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

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.

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

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If you would like to learn more about this lovely South Gate, Novato 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
Christie’s Great Estates | Morgan Lane Marin Real Estate

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

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 has remained very steady over the past 3 months. Just 151 single family homes are currently for sale. There were 152 homes for sale in April 2009 and 142 in March 2009.

Novato’s absorption rate (e.g., the number of months of inventory currently available in Novato) again dipped dramatically. In March, Novato had 7.9 months of inventory, in April there was 6 months inventory, and today there just 4.97 months of inventory. Absorption rates and the days on market averages provide a telling insight into the overall state of the market. Today’s shrinking inventory evidences pent up demand and reflects increased affordability for Novato real estate. It is also noteworthy that the absorption rate calculation does not increased “contingent” properties as sold properties. There are another 83 homes in escrow in Novato. More on this striking statistic below.

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 thirteen active listings priced under $400,000 (Novato is Marin’s “Valhalla of Value”). In addition, there are 26 homes priced under $500,000. Note that available inventory in these price ranges is way down and the percentages of homes in escrow is rising. For example, 63% of homes in Novato priced under $500K are in escrow; 51% of homes between $500K and $600K; 33% of homes priced between $600K and $750K; 30% of homes between $750K and $1 million; and 25% of homes priced between $1 million and $1.5 million. These are some strong numbers!

My prediction relating to phantom buyers (I’ve been talking about this for a year now) 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 WAY 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. This past month, even the move-up price band in Novato (with homes priced between $750K and $1 million) is going great with 30% of these homes in escrow.

Twenty-five Novato homes sold in April 2009 (same as March 2009). These Novato homes averaged about 146 days on market, were about 2,120 sq. ft., and sold for an average sales price of $589,000 (roughly $287 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, I had two closings last month and another scheduled for this month. From my perspective, the market seems pretty active.

Below is a breakdown of the Novato real estate market by price band: 

Now that the the HWY 101 widening project has been completed on both north and southbound lanes, 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.”

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.

Marin County Real Estate (January 2009)

Marin County, California real estate has slowed. While largely a function of the season (Winter is generally slow), macro-economic considerations, and more stringent borrowing guidelines, I feel that the primary source of the current slowdown relates to a perception by home buyers that “now” is not a good time to buy. Nonetheless, interest rates are at ALL-TIME LOWS (the San Francisco Chronicle’s Real Estate section has noted these records lows each of the past four weeks), prices in many Marin communities and neighborhoods are well off their peaks, and there is a wide variety of home choices out there. As evidenced by the investor actvity of the past few months, “now” does have some momentum.

Inventory is down to 503 single family homes for sale (we had about 716 last month) in the Highway 101 corridor (this number excludes Western Marin inventory). 

[Click HERE for the rest of this article, courtesy of www.NorthBayRE.com.]

Novato Real Estate Market Update (December 2008 Home Sales Report)

“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.

 

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.

Horse Lovers Welcome

Novato (located in Northern Marin County, California) is one of the few locations within the Bay Area (and within 30 minutes of San Francisco) where equestrians can roam with relative ease. Indeed, if you spend any time hiking or driving through Novato’s Wild Horse Valley, Mt. Burdell open space, Atherton Corridor, or Pleasant Valley, you are highly likely to encounter horses and their riders enjoying the laid back atmosphere. There are also numerous boarding, instructional, and leisurely riding facilities in Novato. There is even a horseman association (Novato Horseman, Inc.) with several hundred members, which engage in trail rides and social events year round. 

There are numerous horse properties in Novato. They are concentrated in several highly desirable neighborhoods characterized by an overall country feel, including the Atherton Corridor (along Atherton Avenue between HWY’s 101 and 37), Indian Valley, Wild Horse Valley, and on the western side of town.

If you would like a list of all available horse properties in Novato, California, or Marin County, please get in touch with Kyle Frazier, Marin Realtor & CRS, at (415) 350-9440.

Marin County Real Estate (October 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”

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.

Pristine In Pointe Marin

Picture a 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 (and within minutes of Hamilton Landing).

This immaculate Craftsman Style home with a Great Room configuration, was built in 2003 and sits on a peaceful cul-de-sac near parks, 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: tasteful and expensive Hunter Douglas window coverings; a phantom (hidden) screen door to the back yard;Sun Flexx awnings; air conditioning; an efficient dual-zone climate control system; multiple built-in shelving and cabinets; all closets are built-out with shelving and bi-level hanging capabilities; upstairs Laundry Room; and unprecedented storage capability in the tandem portion of the garage.

The Master Bedroom is fitted for royalty with a large retreat and Master Bath with massive oval tub, step-in shower, walk-in closet (with built-ins); and dual vanity.

Outside, the immaculate landscaping is on a carefree automated irrigation system. The large grassy area is accented by a tasteful patio and benefits from retractable awnings providing ample shade for those wonderful al fresco dinners on summer evenings.

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