Winning in the Marin Real Estate Bidding Wars

Posted on April 22, 2013 by verkozen

To understand how to win, observe two cases where the buyer seeking a loan won out over the all-cash offer.

Case One:

There were twelve offers and the top two, price-wise, were all cash with quick closes. My clients expressed their love of the property, showed proof of a strong down payment, and prevailed. (Jeannie Rorvik, the listing agent, was so confident of the buyers’ intention to perform that she spent nearly half of the escrow period in Paris). A lot more could be said about the purchase of 766 Sun Lane but the bottom line was a set of clear, unambiguous communications.

Case Two:

A seller seeks the highest price and the best terms. Best terms mean greatest assurance that the purchaser will follow through and purchase the property without ‘bad behavior’.  (Bad behavior includes a large range of actions, anything from not closing to negotiating over price, to killing the property with inspection reports, to delaying the close).

In a Mill Valley sale that closed mid-April the sellers with whom I was working had multiple offers and chose buyers who needed to obtain a loan over a similarly priced all cash offer because the clarity of the offer indicated that the buyers getting a loan (a ten day contingency) were more likely to close.

All cash offers are plentiful and a wonderful option in a hot real estate market but all cash is not the end all/be all. The best presentation of your offer will go a long way to getting you safely home.

While one might be inclined to feel sorry for buyers (especially those who aren’t shopping with all cash) the best advice is: Don’t. Don’t winge. Don’t sit around feeling sorry for yourself … that is simply a waste of time. Perfect your purchase offer through the clear emphasis on intangibles.

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Downsize Now, not tomorrow

Posted on March 14, 2013 by verkozen

DSC00555

The reasons for downsizing now are far more compelling than the economics:

  • Downsize so that you can fully enjoy your next great adventure, Now.

…. Now is the only time you have with your vitality “As good as it gets”

…. Go ahead, check your bucket list, then eliminate potential regrets.

The best of news, If you are considering downsizing, is that you can use the market to your advantage:

  • Sell while the real estate market is HOT

Because home prices will drop when the artificially low interest rates suddenly increase

Or    Congress cuts the mortgage interest deductibility Or an international wild card is played and stops the economy (N. Korea, anyone?)

 

Call me (415) 496-2992 so we can talk, explore and develop options, some that you may not have even dreamt of as yet.

Now is a tremendously advantageous time for you to Simplify (downsize) your real estate holdings and Live Larger.

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99 Marinita Avenue, San Rafael — photos

Posted on February 21, 2013 by verkozen
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64 Shell Road, Mill Valley

Posted on February 19, 2013 by verkozen

64_rearThe owner of 64 Shell Road is a prize winning Mill Valley horticulturist and this is a small, comfortable home on a 13,425 square foot lot, a real gardener’s delight … large, level lot with fine, fertile flood zone soil in a bucolic community currently experiencing a spate of new construction.

The Shell Road community has a rural country feel, sits at the base of the splendid Horse Hill, is within a stone’s throw of two great Mill Valley schools, two community centers and a Whole Foods market.

 While the home is quite pleasant, the lot is amazing … and the value lies in the land.

Based on a comparative market analysis an asking price of $999,000, (the average price per square foot of two recently purchased properties in close proximity to this home).

 For maximum exposure open houses have been set for Wednesday, February 13 and 20 and Sunday, February 17 and 24. Come one, come all.  Other showings can be arranged by appointment, so call now and let’s go, now, because offers are going to be reviewed on Tuesday, February 26. A property like 64 Shell Road in Mill Valley rarely becomes available, so call and see for yourself

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An Opportunity at 64 Shell Road, Mill Valley MLS 21302820

Posted on February 12, 2013 by verkozen

There might be an opportunity on Shell Road if you are finding it difficult to find a large home in Mill Valley …. There’s this house, see … but ignore the house, liveable as it may be!

 lovely oak

Disclaimer: 64 Shell Road is a small home on a lovely, large level lot in a bucolic, gentle neighborhood in the midst of change. It is within a short distance of Whole Foods, two community centers, several great schools and more .. and the owner will be downsizing while you upsize.

While you view 64 Shell Road, turn and look over at 69 Shell Road. This project began as a medium sized home on a somewhat large, level lot (11,718 square feet, according to tax records). The home under construction, being ‘remodeled’, sold for $90 per square foot of land. Now we watch as rumors fly about another home nearby (On Shell Road) that sold in November which may become the next project on the street. (I haven’t gone to the county to check).

In any event, with 13,425 square feet (according to tax records) 64 Shell Road could grow to be, if built out at 40% FAR, a home with over 5000 square feet. Not that you need to eat the entire property … perhaps a 3,000 or 4,000 square foot is your cup of tea ….

