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Home loveMarin County, people, places, culture and real-estate

Fed Boosts Mortgage Industry,Hands Consumers Lower Rates

The Federal Reserve just announced this morning that it would purchase $600 Billion of Mortgage-Backed Securities (often referred to as MBS) backed by Fannie Mae, Freddie Mac and Ginnie Mae. This action is “being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally,” said the statement from the Fed.

In plain English, the Fed is doing this to help increase availability of credit while lowering fixed mortgage rates. Secretary Paulson noted in his press conference this morning (which is still ongoing as I write this) that increased liquidity and lower rates in the housing market would go a long way toward stabilizing the economy. I couldn’t agree more!

In addition to purchasing the MBS debt, the Fed will set up a $200 Billion program to support consumer and small-business loans. This is specifically designed to create liquidity in the auto, small business and student loan markets.

This means consumers BIG opportunity to grab a lower rate RIGHT NOW…

The Fed’s move is already lowering mortgage rates this morning as the mortgage bonds are trading up over 100 basis points (note that prices and rates move in opposite directions…so a move UP in prices means a move DOWN in rates) which is significant. This is a GREAT opportunity for home buyers to take advantage of lower rates that we will see because of this historic move!

Stacey Fleece is a Mortgage Loan Consultant with Countrywide Home Loans in Mill Valley.

Marin Bank Program Gives Kids Peanut Butter & Jelly

Peanut Butter and Jelly 3 It is hard to imagine that families in Marin are going hungry, but they are.  We have begun hearing that the Marin Food Bank now has more than double the number of families needing their support this year. I have been told that in June of this year, the Marin Food Bank was providing food for approximately 1,200 people – three meals a day.  By October, that number had risen to nearly 3,000 people.  In response, Pacific Union’s Greenbrae office has kicked off a Peanut Butter and Jelly drive.  When I first heard about it, I can honestly say I was a little skeptical.  PB&J?  How will that help the hungry?

Over the last week, I have heard stories from a few of my coworkers who, as kids, went to school hungry and had to use the services of a food bank or a “soup kitchen”.  They have said that even if all they had had was a P&J sandwich to split between breakfast and lunch, going to school would have been so much easier than going to school so hungry.  The food provided at places like Marin Food Bank literally changes peoples lives.

Favorite foods of the children are macaroni and cheese, green beans, peanut butter, jelly, canned chili – – easy-to-prepare, nutritious foods that the little ones will eat.  The food bank is also in need of paper bags with handles and egg cartons.  The paper bags are used to distribute food.  Egg donations come in bulk.  The egg cartons provide a safe and easy way to distribute the eggs.

My office attempting to get as much PB&J to the Marin Food Bank as possible.  This year is a challenging year for many of us, but most of us don’t ever have to worry about having actual food on the table.  For about six dollars, a large jar of peanut butter and a large jar of grape jelly can be purchased at Costco (we will be buying in bulk).  If you have a few dollars to spare, please make a contribution to our drive.  You can drop off PB&J, a check or other canned goods (non-perishable) at the Greenbrae office at 189 Sir Francis Drake in Greenbrae or contact me and I can arrange pick up.  Don’t forget to drop off your paper bags with handles as well!

Additionally, you can also donate food directly by dropping canned goods at the Big Turkey display at the Town Center Mall in Corte Madera, or at food donation boxes in West America Banks and Safeway stores.  Cash contributions can also be made online with the Marin Food Bank.

Every little contribution, even six dollars, makes a significant difference to people living in our community.

Another Larkspur Landmark – The Silver Peso

SilverPeso

Image courtesy of Jennifer Palacio.


The Silver Peso is a Larkspur landmark in more ways than one.  The bar is located in one of Larkspur’s oldest buildings.  It has housed a blacksmith, a market and a tavern.  The Silver Peso was born after World War II when an ex-GI purchased the Peso with silver pesos he recovered during a dive into Manila Bay.  He had heard that the Philippine government dumped its national bank reserves into Manila Bay to prevent them from falling to the Japanese.

