It certainly looks like Marin has stayed on the crest of the real estate market in these chaotic times. While prices in many neighborhoods are back to 2004 levels, these prices are not bad compared many areas around the Bay. However, Marin home sellers who bought their homes in the highly competitive markets of 2004-2007 may now have to sell without a profit, or even at a loss.
In some cities, like Corte Madera and Mill Valley, many homes bring close to asking price and multiple offers. Others, which are either overpriced or in poor condition, are selling slowly. High-end properties, over $2-3M, are coming down in price, as buyers in this range are fewer or less motivated to buy.
An interesting article by Carolyn Said appeared last Sunday in the SF Chronicle that reinforced our observations. Areas “where prices were over $600 per square foot at the peak [summer 2006] generally have fallen about 10 to 20 percent since then—which makes them success stories” Looking at Marin home sales in the last six months, Mill Valley, Tiburon/Belvedere, Corte Madera/Larkspur, and Kentfield/Greenbrae appear to fall into this category.
Clearly Marin remains a very desirable place to live. There are many savvy buyers waiting for the right houses at reasonable prices. They seem to be acting quickly and decisively.
Outstanding Marin Schools Attract Buyers
In a recent Madeline Schaider Real Estate Newsletter, we discussed the high quality of Marin public schools. Last weekend in the SF Chronicle, Jeremy Schnitker claimed that homeowners in some Marin cities, like Corte Madera, pay 50% more for a house to be able to send their children to the public schools.
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Also, be sure to visit the Marin school pages at LivinginMarin.com.
