GREEN REALTOR NEWS | Vol. 17
Market Update | News | Photo Contest
Peter Jarit is the lucky winner of the July photo contest! This beautiful shot is of Seaplane Adventures in Sausalito. Founded in 1945 as Commodore Seaplanes, this company was once the largest regional carrier serving Lake Tahoe, as well as providing rehearsal space for the Grateful Dead, Jefferson Airplane and Carlos Santana. Current owner-operator Aaron Singer would love to take you up for a unique view of the bay. Peter is a local mountain biker, music aficionado and all around mensch. He’s always curious, observant, and enjoys the world around us. Scroll down to see if you can identify the location of our August photo.
As always, our photo contest winner receives a $25 gift card to Marin Green Business Good Earth Natural Foods.
Market Update
The big news this month has been fluctuating interest rates. After creeping up nearly 3% in the first six months of the year, rates dropped by .5% in July, positively affecting affordability. Due to recent economic news they’ve crept back up a bit in the last week or two. The good news is that inventory has been rising a bit as more options come on the market. A Marin Association of Realtors panel discussion earlier today suggested that the slow summer market is picking up again as buyers and sellers are back in town after summer holidays. Preparing a property for market is more important than ever as homes in good condition that are polished up and looking their best are snapped up quickly for strong prices. In contrast to last spring, we are seeing longer days on market for some properties - typically those that need work or have other less-desirable quirks. All the panelists agreed that pricing is more important than ever. In the hyper-competitive market of last spring sellers could price properties enticingly low, expecting multiple offers to come in and bid each other up to a strong selling price. In an environment where there are likely to be fewer offers, pricing closer to the expected market value is a safer strategy. Sellers who were hoping for some of the stratospheric prices we saw earlier this year may have to re-set their expectations as many buyers just don’t have the purchasing power they did six months ago.
My hot tip of the month? San Francisco condos! There are some amazing deals out there. For buyers who thought they were priced out of San Francisco, this could be your moment! Some examples:
8 Buchanan Street, #714
This sleek modern condo is in the Linea building, one of the most striking architectural additions to the intersection of Hayes Valley, Duboce Park and the Mission when it was newly built in 2014. This luxurious unit features an open floor plan, high end appliances including in-unit laundry, a private balcony and a common roof deck with incredible views. Now just $699,000 for a gorgeous 678 sq. ft. one bedroom condo in this 100 walk score location!
601 Van Ness Avenue, #43
Our listing in the Opera Plaza complex is also still available. This two-level unit features 2 beds /baths with a spacious living area facing south on to an enormous common courtyard with a huge pool and jacuzzi. Centrally located on Van Ness Avenue between Turk and McAllister, the complex features tons of amenities. Where else can you sunbathe poolside in the middle of downtown San Francisco? Listed for $835,000. Give me a call to come and see it!
Fun Fall Events
As we all know, September and October are some of the best months in the Bay Area, both for the weather and for some fantastic cultural offerings.
Here are a couple of events coming up that you won’t want to miss.
San Rafael PorchFest is happening on Sunday, September 18, 2022 in our very own Gerstle Park neighborhood! And not only that - our porch is going to be one of the music venues! This free event was hugely popular back in 2019 and we’re so excited that it’s finally back again in 2022. 8 blocks around the neighborhood are closed to car traffic while bands play on several porches throughout the afternoon. The map and schedule aren’t up yet, but keep checking the website for details. If you come, swing by and check out the neighborhood launch of the 100th Birthday Project!
October 19 and 20, 2022 brings us the first-ever Marin Green Home Tour! This virtual tour will take place from 6:00 – 8:00 PM both days. It features 8 minute long video tours of 10 homes, followed by live Q&A with the homeowners, presentations by experts, resources, rebates and great advice for how local families can create healthier, more comfortable homes, lower energy costs and enjoy cleaner air.
Inflation Reduction Act of 2022
As I’m sure you’ve heard, on August 16, 2022, President Biden signed the Inflation Reduction Act, the biggest investment in climate action in U.S. history. One fifth of both national energy use and CO2 emissions comes from homes. This bill provides thousands of dollars to each homeowner to make the kinds of green changes necessary to slash our carbon emissions by 40% by 2030. This is huge for those of us who think globally but act locally by making changes right here at home. The existing federal tax credit for installing solar, which some of you keen readers of the Green Realtor News may remember was 26% in 2022, 22% in 2023 and phased out after that is now 30% through 2032. Green improvements such as insulation or replacing windows used to have a credit of 10% of the costs up to a lifetime cap of $500. Now, starting in January, 2023, you can credit up to $1,200 per year through 2032. In addition, replacing a gas furnace with an electric heat pump gives you another $2,000 tax credit, or a $8,000 rebate for lower and middle income households that qualify. For new electric vehicles there’s a maximum tax credit of $7,500 and, starting January 1, 2024, you can choose to take that as a point of sale rebate. According to Kara Saul-Rinaldi, president and CEO of AnnDyl Policy Group, an energy and environmental policy strategy firm, “This isn’t something that we have seen every day, where your average homeowner gets to make a choice that can help save the planet…and I think that’s why it's particularly special.” Check out this article from Wired.com that explains how the new bill can save you money.
Between that and Biden’s student loan forgiveness announcement last week, things are looking pretty good over here in the offices of the Green Realtor News!
August Photo Contest
Green Realtor News’ Artist-in-Residence, Esther Vermeer, 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!
