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LOVE WHERE YOU LIVE!

For the whole story click here: Marin IJ story
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This is a great article in the IJ.
Marin Independent Journal
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Uh oh! On January 29th 2012 the Marin Independent Journal reported that, “The sharp price declines that followed the financial crisis appears to be over (?), but in 2011 the median price here for single family home price in Marin dipped to $742,500 (down 4.2 percent from $775,000 in 2010, and the lowest median price since 2003.  Some Realtors here in Marin think prices will continue to drop, and have suggested if you’re considering putting your home on the market in 2012, now would be the time to begin. Obviously, no one has a crystal ball here, and any opinions are pure speculation. Time will tell…


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2005
Some economist began predicting that the economy was in trouble due to Wall Street and the Big Banks Derivitive trades that collateralized liar loans (unstated or fabricated incomes) with other securities. And, as these liar loans/adjustable mortgages started to re-set at higher interest rates many economist began predicting the burst of the real estate bubble.  (see Michael Lewis’s book “The Big Short.”)
2006
In July and August of 2006 the Marin Real Estate market peaked.  July and August reflected the highest median price sales to date.
2007
As the bubble builds, real estate sales in Marin begin to slow, and the median price begins dropping.
2008
In the fall of 2008 the predictions of 2005 are realized, and for the remainder of 2008 the Marin Real Estate market slips into a lull. Northern Marin is hit hard!  Clearly it’s a buyer’s market.
2009
The lull continues. Prices drop. Foreclosure, short sales, and REO properties dominate the Marin Real Estate market. Investor begin buying troubled properties.  The low end of the Marin Real Estate market keeps the rest of the Marin market propped up.
2010
The local real estate market here starts to pick up, and Marin Realtors wonder if we’ve stopped bouncing off the bottom? Mid range and upper end properties sales pick up but buyers are extremenly picky, and demanding.
2011
It appears the market is showing signs of life and then the Deficit Ceiling Debate begins, and the Marin Real Estate market begins to slip into another lull in response along with fears with what’s happening with Europe’s economy.  Buyers have become more cautious then ever.  Some buyers are so frustrated trying to get a mortgage when they have a strong down payment, good credit, and additional resources and still can’t get a loan.  A significant number of qualified buyers decide to rent.  Rents go up, and the real estate market here in the Bay Area continues to slow.
2012
A lot of good signs out there! The Stock Market is up. Interest rates are down. Early reports of traffic through Sunday Open Houses appears to be picking up.  More new buyers coming into the market? And yet, the 800 pound gorilla in the room is Europe’s economy. In particular, Europe’s Derivitive market.  This is the big unknown, and this could change everything.
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For the whole article click here:  Marin Home Sales Edge Up




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On October 20, 2011 the Marin Independent Journal reported that the number of houses sold in Marin edged up in September compared with the same month in 2010. For the whole story click on the link below.

Marin Home Sales Up in September

Fewer Marin Homes Fall Behind on Mortgages

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Apparently some sort of Mixup in Hollywood

As actress Rose McGowan of Grindhouse, Scream and Jawbreakers fame prepared her Hollywood home for sale, a mixup between McGowan and her assistant as to which brownies to put out for the eight Realtors and various inspectors coming to the home, according to ContactMusic.com.

The agents apparently ate marijuana-laced brownies (“pot brownies”) after McGowan’s assistant put out the wrong batch of snacks. ContactMusic.com reports the assistant made the brownies for McGowan to try but mixed them up with the legitimate brownies.

“Enjoy!”

McGowan said, “There were eight Realtors and inspectors coming to the house… and you have to get out of your house… and I notice there’s a big, huge plate of brownies that said ‘Enjoy!’ on the saran-wrap… and I just left, I didn’t think about it.”

She also noted that “At 4:30, I get a call from my realtor saying, ‘Erm, I’m at my parent teacher conference; was there anything in those brownies?’ I’m imagining all these poor people… high as a kite, like, ‘What the hell happened in Hollywood?’”

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Former FSBO CEO sells home the traditional way

Founder and former CEO of ForSalebyOwner.com, Colby Sambrotto listed his 2,000 square foot New York condominium on his own through online classified ads and FSBO sites, but after six months, he opted to hire New York broker Jesse Buckler who immediately advised a price change as the listing was not attracting the right buyer.

After giving up on the DIY route, Sambrotto’s decision to hire a broker led to attracting multiple offers, closing for $150,000 over the original asking price. The Wall Street Journal reports the listing sold for $2.15 million including a 6% commission.

Many FSBOs turn to Realtors

The news stands as an enormous validation of the real estate profession and while some may tease, it is no laughing matter and the former FSBO CEO made a good financial decision.

AGBeat columnist Herman Chan said, “If people want to take a stab at For Sale By Owner (ie FSBO), go for it. But well over 80% of FSBO’s eventually have to list with an real estate agent to get their house sold. It’s harder than it looks!”

Not a new dilemma

Marlow Harris, Seattle Residential and Investment Consultant at Coldwell Banker Bain Associates told AGBeat, “The ForSaleByOwner.com founder’s dilemma is one we see quite often and is not unusual. Trying to sell your own property yourself or using a discount brokerage, is not the solution for everyone. Unusual properties, properties in the higher price range, these are more difficult to sell and often require specialization.”

Harris continues, “We see these choices across the board, from single family homes to huge housing developments. For instance, Vulcan, one of Paul Allen’s companies which has invested heavily in Redfin, does not use Redfin to market their many condominium projects. They use traditional real estate firms such as John L. Scott, Williams Marketing and Matrix Real Estate, finding that the do-it-yourself approach to real estate just doesn’t work for these types of sales.”

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