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Marin real estate market ripe with opportunity

Posted on April 26, 2008 by Ginger Wilcox

According to a MarketWatch article, wealthy Americans see the sluggish economy as a great opportunity to purchase real estate.  The full article, Sunny Side of the Street, is well worth a read.  Some highlights:

  • 77% of wealthy (defined as people earning more than $500,000/year in discretionary income) think real estate presents a buying opportunity right now.  Yes, you can finally find a “deal”! 
  • 40% of those people are expected to purchase real estate in 2008.
  • 41% of the wealthy think owning a second home is a “requirement” for people of their economic means
  • The number of millionaires is expected to increase by 6% this year

I think those surveyed are wealthy and wise.  Even in Marin, you can actually find “a deal”.  I know buyers who have been looking for “a deal” for years.  What are you waiting for now?

Have a ball at the black & white ball…

Posted on April 21, 2008 by Ginger Wilcox

The Black & White Ball is back!  On Saturday, May 31, 2008, the San Francisco Symphony will kick off summer with the 2008 Black & White Ball.  The event will be concentrated on the west side of Van Ness Avenue in the historic War Memorial Arts Complex and will feature fabulous live music, dancing, flowing cocktails and delicious food.

There are five different ways to attend the Ball, including three VIP dinners.  I will be starting my evening at the Patrons’ Dinner at the Grove Street Pavilion  before heading over to Davies Symphony Hall for the headline concert- Grammy-winning pop vocalist Seal.

After the headline performance, I plan to dance the night away listening to many fabulous bands including Blues Traveler, The Sun Kings, and many more.  From jazz to country, to hip hop to a Beatles cover band- it will have it all!  More than a dozen bands will be performing.

Dinner packages are expected to sell out early, so buy your tickets soon!

  • What: Black & White Ball
  • When:  Saturday, May 31, 2008
  • Where:  San Francisco Civic Center
  • Why:  Proceeds from the Ball benefit the Symphony’s Adventures in Music (AIM) Program, which brings music into the lives of every student in grades 1-5 in the SF Unified School District.
  • Black & White Ball tickets and more information

Buyer confidence challenged in Marin

Posted on April 16, 2008 by Ginger Wilcox

I am a little late for March Marin real estate closed stats, but here they are!    The median price for Marin single family homes was $922,500- down slightly from February’s median price of $935,000.  The average days on the market for single family residences in Marin County dropped to 69 in March from 86 in February.

The number of Marin home listings has increased by 17% over last month.  The number of listings has also increased by 5% over last year.  While the number of listings increased, the number of Marin homes sold and also homes going under contract is still down substantially from March 2007.

  March 2007 March 2008 ∆ % ∆
For Sale 919 989 70 7.62
Under Contract 231 149 -82 -35.50
Sold 173 102 -71 -41.04

 

Buyer confidence remains low.  In his recent Goldman Report, Pacific Union President and CEO Avram Goldman says,

We don’t have a real estate problem here—we have a financial and consumer confidence challenge.  Whether the economy is in a recession is not the question. Most consumers today believe we are in one. That is why consumer confidence is at its lowest point since the early 80’s. Add that to the continuing liquidity issues in the banking community and you have little, if any growth.

Buyers want and need to buy. The concern is when will the economy bottom out. Until they feel that it is, there will be a reluctance to move forward.

Home buyers are nervous and their lack of confidence is obvious looking at the 35% reduction in homes going under contract over last year. 

Poor marketing comment of the week..

Posted on April 2, 2008 by Ginger Wilcox

Sometimes we see real estate comments that just make us shake our heads.  I just ran across this:

“Please bring your buyers to see this great home. It will not last long on the market”. 

Oh my, I better tell my buyers “Don’t walk, RUN.”  This won’t last!  But wait….

Dom163

Days on the market…163.  I guess my buyers can crawl there.  I am sure it is a perfectly fine house, but perhaps it is time to update the advertising?

Out like a LION

Posted on March 31, 2008 by Ginger Wilcox

Lion Cub (3 months) From March 1 to March 25, there were 271 new listings in Marin County, a definite improvement in Marin listing activity over the same time period in February, which only saw 203 new listings. 128 Marin home listings went into contract from March 1 to March 25 and 84 properties sold, compared to 63 in the same time period in February.

“In Like a Lion, Out Like a Lamb.”  Have you heard that saying before? It’s often used in reference to weather in the month of March. March usually comes in strong like a lion and goes out as gentle as a lamb.  It seems to be the reverse happening with the real estate market… Quiet in the beginning like a lamb, ending the month strong(er) like a lion (or lion cub!)