Only two 5000 square foot plus homes sold in the past six months in Mill Valley. These were 35 Laverne, a 5383 square foot six bedroom home that sold for $3.6M (cash) and 609 Summit, a four bedroom, 5735 square foot home that sold for $3.8M.  The average sales price per square foot on these gigantic homes was $669.

Currently Mill Valley features only two 5000 square foot plus properties on the market. The only fully available giant is 608 Seminary, a real stunner with six bedrooms in the 6000 square feet of living space.  In escrow is an ‘in foreclosure’ home in Boyle Park that is listed at $3.9M.

So, if you want a big home, you may have to build it. If you choose to build, the numbers support it … no, I’m not saying a $3M home … but yes, there’s easy potential for that hard-to-find, well-designed $2M home.  

The options are many … tax credits for ‘practice burns’, savings for ‘remodeling’ vs all new construction. 

So, if you’re planning on creating your dream home, 64 Shell Road is priced, on a square foot basis, 17% less than the sales price of the ‘lot’ at 69 Shell Road may be the ticket.

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Ross, CA: Garden Art and real estate

Posted on January 31, 2013 by verkozen

As an artist (and land-loving Realtor) who has lived in Ross for many years, graceful garden art grabs my attention. And brings forth a smile. Creating the frog fountain at my former home at Glenwood and Bolinas was great fun. Many people stopped to pay homage as they walked to Pheonix Lake or took evening strolls around the area we lovingly called ‘the valley of the bells’.

Jeff May (www.jeffmay.com)  is the artist who has been working for several months creating an organic sculpture in front of Steve Stephens’ property at 160 Lagunitas Road in Ross.

 Clearly Jeff is having fun while receiving kudos for a fine piece of art.

Jeff''s carving the Cypress tree in Ross

Jeff”s carving the Cypress tree in Ross

The gigantic ‘tree’ he’s remodeling is a work of art that reminds me of some of Andrew Goldsworthy’s work in the Presideo on Lover’s Lane and of Max Poynton’s Bottle Cap Gazebo, done for this year’s Burning Man event (the 30 foot gazebo is looking for a home so feel free to contact Max).

Bottle Cap Gazebo by Max Poynton

Bottle Cap Gazebo by Max Poynton

 Over time the grand old cypress, with a nine feet diameter base, has served a variety of functions. First it was a large, living, leafy tree. Then, years ago, when the children were young, dad drove 42 rail road spikes into it and it morphed into a vibrant climbing tree.

Recently Sam, the Steve’s grandson, designed a sculpture to honor the tree … the base is organic fluted leaves and from the top will emerge a tiny twisted tree. Around the spikes that the tree engorged are a series of beauty marks which will be lit with low watt lighting.

The tree remodel began in October. Currently, behind the supple sculpture enshrouded in a scaffold, sits a magnificent table and chair set that Jeff carved, air brushed and finish coated. The wood for these came from the top of the tree which was over six feet in diameter. The process on the tree will be much the same as it was on the table and chairs: chain saw, air brush, coating.

Kudos to the Stephens family for their evolving vision … and perhaps for having built the Stephens motor yacht I’m renovating (I don’t know if it was these Stephens but it is fun to imagine that my mahogany boat was built by a tree-loving family in our back yard).

Watching the evolution of the tree on the main road in Ross has been fun, and the best is yet to come: Jeff is hoping to air brush and stain the sculpture on Friday and reveal the beauty when he removes the scaffolding next Wednesday and trucks back to beautiful Coeur d’Alene, Idaho.

 

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Real Estate Update, 99 Marinita Avenue, San Rafael

Posted on January 29, 2013 by verkozen

front doorThe Fredrick Thomas Olson designed home at 99 Marinita Avenue is one of the most stunning pieces of real estate you’ll have the pleasure of feasting your eyes on.  This beauty will be coming on the market in 2 or 3 weeks.

This sun room could also be a bedroom

This sun room could also be a bedroom

A thought: In this rush-rush market homes are coming on the market with sold signs on them, the owners having been caught up in the rapid-fire optimism of accepting an offer before the home has been fully presented to the market. That is not our policy at Alain Pinel Realtors where ‘quality is a language unto its own.’

One might well ask, Why would you sell what may very well be your single biggest asset without putting it fully one the market? Oh well, people do. If you’ve got a good answer why, let me know! Please.

In any event, 99 Marinita Avenue, San Rafael, a home on the edge of the Dominican, will come on the market soon. Without that mindless rushing that makes no sense buyers will be able to explore the home with it’s beautiful brickwork (inside and out), determine what their desired repairs and upgrades will cost, and help the wonderful owner (who is downsizing and moving closer to her grandchildren) move forward with her life.

photo

99 Marinita Avenue features 2000 square feet (give or take) of tall ceilings and craftsmanship you may never see again. Jack Campbell, the owner of Campbell Floors, had the honor of finishing the floors He said you couldn’t find the craftspeople to carve beams, to do the brickwork and to create the delightful details found in this magnificent home.

