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

• 86% of homes priced under $500,000 (67% last month);
• 59% of homes between $501,000 and $600,000 (66% last month);
• 47% of homes between $601,000 and $750,000 (42% last month);
• 43% of homes between $751,000 and $1 million (33%  last month);
• 25% of homes between $1 million and $1.5 million (24% last month);
• 0% of homes between $1.5 million and up.

The Landing at Hamilton | New Homes | Novato

Hamilton Field, Novato’s final residential development, 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.

The Landing at Hamilton | Plan One (Spanish Elevation)

An unrivaled passion for excellence and detail is exhibited in each home. The Landing at Hamilton benefits from easy access to recreation, dining, shopping, schools, transportation, and the myriad benefits of living at Hamilton Field in Novato. Pricing begins at approximately $840,000 for the smallest homes and ranges up to approximately $900,000 for the larger homes. There will be four models in up to three elevations, ranging from ~2,432 square feet to ~3,000 square feet.

Click HERE for more.

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

• 67% of homes priced under $500,000 (74% last month);
• 66% of homes between $501,000 and $600,000 (65% last month);
• 42% of homes between $601,000 and $750,000 (53% last month);
• 33% of homes between $751,000 and $1 million (same as last month);
• 24% of homes between $1 million and $1.5 million (19% last month);
• 0% of homes between $1.5 million and up.

Hamilton Field Pool Nearly Complete

An aging public pool at Hamilton Field, Novato is almost ready for a grand debut after a $5 million renovation. The pool is located across from Hamilton Field’s “The Landing at Hamilton” new home development (which is set to break ground in coming months) and the existing neighborhood of South Gate.

The renovation was approved unanimously by the Novato City Council in November 2007 and final plans were approved in March 2008. The leaky old pool was not compliant with the Americans with Disabilities Act and access to its bathhouse was restricted by the Marin County health department.

The revamped facility at 206 El Bonito Road includes a main pool of 185,000 gallons and a shallow pool of 12,000 gallons. There is new decking, piping, lighting and landscaping plus bathhouses.

Solar power and water leaks that have been fixed will lead to considerable savings compared with costs of the old pool, but the city will have to pay the water bill that was previously paid by the U.S. Coast Guard.

Traditionally, Hamilton Pool has been open Memorial Day through the end of September. If a private operator is signed to a contract, it could be open year-round, Shinault said.

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The above information was derived from an article in the Marin Independent Journal, 10/30/09. If you have any questions relating to Novato real estate, call Kyle Frazier at (415) 350-9440.

Kyle Frazier, CRS (Christies’s Great Estates | Morgan Lane Marin Real Estate | Pacific Union International)

Best Location in South Gate at Hamilton Field (Novato, California)

(In Escrow 1/16/10) This is a special home with immutable qualities not found in other South Gate at Hamilton Field listings. Most signifricantly, this gorgeous home is sited adjacent to the wetlands restoration project and has no immediate neighbor to the east or north. Even the neighbor to the west is set back — a very rare combination. Located at 94 Maybeck Street, this home features 5 bedrooms and 3 baths (with a bed and bath downstairs), a chef’s kitchen, and a large yard with lots of grass and tasteful landscaping.

Live and thrive in Hamilton Field’s coveted South Gate neighborhood in the most rarely available location (a corner lot on the wetlands). Few South Gate homes on the levee have come to market in the past 3 years. This is your chance!

Great Room configuration. Kitchen with granite counters, chef’s island, breakfast bar, and work station. The potential for four spacious bedrooms upstairs (note that one room, which is very big, does not have a closet) and 3 Baths. Downstairs also has a bedroom and full bathroom. Dining Room with vaulted ceilings, Living Room, Laundry Room, and more. The luxurious Master Suite provides views across the Bayside open space and watershed.

Facts, Features, and Amenities:

• Contemporary home on the levee, set back from the street
• No rear or immediate northern neighbors
• 5 Bedrooms, 3 Baths, 2-car attached garage
• Master Bedroom with his-and-hers walk in closet and large master bath
• Formal Dining Room with vaulted ceiling opens to Living Room
• Chef’s kitchen with island, ample storage space, and granite counters, 5-burner gas range, built-in microwave, breakfast nook and work station, and pantry
• Utility/Laundry Room
• Fabulous views toward The Bay from upstairs
• Gorgeous landscaping with large grassy areas in the front, side, and back yards and mature trees
• Vegetable garden patch
• Fireplace with slate surround and custom mantle
• Media center built-ins in Family Room
• Wired for internet, cable, and phone
• Fire suppression sprinklers throughout home
• Automated landscape and lawn irrigation system
• Backs to open space with direct access to the proposed Bay Trail
• Close to all Hamilton amenities: South Gate Park, Pool, YMCA, Public Library, Art Museum, Café, Hangars, Little League, Soccer Fields, Racquetball Courts, Tennis Courts, Basketball Courts, Hamilton Landing businesses, Hamilton Marketplace, skateboard park, and Gymnasium
• Nearby shopping and dining include the newly opened Hamilton Marketplace including Safeway, Pete’s Coffee, Sonoma Latina Grill, La Boulange, Pasta Moto, and Toast
• Enjoy the quick Southern Novato commute to SF with HWY 101 widening project completed (southbond and northbound carpool lanes both opened)

