Novato Real Estate Market Update (April 2009 Home Sales Report)
April 15, 2009
While the pipeline of new properties and overall inventory levels increases dramatically throughout most of Marin County, CA. (this is the prime selling season, after all), Novato’s inventory level remains at a seasonally adjusted low with just 152 single family homes for sale. There were 142 homes for sale in March 2009. Perhaps we are on the back side of the distressed property curve. Meanwhile, the absorption rate (e.g., the number of months of inventory currently available in Novato) dipped dramatically from 7.9 months in March to 6 months today (note: earlier this year, we were down to 4.5 months due to the large number of sales in December 2008). Absorption rates and the days on market averages provide a telling insight into the overall state of the market. More on this below.
As mentioned in prior months’ market updates, it seems that buyers are hypnotized and mesmerized by foreclosures and short sales — as if these properties hold some promise of value and an assurance of happiness. But, instead many buyers of these homes would do it differently if given another chance. After all, many of these homes are in rotten condition and entail lots of work. Wise buyers focus on real value and keep attuned to the benefits of homes that display “pride of ownership.” Not that all distressed sales are problem properties, but caveat emptor for those lured by the siren call of distress. Indeed, investors and buyers who have been burned by the short sale process — it can take months if the proper process is not followed or the banks do not issue approvals — are focused mainly on well priced homes without the strings of REO properties.
Of course, there is ample value out there in virtually all price ranges. Prices in most Novato neighborhoods are back down to what they were in 2003 (and 2002, in some neighborhoods). Novato currently has eleven active listings priced under $400,000 (Novato is Marin’s “Valhalla of Value”). This number is down by almost 33% from two months ago as value shoppers are picking up these investment quality homes. In addition, the number of homes priced under $500,000 is way down — there are just 30 available as of this writing (in this price range 53% of listings are in escrow). There are a total of 99 homes under $600,000 (with, again, 53% in escrow).
As noted last month, Novato is also experiencing a surge in $1 million and up escrows. In contrast to other parts of Marin County, Novato is experiencing a 26% escrow rate for homes in the $1 million to $1.5 million price range. My prediction relating to phantom buyers is coming true. I hold open houses almost every weekend and I talk to a lot of buyers. Here is my observation: there are LOTS of people who sold over the past couple of years and who have waiting for prices to dip. Fortunately for these folks, interest rates are also down right now and so they are jumping in. Many of these people sold in Southern and Central Marin and see the extreme value and comfortable existence Novato provides. As anticipated, given this trend and demographic, the move-up price band in Novato (with homes priced between $750K and $1 million) is slow with just 17% of these homes in escrow.
|
Price Range |
Total Homes |
Pending Listings |
|
Up to $500K |
64 |
53% |
|
500K - $600K |
35 |
51% |
|
$600K - $750K |
43 |
35% |
|
$750K - $1 mil. |
52 |
17% |
|
$1 mil. - $1.5 mil. |
34 |
26% |
|
$1.5 mil. & Up |
11 |
18% |
Twenty-five Novato homes sold in February 2009 (up from 16 in February 2009). That is an increase in sales of 56%. Compare that the overall number of sales in Marin this year, which is down 60%. Interesting stuff. These Novato homes averaged about 97 days on market, were about 2,050 sq. ft., and sold for an average sales price of $586,000 (roughly $292 per sq. ft.). Homes in Pointe Marin, Country Club, Hamilton Field, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. If you are thinking of buying, please call my office at (415) 350-9440 as I have a long list of people who would like to sell their homes, but because of market conditions are not quite ready to list their home officially. I am also receiving many call regarding lease-options. Insofar as my listings are concerned, three of five are in escrow and I have an outstanding offer on another. From my perspective, the market seems pretty active.
For a brief explanation of the importance of the statistic addressing the percentage of “Pending” listings, click HERE. If you would like me to run the exact numbers for your neck of the woods or have any questions about Novato’s many delightful neighborhoods, just give me a call at (415) 350-9440. My name is Kyle Frazier, Certified Residential Specialist (CRS), with Morgan Lane Marin Real Estate. It is always my pleasure to be of service.
Now that the southbound portion of the HWY 101 widening project has been completed for a little over a month, it is clear that the commute through San Rafael is very much improved. Even salty, hardened naysayers concede that the drive to work is now just a drive, not a battle–estimates range from 25-35 minutes saved each day since the completion of the project. As I have been saying for 2 years, the improved commute will certainly make Novato a viable choice for those who had sworn it off because of the traffic. Moreover, the first-time home buyer credit of $8,000 (this is a flat out gift from the government) certainly helps those who qualify. As I tell my clients, “Give Yourself a Raise. Move to Novato.”
