Median incomes in Marin are among the highest in the state—OK, in any state. Among married couples who file joint tax returns, the median adjusted gross household income is $116,626. If they're first-time homebuyers, how much house can they afford these days? One that costs $462,126.15, but only if they have saved up a 20 percent down payment:
Here's how the numbers would work out with a 30-year fixed rate mortgage at 5.82 percent, according to Money Magazine:
House price: $462,126.15
Loan amount: $385,105.15
Down payment: $77,021
Monthly mortgage payment: $2,264.52
Monthly taxes/homeowner insurance: $456.75
Total monthly payment: $ 2,721.27
So what's on the market in that price range?
746 Diablo, Novato: 3BR, 1 B, $450,000. Amenities include a rope swing in the front yard and a skylight in the dining room.
Other possibilities include a 1BR, 1B condo in Mill Valley for $455,000, a 2BR, 1 B condo in Greenbrae for $469,000 and a 2 BR, 1 B condo in Corte Madera for $459,000.
Wednesday, May 14, 2008
Here's What Marin's $116,626 Median Income Will Buy
Tuesday, May 13, 2008
Where The Brokers Hang Out Online To Get The Inside Scoop
Think of it like a Facebook for real estate brokers. About two years ago, two Seattle-area entrepreneurs launched a blog-hosting site for brokers, called ActiveRain, which has grown into a social network where nearly 90,000 members post and bid for each others' referrals.
We recently conducted an interview via email with co-founder Jonathan Washburn, who noted that the referral service has helped ActiveRain set itself apart from the herd of Web 2.0 real estate sites competing for agents' attention. "Our members receive a great deal of value from the site. Both in terms of income earned and knowledge gained," Mr. Washburn wrote.
But what lures the average real estate junkie to the site? The same thing that keeps us coming back: gossip.
If you search the ActiveRain site for local news (like we did), you'll see that 107 Marin real estate professionals—including agents, mortgage brokers and real estate attorneys—are members (and bloggers). For the real estate enthusiast, there's no end to the interesting tidbits you can pick up from such posts as broker Kelley Eling's monthly market conditions update. Average number of days on the market in April varied widely throughout Marin, Eling notes, ranging from 13 in Greenbrae to 150 in Kentfield.
Other ActiveRain blogs we follow religiously: Marinhealthyhomes.com, Marinmodern.com.
The following is an edited transcript of our interview:
ROOF: Can you tell me a little about how you got the idea for the site,
how old it is, did you launch it with venture investment money or was
it a by-the-bootstraps project, etc.?
JONATHAN: We initially started ActiveRain with the idea to create a real estate social network around transaction management but after we built
out the entire network we had lots of trouble gaining traction on the
network. It just didn't spread virally like we had initially
imagined. In 2006 Matt Heaton, an ActiveRain co-founder thought of a
way to scale down our initial idea and add a competitive element to
it. After about a month of development we launched ActiveRain.com and
that has evolved to what you see today. We bootstrapped the company
ourselves for the first couple of years, then we received a few
hundred thousand dollars from some very supportive angel investors,
and recently we announced an investment for a couple million dollars
from HouseValues.
ROOF: Your own background. I saw on the site that you have extensive
experience in real estate and wondered how that helped you come up
with the idea for Active Rain.
JONATHAN: I started as a real estate agent when I was 18 years old. After a
couple years I created my first real estate website, which after years
of hard work eventually led to the creation of my first real estate
brokerage WhyNotOwn Real Estate. I would say that my on the ground
real estate sales experience has played a huge roll in the development
of ActiveRain. It has allowed us to see things from our members
perspective and keep our company very real estate professional
centric.
ROOF: Why do you think Active Rain is taking off so quickly? Is the
secret to the site's success the referral forum?
JONATHAN: I think ActiveRain has achieved fast and significant success
because our members receive a great deal of value from the site. Both
in terms of income earned and knowledge gained.
ROOF: How does the referral feature work? Can anybody post a referral or
respond to one?
JONATHAN: Yes, any member can post or bid for a referral.
ROOF: Are there other social networks for realtors and, if so, how is
Active Rain different (better!)?