• Property Address: 94 Maybeck Street Road, Novato, CA 94949
• Listing Price: $842,000

Kyle Frazier, CRS
Christie’s Great Estates | Morgan Lane Marin Real Estate

Novato Real Estate Market Update (October 2009 Home Sales Report)

Entering into the dormancy season for Marin County real estate, it appears that certain “hotspots” remain — Novato is one of them. In September 2009, 35 Novato homes sold, compared with 38 sales in August 2009. The Novato real estate market derives its strength from entry level home sales. The number of homes actively listed in Novato remains very low compared with the rest of Marin (and the percentage of homes in escrow is much higher than the rest of Marin) because of exceptional demand based on affordability and the ongoing fantastically low interest rates.

“Give Yourself a Raise. Move to Novato.”

While the average sales price of Novato homes rose in August to a remarkable $713,440 (based in large part to the makeup of sales), that number fell back to Earth in September — $646,389. Even so, the psychological impact on buyers waiting for bottom to hit has begun to register. Anecdotally, I can attest that many buyers are looking at the inventory of homes in Novato and acknowledging that prices in the lower price bands are level and that it is increasingly difficult to identify “turnkey” homes under $525,000 — $550,000.

Novato homes that sold in September 2009 averaged 121 days on market, were about 2,133 sq. ft., and sold for an average sales price of $646,389 (roughly $313 per sq. ft.). Novato’s absorption rate (e.g., the number of months of inventory currently available in Novato) remains extremely low — 3.4 months of available inventory. In March 2009, we had 7.9 months worth of inventory. Generally speaking, 5-6 months of inventory reflects a balanced market and anything under 4 months, a seller’s market. The percentage of homes in escrow also points strongly to an extreme sellers market in the lower price bands.

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 would like me to run the exact numbers for your Novato neighborhood 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, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Morgan Lane International Real Estate. It is always my pleasure to be of service.

Novato Real Estate Market Update (September 2009 Home Sales Report)

Novato Real Estate Market Update (August 2009 Home Sales Report)

Last month, for the first time since I began writing Novato monthly updates back in 2006, I stated that it appears that the Novato, CA. market (for single family homes) seems to be improving in two meaningful ways. Certainly, sales have risen from last year and we have several months of increasing sales (as the inventory of short sales and foreclosures is quickly snapped up by motivated buyers).

But, perhaps even more importantly from the perspective of home owners, it also appears that prices at the entry level (e.g., properties priced below $500,000) have bottomed out. As evidenced by the chart below, the 90-day rolling average of Novato home prices has been rising since May 2009. Obviously, higher asking prices do not, ipso facto, result in higher sales prices (some local real estate companies train their agents to give sellers high estimated sales prices in an effort to get any all listings — a major breach of our ethical and fiduciary obligations, in my opinion). But, experts consider this development a leading indicator that market forces are pushing prices higher. I have written in past months about the high level of competition in Novato’s entry level real estate market. This phenomenon also supports the notion that we have hit bottom.

Novato Real Estate Market Update (July 2009 Home Sales Report)

The Novato single family home market seems to be forming a bottom. Prices appear to be leveling out and the percentages of entry level homes in escrow are very high. I know that many foreclosure sales and short sales are getting multiple offers. I have several clients who have faced as many 9 to 20 offers in competition for a single family home. This activity bodes well for sales in the higher price bands.

Moreover, in June 2009, Novato had 38 sales (up from 32 in June 2008). Indeed, this reflects an upward trend over the past few months—May 2009 had 44 sales. Of course, many of these are bargain priced homes such as REO’s or short sales. But, nonetheless, the inventory is rapidly being absorbed as there is extraordinary pent up demand.

Perhaps more significantly, the average sales price of Novato homes jumped up to $666,124 in June 2009. This is an increase from $564,770 in May 2009. While there was one $2 million plus sale (an off market sale), which supported this increase in average sales price, even stripping that outlier sale from the equation, the revised average sales price was over $622,000—a strong bump upwards.

We believe that the move up market has begun to find its legs in Novato and that there are definite signs of improvement in this very important market segment. Interestingly, and in line with recent months, the move-up price bands are selling as well as the entry level price bands:

As of today, here are the percentages of homes in escrow in each price band:

Novato CA Real Estate Market Update (June 2009 Home Sales Report)

My prediction relating to phantom buyers (I’ve been talking about this for a year now) has come true. Here it is: 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, while they are up a point in the past 6 weeks, remain low by historical standards and so buyers are jumping in. Additionally, the first time home buyer credit is helping first time buyers. And finally, I think people are beginning to realize that inflation is coming (along with significantly higher mortgage interest rates). I’ll bet that this time next year, rates will be at least another point higher (somewhere around 6.5%) and seller financing will be gaining popularity.

For an 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 the HWY 101 widening project has been completed on both north and southbound lanes, the commute through San Rafael is very much improved. Southbound commute traffic is reduced by about 25 minutes. 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.”

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