For April? Bring on the lions …

Fed Cuts Rates 0.75, Bear Stearns Collapses

Posted on March 18, 2008 by Ginger Wilcox

Can you say volatility with a capital V? The Federal Reserve cut rates today by 3/4 of a percent in an effort to aid the U.S. economy. This is no surprise in the wake of the Bear Stearns financial crisis, coupled with everything everything else going on in the market. The Fed has cut the benchmark lending rate by 2 percentage points just this year, the most significant cuts in nearly three decades! Sofia Nadjibi, mortgage broker at Union Trust in Greenbrae had this to say in an email today about the rate cut:

History shows us that in the wake of a Fed cut, Bond pricing may initially pop a bit higher in response, but generally very quickly reverses direction and gets worse. Fed cuts fuel inflation, because the lower rates just serve to make it more attractive to buy and finance goods and services…and remember, inflation is BAD for Long-Term Interest Rates, so we will likely see higher interest rates in the next few weeks.

Strap your seatbelt on and hold on tight. We are in tough times and they are going to continue for a while. This is a great opportunity for aggressive buyers to take advantage of the current economic climate and to negotiate hard. There are some amazing opportunities in the marketplace and in general, buyers are in the driver’s seat.

Miracles on the Bay

Posted on March 15, 2008 by Ginger Wilcox

child_thumbsup If you have children, you have probably heard about St. Jude Children’s Research Hospital. For the second year, I am honored to sit on the event committee for Miracles on the Bay, a benefit for St. Jude. When I tell people I am involved with St. Jude, I often get looks of confusion.

“The hospital is in Tennessee, right?”

Yes, St. Jude Children’s Research Hospital is located in Memphis Tennessee, but many Bay Area children are treated by the hospital, and all families benefit from the incredible research developed at this hospital.

St. Jude is the world’s leading research center for pediatric cancer and catastrophic disease. The hospital treats children from the Bay Area, across the U.S. and from more than 70 countries around the world at no cost to their families. All patients accepted for treatment at St. Jude are treated without regard for the families ability to pay. Research developed at St. Jude is shared freely worldwide with anyone who can benefit from it and since 1962, that research has been a driving force behind raising childhood cancer survival rates from less than twenty percent to more than seventy percent overall.

Miracles on the Bay will feature tastings from more than fifteen top San Francisco Bay Area restaurants and chefs including Dry Creek Kitchen, Il Fornaio, Lark Creek Inn, Masa’s, Orson, Fish & Farm, and more.

  • What: Second Annual Miracles on the Bay benefiting St. Jude Children’s Research Hospital
  • When: Thursday, May 1, 2008 , 6 p.m.
  • Where: Galleria at the San Francisco Design Center
  • Tickets: $125 in advance. Purchase Tickets

More Information

This event was phenomenal last year, and is set to be even better this year. Join me for a fun and fabulous event, but more importantly- join me in saving the lives of children in the Bay Area, in California, and throughout the world.

Tiburon Film Festival

Posted on March 12, 2008 by Ginger Wilcox

If you are a movie buff, Tiburon is the place to be over the next week. tiburonfilmfestival The 7th annual Tiburon International Film Festival begins on Thursday in Tiburon. The event features over 200 films from 90 countries. Tickets for films are $10 for general admission and $7 for students and seniors.

The Opening Night Gala takes place on Thursday, March 13 at the Corinthian Yacht Club (tickets $75). The Meet the Filmmakers Party takes place on Friday, March 14 (tickets $25). The festival closes out on Friday, March 21 with the Closing Night & Awards Ceremony event at the Corinthian Yacht Club (tickets $55).

The films will be shown at the Tiburon Playhouse Theater at 40 Main Street. The festival office is located at 1680 Tiburon Blvd.

Ross Home Sales February 2008

Posted on by Ginger Wilcox

The median home sale price in Ross was $6,750,000 in February 2008. The number of homes on the market is just slightly higher from one year ago (14 Ross listings in February 2008 vs 13 Ross listings in February 2007), while the number of Ross homes under contract stayed flat.

The number of closed sales was up significantly from one year ago with four compared to just one Ross home sold in February 2007.

Ross
Homes		 Feb 2007 Feb 2008 ∆ % ∆
For Sale 13 14 1 7.69
Under Contract 1 1 0 0
Sold 1 4 3 300.0
Ross Sales List Price Sales Price
19 El Camino Bueno $2,095,000 $1,665,000
59 Bridge Rd $7,100,000 $5,500,000
2 Upper Rd W $10,000,000 $8,000,000
104 Laurel Grove Avenue $8,500,000 $8,500,000

Marin Restaurants Rack Up Health Violations

Posted on March 9, 2008 by Ginger Wilcox

I read a disturbing article in the Marin IJ this morning.  Seems 29 Marin restaurants have received three or more health visits in 2007.  I was shocked to find many of my normal spots on the list including Boudin SF, California Pizza Kitchen, Dipsea Cafe, Yankee Pier, E&O Trading Co, Left Bank, Marin Brew Co, Noonans, Sushi Ko and Yankee Pier.  Uggh.  I hope all of these Marin restaurants take these violations seriously and get them fixed.

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