In August, 2011 What Does One Million Dollars Buy You in Marin County Real Estate?

Posted by Lisa Mallon on Tuesday, August 16th, 2011 at 7:12am.

Given the downward trend in home prices, I thought it would be an interesting exercise to compare in today’s Marin County community-specific housing market, what one million dollars buys in the way of real property. Does it look all that different from the height of the market in early 2007 when the median price of a single family home approached one million dollars? I’ll let you be the judge based upon a survey of communities throughout southern, central and northern Marin. I have limited this survey to properties sold since July 1, 2011 which were conventional sales with one exception for a short sale in Ross, as noted below. I also provide an analysis on a price per square foot basis as another important comparative measure when looking at home prices across different communities.

Sausalito: A beautiful 4 bedroom, 3 bath single family home with 2100+ sq. ft sold 7/13/11 for $1,050,000 or $498/per sq. ft. This exceptional home offered great water views, an enormous deck, level yard area and had a beautifully updated interior. With an enclosed garage (a rarity at this price in Sausalito!), this home was well located above Bridgeway, overlooking central Sausalito.

Today, there are presently 10 homes (both condos and single family homes) on the market in Sausalito priced under one million dollars and range in price from $329,900 to $999,000.

Tiburon: A mid-century single family home located in the sought after Reedlands neighborhood sold on 7/12/11. This 3 bedroom – 2 bath home boasted 1527 sq. ft, listed for $995,000 and sold for $915,000 or $598/per sq. ft. It was marketed as an expansion and remodel opportunity and the price reflected the fact that it needed a significant amount of remodeling. By contrast, a 1990-built single level, corner end unit 2 bedroom – 2 bath condominium with high end finishes offering 1,620 sq. ft listed and sold for $995,000 or $613/price per sq ft on 7/5/11.

As of today, there are 16 homes priced under $1,000,000 on the market in Tiburon for sale. The prices range from $324,000 to $995,000.

Mill Valley: A beautiful and total remodel with 3 bedrooms – 2 baths in Tam Valley with 1569 sq ft sold on 7/14/11 for the list price of $949,000 or $605/per sq. ft. The Tam valley neighborhood affords an easy commute to SF and easy access to Stinson Beach and West Marin communities.

There are presently 65 active listings in Mill Valley priced under $1,000,000 and range in price from $322,000 to $999,000.

Larkspur: A 3 bedroom – 2 bath, 1800 sq ft. home with an abundance of character and charm and one block from downtown sold on 7/28/11. The asking price was $899,000 and the selling price was $889,000 or a $493/per sq ft. This home had a one car detached garage, a lovely deck plus a level patio off the kitchen.

There are currently 15 active properties on the market in Larkspur ranging in price from $189,900 to $999,000.

Corte Madera: A remodeled, single level home offering 3 bedrooms and 2 baths with 1,686 sq ft listed for $998,000 and sold for $959,000 or $569/per sq. ft. Boasting a fantastic walking score, this home was located on a secluded cul de sac and had an outstanding, level garden.

There are presently 17 active properties for sale in Corte Madera with a price range between $262,000 to $929,000.

Kentfield: The only home sold for under $1,000,000 since 7/1/11 was a 3 bedroom – 2 bath 1463 sq ft home on a sunny level, corner lot needing extensive cosmetic improvements. Extremely well-located near schools, shopping and College of Marin, this home was on the market for over 200 days and originally listed for $699,950 and closed for $615,000 or $420/per sq ft.

There are presently 4 active property listings in Kentfield priced under $1,000,000 and range between $669,000 and $969,000. This relatively low number of homes priced below $1,000,000 indicates the average price in Kentfield for a single family home is well above $1,000,000.

Ross: Sold on 7/26/11 as a short sale was a 1.76 acre parcel with an existing modest home and 2 additional rental units. There were previously approved plans for a nearly 5,000 sq ft home on this mostly level lot close to schools, trails and downtown San Anselmo. The existing main structure had 2 bedrooms – 2 baths with 1249 sq ft or $780/per sq ft.

There are presently 2 active properties in Ross, both directly on Sir Francis Drake Blvd. priced under $1,000,000 with prices between $549,000 and $850,000.

San Anselmo: A lovely single story 3 bedroom – 2 bath home with 1770 sq ft closed on 8/9/11 for the asking price of $750,000 or $424/per sq ft. Located on a private knoll with Mt. Tam views, this home had a lovely deck and separate brick patio for outdoor enjoyment and was located close to town and shopping in the Jordan Park neighborhood.

Presently there are 23 active property listings in San Anselmo priced between $585,000 and $949,000.

Fairfax: A recently remodeled contractor’s home sold on 8/11/11 and offered 4 bedrooms and 3 baths with 2160 sq. ft. This property featured incredible landscaped grounds, gourmet kitchen and a huge master suite. The list price was $849,000 and this home sold for $810,000 or $375/per sq ft.

There are currently 15 active property listings in Fairfax priced under $1,000,000 ranging between between $309,000 for a condominium and $975,000 for a single family home.

San Rafael: An exceptionally private home in the Dominican neighborhood recently closed on 7/29/11 after receiving multiple offers. The asking price was $969,000 and this home sold for $1,000,000 or $475/per sq ft. Boasting 3 bedrooms and 2.5 baths with 2100+ sq ft of interior space, this property was situated on a quarter acre parcel had a pool and mature landscaping. It had updated baths and an expanded kitchen.

As the county seat of Marin, San Rafael has the largest population in Marin County and accordingly, offers the widest range of housing options in two distinct school districts (San Rafael and Dixie.)

There are presently 158 active property listings under $1,000,000 with a price range between $189,000 and $950,000.

Novato: A 2002 built home boasting over 4100 sq ft, a 3-car garage and with 4 bedrooms and 4.5 baths sold on 7/21/11 on the east side. The asking price was $989,000 and it sold for $960,000 or $233/per sq ft. This property had many developer upgrades and was on a very large lot; just under 4/10 of an acre.

Novato is somewhat unique in Marin County to the extent it has the largest concentration of newer tract housing. There are presently 160 active property listings priced under $1,000,000 with a price range between $215,000 and $589,000.

I hope this provides a valuable comparative window into current housing prices across Marin. There has never been a wider array of housing options priced under $1,000,000 in our community! With the conforming loan limits set to be reduced October 1, you’ll need to think about moving quickly towards a home purchase. Moreover, interest rates hit an all time low last week, making TODAY an incredible opportunity for the savvy home buyer.

Call me if I can be of assistance in navigating through this exceptionally good time to be looking for a great deal in a home purchase.