Marin Real Estate Report, Trophy Sales Edition

In our continuing efforts to offer only the most critical real estate market data and advice, we bring you Part 3 in our five-part series about the fanciest homes to be acquired last year in Marvelous Marin County. Our Countdown number three priciest property of 2009 is a snug cottage tucked atop a hillside near Tiburon. It includes such essentials as twelve foot ceilings and a foyer you can park your Winnebago in. Six bedrooms and the requisite San Francisco skyline views, of course. Considering the original asking price was $10.5 Million back in 2008, clearly it was a steal at only $9 Million.

3 Rolling Hills Road Tiburon Asking Price: $10,500,000

Single Family
Bedrooms: 6                     Selling Price: $9,000,000
Baths F/H: 8                     Days on the Market: 312/312
Total Rooms: 15             Year Built: 2008
Approx SF: 7475          APN: 058-141-19
Lot SF/Ac: 29272
________________________________________ General Information ________________________________________

Broker’s Remarks: New, world-class, 6 bedroom, 8 bath, gated estate scheduled for completion March 2nd. This is one of Tiburon’s premier lots with sweeping views of San Francisco, Golden Gate Bridge, Angel Island and Mount Tamalpais. The home features an infinity pool, spa/gym, theater,and game room. Architectural details include ten to twelve foot ceilings, a 24 ft tall entry, radiant heat, and an elevator.

Top 5 Trophy Sales of 2009 for Marin County

Recession? Market crash? Job loss? For you and me, certainly. For the buyers of these luxury homes, not so much. Here, for your amusement, or amazement, are the five most expensive home sales of 2009, along with our mostly respectful comments, and a minimum of snark.

For #5, we visit the fog-kissed hills of exclusive Tiburon, where, “paying tribute to European elegance” is apropos, of course. This 7,000 square foot “Gold Coast” home on 1.25, first listed for $8,500,000 sold for $7,500,000, elevator included.

140 Antonette Drive

Tiburon

List Price:

$8,500,000

Additional Pictures

Public Remarks: Contemporary, while paying tribute to European elegance, this spectacular view property represents a rare opportunity to acquire a home of significant architectural stature. Magnificent park-like grounds. Recently compltd w/state-of-the-art technology (inc. elevator), this home offers a formal floor plan combined with California comfort to insure year rnd indr/ outdr living. A private sanctuary on 1/1/4 acres w/incredible water & bridge views.

Selling Price:

$7,500,000

Treasury Gives Fanny, Freddie Blank Check

In light of what many view as the failure of their Foreclosure Alternatives Program (FAP), the U.S. Treasury  announced on Christmas Eve that it was removing  limits on federal financial aid for Fannie Mae and Freddie Mac, the companies which were seized by the government in September 2008 amid mounting mortgage losses. Restrictions had capped aid at $200 billion for each firm: Freddie  has tapped $51 billion and Fannie has used $60 billion to date.

The government said it was removing the caps to “leave no uncertainty about the Treasury’s commitment to support these firms as they continue to play a vital role in the housing market during this current crisis.”

This helps the Marin property owners in at least three ways:

1.  Now that these companies are fully backed, without condition, by the U.S. government, which controls 70% of each firm, the companies can borrow at the most favorable rates. After all, with the Federal security net, there is no risk to a lender. Freddie and Fanny can then make mortgages at lower rates. Ergo, cheaper mortgages for buyers.

2.  The Treasury, by now permitting Freddie and Fannie to retain larger mortgage-asset portfolios, will allow them to provide more significant loan modification assistance to greater numbers of seriously troubled Marin borrowers.

3.  Most important, they will reduce the principal amount owed by borrowers who are delinquent or upside down, something not permitted until now. While some mortgage companies had reduced interest rates to lower payments for delinquent borrowers, none had been willing to reduce the principal owed. Owners who have equity in their home will be less likely to walk away or allow the home to go into default.

What next, Jumbo Loans?

For more details, or if I can help in any way, call Jack now at 415.300.0432

Amid Market Torpor, Mill Valley Prices Tumble

The Marin real estate market continues to mirror the sluggish national economy. And while most cities saw solid increases in the average sale prices in the third quarter over the previous three months, Mill Valley average price plummeted twenty-six percent. See chart below.

Marin All Residential Q3 Sales Report

	AverageSale Price	MedianSale Price	UnitSales	AvgDOM	% Change from Q2 Average Sale Price
All Marin	$882,084	$696,000	609	100	3%
Belvedere	$3,179,167	$2,932,500	6	116	11%
Corte Madera	$978,328	$917,500	26	73	7%
Fairfax	$711,842	$645,000	19	106	3%
Greenbrae	$963,907	$929,000	19	71	2%
Kentfield	$2,378,688	$1,612,500	16	84	25%
Larkspur	$1,261,577	$1,252,900	13	142	10%
Mill Valley	$966,984	$870,000	73	88	-26%
Novato	$546,394	$481,000	178	104	5%
Ross	$2,645,654	$2,120,890	9	89	2%
San Anselmo	$889,767	$731,500	32	84	13%
San Rafael	$676,252	$625,000	140	93	5%
Sausalito	$888,516	$710,000	31	102	-1%
Tiburon	$1,753,153	$1,335,000	28	135	-4%

In the absence of a natural disaster or localized economic perils, there is no easy explanation for Mill Valley’s price crater. About the same number of homes changes hands in July – September as in the second quarter, and the ration of condo to single family is the same. If the drop was a reaction to mortgage availability or stock market activity, why would it not affect all of Marin? Sausalito and Tiburon were the only other towns to post a drop, but theirs were very modest.

Mill Valley saw a huge shift, as buyers migrated to the less expensive homes in large numbers.

	Mill Valley Prices	2009
	Q2	Q3
# Homes Sold <$1M	28	53
# Homes Sold >$2M	7	3

Does this mean your home has lost value? Not necessarily. The market is quite robust in Mill Valley, with 25% of the 181 available homes in escrow. Buyers are continuing to focus on the low end, however, and they are resisting the high end, with only three homes priced above $2M are in contract.

Call me now for a free price analysis of your Marin home – 415.300.0432. Get real-time market data on Twitter.

How Tiburon Maintains Property Values

What adds value to your home more than knowing you are safe from the burgling and home-invading hordes? Sure, you can set the alarm, and even keep a firearm handy. But is that enough? Tiburon police say No!

Main Street

Mainly know for their hyper-vigilant and revenue-enhancing DUI patrols of Tiburon Boulevard – eschew that extra glass of wine with dinner at the club, or else! – the Tiburon police want to set Crime Cams to record the license plates of vehicles coming from the outside world.

“It’s a simple fact that most of the crime that is committed on the peninsula is from people out of the area,” said Chief Cronin in yesterday’s IJ.

Hey, chief, how about let’s put a Yacht Cam in Racoon Straits to snare the investment bankers and financiers who crashed the financial markets? Then we’d really feel safer.