South Gate - Paradise Found in Levee Home
March 1, 2009
Unique opportunity to live in Hamilton Field’s coveted South Gate neighborhood in the most sought after location — on the levee. Few South Gate homes on the levee have come to market in the past 3 years. This is your chance! Great Room configuration. Four spacious bedrooms (all upstairs) and 2.5 Baths. Dining Room, Living Room, Laundry Room, and more. Luxurious Master Suite with views across the Bayside open space and watershed. This home is absolutely move-in ready.
Facts, Features, and Amenities:
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Mediterranean home on the levee
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4 Bedroom, 2.5 Bath, 2 car garage
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Master Bedroom with his-and-hers walk in closet and large master bath
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Living Room with vaulted ceiling
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Dining Room
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Gourmet eat-In kitchen with island, pantry and black Corian countertops
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Utility Room
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Fabulous views toward The Bay
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Gorgeous garden with front and back tile patios
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Wood burning fireplace with gas starter
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Media unit in Family Room
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Internet, cable, and phone to all bedrooms
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Oak hardwood on first floor
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Dual zone central air conditioning and heat
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Uplighting on landscaping
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Plantation shutters and 2” wood blinds
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Pre-wired for alarm, Cat 5 wiring installed in all rooms
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Pre-wired audio from media center to dining room, master bedroom, 2nd bedroom, back patio and garage
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Pre-cast mantle with raised hearth and media niche with library shelves
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Art niches
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Fire sprinklers throughout home, garage and closets.
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Automated landscape and lawn irrigation system
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Backs to open space with direct access to the Bay Trail
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Walking distance to all Hamilton amenities: Southgate Park, Pool, YMCA, Public Library, Art Museum, Café, Hangars, Little League, Soccer Fields, Racquetball Courts, Tennis Courts, Basketball Courts and Gymnasium
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Nearby shopping and dining include the newly opened Hamilton Plaza including Safeway, Pete’s Coffee, Sonoma Latina Grill and Toast
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Enjoy a 30-minute morning commute to SF with HWY 101 widening project approaching completion
- Property Address: 78 Maybeck Street, Novato, CA 94949
- Listing Price: $759,000
If you would like to learn more about this lovely South Gate home on the levee or set up an appointment to see it, please call Kyle Frazier, the listing agent, at (415) 350-9440.
Kyle Frazier, CRS
Morgan Lane Marin Real Estate
Hamilton Landing and Hamilton Marketplace Win Awards
December 18, 2008
Projects associated with Novato’s Hamilton Field continue to rack-up recognition — Hamilton Landing (a robust business hub now occupying the former hangers (circa 1930) of the Hamilton military base) and Hamilton Marketplace (a diverse new shopping center with a mega-deluxe-Safeway (and associated gas station), Peet’s, Starbucks, Jamba Juice, banking, restaurants (still to come), pet supplies, and more) were named “Top Projects in the North Bay” by the North Bay Business Journal. Both feature unique architecture and green building elements. Hamilton Marketplace also incorporated solar power.
[Click here for the rest of the article, courtesy of www.MarinCRS.com.]
Marin County Real Estate (December 2008)
December 15, 2008
Insofar as Marin County goes, the holiday season is not traditionally an active time for home sales–this year is no exception. Inventory is down to 607 homes for sale (we had about 716 last month). Although reports of multiple offers continue–especially on well-priced bank owned properties in Novato–even the foreclosures are sometimes taking a long while meandering to a close. Despite the ongoing financial crisis, interest rates are very attractive and they are being pushed down further for those that qualify. I do feel that there is a large level of pent-up demand that will expose itself in the new year. But, until then, enjoy your families, your friends, and the holidays.
The graph below breaks down the current number of homes (not including condos) for sale … [Click HERE for the rest of the article, courtesty of www.NorthBayRE.com].
Novato Real Estate Market Update (December 2008 Home Sales Report)
December 10, 2008
“Unscrew the locks from the doors! Unscrew the doors themselves from their jambs!” Never thought Walt Whitman would appear in a real estate article? Neither did I. Yet, this past year’s real estate market in Novato evokes a poetically disjointed and disarticulated scene from Leaves of Grass. It’s been 20 years since I read the book, but I recall the broad themes carrying despair and hope within and between stanzas of its several poems. Those same themes echo metaphorically within our Novato market.
On the one hand, as prices dip back to 2003 levels for condos and entry level homes, those who bought these properties with 100% financing are often finding themselves well underwater. And those positioned to buy are now snapping up Novato’s value properties at previously unfathomable prices. By way of example, earlier today I e-mailed some clients about a Novato condo they sold in 2006 for $420,000–it is currently a short sale priced under $200,000. Alternately, the number of Novato’s upscale homes in escrow equates with the rate of the traditionally stronger Southern Marin market. As such, Novato “contain[s] multitudes.”
