Sylvia Barry, Marin Realtor, MAS, ePRO

Millworks Novato (going strong with a lot of interest -check with Sylvia to see)

Novato Real Estate Market started to pick up after the gloomy winter - Yes! (by the way, is there such a thing as gloomy winter in Marin? - we are so spoiled, when there are more than a drizzle and a little bit of wind, we complaint about the weather and then secretly congratulate ourselves for being in such a wonderful place - there is a premium there :-))

Thanks to the press, both prnt and online and yes, the Obama Stimulus plan, the buzz out there is this is a great time to BUY in Marin county. Finally, we have affordable prices (o.k. affordable is a relative term), but more affordable houses here in Marin.

The condo/townhome cotinue to pick up pace, as well as the below $500K single family homes. These are the ones that went thru the worst downturn and were the ones who led the short sale / foreclosure pact, but are now being recognized as the best purchases in town.

Many former renters find it costs them less to own than to rent; in the mean time, they are able to enjoy the write offs from owning a home.

That buzz drives the market right above it to go up. 'Starter' homes up to $700,000 saw across board increases in % Pending. Being able to sell the condos and entry level homes means they can also move upward.

This allows the $500K - $700K homes to see the biggest surge in % pending.

The $800K and up range still lag behind - many are waiting for lenders to come up with the policy for Super Jumbo (between $625K and $729K) pricing structore. Other move up buyers have their homes on market, are relunctant to 'buy contingenty upon sale' are hoping to sell and move into upper end houses here in Novato.

Overall inventory starts to climb, as we expect it to be in Spring. Homes for sale went up 25 homes, from 305 to 330 in a month (March to April). With the slower release of foreclosures, the inventory is not growing as much as we thought it would.

Make Sure You are not waiting for the 'bottom' of the market. Remember, that is always hindside, by the time you look back, the bottom has already came and went.

Call Sylvia now to discuss the market and the trend, get familiar with the buying process, and start hunting. It's never too late to get ready.

Give me a call at (415) 717-0293 or email me at sylvia@SylviaSellsMarin.com for inventories on the market, whether REO, Trust Sale, start home, luxury homes.. I will be very happy to find the best house / investment property for you!

It will be my pleasure to serve you!

• Buyer's Market < 25%
• Neutral 25% - 40%
• Seller's Market > 40%

In order to stimulate purchases of newly constructed homes as well as encouraging home ownership; the State of California has issued a (up to) $10,000 tax credit for homebuyers of new contruction properties.

Here are the details of the plan:

1) This credit only applies to new homes that will be used as a primary residence and is limited to the first 10,000 new home purchases.

2) The credit is for $10,000 or 5% of the home's price, whichever is less.

3) There is no down payment requirement to receive the $10,000 tax credit.

4) There are no maximum income limitations so any buyer purchasing a new home can qualify.

5) The $10,000 tax credit is just that, a credit, not a loan, so if the home remains your primary residence for two years, you do not have to pay any portion of the tax credit back. If you sell the home in less than two years, then it has to be paid back at time of sale.

6) The new home cannot be located outside of the United States and it cannot be inherited property or a gift.

A controversial project due to the sheer size, the location and what it is and what it is not (a bit vague? Ask me!), Millworks Novato had it's grand opening today (April 25th). What a pleasant surprise the development is!

As a Novato resident and a Realtor; although I missed the design, approval phases of the project; I, as many Novatans, have watched with great interest and concerns in the progress of the building. Today, I got to tour Millworks with my friend, Barbara. We came away quite impressed!

Millworks - According to the developer, Millworks Novato is "Nestled among the North Bay's rolling hills landscape, charming Old Town Novato is the home to Millworks, and environmentally sustainable and pedestrian-friendly new home community".

Millworks Novato

The building, sits atop the coming-soon Whole Foods, located at the east end of Old Town Novato, consists of 124 flats and townhomes. The homes are designed to be a combination of 1 bedroom/1 bath, 2 bedrooms/2 baths flats and 2 bedrooms/2 baths plus Den Flats.

Amentities - Other than a few larger units on selected locations; first and second floors are mostly for Whole Foods and parking for Whole Foods and third floor is mostly for residents parking. In addition, there is a library, a fitness center and a social room for gatherings.

'Roof Garden - Living Roof' on 4th Floor

Roof Garden - One of the Millworks' most unique design is the rooftop garden on the 4th floor where the interior units all have patios on the ‘Roof Garden'. This Living Roof - centrally located with open sky courts - have living gardens and flag stone patiors, gives the 4th floor residents a sense of being on the ground floor which is a very appealing, surprising feature!

Views Galore - For outdoor lovers, the floor to ceiling windows brings tons of sunshine and the breathtaking surrounding Novato hill views inside. I can only imagine how beautiful the night time views will be with the twinkling lights from the distance.

Kitchen and Living Room

The Interiors - Millworks have open floor plan where kitchen opens into living and dining rooms (area - depending on plan). Kitchens have granite slab counter tops, break fast bar, Bosch stainless steel, Energy Star appliances, Kohler sinks and faucets. Bathrooms have Kohler faucets, Marble slab counters and surrounds on bathtubs. Dual flush toilets conserve water. All units are equipped with air conditioners (although I always say that we really don't need that in Novato - the breeze from the ocean cools down most hot days by night). Schlage hardware, recessed lighting, sustainable flooring, cable ready.

