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Tracy McLaughlin named Marin County’s top producing agent
in 2021 with $300m in sales to date.
Dear valued clients, friends, colleagues, and family,
It’s my pleasure to check in and report from the “front lines” of residential real estate here in Marin County with my quarterly update to you. In short, the fall of 2021 is essentially the same story that began over a year ago with a very consistent narrative: Marin County has seen year over year home values, on average, up 8 percent. The ongoing pressure on pricing is largely the result of continued lack of housing supply in all pricing tiers throughout Marin. In short, the lack of supply is multi-faceted but largely attributable to multiple dynamics happening simultaneously. Those factors include an aging population who are staying put in their primary homes (versus moving to rentals and/or assisted living) due to longer, healthier lives. This differs from the previous generation that moved out from primary homes sooner. Another reason for constraint in supply is continued low interest rates, making it so inexpensive to borrow money for a mortgage, that it doesn’t make sense to pay exorbitant rents. With rates as low as 2.5 percent, why not borrow the money and buy a home?! The straight appreciation of most homes in Marin in this market supersedes the low borrow rates of interest and makes home ownership a far more appealing choice. Another reason for lack of supply relates to Covid 19 and its continuation of a culture of remote working and Zoom calls. The work at home dynamic creates the need for people to be in their homes for protracted periods of time, which turns attention to the importance of one’s home, it’s finishes, and the capital improvements that are invested to make it the best it can be. It’s why the supply chains for home improvements are so delayed and scarce right now. In my professional opinion, these combined factors have created unprecedented scarcity in supply, which is why there are so few homes to buy, and why they have become so expensive in Marin. It’s great for sellers but challenging for buyers in all price ranges. However, don’t lose hope! I have broken my own previous record this year to date by connecting my buyers with homes before they come on the market. A far larger percentage of the more desirable properties have sold off market this year in Marin due to personal relationships and connecting buyers and sellers. The off market component of selling both last year and this year is also unprecedented in our business. If any of you have questions about the below referenced data, or simply want to visit about the market, feel free to call me on my cell at 415-699-6680 to discuss. The net net is that I don’t feel that there has ever been a better time to sell a home in Marin if you are ready AND have somewhere to move. Check out these very telling graphs/charts below as well as comments on the national housing market.
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Marin County Monthly Report
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The National Housing Market
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The United States housing market doesn’t seem to be in a bubble – yet. Experts dismissed housing bubble concerns earlier this year but they’re not anymore. Key data points are on track to reach bubble levels soon though most sit below their 2006 peak.
Over the past several months, the housing market resembled its late-2000s boom in more ways than one. Homes are selling in a matter of days, not weeks. Bidding wars are pushing many prices well above their listing levels. And rent prices have begun surging as prospective buyers exit the red-hot market.
Yet experts have largely agreed that the pandemic-era market was crucially different. The late-2000s frenzy was powered by dubious lending practices and rampant speculation, factors that exacerbated the crash in 2008.
In contrast, the current price surge is “rooted in economics,” Frank Nothaft, the chief economist at CoreLogic, told Insider in April, citing the eternal economic law of supply and demand. The sudden shift to remote work powered historic demand for homes, and supply was limited due to decades of underbuilding. Those two dynamics sparked the buying spree seen throughout the back half of 2020 and early 2021.
