San Rafael, CA

San Rafael CA’s real estate market is increasingly fueled by foreclosures and short sales. We are currently experiencing 44% pending ratio for homes priced at or below $600K (up from 31% last month). Although San Rafael’s low end is not as strong as Novato’s, it is certainly gathering momentum. Importantly, San Rafael’s bread and butter homes, priced between $600K and $800K continue selling — 32% of these homes are in escrow (up 1% from February 2009). Increasing affordability, low interest rates on conforming loans, and a general shift in mindset are helping many buyers in the lower price ranges attain home ownership.

Additionally, the $8K tax credit for first time home buyers should also help pull buyers into the fray as value priced properties come onto the market. It is a sign of the times: San Rafael currently has 10 listings under $400K and another 9 homes under $500,000 (this is a giant increase from 5 in January 2009). Overall, the number of homes on the market continues to rise with 175 homes (up from 153 last month and about 135 last year at this time).

[Click HERE for the rest of this article, courtesy of www.SanRafael101.com]

The former home of Southern Rock legend Gregg Allman is being auctioned off on April 21st. This is a big home (a "vacation-like retreat offer(ing) a remodeled 4BR 2.5BA main residence with approx. 2,671 sf and a state-of-the-art kitchen and walls of glass, fabulous guest house with great room and separate BR/BA, former professional recording studio has been converted into multi-use space. Luxurious pool and spa, waterfall, tropical gardens, amazing views, 2000+/- sf decks - all on over an acre private paradise)," according to the description on the auction site.

Further, this home was "[b]uilt in 1978, the architectural elements of the home includes exposed cedar ceilings, Brazilian maple hardwood floors and walls of glass. Over one acre of lush landscaping provides an ultimate backdrop for the outdoor entertainment area and resort-like pool and spa. Chef’s kitchen has custom cherry cabinets, French limestone island, Viking gas range, Sub-Zero refrigerator and Kalantos wood bar - custom made for this kitchen. The main residence also has a wine cellar. The master suite has a sitting room/office, fireplace and panoramic views. The guest cottage has an expansive great room, stone fireplace and charming bedroom and bath."

The location of this home is great — near China Camp, which is secluded, yet close to restaurants, bars, HWY 101 (and HWY 580), hiking, fishing, golf, San Francisco, and everything else a true Southern Rocker could want. This home is truly in a great location and is valued at ~$1.7 million according to Zillow. Bidding starts at $250,000. The home is located at 45 Lockwood Drive in San Rafael, CA. If you are interested in pursuing this home, call me at (415) 350-9440.

As of April 6, 2009 28% of available listings in San Rafael are in escrow.

For the month of March 2009 34 homes sold in San Rafael for an average final selling price of $500,165.

The average original asking price of these homes was $558,387.

The range of final selling prices was from a low of $130,000 to a high of $995,000.

Of the 34 homes that sold, 3 sold at their original asking price and 6 sold over. The remaining 25 homes sold for less than their original asking price.

These homes took an average of 113 days to sell.

To see everything that is currently available for sale through our local MLS, click here.

To learn more about this area visit my website or contact me directly.

And now, from Marin County's website, here's a shot of San Rafael High School circa 1922:

Following Novato's lead, San Rafael's real estate market is gathering momentum at the low end as foreclosures and short sales drive the market. We are currently experiencing 31% pending ratio for homes priced at or below $600K. Although not as strong a market segment as Novato, I would still characterize it as competitive price band.

Importantly, San Rafael's bread and butter homes, priced between $600K and $800K continue selling at a rapid clip - 31% of these homes are in escrow (up 2% from January 2009). Low interest rates on conforming loans are helping many buyers in the lower price ranges attain home ownership. Meanwhile, rates for conforming jumbo loans are a bit higher and apparently not being embraced by buyers as the San Rafael housing market is flat above $1 million (see below chart). But, the $8K tax credit for first time home buyers should also help pull buyers into the fray as value priced properties come onto the market. Amazingly, we have 15 homes currently being marketed under $500,000 (there were just 5 last month), and another 16 under $600,000. Overall, the number of homes on the market remains relatively low, with 153 homes (up from 142 last month).

Because many inquiries come in regarding the distressed market, the chart below illustrates the number of and percentage of distressed sales so far in 2009.

[Click here for the chart and the rest of this article, courtesy of www.SanRafael101.com.]

Anyone who lives, works, or plays in San Rafael California is well aware of the ongoing construction at Northgate Mall, the only indoor mall in Marin County, California.   Fortunately, the construction efforts are starting to take shape and patrons will be pleased to learn that the renovations have finally reached the halfway point.  

Originally built in 1965, San Rafael's Northgate Mall is one of the areas largest shopping centers.   While both the population and demographics of Marin County have evolved significantly since 1965, the mall has remained essentially unchanged with the exception of some remodel efforts in the 1980s.  

In 2008, a major initiative - $75 million to be exact! - was undertaken by the property owners (Macerich, Co.), to signficantly remodel Marin's only major indoor shopping mall.  These renovations include a complete facelift of the property designed to attract more shoppers as well as higher end stores.

While the renovations have just reached the halfway point and most retailers are still closed, I recently did a quick walkthru of the mall and was really excited to see the progress that is being made.    The transformation has been amazing and the "new" Northgate Mall bears little resemblance to the 'tired' Northgate Mall of the past.    The new Northgate Mall has a very progressive, "loft like"  architectural feel to it.  Features include huge clerestory windows, dramatic valulted ceilings, exposed steel beams, explosed duct work, etc.   

I'm anxious to see how the mall evolves however I can tell you that i'm already excited about the potential and we are only halfway there!   Later this year, the construction should be completed and I look forward to the officially re-opening and unveiling of the new Northgate, Marin County's only indoor shopping mall.  I'm confident that the opening will bring shoppers as well as new retailers interested in serving the needs of Marin residents and visitors.

Contact the Marin Modern Team for experienced representation buying or selling San Rafael homes.   Whether you are looking for San Rafael luxury real estate or foreclosures in San Rafael CA, we welcome the opportunity to assist you!