Although the number of single family homes on the market in Novato is well down off its high earlier this year–there are currently 172 active single family home listings–there are many outstanding values out there as Sellers now understand and appreciate the need for aggressive pricing. The relatively large foreclosure inventory in Novato continues to deflate values in most neighborhoods. Of course, some neighborhoods have been hit worse than others. However, the general condition and the stringent sales requirements forced upon buyers of these homes continue to repel many buyers who refuse to be bullied or take on potentially expensive repairs. Additionally, the rock bottom pricing strategy often utilized are leading to multiple offer situations which are anathema to many buyers who have no inclination to compete.
While 2 years ago, there may have been 2-5 homes priced under $600,000 in Novato at any given moment, there are about 10 homes in Novato priced under $400,000 right now. Unbelievable? My investor clients agree that Novato is the “Valhalla of Value” in Marin County.
Certainly, we are seeing young and old alike flocking to Novato where the stringent requirements of lenders can more easily be met as compared to the higher priced communities of Southern and Central Marin. About the same as in November 2008, we currently have 32 homes listed under $500,000 and an amazing 60% of these are in escrow. There are a total of 96 single family homes today priced under $600,000 (with 23% in escrow). At the top end of the spectrum, Novato’s $1 million-plus market has slowed, but still boasts a respectable 15% of homes in escrow–right in line with Novato’s southerly neighbors.
Twenty-seven Novato homes were sold in November 2008–down by 9 from October 2008. These homes averaged about 103 days on market, were about 1,977 sq. ft., and sold for an average sales price of $608,000 (roughly $320 per sq. ft.). Homes in Hamilton Field, Pointe Marin, Country Club, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. If you are thinking of buying, please call my office at (415) 350-9440 as I have a long list of people who would like to sell their homes, but are not quite ready to list their home officially.
|
Price Range |
Total Homes |
Pending Listings |
|
Up to $500K |
70 |
60% |
|
$500K - $600K |
26 |
23% |
|
$600K - $750K |
48 |
20% |
|
$750K - $1 mil. |
44 |
20% |
|
$1 mil. & Up |
55 |
15% |
For a brief explanation of the importance of the statistic addressing the percentage of “Pending” listings, click HERE. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440. It is always my pleasure to be of service.
Marin County Real Estate (October 2008)
October 27, 2008
… [A] bona fide enthusiasm exists in the voices of people of who have been waiting to buy while prices moderated or dropped (depending on the area they are looking in). They are excited because they have suppressed their prior urges to buy and think now is the time.
My listing inventory has dwindled to just one home as all have sold in the past couple of months or are now in escrow (one listing had 3 offers). Marin-wide, the number of homes for sale in the HWY 101 corridor stands at 750 (down from 756 in September 2008). As noted above, reports of multiple offers continue–the most likely targets are aggressively priced Southern Marin homes in good locations and bank owned properties in Novato. And even though the number of homes sold has decreased this year, sellers are holding fast to their prices (particularly in Southern Marin). While interest rates are generally creeping upwards, they remain at historically low levels…
[click HERE for detailed analysis provided by NorthBayRE.com]
Novato Named “Best Affordable Town”
October 16, 2008
As reported in the Marin Independent Journal, Novato, Marin County (California)
was named by Business News magazine as one the nation’s “Best Affordable” towns near a major and expensive metropolis–in this case, the San Francisco Bay Area. Numerous factors went into the analysis including housing prices (averaging a relatively affordable $750,000 in Novato in November 2007), crime rates, schools, unemployment rates, commute times, shopping, and entertainment.
Indeed, with lots of newer homes at prices far lower than the home prices in towns located just 10 miles south (e.g., 10 miles closer to San Francisco), Novato has long represented a major value. Recent years have brought many former residents of Southern Marin to Novato as retirees downsize and transfer their tax base under Proposition 60 and young families looking for more homes that can accommodate growing numbers. Novato also has abundant horse properties, waterfront living with access to the Bay, and a robust luxury and ultra-luxury housing market (something for everybody).
Novato’s schools are also top-notch. It is home to the highest scoring school in Marin County–Rancho Elementary. The offices at Hamilton Field include numerous businesses and is the future home to a Disney production venture. Downtown Novato (Grant Avenue) has evolved into a robust shopping location with something for everybody, including some very good dining options. Below are some facts as noted in the Marin IJ online.
