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Dear Clients, Family, Friends, and Neighbors,
Spring is officially here. The days are longer, and there is a bit of madness in the air—with college basketball and the spring real estate market alike.
In welcome news to home buyers and sellers, the Federal Reserve reaffirmed last week that they are still planning on three rate cuts later this year, which will significantly relieve many homebuyers. Most believe the first rate cut will happen in June. I read this in the Sunday New York Times and thought it was especially relevant for our market. "On Wall Street, which is closely monitoring both the tech economy and the Fed, excitement over the possibilities of AI riches outweighs concerns about interest rates and inflation. The stock market has soared since the autumn of 2022 and shows every sign of powering higher.” In our market, luxury buyers and sellers tend to pay more attention to the stock market's performance than interest rates.
Another big announcement this month was the National Association of Realtors' proposed settlement in the Sitzer Burnett case. While the settlement still requires final approval, many headlines in the media need clarification. I have read many articles and found that this article accurately articulates the proposed settlement.
As we close Q1 2024, the market has heated up, and our team sees “property-specific frothiness.” There have been some extraordinary examples of competitive offer situations.
58 Elizabeth Circle, Greenbrae: Listed at $2,395,000. Received six offers. Closed on 3/8/24 for $3,270,000. Cash buyer.
10 Southridge Road East, Tiburon: Listed at $4,495,000. Received ten offers. Closed on 3/20/24 for $6,050,000. Cash buyer.
61 Presidio Avenue, Corte Madera: Listed at $2,000,000. Received 21 offers and will close this week.
155 Elm Ave, Mill Valley: Listed at $1,750,000. Received seven offers. Closed on 3/4/24 for $2,275,000. Cash buyer.
YTD, there have been 225 single-family home sales at all price points.
- 49% received multiple offers.
- 37% were cash buyers.
YTD, there have been eleven $5M + single-family home sales.
- 9% received multiple offers.
- 55% were cash buyers.
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Lack of inventory is a chronic issue in Marin County and nationwide. Compass’ own Patrick Carlisle provided some excellent data in a report entitled Economic, Demographic & Market Factors Behind the Historic Decline in Listings for Sales to give some perspective on how and why we got here.
Some of Patrick’s takeaways:
- The plunge in the supply of homes on the market for owner-occupier home buyers has been the most significant factor in market dynamics since the Great Recession.
- Over 54% of homeowners are now aged 55 years and above, and as people age, they typically move much less often and sell their homes much less frequently.
- The U.S. population increased by 53.5 million since 2000. Over the same period, the average monthly number of active, existing home listings declined by 45%.
- Another factor in declining turnover in more expensive markets, and with long-term owners, is capital gains taxes on the huge appreciation in home values that has occurred since tax law changed in 197 from being able to roll over your principal residence into another without taxes to the $250,000/$500,000 capital-gains exclusion.
- Since the foreclosure crisis, as well as the advent of Airbnb, an improvement of rental-property tax law, and the effects of the pandemic, investors, large and small, and second home buyers have made up a much greater proportion of sales, recently averaging 14-17% of all home sales (including condos and co-ops), and up to 27% of single-family homes.
Earlier this month, Stacker published their list of the thirty most expensive cities in the Bay Area. Marin County took ten rankings. Click here for the article.
Last week, we launched our first two listings of the year: 80 Marina Vista Avenue in Larkspur and 446 Palm Avenue in Kentfield. Both properties are fantastic and have been well-received by buyers and agents alike. We will launch many more in the next six weeks. More information about these fantastic properties can be found below.
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For those who celebrate, wishing you a Happy Easter. As always, please reach out anytime. I love hearing from you.
All the best,
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Current Active & Coming Soon Properties | |
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80 Marina Vista Avenue, Larkspur
5 Bed | 4 Bath | 4,102 SQ FT | 0.5739-Acre Lot
Just Listed $5,750,000
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446 Palm Avenue, Kentfield
6 Bed | 5.5 Bath | 5,040 SQ FT| 0.4315-Acre Lot
Just Listed $4,795,000
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Coming Soon
224 Woodland Road, Kent Woodlands
6 Bed | 5.5 Bath | 5,609 SQ FT | 0.8893-Acre Lot | Pool
Coming Soon: $10,750.000
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Coming Soon
121 Woodland Road, Kent Woodlands
1.0306-Acre Lot | Pool & Pool Cabana
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Coming Soon
Spring Road, Kent Woodlands
2.0248-Acre Lot |Pool & Guest House
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Coming Soon
Custom-Built Luxury Home. Country Club Area
Mill Valley
6 BD | 5 BA | 5,705 SQ FT | 1.9132-Acre Lot
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Coming Soon
603 Goodhill Road, Kent Woodlands
4 BD | 3.5 BA | 3,586 SQ FT | 1.9972-Acre Lot
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Coming Soon
513 Goodhill Road, Kent Woodlands
3 BD | 2.5 BA | 3,026 SQ FT | 0.4917-Acre Lot
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Coming Soon
30 Ross Terrace, Kentfield
4 BD | 4 BA | 3,638 SQ FT | 0.0835-Acre Lot
Coming Soon: $2,495,000
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136
Successful Buyer Purchases
Larks.
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Buyer seeking a Hamptons-style home with gardens, a pool and views of Mt. Tamalpais in Kentfield or Ross. Minimum of 4 bedrooms. Budget up to $11M.
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Buyers seeking home in Larkspur or Corte Madera. Willing to do work but also interested in move-in ready with a minimum of 4 bedrooms or room to add on. Budget up to $6M. Buyers seeking home in Larks.
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Buyers looking for a home in Greenbrae, Kent Woodlands, Larkspur, Tiburon, or Strawberry Mill Valley. Sun, views, and space are important. Ideally 1/3 acre or more. Not afraid of a big project or new build. Budget up to $3M.
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Buyers seeking home in flats of Sausalito. Willing to do a new build or complete renovation. Budget up to $1.2M
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2024 CHC Team Property Sales | |
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Belvedere Waterfront Home
Sold Off-Market: $8,600,000
Buyer Representation
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5 Palmer Court
Tiburon
Sold: $3,388,500
Buyer Representation
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121 Harbor Drive
Corte Madera
Sold: $1,520,000
Buyer Representation
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Compass Luxury Report - End of Year 2023 | |
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Living Like a Billionaire: The Bay Area's Costliest Real Estate listings
SF Gate - March 26, 2024
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Marin Schools Awarded Top State Honors
Marin Independent Journal - March 27, 2024
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Marin County Real Estate Report
Compass - March 2024
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Economic, Demographic & Market Factors Behind the Historic Decline in Listings for Sale
Compass - March 2024
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23 Ross Common, Suite 3 | Ross, CA 94957
415-461-8609 | carey@chcteam.com
chcteam.com | DRE 01323032
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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for information purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, conditions, sale or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. | | | | |
