GREEN REALTOR NEWS | Vol. 28
Market Snapshot | Socially Responsible Lending | PorchFest
The Green Realtor News Photo Contest is on summer vacation. Check back in the fall for a chance to win!
Market Snapshot
With six months of sales data now available for 2023, it is evident that the Marin County and San Francisco markets have experienced a combination of positive and negative performance this year. The second quarter showed a significant rebound from the low point in the first quarter, though still well below the second quarter of last year. Several factors have contributed to this situation, including higher interest rates, reduced inventory, ongoing inflation, economic uncertainty, and layoffs in the high-tech sector. The market is highly segmented, with properties in certain areas continuing to hold high values, command multiple offers, and sell for over their asking prices. Examples of these areas are Cole Valley and Mission Dolores in San Francisco and Mill Valley and San Rafael in Marin. The median sale price in Mill Valley this month is $2,500,000, down just 2% from the peak in the second quarter of 2022. This is compared to an average sale price of $1,789,000 county-wide, a 10.6% decrease from the peak. In Cole Valley the average price of a single family home is now $4,300,464 (the condo average was $1,400,000), down about 3.1% from this time last year. This is compared to an average price city-wide of $1,600,000, about 20% less than last year. It’s what they always say: location, location, location. The most desirable areas hold their values despite what is going on in the larger real estate market. Click the link below for more details.
In Contract!
608 Amaranth Boulevard, Mill Valley
Our client previously owned this beloved house and has wanted it back for years. After keeping in touch with the new owner and patiently waiting until the time was right, we had a chance to pounce on it before it went on the market. With a huge, open living area featuring high ceilings and staggering views, plus three bedrooms and two bathrooms all on the same level, this sun-filled home benefited from an extensive green remodel. Close to nearby hiking trails and just minutes to 101, downtown Mill Valley or Muir Beach. Welcome (back) Home!
Socially Responsible Lending
Here’s what you need to know
One of the best things about being a Green Realtor are the people who come into my life who are farther along on their green journey and push me to catch up. That was the case last week with a prospective buyer who only wanted to work with a socially responsible lender. What is that, you ask? Also called ethical banking, it’s an approach that prioritizes the borrower’s well-being, ethical lending practices, and environmental sustainability. This shift has gradually been occurring across the banking industry in response to customers’ and shareholders’ growing concerns about financial exclusion, inequality, and climate change. In the investing world it might mean that individuals go out of their way to avoid investing in businesses such as gun manufacturing or the fossil fuel industry, sometimes called making decisions using environmental, social and governance (ESG) principles. In the lending industry ESG principles might include lending to historically excluded groups or refusing to fund oil projects that destroy the climate. However, it’s not as easy as opening an account with a bank that markets itself as socially responsible. Some of these charge high fees and give lower returns, or engage in “greenwashing,” a term for something that looks good on the surface but isn’t all that it seems, such as a small bank owned by a parent company that does not hold the same values. There’s also something called “greenhushing” where companies refuse to disclose their milestones on climate action, making it harder to see where they stand.
The answer? Research. Decide if you are looking for socially responsible banks that protect the planet or focus more on social justice and responsibility. And of course, always look for affordable services and reasonable fees. Local lending options include BMO - formerly known as Bank of the West, and Amalgamated Bank - a B-Corp based in New York with a branch in San Francisco and a long history of social responsibility. Want to know more? Give me a call!
Save the date for the second annual Marin Green Home Tour. Find out what Marin residents are doing to combat climate change, improve air quality, generate clean energy, save water, and move toward a safer, healthier, greener, and more resilient future. This free, virtual tour features new homes, remodels, retrofits, and low-cost, low-tech, DIY solutions for homeowners and renters. The tour also includes short presentations by experts, and useful resources and rebates. This year it also features yours truly (that’s right! me!) as the expert on how green upgrades increase the value of your home. Held online on Thursday, October 26, 2023.
San Rafael PorchFest - Coming Soon
Mark your calendars for Sunday, September 17, 2023 for San Rafael PorchFest in Gerstle Park. Stroll the neighborhood while enjoying snacks from food trucks and listening to a diverse range of live music hosted on front porches (including ours!) SR PorchFest draws thousands of attendees - even in last year’s freak downpour! Originally conceived in Ithaca, NY, in 2007, PorchFest is a nationwide phenomenon. An all-volunteer, family-friendly, free event brings communities together to celebrate music and creativity. There are more than 60 other PorchFests in the U.S. and Canada. Stay tuned for more info about the 2023 lineup.
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!
