GREEN REALTOR NEWS | Vol. 19
Market Update | News | Photo Contest
Our artist-in-residence has outdone herself with our September photo! This seemingly innocuous relic of bygone days is actually a genius work of community art and local history, dreamed up by Tera Ancona, former owner of the beloved Cibo cafe on Bridgeway in Sausalito, now a branch of Equator Coffee, and executed by Sound Made Public, a San Francisco creative agency that focuses on audio projects, large and small, that change the way we hear the world. While Cibo is no longer, the 415 Bridgeway Payphone Project is still there. Pick up the receiver and hear a voice tell you that while the pay phone was once a place where stories were shared, now it shares stories with you. Press any button on the keypad to hear stories about love, the sea, food, poetry, and life, past and present, on the Sausalito waterfront. The stories change quarterly so it’s worth stopping by for a listen.
We had a few incorrect guesses of the photo location (but some extra points for creativity) but no September winner. Scroll to the bottom to see if you can identify the location of our October photo.As always, the winner receives a $25 gift card to a local green business, Good Earth Natural Foods.
Market Update
The local real estate market continues a slow move toward a more balanced playing field between buyers and sellers. While prices are still down from their peak last spring, the overall expectation is that price appreciation will still continue, but at a more normal growth rate of 5 - 6% in the coming years vs. the astronomical gains of the past few. Rising interest rates are decreasing demand at the same time that the rate of new listings has slowed. In 2022 the number of new listings has dropped significantly, down 25% between the second quarter of 2022 and the third. Last year new listings only declined by 5% during that same period. With both supply and demand decreasing, the overall pace of the market has slowed considerably and will likely remain this way through the end of the year.
While interest rates are increasing, average prices are dropping, creating opportunities for buyers. In San Francisco the average price for a single family home in March 2022 was $2.2 million, while in September it was $1.7. Some savvy buyers are seeing opportunities to get into the market without competition from other offers, using adjustable rate mortgages with the goal of refinancing when the interest rates settle down. By contrast, in Marin, particularly southern Marin, prices for single family homes have remained steady, with no change in the year over year average sale price of $1.9 million in Mill Valley. It remains a sellers’ market with a two month supply of inventory, though the overall number of sales is down 41% over the highly competitive market of last year.
In Contract!
4 West Pier, Sausalito
After years of dreaming about life on the water, my clients decided it was time to make it a reality. The Sausalito waterfront is known for its eclectic homes and tight knit community and my clients (long time friends) will fit right in. It’s been quite the learning curve for all of us over the last several weeks, learning about the differences between buying a floating home with a right to lease your boat slip and buying a house on land. Example - make sure to set your inspection contingency timeline after consulting the tide charts, because the diver needs a certain depth of water to swim underneath the boat and inspect the hull. Of course! Makes perfect sense that this would be one of the most important things about buying a boat! Another important thing we learned - never flush your toilet when the power is out. The bilge pumps won’t work.
The source of all of this valuable info? The wonderful neighbors who stop by and chat at every opportunity. Where else can you live next door to a colorfully painted Mondrian-esque home of an architect on one side and the owner of the Marrakech Magic Theater on the other? I’m so glad my friends will be part of it all, keeping Sausalito salty for years to come.
New Listing!
324 Foerster Street, San Francisco - $1,495,000
As you saw from our Special Edition, 324 Foerster is on the market. We’ve had a busy first couple of weeks. Originally a two bedroom, 1 bath home, this beautiful property was creatively expanded by a master wood-worker, gifted at using every inch of space to its fullest potential. The unique and beautiful sunroom has been a big hit, along with several outdoor spaces and the big backyard. The design allows for multiple ways to use the space, perfect for working from home or multiple generations living together. I’ll be there this Sunday from 2- 4 if you want to stop by and say hi. I’d love to see you!
The solar is up and running! Our monitoring system says we’ve already generated the equivalent of 25 trees in carbon emission offsets. According to the Penn State Institute for Energy and the Environment, it takes 730 trees per person to offset the average carbon dioxide produced by the use of fossil fuels. We’re almost 2% there! The new windows are almost ready. I took a field trip to the factory in San Pablo to check on the progress and pick up a wood sample to test stain colors.
The last step is to choose a new exterior trim color and interior stain that will be applied at the shop before installation. What do you think - trim color A or B?
October 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!
