Friday, July 31, 2009

Luxury Housing Sector in Marin County

Luxury Housing Sector in Marin County Looks Up:

The real estate slump experienced last year looks like it’s about to take a turn for the better, especially in places like California which bore the brunt of the downturn. Marin County for one is looking up in terms of its luxury home sector, according to a report from real estate service provider Coldwell Banker Residential Brokerage. According to the report:

* There has been an increase in the sale of luxury apartments and houses over the past six months
* Homes are now closing faster, in under 100 days rather than in under 150 days a few months ago.
* The perception that the housing market cannot get any lower than this and that prices are only going to rise upwards has brought about this renewed interest in home ownership.
* People are realizing that low interest rates are soon going to be a thing of the past and that the buyer’s market may not last much longer; so they’re using the low prices to snap up good homes.
* The housing sector is looking up in all cities of Marin County
* Homes are selling for as much as 90 percent of their asking rates, a significant improvement from the 83 percent that was registered a few months ago.

And if you thought these signs of prosperity were being exhibited only by the rich and famous, the overall housing sector in the area is also showing signs of having reached rock bottom.

The median price of a single-family home in Marin in June increased to $800,000, and more homes were sold last month than in May, a real estate tracking firm reported Thursday.