Novato, CA Real Estate News

By Kelley Eling, Realtor Extraordinaire
(Fathom Realty Group)
For the month of February 2007 37 homes sold in Novato.The average original asking price was $777,811.The average final selling price was $732,945.It took an average of 97 days for these homes to sell.Of the 37 homes that sold, 2 sold AT their original asking price and a whopping 12 sold OVER their original asking price.As of March 4, 2007 21% of available listings in Novato are in escrow.
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By Kyle Frazier, Kyle Frazier , CRS & Marin CA Realtor
(Christie's Great Estates | Pacific Union International)
There are currently 126 active listings (single family homes) for sale.  About 1/3 of those are priced under $750,000-making Novato a desirable option for buyers priced out of Central and Southern Marin (for example, Mill Valley, at the time of this writing, has just two listings under $750,000).  Nicely maintained and updated homes, located in nice neighborhoods with good schools (and, of course, priced well) are seeing multiple offers and selling quickly.  Multiple offers today, however, does not translate into overbidding as it did a couple of years ago.  Buyers are still in the driver's seat for most properties in Novato.  In fact, even in the $600,000 price range, there are homes lingering on the market.Homes priced above $800,000 in Novato, are picking up steam.  Yet, buyers in th...
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By Kyle Frazier, Kyle Frazier , CRS & Marin CA Realtor
(Christie's Great Estates | Pacific Union International)
Recent news reports in the Marin IJ confirm that the City of Novato is making efforts to normalize the home inspection process.  All homes sold in Novato are required to go through inspections prior to the close of escrow (and sellers are also required to provide a copy of the report to buyers).  These programs are designed to ensure that homeowners (and the buyers of these homes) comply with building codes, obtain permits, etc., with the primary objective being enhanced safety (it is not merely an artifice for revenue generation).While home inspections are not unusual in Marin, Novato's process has occasionally resulted in delays and inconsistencies.  At some points in the past several years while the real estate market was extraordinarily hot with sales totals exceeding any ever exper...
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By Kyle Frazier, Kyle Frazier , CRS & Marin CA Realtor
(Christie's Great Estates | Pacific Union International)
Overall, the market in Novato seems fairly typical, especially in the bread and butter price ranges (e.g., up to $800,000).  Nicely maintained and updated homes located in affordable neighborhoods with good schools (and which are priced correctly) are seeing multiple offers.  But, even with multiple offers, many times the winning bid (which is not always the highest bid) is for asking price or just above.  And if a home comes on the market at a price that does not represent good value to buyers, that home will likely face an extended marketing period.  Buyers are still in the driver's seat for most properties.Homes priced above $800,000 in Novato, are not selling as briskly.  In this price range buyers are being very picky and the percentage of homes in escrow is very low.  Note that be...
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By Kyle Frazier, Kyle Frazier , CRS & Marin CA Realtor
(Christie's Great Estates | Pacific Union International)
Each week I select one home that was on brokers' tour in Marin County, California, which I feel really stands out (e.g., winning criteria may include value, unique location, desirable or unusual architectural properties, views, or some other striking feature).  These are NOT my listings, but rather ones that I truly and objectively think have something very unique to offer.  This week's pick:47 Stonetree Lane, Novato  This delightful home is priced at $2,270,000 and has 4 beds and 3.5 baths, with about 3,500 sq. ft.  It is my pick of the week because it is the only one-level home in Renaissance.  It is absolutely perfect for either a young family or retirees looking for a tasteful turnkey home on one level.  Moreover, the lot is largely level and there is a delightful outdoor patio area...
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By Kelley Eling, Realtor Extraordinaire
(Fathom Realty Group)
During the month of January 2007, 6 homes sold in Sausalito after an average of 148 days on the market.  These homes had an average original list price of $1,316,167 with an average final selling price of $1,034,167.  All of these homes sold for less than their original asking price.As of February 5, 2007 21% of available Sausalito listings are in escrow indicating a Buyer's Market.
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By Kelley Eling, Realtor Extraordinaire
(Fathom Realty Group)
During the month of January 2007, 28 homes sold in Novato after an average of 107 days on the market.  The average original list price was $691,707 with an average final selling price of $638,821.  Of the 28 homes that sold, only one sold for the original list price.  All others sold for less.As of February 5, 2007 21% of Novato listings are in escrow, indicating a Buyer's Market.
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By Kyle Frazier, Kyle Frazier , CRS & Marin CA Realtor
(Christie's Great Estates | Pacific Union International)
Novato is the northernmost town in Marin County, California.  It has a rich history and began as Rancho de Novato, a Spanish land grant given in 1839 to Fernando Feliz. per. Olompali State Historical Park just north of the city is where a panorama of history unfolds in a single afternoon. It's named for a key Miwok settlement, the location of the only battle of the Bear Flag Revolt leading to California's statehood, the setting for Marin's first formal garden, and a hippie commune in the 1960s. Incorporated in 1960, Novato is Marin's fastest-growing city, embracing new residential development and commerce. Novato's latest additions include Fireman's Fund headquarters, the county's largest employer; the huge Vintage Oaks shopping mall; Hamilton Field, where a residential and retail compl...
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By Kyle Frazier, Kyle Frazier , CRS & Marin CA Realtor
(Christie's Great Estates | Pacific Union International)
  The numbers (sales and prices) so far this year in our zip code tell a different story than that put out by the national media. After all, this is Marin and people want to live here. Right now there are 69 properties on the market. Last month 12 properties sold and another 15 are in contract and likely to sell (e.g., pending properties). Thus, there is about 4 months’ inventory in our zip code—which is very healthy (we worry when it gets over 6-7 months). If you are thinking of moving, price your home right and spruce it up—it will sell. Although buyers are being picky, it is a great time to buy and they are doing just that.  
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