Green Features at Millworks

Building and Living Green - Millworks is also designed with ‘Building Green' in mind as Sustainable is a big concern for environmental minded Marin Residents. The building is designed with

• Money Saving features such as emergency efficiencies while determining the direction of the building (South facing), insulation grades, dual paned windows, doors, Energy Star appliances..
• Preserving Health - such Cabinet doors are free of formaldehyde, none-toxic and low VOC Materials are used throughout
• Environmentally Sustainable- Pre-engineered lumber, waste recycling during construction, Build-in recycling centers, sustainable flooring's and cross ventilation windows are some example of the environmentally friendly design.

The Units and Pricing - One Bedroom / One Bath unit (812 sf to 883sf) starts from the low $400,000s; Two Bedroom / Two Baths Flats (1260 sf to 1360 sf) starts from the mid $400,000s and the Two Bedrooms, Two Bath plus Den Falts (1452 sf to $1595sf) starts from the high $500,000.

HOA Fees - HOA fees ranging from $393 to $494 monthly. An interesting chart provided by Millworks compares HOA fee to the average single-family detached homowner's regular maintenance cost per year, and of course, Millworks HOA seems more reasonable according to the chart - email me if you are interested!

Keep in mind the price includes standard features, and any and all upgrades will be additional costs to the buyers.

As a baby boomer and looking forward, I thought this will be a great place to retire - low to no maintenance, single story (elevator up/down), walk to town, new, green building, etc. Having a Whole Foods downstirs works well also. However, as a young, single professional living in Chicago many years ago, I also enjoyed staying in downtown highrise for the amentities it provides (Millworks is not close to the 45th floor I was on before).

Releases - The current plan the developer has is to release 10 homes at a time while gauging the interest ,control inventory and proper pricing.

Tax Credit - And don't forget the Federal First Time Homebuyer Up to $8,000 Tax Credit as well as the California State Up to $10,000 Tax Credit for purchasing new contrustions Make sure you take advantage of that!

Interested in Checking out Millworks? - I enjoyed my visit to Millworks with Barbara. Let me know if this stirs up your curiosity. Please give me a call (415) 717-0293 or email me at sylvia@SylviaSellsMarin.comif you want to check out Millworks. I would love to come with you and get your input about the building that changed the face of Old Town Novato, For Better For Worse, and hopefully, since it's already here, we will make it "For Better' because that's the only way we can all benefit!

According to Kentfield Architect, Sarah Robinson, an Alumni of the Frank Lloyd Wright School of Architecture; that Being Green is not just to tear down and build from scratch but it's about "Seeing the untapped potential that already exists." She said:"For us, sustainability is not just about making green consumer choices, but is a lifestyle of resourcefulness that honors inherent value and respects the natural world."

Sarah Robinson, was thrilled, when her house, nestled in the native redwood and oak woodlands of Mount Tamalpais in Kenfield, Marin County, California, earned the 'Most Sustainable Renovation' Award from the prestigious Metropolitan Home Magazine. www.Methome.com

Robinson's 1963 fixed-upper home incorporated the following winning features:

1) Retain and Expand upon the original mid-century contemporaries design. Robinson's usage of rich wood, glass, American clay plaster and copper echoed the 'sensual surfaces' from the outdoors. She also retained the original custom mahogany paneling and cabinetry.

2) Resourcefulness- Adding 1200sf space (office, family room, extra bedroom) blow the building allows Robins the retain the original footprint of the building. Large dormer captures light and provides views of outdoors

3) Usage of Reflective Surfaces Such as stainless steel, high gloss woods, glass cabinets, white ceilings makes the most of the natural light that streams into the space.

4) Reused 80% of the original building material and incorporated with recycled materials from other sources - including reuse of the redwood framing from the attic for additional trim, exterior siding and new kitchen dormer. She also bought the seconds from a local tile manufacturer (Heath Ceramics in Sausalito).

5) Incorporated the outside environment to be the primary decorative feature for the home by using 'floor-to-ceiling glass', adding skylights and creating a large dormer to bring the outside in.

6) Usage of Energy-Efficient Mechanical Systems Suchas soy-based form insulation, Eco-friendly American clay plaster, no-VOC paint and double-paned windows.

Footnote - I was contemplating about what to write for the RED HOT contest and my presentation to my Rotary Club about LEED and Local Green Buildings, when the Marin IJ Article about Local Architect, Sarah Robinson's winning design caught my eyes. This is an excellent, timely example of how to creat a "RED HOT" Eco-Friendly, Sustainable Home while thinking Creatively Outside of the Box.

The idea of not having to build an eCO-friendly building from scratch, using recycled, reused, local materials to avoid the commonly expensive GREEN features, which is the main concern in a heathy economy and a huge hinderance in the current dismal economy while creating stunning buildings in the process makes this RED HOT for me!

* The post incorporated information from Met Home and Marin Independent Journal. - a news article caught my eyes and just in time for the RED HOT entry!