The mainstream media loves pushing bad news, and the 1%-ers are the latest trendy target.
Marin County has approximately 81,186 single-family homes, according to the latest census. The guy in this video makes it sound like the sky is falling, but didn’t include the numbers, so here they are:
Marin County Foreclosures, Jan-Feb:
2011: 98 att & det foreclosed (8 were valued over $1M)
2012: 83 att & det foreclosed (14 were valued over $1M)
I wish there were additional foreclosures, because we could use more of the better-priced inventory. But around here, the number of foreclosures have dropped considerably, while sales are stable:
Here are the local NSDCC-detached numbers, Jan-Feb:
2011: 75 SFRs foreclosed (17 were valued over $1M)
2012: 48 SFRs foreclosed (15 were valued over $1M)
2011 MLS sales: 315 sales averaging $372/sf
2012 MLS sales: 334 sales averaging $366/sf
Jim, do you happen to know which hat Leslie Appleton-Young ate when prices started to fall in Marin? And should I mention that evrything is fine in the “Real Marin” which seems to exclude about 95% of the county by area?
I sold my house in Marin in 2009 and have been renting. I follow this stuff closely, am very tuned in to the market here…and I don’t think “real Marin” prices have fallen much. I still see 1500 sq ft homes, no garage, sell for over $1.1m, and plenty of junk at $2 mil.
BTW, “real Marin” is a fair distinction because there’s a huge difference between Mill Valley, Tiburon, Larkspur, Kentfield, Ross vs San Rafael, Novato.
As far as foreclosures… I know of one in Ross ($5 million) that had been postponed several times. Eventually it short sold. That’s pretty rare in the nice areas (aka “real”).