Are The High-End Homes In Marin Selling Again?
In 2009 the sales of homes listed for $2,000,000 or higher dropped off the map. The number of sales was less than half of the previous year. 83 units sold in 2009 compared to 192 in 2008.
2010 looks to be turning that trend to an upward direction, so for this year 127 homes over two million have sold and we still have three months to go. If the pace keeps up we will have doubled last year’s sales.
While the number of sales is up I don’t feel that tells the whole story of high-end homes in general and in Marin County in particular. The Wall Street Journal this morning had an interesting article regarding some of the world’s most expensive homes. The article pointed out that many of these homes had been on the market for a very long time (years for some) without a price reduction. Then it pointed out some that did reduce the price, some up to half off. Many of the owners of these homes can afford to wait out the market.
So let’s kick this up a notch and look at Marin homes over five million dollars. Year-to-date ten of those homes have sold but there are fifty three currently on the market of which two are in escrow. If you are one of those sellers that need to sell now how would you accomplish that? I’ll tell you how, drop the price big time. Okay, easy for me to say but what if your home is already well priced, after all these homes don’t usually sell in a week. That is the problem, is your home really well priced, really more “special” than the other five plus million dollar homes or are you kidding yourself. I recently saw an almost $15,000,000 home in Ross and I felt it was very well priced so in that case the sellers will just have to wait for the buyer to come along.
Warren Carreiro, Broker #01031805