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The frothy residential real estate market continues to surge in Marin County. Sellers of homes that are fully renovated with current, trending design choices that appeal to today’s buyers, are reaping the rewards of their pre-listing efforts. Three of my very recent listings (past 30 days) have broken price per square foot records for specific locations. Check this out!
1. 421 Crown Road in Kent Woodlands: Stunning and completely renovated contemporary farmhouse style residence just sold for $1718 per square foot. The highest recorded sale for a home up in the hills of the Woodlands prior to this sale was $1477 per square foot, a 16 percent increase! Check out the fresh design finishes at www.421Crown.com.
2. 10 Edgewater Road in Belvedere: Three and a half year old ground up new build done in a contemporary beach house design. This house is pending at $2010 per square foot! Prior to this, the highest sale on the lagoon on a price per square foot basis was $1979 per square foot. You’ll get some great design tips if you check out at www.10Edgewater.com.
3. 55 Winship in Ross: Outstanding Wendy Posard design on this recently restored cottage style architecture. The residence is pending at $1591 per square foot. Prior to this sale, the highest recorded price per square foot in Winship Park was $1352 per square foot. Check out Wendy Posard and designer Miranda Abram’s beautiful collaboration at www.55Winship.com.
Not every home is breaking record prices, but the ones that combine the finishes, scale and furnishings of the above three residences can and will break records if the unparalleled strength of Marin’s market continues.
The possibility of continued home schooling is also creating a fair amount of buyer discernment over specific needs for a floor plan that works for the possible duality of working and learning from home. Subsequent to the release of my first book, “Real Estate Rescue”, I have been doing weekly radio, tv and podcast interviews about what is driving demand in residential housing right now and how to monetize this most important asset. Here is a recap of the broadcasts which you can check out on my YouTube channel at https://www.youtube.com/channel/UCQ0DFE1joTGVyGOtN9hZTaA.
1. Buyers are focused on a private, separate and fully contained home office, with appropriate audio/visual equipment for zoom calls or video conferencing.
2. Secondary family or playrooms that are separate from the great room. Growing children want some autonomy, space to play, and separate space for zoom learning.
3. Water features, especially pools, are creating demand for homes like we have never seen in Marin. Even in communities that are a bit cooler, demand for pools has really increased.
4. Homes in the hills of Marin with immediate access to both biking or hiking trails are selling for more money than they ever have before. Whereas homes far up in the hills have been more challenging to sell, if the home is renovated and very close to trails, it will sell for a higher price today than it would have even six months ago.
5. Per above, renovated and updated homes that are FULLY renovated, with current, bespoke finishes, are outperforming the market. Current buyers do not have much of an appetite for protracted renovation approvals through building and planning departments for a myriad of reasons. The message here is this: Invest the money into your home to make sure it sells for the very highest price when you decide to sell. How to do this the right way is the subject of my recent book, “Real Estate Rescue”. www.RealEstateRescue.me.
ORDER YOUR COPY HERE:
Amazon
Book Passage
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Recent News
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Current Listings
37 Upper Road
Ross
$15,995,000
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6 Beds | 4 Full & 3 Half Baths
+- 9,560 SqFt
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147 Beach Road
Belvedere
$7,350,000
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5 Beds | 4.5 Baths
+- 4,000 SqFt
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45 Evergreen Drive
Kentfield
$5,995,000
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5 Beds | 4 Baths
+- 5,374 SqFt
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320 Belvedere Avenue
Belvedere
$5,995,000
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4 Beds | 3.5 Baths
+- 3,748 SqFt
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65 Summit Road
San Anselmo
$3,995,000
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4 Beds | 3.5 Baths
+- 5,520 SqFt
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296 Margarita Drive
San Rafael
$3,995,000
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5 Beds | 4.5 Baths
+- 5,155 SqFt
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21 Oak Place, Belvedere
Belvedere
$3,495,000
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4 Beds | 4 Bath
+- 2,944 SqFt
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14 Cedar Avenue
Larkspur
$1,995,000
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3 Beds | 2.5 Baths
+- 2,168 SqFt
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Pending Listings
10 Edgewater Road
Belvedere
$5,800,000
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4 Beds | 3.5 Baths
+- 2,932 SqFt
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55 Winship Avenue