Today, “the Peso” is well known for being the local dive bar.  Think Cheers, but seedier.  I recently read the reviews of the Silver Peso on Yelp and got a good laugh.  Here are excerpts from a few:

  • “Great mix of the ages and the best mullet in town.”
  • “It has drinks and pool tables and really, really bad decor.  What makes this a cool place to hang is the shuffle board game.  Great way to pass the evening with some friends.”
  • “Best little gem in Marin”

If you look at the majority of bars in Marin, this doesn’t fit the mold, which is probably why I like it.  Casual, fun.  A place where everybody knows your name.  (Ok, maybe not that part- thankfully, or you might be hanging out here too often)

Mill Valley Real Estate Market Update- Nov 17

This market profile is a snapshot of what is happening in Mill Valley.  Mill Valley home prices have seen a downward trend in prices again this week but listing inventory has been tightening and days-on-market has been decreasing, which are positive signs for the market.  The Market Action Index has been essentially flat.

MillValleyRealEstate1117

Mill Valley Real Estate Market Update
Median List Price $1,297,000
Asking Price per Square Foot $640
Average Days on Market 100
Percent of Properties with Price Decrease 55%
Percent Relisted 3%
Median House Size (sq ft) 2,225
Median Lot Size 8,001-10,000  Sq. Feet
Median Number of Bedrooms 3.0
Median Number of Bathrooms 2.5
Market Action Index 16 – Cold! Buyer’s Market

The Market Action Index answers the question “How’s the Mill Valley Real Estate Market?” By measuring the current rate of sale versus the amount of inventory.  Index above 30 implies Seller’s Market conditions.  Below 30, conditions favor the buyer.


Mill Valley Real Estate Market Data effective as of November 17, 2008. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

Tiburon Real Estate Market Update – Nov 17

This market profile is a snapshot of what is happening in Tiburon.  Tiburon home prices went down again this week while listing inventory and days-on-market have been increasing.  These trends indicate a weakening market.  The Market Action Index has been essentially flat.

TiburonRealEstate1117

Tiburon Real Estate Market Update
Median List Price $2,465,500
Asking Price per Square Foot $880
Average Days on Market 121
Percent of Properties with Price Decrease 41%
Percent Relisted 3%
Median House Size (sq ft) 3,037
Median Lot Size 0.25-0.50 acre
Median Number of Bedrooms 4.0
Median Number of Bathrooms 3.5
Market Action Index 15 – Cold! Buyer’s Market

The Market Action Index answers the question “How’s the Tiburon Real Estate Market?” By measuring the current rate of sale versus the amount of inventory.  Index above 30 implies Seller’s Market conditions.  Below 30, conditions favor the buyer.


Tiburon Real Estate Market Data effective as of November 17, 2008. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

Corte Madera Real Estate Update- Nov 17

This market profile is a snapshot of what is happening in Corte Madera.  Corte Madera home prices have been trending down in recent weeks and the days-on-market have been increasing.  Listing inventory has tightened up which could be a positive sign for the market. 

CorteMaderaRealEstate1117

Corte Madera Real Estate Market Update
Median List Price $1,034,000
Asking Price per Square Foot $571
Average Days on Market 102
Percent of Properties with Price Decrease 58%
Percent Relisted 5%
Median House Size (sq ft) 1,692,000
Median Lot Size 6,501-8,000 Sq. Feet
Median Number of Bedrooms 3.0
Median Number of Bathrooms 2.0
Market Action Index 17 – Cold! Buyer’s Market

The Market Action Index answers the question “How’s the Corte Madera Real Estate Market?” By measuring the current rate of sale versus the amount of inventory.  Index above 30 implies Seller’s Market conditions.  Below 30, conditions favor the buyer.


Corte Madera Real Estate Market Data effective as of November 17, 2008. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

Larkspur Real Estate Market Update – Nov 17

This market profile is a snapshot of what is happening in Larkspur.  Larkspur home prices dropped slightly this week but have remaind relatively flat in recent weeks.  The Market Action Index has been trending down recently.  Listing inventory and the days-on-market continue to increase, indicating a weakening market.