JONATHAN: here are a ton of web 2.0 websites or products for real estate
agents. Integrating web 2.0 marketing tactics into a real estate
agents marketing repitoure is extremely important in this day and age.
Investing the time to learn about web 2.0 businesses and how to
utilize them in your business is something that every forward thinking
real estate agent should be doing; ActiveRain is a good place to do
that.
How the Real Estate Bubble Differs from the Dotcom Bubble
At the turn of the century, day trading—tech stocks in particular—was the great American past time. Everyone was investing in fly-by-night companies that had little more than a .com bolted onto their idiotic business plan. That, needless to say, didn't end well. Too many people saw their savings wiped out when the companies they invested in crashed and burned.
But as bad as it is now? For people living in Northern California, unless you bought a home within the past few years, your real-estate investment is still looking smart. Check out this chart: the median price of a home in Marin County, while down 26% from its historic peak last June, is still up 56% since 2000.
Monday, May 12, 2008
Got $1.1 million? Buy a Starter House in Mill Valley
You can get get "vintage charm" and "character" and 1,094 square feet of living space if you buy this brand-new $1.099 million Mill Valley listing. No, that's not a typo and yes, it does work out to $1,004.57 per square foot. 
Nice-looking kitchen, no?
A Flipper Horror Story
Starting four years ago, a guy buys nine homes in Northern California as investment properties. One by one, they slip into default. Now, he's looking at likely foreclosure—and the bank's coming after his own home and assorted assets, which could force him into bankruptcy. Is he freaked out? Nope: "Everyone stumbles. I'm not going to hide or run or live in denial, or with regrets,"he tells Reuters.
Monday, May 5, 2008
In Escrow: A Flurry Of Pending Sales In Marin
Conventional wisdom is that April and May are the best months to put a house up for sale. Based on what's been going on in southern and central Marin in the past couple of weeks, it looks like conventional wisdom is right, for once. Here's a look at nine recent listings—including one $5.995 million San Anselmo house—that have gone into escrow after being on the market for fewer than 14 days:
BELVEDERE:
322 Beach Rd.: This seller had a deal before listing this "vintage" waterfront house for $2.69 million (3,781 sq ft, 5BR, 4 BA, no interior photos available).
GREENBRAE:
35 Corte Alegre: This four-bedroom house within walking distance to Bacich School, asking price $1.395 million (2,152 sq ft and it's on a cul de sac).
KENTFIELD:
17 Acacia Ave: Level lot, has a pool, asking price was $1.55 million (2,079 sq ft, 4BR, 3 BA).
MILL VALLEY:
123 Ricardo Rd.: Strawberry Point 3BR, 3BA, described as "executive home," asking price $1.595 million (1978 sq ft).
SAN ANSELMO:
100 Holstein Rd.: 5BR, 3.5BA on an oversized lot (28,265 sq ft), asking price was $1.05 million (2,477 sq ft).
11 Idalia Ct.: Remodeled 3BR, 2.5 BA descrived as "the epitome of San Anselmo Seminary lifestyle, asking price $1.485 million (1,962 sq ft).
109 Fawn Dr.: Tennis, anyone? Dip in the pool? This 5 BR, 6.5BA house (7,363 sq ft), asking price $5.995 million, also has a spa and yoga room.
SAN RAFAEL:
6 Dogwood Ct.: Almost new 4BR, 3BA w/cherry cabinets and granite countertops in the kitchen, asking price $1.195 million (2,856 sq ft).
11 I St.: Vintage brown shingle with 4 BR, 3BA, asking price was $1.45 million (2,194 sq ft).
Thursday, May 1, 2008
Breaking: Houses Selling Above Asking
Remember that house at 111 Locust Street, Mill Valley (see here)? The asking price was $3.395 million. Our sources say it closed yesterday after getting three offers. Price: $3.75 million.
Meanwhile, 55 Buena Vista Avenue, a remolded three-BR stucco house in a flat, sunny walk-to-town location, got at least two offers in under a week. The house, which was listed for $1.749 million (1,800 square feet), is already in escrow. Let us know if it also sold above asking.
Mill Valley: Bizarro World.
