The Landing at Hamilton | New Homes | Novato
January 24, 2010
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 (August 2009 Home Sales Report)
August 12, 2009
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.
In July 2009, Novato experienced 47 sales (up from 38 in June 2009). Of course, many of these are bargain priced homes such as REO’s or short sales. But, the inventory is rapidly being absorbed. We feel there is extraordinary pent up demand. Perhaps more significantly, the average sales price of Novato homes was $632,078 in July 2009 (up from $622,000 last month, excluding one off the market sale of a $2 million+ home). While a bump of just over 1% may not seem like much, its psychological impact on buyers waiting for bottom may prove significant.
As a result of the above, we believe that the move-up market will continue to improve in Novato — there are clear signs of improvement in this very important market segment. As of today, here are the percentages of homes in escrow in each price band:
- 82% of homes priced under $500,000 (up from 78%);
- 61% of homes between $501,000 and $600,000 (up from 57%);
- 40% of homes between $601,000 and $750,000 (down from 43%);
- 27% of homes between $751,000 and $1 million (up from 25%);
- 30% of homes between $1 million and $1.5 million (up from 25%);
- 6% of homes between $1.5 million and up (down from 15%).
Interestingly, and in line with recent months, the move-up price bands are selling nearly as well as the entry level properties:
- 27 homes priced under $600,000 sold in July 2009
- 16 homes priced from $601,00 to $1 million sold in July 2009
There are 138 single family homes currently for sale in Novato, CA (there were 131 in July 2009). Novato’s absorption rate (e.g., the number of months of inventory currently available in Novato) remains extremely low. In March 2009, we had 7.9 months worth of inventory. This month, our absorption rate has fallen to an unbelievable 2.99 months! Absorption rates, along with days on market averages, provide a telling insight into the overall state of the market. Generally speaking, 6 months of inventory reflects a balanced market and anything under 4 months, a seller’s market. And today’s shrinking inventory and exploding sales evidence a pent up demand and reflect the increased affordability of Novato real estate. It is rumored that more bank owned inventory will be generated in the Fall as banks continue hiring processors and moratoriums are lifted. We will see if this comes to pass and how it affects our market.
As noted above, 47 Novato homes sold in July 2009. These Novato homes averaged about 110 days on market, were about 2,107 sq. ft., and sold for an average sales price of $632,078 (roughly $304 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 calls regarding lease-options.
|
Price Range |
Total Homes |
Pending Listings |
|
Up to $500K |
49 |
82% |
| $500K - $600K | 36 | 61% |
|
$600K - $750K |
47 |
40% |
|
$750K - $1 mil. |
62 |
27% |
|
$1 mil. - $1.5 mil. |
37 |
30% |
|
$1.5 mil. & Up |
18 |
6% |
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 neighborhoods, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Broker, Certified Residential Specialist (CRS), and Member of The Institute of Luxury Home Marketing, 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 preferable choice for those who want more house for the money, yet were scared off the traffic we experienced during the highway construction period. 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.”
Marin Luxury Report (June 2009)
July 10, 2009
As noted in prior reports this year, Marin County, CA’s luxury segment is slow and currently weighted towards homes priced under $4 million. In fact, not a single home priced over $4 million sold in May 2009 and just 2 are currently in escrow (although that could change in a moment as the domino effect is very real in home sales). Of course, the luxury home slump exists throughout the country as affluent buyers wait for a signal to buy. For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing dated June 14, 2009, click here. Yet, the news relating to home starts and permit applications is improved again this month. And while the stock market closed in the black for the year last week, this week has brought a correction. So, it appears we will continue to wait for the buying signal. Note, if you would like a local report relating to any town or zip code in Marin or San Francisco, call me at (415) 350-9440.
Buyers are dubious of price stability for good reason (see chart below reflecting year over year median prices in Tiburon, Mill Valley, and Kentfield). But, increased conforming loan limits and a pronounced level of increased affordability across the board should help sales moving forward into the Summer er as buyers with 25% down will obtain top-shelf financing for purchases of $1.6 million. While not “Luxury” territory here in Marin, many buyers of luxury homes must sell their current homes first (80% of buyers are sellers).
[Click HERE for the rest of the article, courtesy of www.ImagineMarin.com.]
Marin Luxury Homes (May 2009)
July 10, 2009
Real estate sales in Marin County’s luxury segment are currently weighted towards homes priced under $4 million. In fact, not a single home priced above $4 million is in escrow (although that could change in a moment as the domino effect is very real in home sales). But, as it stands, the ultra-luxury home sales segment is flat-lining in Marin County, CA. For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click here (May 17, 2009 Report). Note, if you would like a local report relating to any town or zip code in Marin or San Francisco, call me at (415) 350-9440.
Yet, the news relating to home starts and permit applications is improving: the West experienced a 42.5% jump in housing starts; the National Association of Homebuilders reported increased confidence (as high as it has been in 9 months); and construction and permits both rose last month (these are considered leading indicators on the macro level relating to housing stability). Nonetheless, the inertia of caution remains firm.
Buyers are dubious of price stability for good reason (see chart below reflecting year over year prices in Tiburon, Mill Valley, and Kentfield). But, increased conforming loan limits and a pronounced level of increased affordability across the board should help sales moving forward into the Summer as buyers with 25% down will obtain top-shelf financing for purchases of $1.6 million. While not “Luxury” territory here in Marin, many buyers of luxury homes must sell their current homes first (80% of buyers are sellers).
[Click HERE for the rest of the report, courtesy of www.ImagineMarin.com.]
Marin Luxury Report (April 2009)
July 10, 2009
Despite my self-imposed limited media diet, I do read headlines. And the headlines are becoming more optimistic. This is a prerequisite for increased buyer confidence. I remain convinced that with minimal social proof, buyers will return to the market and pent-up demand will create a surge in sales figures. Increased conforming loan limits and a pronounced level of increased affordability across the board is a recipe for sales. Buyers with 25% down (and who otherwise qualify) will be able to obtain top-shelf financing for purchases of a little over $1.6 million. While that is not “Luxury” territory here in Marin, many potential move-up buyers of luxury homes must sell their homes first (it is said that 80% of buyers are also sellers) and this will be a big step in the right direction. And interest rates are a full 1-point lower today than they were last year. Certainly, the pump is primed as there are nearly 60 active escrows on homes priced $1 million and up (again, move-up buyers typically need to sell their current home). For national trends, click here — April 2009, Institute for Luxury Home Marketing. Note, if you would like a local report relating to any town or zip code in Marin or San Francisco, call (415) 350-9440.
[Click HERE for the rest of the report, courtesy of www.ImagineMarin.com.]