Source: Business Insider August 13, 2021
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Current Listings
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135 S. Ridgewood Road, Kentfield
$17,995,000
6 Bed | 7.5 Bath | +- 10,120 SqFt
1.74 acres
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1 Via Vandyke, Mill Valley
$8,995,000
6 Bed | 4.5 Bath | +- 7,545 SqFt
1.62 acres |
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350 Bella Vista Avenue, Belvedere
$7,995,000
5 Beds | 5 Full, 2 Half Baths | +- 5,860 SqFt
0.34 acres
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3740 Clay Street, San Francisco
$7,200,000
5 Beds | 4 Baths | +- 4,452 SqFt
0.08 acres |
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357 Rose Avenue, Mill Valley
$3,195,000
4 Beds | 3 Full, 2 Half Baths | +- 3,915 SqFt
0.14 acres |
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85 El Capitan Drive, San Rafael
$1,895,000
3 Bed | 2 Bath | +- 1,959 SqFt
0.31 acres
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37 Upper Road, Ross
Price Upon Request
6 Bed | 4 Full & 3 Half Bath | +- 9,560 SqFt
1.9 acres |
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130 Palm Avenue, San Rafael
$3,495,000
5 Bed | 3 Full & 3 Half Bath | +- 3,500 SqFt
0.2 acres
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33 Evergreen Drive, Kentfield
$2,995,000
3 Bed | 2.5 Baths | +- 3,700 SqFt
1.16 acres
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What’s Happening in Marin County?
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TreasureFest - September 18th-19th 2021
https://www.treasurefest.com/
The Marin Center's huge lawn hosts two fun-packed days of music, food, crafts, vendors, and entertainment for the whole family, including leashed pooches. Unique local beers and wines will also be served.
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Mill Valley Fall Arts Festival - September 18th-19th 2021
https://mvfaf.org/
Once a year the community gathers under the redwood trees to celebrate art and the beauty that surrounds us. Strolling through Old Mill Park among old growth redwoods we see art forms and visions we have never seen before. Our eyes and ears open to new art and ideas at every turn of the Festival - from the story tellers and puppeteers, to the main stage acts, to face painting, to the fine arts and crafts themselves.
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Downtown Larkspur Wine Stroll – September 25th, 2021
https://www.larkspurchamber.org/
Once a year the community gathers under the redwood trees to celebrate art and the beauty that surrounds us. Strolling through Old Mill Park among old growth redwoods we see art forms and visions we have never seen before. Our eyes and ears open to new art and ideas at every turn of the Festival - from the story tellers and puppeteers, to the main stage acts, to face painting, to the fine arts and crafts themselves.
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What’s Happening with The Agency?
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I am incredibly proud of my worldwide brokerage that is closing record sales all over the country. The Los Angeles based brokerage, was founded by Mauricio Umansky and Billy Rose. Many of our clients are celebrities and sports figures throughout the United States. The exposure to this demographic of buyers and sellers continues to reap great rewards for my clients. Here is a recent sale by Santiago Arana, a Principal at The Agency in Los Angeles, that closed escrow in April of 2021 for $48m.
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609 E Channel Road, Santa Monica, CA 90402
13 bed | 13 bath | +-14,000sf
3.35 acres
Sold: $48,675,000
Click Here to View the Listing
Situated on one of the largest residential lots in Santa Monica, the spectacular, ultra-private Villa Ruchello is an entirely self-contained, 3.35-acre, tree-lined compound without compare on the Westside of Los Angeles. Featuring 13 bedrooms, 13 baths and 14,000 square feet of living space spread across three structures, the Mediterranean-style estate built in 1932 has undergone a multi-million dollar renovation, showcasing exquisite detail by designer Kerry Joyce. The extensive remodel meticulously restored the original details and Hollywood grandeur while infusing the latest modern advancements and finest, curated materials sourced from around the world. State-of-the-art Crestron and Lutron systems are hidden within antique brass features, allowing for automated lighting, sound, temperature and security control at the touch of a button. Envisioned for both large-scale entertaining and intimate home life, the lush, sprawling estate boasts two guest houses, dual kitchens, expansive lawns, citrus tree groves, edible gardens, private water wells, water filtration system and full generator system, providing everything one needs in the luxury and comfort of home in the Santa Monica Canyon.
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Tracy gives a percentage of every closing to Marin’s Center For Domestic Peace, which has provided safe housing for women and children in Marin County for the past 41 years. To learn more about this incredible organization, please visit: CenterForDomesticPeace.org |
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