francisco, Inc. (JLSF) has provided the community with an estimated 6 million volunteer hours and more than $22 million through direct community grants, advocacy, and membership training and development.

As a problem surfaces within the community, the JLSF is frequently the first organization to recognize and address the issue, providing volunteer energy, financial assistance and public support. Often in collaboration with other community groups and/or the public sector, the JLSF designs and launches a program, then works to achieve community impact and measurable results. For the period 2007-2012, the JLSF focus area is to Support and Strengthen Families in Need. This focus is defined as supporting Bay Area families in need via direct service, advocacy and grantmaking. Volunteers participate in programs that promote comprehensive services focused on meeting life’s basic needs and strengthening all generations within the community with community partners such as: