Real Estate/Real Info by Wes Mayne
Most elections are accompanied by optimism and hope for the future. But this election cycle was filled with negative campaign ads, and it makes me wonder how much change we can actually hope for from our local, state, and federal governments.
However, I do know that interest rates are still amazingly low, and home prices are down, which makes for some wonderful opportunities for home buyers this fall and winter.
I remember an agent telling me a story, about 10 years ago, that he was the first realtor in Marin County that he knew of, who had ever received a $1,000,000 price reduction on a listing. Well last week, there was a $5,000,000 reduction on a home in Belvedere. How's that for a buying opportunity.
Another agent just told me a story about his mom, who is trying to sell her 1,800 square-foot home outside of Chicago, in a nice, residential neighborhood. They just got an offer for a bit less than she paid for it 19 years ago.
We also had a speaker come into our office last month who told us that about 30% of the homes in Phoenix, AZ, are vacant! So our market is still looking pretty good compared to some others. There are 113 condos in escrow in Marin County right now. Ten of the 16 homes on the market, below $300,000, are in escrow. As you increase the price point, the activity level slows down some.
- $300,000 - $600,000 151 available, 88 in contract
- $600,000 - $900,000 257 available, 102 in contract
- $900,000 - $1,200,000 125 available, 26 in contract
Here are the highs and lows for the month of October 2010-
Two homes sold below $300,000. One in Fairfax for $285,000, and one in Woodacre for $273,500.
There was a closing over $5,000,000, and that was in Belvedere for $7,140,000.
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Realtor Wes Mayne, affiliated with Coldwell-Banker Real Estate, has been helping people buy and sell property here in Marin County since 1984. He specializes in properties all over the county from Muir Beach to Mill Valley all the way north to Novato. His website, Great Homes of Marin, offers comprehensive information about Marin communities and also has a property search database.
Wes lives with his family in San Rafael.
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