NOVATO AT A GLANCE:
- Population: 51,518
- Size: 28 square miles, including 3,600 acres of open space
- Median home cost for 2006: $816,000
- Median annual household income: $75,445
- School district: Serves more than 7,600 students, kindergarten through high school with nine elementary, three middle and three high schools. College of Marin’s Indian Valley campus serves some 1,000 students.
- Shopping: Vintage Oaks shopping center includes more than 50 stores; downtown Novato includes numerous small specialty stores and boutiques received more than a $10.7 million face lift in 2003 to upgrade Grant Avenue.
- Incorporated: 1960 as Marin’s northernmost city.
Other key facts:
- The Buck Institute for Age Research, one of the world’s foremost nonprofit, independent biomedical research firms, is located in Novato
- The Chosen Family hippie commune lived in the old Burdell mansion at Olompali State Historical Park in Novato until it burned down in 1969. Janis Joplin and the Grateful Dead played there.
- Olompali State Historical Park is named for a key Miwok settlement, Olemaloke, that dates back to 1300. The Bear Flag Rebellion, which led to California’s statehood, was fought at Olompali in 1846.
- Mount Burdell at 1,558-foot elevation, is the highest peak in Novato and overlooks the Petaluma River and San Pablo Bay.
- Novato claims its share of rock-star talent, including Metallica’s James Hetfield, Journey’s Jonathan Cain and Tom Johnston of the Doobie Brothers.
Waterfront Lifestyle in Bel Marin Keys
October 16, 2008
Amazing one-level, waterfront home in Bel Marin Keys, Novato. Boat dock with easy access to the Bay and beyond. Vaulted ceilings, large windows and multiple sliding doors with wide open views to Bel Marin Keys’ highly desirable south lagoon. Open floor plan with spacious Master Suite (opens to lagoon), formal dining room, outdoor breakfast nook, Great Room styled open Kitchen/Family Room, Living Room, formal entryway with double doors, large and private back yard. Lots of recent improvements.
- Property Address: 1116 Bel Marin Keys Blvd., Novato, CA 94949
- Listing Price: $849,000
If you would like to learn more about this lovely waterfront home or set up an appointment to see it, please call Kyle Frazier, the listing agent, at (415) 350-9440.
Kyle Frazier, CRS
Frank Howard Allen Realtors
Poolside Paradise in Southern Novato (Pointe Marin Home For Sale)
October 16, 2008
Imagine yourself sitting by the pool with a frosty Mai Tai, a warm summer afternoon breeze fluttering the pages of that novel you’ve been waiting to read, with banana palms waving softly above you.
Pointe Marin pool homes rarely come up for sale — at this price, this gorgeous home will not be around for long.
Welcome to 80 Oak Grove Drive in Pointe Marin, located in a small community of newer homes in highly desirable Southern Novato. Secluded, yet conveniently located within easy walking distance to today’s necessities and a 2 minute drive to HWY 101 and the highly sought-after Southern Novato commute.
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80 Oak Grove Drive, Pointe Marin, Novato (Marin County, California)
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List Price: $799,000
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80oakgrove.com —> for more pictures and details
For more information and/or a private showing, please call Kyle Frazier, Marin Realtor & CRS, at (415) 350–9440.
Pointe Marin Hideaway (Ultimate Upgrades — Amazing Price in Southern Novato)
October 13, 2008
Picture a cozy cottage nestled among the rolling hills–welcome to Pointe Marin’s Hideaway neighborhood. Secluded, yet conveniently located within easy walking distance to today’s necessities and a 2 minute drive to HWY 101 and the highly sought-after Southern Novato commute.
This immaculate Craftsman Style home with a Great Room configuration, was built in 2002 and sits on a peaceful cul-de-sac near parks (literally around the corner), trails, shopping, restaurants, banking, transportation, and more. It possesses all the benefits of modern construction, but retains a palpable old fashioned comfort and warmth. The many unique amenities include: hickory floors upstairs and down; sumptuous cherry cabinetry in the Kitchen; tasteful and expensive window coverings (including electronic blinds for the high windows in the family room); French Doors to the back yard; air conditioning and central heat; an efficient dual-zone climate control system; multiple built-in shelving and cabinets; overhead fans in all bedrooms and the office; and a convenient upstairs Laundry Room. Additionally there is a guest suite downstairs with its own bathroom. This home also features a sizable office with double doors.
Address: 65 Hollyleaf Way, Pointe Marin, Novato (3 Beds + Office, 3.5 Baths)
Listing Price: $719,000
If you have any questions about this lovely home, call Kyle Frazier, Certified Residential Specialist (CRS) and Marin Realtor at (415) 350-9440.
