Luxury Market in Marin County CA Remains Strong

Even traditionally stable Marin County hasn’t totally escaped the credit meltdown.  Sales for single-family homes priced under $1 million were down 21% in 2007, as compared with 2006, and condo sales were down 32%.  Hard as it is to imagine, just under the $1 million mark is the target price for first-time home-buyers looking for real estate in Marin County.

Luxury home sales remain invulnerable.  Sales for Marin County homes priced over $1 million jumped by 32% last year, while $3+ million house sales were up a whopping 65%.  This has skewed the sales figures for Marin; the median home price rose 9% last year, to $1,025,700 despite the fact that sales volume declined.  The median price for a condo has crept up to $570,000, up 4%, while sales have tumbled 22%.

Currently one of the most expensive houses on the Marin market is a $38,500,000 estate in Tiburon.  The original asking price was $35,000,000.  With that you get 12 bedrooms, 10 full baths, and 15,000 square-feet.  Just down the road, a neighboring 5 bedroom, 5 bath home is currently going for $24,200,000.  Buyers for such properties typically come in with cash in their pockets and can buy what they want. 

Contrast the Tiburon mansions with a $729,000 2 bedroom, 1 bath, 960 square foot bungalow in San Anselmo.  This asking price was recently reduced from $749,000.  Buyers in this price don’t tend to have the cash and will need to qualify for a loan, and loans have become much more difficult to come by.

For those with a good down payment and excellent credit, some of the best deals in Marin County can be found in Novato and San Rafael. These areas tend to have more moderately priced homes, depending on the neighborhood, and represent some of the best values in Marin.
 

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