GREEN REALTOR NEWS | Vol. 24
Market Update | News | Photo Contest
The winner of our February photo contest was Justin Palmer of Avenue 8 Real Estate! Justin Palmer: Real Estate Agent/International Jetsetter, was one of my first friends when we got our start at Zephyr Real Estate in the Noe Valley office. Justin correctly identified this little lighthouse in the Marina District, at the end of an abandoned cul-de-sac that walkers pass on the way to the Wave Organ. Originally built of limestone and teak, allegedly with a gorgeous front door that has since been bricked over, the lighthouse was intended to be one of two marking the entrance to the Marina Yacht Harbor. Abandoned when the harbor mouth was moved, it hasn’t been lit in years despite efforts by some of the members of the adjacent St. Francis Yacht Club.
Scroll to the bottom to see if you can identify the location of the March photo. As always, the winner receives a $25 gift card to a local green business, Good Earth Natural Foods.
Market Update
Despite the recent banking turmoil, the Federal Reserve Bank decided this week to raise the benchmark short term interest rate by .25%. This rate is now at its highest level since September 2007. However, it was a step back from the expected .5% that was hinted at before bank problems made headlines. What does this mean for our local housing market? This time of year, we usually see both inventory and sales increasing steadily through mid-summer as a high number of new listings come on the market. While inventory has been slowly increasing, the buyer pool has been increasing faster, creating situations where, even in this market, desirable properties are selling fast with multiple offers. Sale prices are actually up nearly 9% for single family houses in Marin and 4% in San Francisco compared to last month. The overall number of sales is down about 35% over this time last year. Lenders are coming up with some creative ways to help buyers succeed in this time of high interest rates and low inventory. First time home buyer programs, lower rates on FHA loans, and interest rate “buydown” strategies are making it easier for buyers to qualify. Reach out to me if you’d like to hear the details.
California Dream Down Payment Assistance Program
Similar to the San Francisco Mayor’s Office of Housing and Community Development’s Down Payment Loan Assistance program, the state of California has a new program to help first time buyers get into the housing market. Borrowers can make up to 150% of the area median income (AMI) for their county, which in Marin and San Francisco is $300,000 per year. The down payment assistance can be for up to 20% of the purchase price and also help with closing costs. It acts as a “silent second” loan, meaning that borrowers pay no interest and no payments over the time of the loan, in exchange for sharing 20% of their equity when they sell the property. Borrowers who make less than 80% of the AMI share just 15% of their equity gain. See the example below for details, and click on the button to read the full report.
Coming Soon!
Presented by Scott Wickham and Isabelle Grotte of Compass Real Estate, this Gerstle Park, San Rafael gem is about to hit the market. Perched on a large, sunny lot, this large single family home in a highly desirable neighborhood (wink, wink - it’s my neighborhood) is perfectly situated close to walking trails, transit, vibrant downtown San Rafael, and easy access to Sir Francis Drake, Kentfield and Greenbrae. This 4 bedroom, 4 bath, 2,217 square foot house is wonderful just as it is, or rich with opportunity to create a custom dream home. The main living area consists of a large, formal living room with a fireplace and big, east-facing windows. The oversize dining area opens to a large backyard patio and a deep, west-facing backyard. The large kitchen features two sinks, ample counter space and another area for entertaining. 3 bedrooms and 2 baths, one of them ensuite, complete this level. The fourth bedroom, a second primary suite, is on the upper level. Downstairs there is an enormous two car garage plus multiple additional rooms that could be used in any number of ways, including a large laundry room. This area has a separate side entrance. If you know anyone looking for a gem in a fantastic location, have them give me a call!
Green Home Coach
I recently met the Green Home Coach, Marla Esser Cloos. Inspired by her daughter’s allergic reaction to a laundry detergent additive, she’s built her business around helping homeowners, primarily near her hometown of Oklahoma City, OK, make their homes healthier and more comfortable. She says “it’s not about tree hugging or politics, it’s about doing what’s best for your family in your home.” Take a look at the chart above to see her suggestions for quick actions you can take.
Another option to consider is getting a home energy audit. These audits, or assessments, are examinations of your home’s exterior envelope and the systems within your home. They measure how much energy your property uses and find out where energy is being lost. They are a great thing to do before planning any energy upgrades. Professional auditors use door blower tests and thermographic inspection to identify spots lacking insulation, air leaks, or tears in duct work. They will want to see a copy of your utility bills, and hear any problems you’ve identified, such as sweaty windows and drafty spaces. They are less expensive than you think and frequently covered by rebates. If you are curious, reach out. I have some good referrals for you!
March Photo Contest
All of the gorgeous local photos in our photo contest are provided by the Green Realtor News Artist-in-Residence, Esther Vermeer. Esther is a Mill Valley resident with a background in branding and graphic design. Originally from the Netherlands, she moved with her family to Montreal, Canada for a while, and came to the Bay Area 14 years ago, where she has since established herself in the world of interior design. She loves to journey around California and discover the lush natural beauty the state has to offer. You can reach her at esther@prevalentprojects.com.
If you know the location email me at lucinda@lucindaotto.com. The first person with a correct guess wins a $25 gift card to Good Earth Natural Foods!
I hope you enjoyed the Green Realtor News! If you know anyone buying or selling, or if you are curious to hear more about the market, please don’t hesitate to reach out. I’d love to help you or your friends make moves. As one of my happy clients loves to say:
Everyone Needs A Lucinda!