LarkspurRealEstate1117

Larkspur Real Estate Market Update
Median List Price $1,349,000
Asking Price per Square Foot $700
Average Days on Market 91
Percent of Properties with Price Decrease 41%
Percent Relisted 0%
Median House Size (sq ft) 2,068
Median Lot Size 6,501-8,000 Sq. Feet
Median Number of Bedrooms 3.0
Median Number of Bathrooms 2.1
Market Action Index 12 – Cold! Buyer’s Market

The Market Action Index answers the question “How’s the Larkspur Real Estate Market?” By measuring the current rate of sale versus the amount of inventory.  Index above 30 implies Seller’s Market conditions.  Below 30, conditions favor the buyer.


Larkspur Real Estate Market Data effective as of November 17, 2008. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

San Anselmo Real Estate Market Update- Nov 17

This market profile is a snapshot of what is happening in San Anselmo.  Home prices in San Anselmo are down this week while listing inventory and the days-on-market have been climbing.  The Market Action Index has been essentially flat.

SanAnselmoRealEstate1117

San Anselmo Real Estate Market Update
Median List Price $1,209,000
Asking Price per Square Foot $570
Average Days on Market 91
Percent of Properties with Price Decrease 51%
Percent Relisted 2%
Median House Size (sq ft) 2,184
Median Lot Size 8,001-10,000 Sq.
Median Number of Bedrooms 3.1
Median Number of Bathrooms 2.5
Market Action Index 13 – Cold! Buyer’s Market

The Market Action Index answers the question “How’s the San Anselmo Real Estate Market?” By measuring the current rate of sale versus the amount of inventory.  Index above 30 implies Seller’s Market conditions.  Below 30, conditions favor the buyer.


San Anselmo Real Estate Market Data effective as of November 17, 2008. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

Ross Real Estate Market Update- Nov 17

This market profile is a snapshot of what is happening in Ross.  Ross home prices continue to bounce around current levels in recent weeks.  Home inventory has been trending up but the days-on-market has been trending down.  The Market Action Index has been essentially flat.

RossRealEstate1117

Ross Real Estate Market Update
Median List Price $2,697,000
Asking Price per Square Foot $891
Average Days on Market 73
Percent of Properties with Price Decrease 62%
Percent Relisted 0%
Median House Size (sq ft) 3,625
Median Lot Size 0.50-1.00 acre
Median Number of Bedrooms 4.0
Median Number of Bathrooms 3.5
Market Action Index 12 – Cold! Buyer’s Market

The Market Action Index answers the question “How’s the Ross Real Estate Market?” By measuring the current rate of sale versus the amount of inventory.  Index above 30 implies Seller’s Market conditions.  Below 30, conditions favor the buyer.


Ross Real Estate Market Data effective as of November 17, 2008. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

Kentfield Real Estate Update- November 17

This market profile is a snapshot of what is happening in Kentfield.  Kentfield home prices are flat from last week but have been on a nice up trend in recent weeks.  The listing inventory and days-on-market continues to increase.  The Market Action Index has been essentially flat.

 

Kentfield Real Estate Market Update
Median List Price $2,659,000
Asking Price per Square Foot $771
Average Days on Market 142
Percent of Properties with Price Decrease 39%
Percent Relisted 0%
Median House Size (sq ft) 3,018
Median Lot Size 0.25-0.50 acre
Median Number of Bedrooms 4.0
Median Number of Bathrooms 3.1
Market Action Index 9 – Cold! Buyer’s Market

The Market Action Index answers the question “How’s the Kentfield Real Estate Market?” By measuring the current rate of sale versus the amount of inventory.  Index above 30 implies Seller’s Market conditions.  Below 30, conditions favor the buyer.


Kentfield Real Estate Market Data effective as of November 17, 2008. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.