Marin Foreclosure Update — Condos Available

The two bedroom condo at 840 South Eliseo, Greenbrae sold in ’05 for $680,000. It is now available for $444,030.

With so many people under water, Marin foreclosures are happening quicker than many people imagine. The timing of 840 So Eliseo could be a warning worth heeding:  

                The notice of default was posted on 1/12/11

                 The notice of sale was on 4/15 

                 The sale was recorded on 5/20 …

You’ve heard about banks taking their time … sometimes, yes … sometimes, no

While looking at foreclosure condos available let me respond to a reader’s question …

How would you compare the purchase of a condo in a great neighborhood to paying for your child’s education at Branson or Marin Academy?  What is the better buy?

In some sense this is apples and mangos: Schools are a different value marker than real estate BUT

Branson was a great pick for my daughter, even at $30,000 a year … but who’s to say Redwood High wouldn’t have provided her with an excellent education as well? …

Now to the condos: If you purchased a small condo in Greenbrae and your payments were $3000 per month and you lived there while your child had a great education … THEN you might compare that cost to living elsewhere and paying $3000 a month for the school alone.

Too deep?

Let’s talk real estate condo values in Ross, Corte Madera, Larkspur, Kentfield and Greenbrae …

Of the fully active, on multiple listing service, condos in the Redwood High School District, 11 of the 25 (or 44%) are distressed properties (foreclosures or short sales).

Tomorrow we’ll take a look at other Larkspur, Corte Madera, Greenbrae and Kentfield condos that are offered at attractive prices.