Ross
$3,695,000
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4 Beds | 2 Baths
+- 2,545 SqFt
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61 Wolfe Canyon Road
Kentfield
$3,195,000
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5 Beds | 2 Full & 2 Half
+- 4,325 SqFt
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84 Glenwood Avenue
Ross
$2,995,000
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4 Beds | 4.5 Baths
+- 2,229 SqFt
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Just Sold
421 Crown Road
Kentfield
$5,995,000
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4 Beds | 3.5 Baths
+- 3,500 SqFt
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5 Midden Lane
Tiburon
$3,595,000
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4 Beds | 4 Baths
+- 4,495 SqFt
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15 West Road
Ross
$2,995,000
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4 Beds | 4.5 Baths
+- 2,520 SqFt
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7 Leona Drive
San Rafael
$1,995,000
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5 Beds | 5 Baths
+- 3,930 SqFt
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84 Via La Brisa
Larkspur
$1,895,000
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3 Beds | 2 Baths
+- 1,938 SqFt
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Coming Soon
96 Avenue Del Norte, San Anselmo
534 Comstock Drive, Tiburon
216 Evergreen Drive, Kentfield
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2 Berry Lane, Ross
23 Monte Vista, Larkspur
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Data Watch
Housing Starts Increased 22.6% in July
Brian S. Wesbury, Chief Economist
Robert Stein, Deputy Chief Economist
Date: 8/18/2020
Housing starts increased 22.6% in July to a 1.496 million annual rate, easily beating the consensus expected 1.245 million. Starts are up 23.4% versus a year ago.
The increase in starts in July was due to both single-family and multi-unit starts. In the past year, single-family starts are up 7.4% while multi-unit starts are up 65.0%.
Starts in July rose in all major regions.
New building permits increased 18.8% in July to a 1.495 million annual rate, easily beating the consensus expected 1.326 million. Compared to a year ago, permits for single-family units are up 15.5% while permits for multi-family homes are down 0.6%.
Implications: Home building continued to be a bright spot for the economy in July, posting the largest monthly gain since 2016 and easily beating even the most optimistic forecast by any economics group. From the February pre-pandemic level to the April lows housing starts fell 40.4%. However, following three consecutive monthly double-digit percentage gains in a row, housing starts are now just shy of a full V-shaped recovery, sitting only 4.5% below February levels. Looking at the details of today's report shows that the gains were broad-based, with both single-family and multi-unit construction, as well as every major region, recording increases. That said, the volatile multi-unit category contributed an outsized portion of July's gain. Meanwhile, single-family starts have demonstrated a still remarkable (though less pronounced) rebound than overall starts since April, remaining 9.1% below February levels. The recent rebound in starts is even more impressive considering that builders are dealing with multiple headwinds to construction. While home builders have been classified as "essential workers" in most areas of the country, regulations still require fewer people per crew, dragging out project times. The construction industry also seems to be suffering from an ongoing shortage of workers, with job openings remaining near pre-pandemic levels while job openings in the broader economy have fallen significantly. In other words, there are still lots of unfilled construction jobs that, if filled, would promote a sharper rebound in new construction. Finally, supply chains have been disrupted and are struggling to keep up with the pace of new construction. For example, lumber prices are up nearly 60% from the beginning of 2020. The good news is that it looks like builders have begun to adapt to these challenges, with the pace of new home completions beginning to trend upwards for the first time this year. Looking to the future, overall permits surged 18.8% in July, the largest monthly gain since 1990. Unlike starts, permits were led by single-family units, which posted the largest monthly gain since 1980. A continued rebound in construction is likely in the months ahead if the NAHB Index, a gauge of homebuilder sentiment, is anything to go by. That measure was released yesterday and rose to 78 in August, tying its highest reading on record since 1998. Finally, in other recent news, the Empire State Index, which measures factory sentiment in the New York region, fell to +3.7 in August from +17.2 in July, remaining in positive territory but demonstrating the ongoing recovery is going to be a bumpy road.
This report was prepared by First Trust Advisors L. P., and reflects the current opinion of the authors. It is based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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TRACY GIVES A PERCENTAGE OF EVERY CLOSING TO MARINS 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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