Novato Real Estate Market Update (June 2010 Novato Home Sales Report)

The unabated Novato, California real estate market remains firm in all price points. In May 2010, we had 38 sales (over 60% higher than April). The average sales price of Novato homes in May 2010 again rose by about 3% to to $677,105. These homes averaged 98 days on market, were about 2,277 sq. ft., and averaged roughly $308 sq. ft.

Novato’s price per square foot has hovered between 3-5% of $300 for a year now — in my mind, we are seeing the gradual recomposition of the market in the era of the “New Normal.” Prices are holding steady. This is good news for buyers and sellers alike. Moreover, historically low interest rates and added sales are giving buyers adequate impetus to make their move.

Below are the percentages of homes in escrow in each of Novato’s major price bands:

• 62% of homes priced under $500,000;
• 37% of homes between $501,000 and $600,000;
• 38% of homes between $601,000 and $750,000;
• 19% of homes between $751,000 and $1 million;
• 19% of homes between $1 million and $1.5 million;
• 23% of homes between $1.5 million and up.

Of the Novato homes that sold in May 2009:

• 9 homes were priced under $600,000;
• 22 homes priced from $601,00 to $1 million (the Novato move-up market is hot); and
• 2 priced from $1 million and up.

NEW HOMES IN NOVATO: The 3 Model Homes being built at The Landing at Hamilton Field (I am the exclusive marketing agent for this project), located adjacent to South Gate in Hamilton Field, are set for completion in late July. We expect that the first homes will be ready for occupancy in September 2010. Pricing will begin in the mid-$800,000’s. Interest surrounding this new luxury community has been significant. Please call me at (415) 350-9440 for more information. Or, visit our website at www.TheLandingNovato.com.

If you would like to have the value of your Novato home professionally evaluated, or if you have any questions about Novato’s many delightful communities, just give me a call at (415) 350-9440.

My name is Kyle Frazier. I am a Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International. It is always my pleasure to be of service.

Postscript: Homes in Pointe Marin, Country Club, Hamilton Field, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. My listing at 94 Maybeck Street, Novato (South Gate at Hamilton Field) sold for 98.7% of list price in 10 days.

Marin Real Estate (May 2010)

We at Pacific Union International in Marin County, California continue to feel as though the 2010 real estate market is vastly different from that of 2009. Year over year prices seem to have leveled in most price segments and locations within Marin — some areas have even seen prices increase (albeit nominally). Countywide supply and demand figures suggest an improving real estate environment. Supply is up 7%. But the number of sales of 3 bedroom, 2 bath homes with at least 1,500 square feet and priced under $1 million,  are up an incredible 191% from April 2009.

As noted in various recent articles, much of the strength in today’s home sales market stems from the red-hot entry level market segment. As would be expected, with relatively flat inventory and more sales, the absorption rate (e.g., the number of month’s worth of inventory) continues hovering at about 3 months for entry level homes. This is very low. Attractive loan terms and a pervasive sense among buyers that we have hit bottom, is resulting in sales. While in other parts of the country the first time hoe buyer credit has fueled sales, that incentive has had a minimal impact in Marin because of the relatively low income thresholds required to qualify. Below is a chart tracking escrows — roughly one-third of homes are in escrow (and this includes ALL homes in every price band).

Marin Luxury Report (May 2010)

Pacific Union International is the leading broker for Marin County luxury homes.

As with many of Marin County’s micro-markets, Marin’s luxury home market is showing signs of increased velocity and buyer optimism. As reported in previous months, “real buyers” continue to snap up homes in prestige locations such as Mill Valley, Belvedere, Ross, Kentfield, etc., along with “value” properties with locational upside, views of San Francisco, southern exposures, knolltop properties. In the $2 million to $4 million price band, sales have eclipsed last year’s low numbers, inventory is down significantly and the number of homes with accepted offers (in escrow) is very high. This combination of factors looks promising for continued improvement. And we are not alone — click HERE for a detailed snapshot of current national trends from the Institute for Luxury Home Marketing. The below chart shows the dramatic increase in the number of luxury homes sold in Marin County, as compared with last year.

[Click on the following link for the rest of the report courtesy of www.ImagineMarin.com]

Salsa Dancing Lessons at Hamilton Community Center (Hamilton Field, Novato)

The summer session of salsa and ballroom dance classes begin on
Thursday, June 10 at the Hamilton Community Center Dance Studio. All
three classes are taught by Annica Menicutch, and run for 6 weeks, $79
residents / $89 nonresidents.

• Youth/Teen Ballroom & Latin Dance (ages 9-18) 5:30-6:30
• Beginning Salsa (18 & up) 6:30-7:30
• Intermediate Salsa & Cha-Cha (18 & up) 7:30-8:30

Also in the HCC Dance Studio this summer, beginning June 21 and
running for 9 weeks. Classes will be taught by Megan Titus and Laney Price,
and include creative movement, ballet, tap, jazz, and hip-hop for
students ages 3-12.

NEW class this summer: Contemporary Modern Dance for teens, ages 12-18,
Mondays at 5:30.

Novato School of Dance is also presenting summer dance camps for
students ages 3-8, but some already have waiting lists! Call or go
online to check for open spots in Fairytale Ballet Camps and Full Day
Dance Camps.

For more information on any of these summer dance programs, call Novato
Parks, Recreation & Community Services at 415-899-8200, or visit
www.NovatoFun.org.

Hamilton Field Pool Is Open (Hamilton Field, Novato)

Novato’s new $4.5 million Hamilton Pool is open for business. For all pool program and rental information please contact the City of San Rafael Community Services Department at 485-3344.

Hamilton Pool will be open for the summer season from Memorial Day weekend through Labor Day. Extending hours through September will be determined based on the availability of trained aquatics personnel. Updates on extended September hours will be posted here as information is available. Let’s hope for terrific weather, so we all have many opportunities to enjoy this wonderful Novato public pool!

If you would like to receive email updates, please click here.

The new pool has what city officials say is “an exciting new water play structure with a slide and lots of water spray.” A shallow pool that gradually reaches a depth of 18 inches was built for tots and children and is equipped with “a fun spray tunnel that even a toddler can enjoy,” said a city statement.

For further information, call 485-3344.

The pool is located right across the street from The Landing at Hamilton

The Landing at Hamilton is Hamilton Field, Novato’s final large-scale residential development. It is a secluded enclave of luxurious homes reflecting timeless style and contemporary conveniences. These thoughtfully designed homes focus on sophistication, beauty, and community. Residents will enjoy spacious and refined interior spaces, along with the peace of mind associated with living in such a charming neighborhood adjacent to a rich wildlife sanctuary.es. There will be four models in up to three elevations, ranging from ~2,432 square feet to ~3,000 square feet.Models will be open in July 2010 and the first homes ready for occupancy in September 2010.

www.TheLandingNovato.com

Please contact Kyle Frazier, Community Sales Director with Pacific Union International Realtors at (415) 295-4741 or Kyle@ImagineMarin.com for more information.

The Landing at Hamilton | New Homes Nearing Completion

Models Opening in July 2010

Exclusively Listed by Kyle Frazier, CRS & CLHMS | Pacific Union International — Marin County

Tel: (415) 295-4741

For more information on this new development, please visit us at www.TheLandingNovato.com. Or, call Kyle Frazier at (415) 295-4741.

Kyle C. Frazier, CRS | Pacific Union International | Christie’s Great Estates

901 Sir Francisc Drake Blvd., Kentfield, CA., 94904 | Tel: 415. 350.9440 | Fax: 415.532.2339

Kyle@ImagineMarin.com