2000 square feet (I think) and wonderful, sun-drenched rooms, but not a plethora of bedrooms. The living room (which can be viewed from the master suite balcony) is 25 feet long and has a tall, open (curved) beamed ceiling. The sun room is a beauty. The master suite, amazing.

Realtor Ken Fowler got dizzy walking down to the basement (one and one half turns in the circular brick staircase) and up to the master suite (one and one half turns). Curved doors. Vistas. Location. I hope you’ll come see this marvelous example of real estate at its finest at 99 Marinita Avenue, San Rafael and if you are thinking you might want to Live Larger in a Simpler Space or if you like the way I patiently bring homes to the market, let’s chat over some java at my office in Ross or Corte Madera or on White Swan, my personal favorite in Sausalito.

White Swan

White Swan

coffee

Posted in Marin real estate, San Rafael, San Rafael Market Update | Tagged , , | 2 Comments

Amour, a movie directed by Michael Haneke

Posted on January 23, 2013 by verkozen

Amour is a stark, moving dramatization of an elderly couple, Anne and Geroges. Retired music teachers, the couple are navigating their end of life with passion, compassion, humor and style. This is European slow-moving masterpiece with incredible performances by Jean-Louis Trintignant, Emmanuelle Riva and Isabelle Huppert.  The cinematography by Darius Khondji is stunning.

On the one hand, Amour is an important, award-winning film that I loved.  On the other hand it is not easy to watch, not a movie many people will like and not a movie I’d recommend to many people.

Conclusion: Amour is a worthy study of a difficult topic and unless you have a lot of experience or interest in end of life care, this is a movie you may want to take a pass on seeing.

Tom Verkozen, a Hospice by the Bay volunteer since 1994, reviewing Amour by Michael Haneke.

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Sign me up!

Posted on January 8, 2013 by verkozen

The last days for White Swan in dry dock is nearing  …. when we’re finished repairing the broken ribs all of the below the waterline work will be done …IMG_1715anticipating White Swan’s return to the bay, tell me what adventures interest you ….     

Celebrating the dash to the finish …

Opening Day   …..  Full Moon cruise ….  Hospice Chess …..   New Berth celebration …..  Yoshi’s …..  To North Beach for a latte …… Valentine’s Day … Sunrise sail ….Blessing of the Fleet …. America’s Cup ….. TGIF  … Angel Island  … Sam’s for brunch …..  Whale Watching  … Green’s  for brunch or dinner … Barberry Coast trail exploration  … Benica …. Petaluma ….. Poetry howl … night of Shooting Stars … Herzog family fun day … Book exchange party …            Your other ideas much welcome

Respond with your top picks in a blog comment …. so we can include you in the fun

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Kent Woodlands Real Estate — What’s New

Posted on January 4, 2013 by verkozen

The cause of the real estate boom that has occurred in Kentfield’s Kent Woodlands (and other quality of life communities) is the pressure of demand-driven real estate. Driven by all cash buyers and unbelievably low interest rates for those with reasonable down payments, homes have become a more valuable commodity and consequently are gobbled up, decreasing supply. 

 

Here’s a short update of Kentfield single family real estate sales:

 

Year                                       Sales                      Average Price/Sq Ft

 

2009                                       39                           $643

2012                                      

                   1st 6 months       23                           $610

                   2nd 6 months      43                           $643

When I bought a vacation home on Tomales Bay interest rates were 16%. The rates dropped to the then unbelievable 8% range after Carter lost the Presidency and my primary expense (mortgage) dropped substantially. I was in hog’s heaven.  The current drop in the rate from the 5% to the 3% range means that investment returns have increased by over 50%.

 

Back to today’s market: Beginning in April, sales spiked as Cash came to the table AND interest rates dropped into the 3% range. This enabled more buyers to buy, increasing demand.  Notice the shift in prices per square foot between the first and second halves of 2012.

 

Those who winge about the lack of inventory might seek to understand the new paradigm … The PACE of sales has ratcheted up. Because buyers either have cash or are fully pre-approved, inventory is flying off of the market (note the increase in the number of sales in the second half of 2012) and prices have increased.

 

With the pace of sales increasing, the available supply has diminished, and that too is causing values to increase in the purchase price, which is reflected in the price per square foot. As expected, now is both a good time to buy and a good time to sell. Interesting, eh? Let’s talk turkey, especially if you’re interested in buying or selling real estate in Kent Woodlands where opportunity abounds..

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