The difference in the buyer profile, and their demand for better returns, began appearing in the middle of 2017. The first half of the year there were many apartment offerings that received multiple offers. By July buyers were noticing the flat rent scenario and became more cautious with their offering prices.
Despite the change in the apartment sales environment, 2017 had about 30% more apartment transactions than the previous year. A large portion of these sales (nearly 30%) were off market. The detailed chart below shows the total number of sales, price, number of units, price per unit, GRM (if available) and the closing date.
MARIN COUNTY APARTMENT CLOSED SALES 2017 – 5+ UNITS
| Address | Price | # of Units | Price/Unit | GRM | COE |
|---|---|---|---|---|---|
| 83-87 Ethel, Mill Valley | $4,500,000 | 9 | $500,000 | 15.93 | 01/13/17 |
| 300 Poplar, Mill Valley | $2,800,000 | 10 | $280,000 | 13.28 | 12/04/17 |
| 11 S. Knoll Road, Mill Valley | $7,400,000 | 21 | $352,000 | 15.05 | 12/26/17 |
| 589-595 Bridgeway, Sausalito | $5,345,000 | 12 | $445,416 | 16.16 | 11/22/17 |
| 120 Bulkley, Sausalito | $15,500,000 | 28 | $553,571 | 21.73 | 10/30/17 |
| 60 Varda Landing, Sausalito | $1,600,000 | 9 | $177,777 | 16.26 | 06/15/17 |
| 50 Barbaree Way, Tiburon | $255,000,000 | 281 | $897,887 | 03/31/17 | |
| 1-22 Mallard Rd., Belvedere | $18,200,000 | 22 | $827,272 | 03/17/17 | |
| 1446 Lincoln, San Rafael | $1,300,000 | 5 | $260,000 | 12/20/17 | |
| 1454 Lincoln, San Rafael | $1,300,000 | 5 | $260,000 | 12/20/17 | |
| 415 Mission, San Rafael | $1,470,000 | 5 | $294,000 | 14.89 | 08/23/17 |
| 5 F Street, San Rafael | $2,200,000 | 8 | $275,000 | 17.82 | 04/24/17 |
| 7 Merrydale, San Rafael | $2,725,000 | 8 | $340,000 | 14.65 | 02/09/17 |
| 1222 Irwin, San Rafael | $3,400,000 | 10 | $340,000 | 11.93 | 10/11/17 |
| 419 Prospect, San Rafael | $3,250,000 | 11 | $295454 | 22.02 | 09/12/17 |
| 1704 Lincoln, San Rafael | $3,207,000 | 12 | $267,291 | 19.59 | 02/28/17 |
| 22 San Pablo, San Rafael | $4,840,000 | 17 | $284,,705 | 19.7 | 03/01/17 |
| 310 Paloma, San Rafael | $2,100,000 | 6 | $350,000 | 12/01/17 | |
| 355 Canal St., San Rafael | $9,575,000 | 42 | $227,000 | 06/30/17 | |
| 33 San Pablo, San Rafael | $42,000,000 | 82 | $519,512 | 10/23/17 | |
| 1323 Leafwood, Novato | $1,388,000 | 6 | $223,000 | 01/04/17 | |
| 1506 Vallejo, Novato | $1,500,000 | 7 | $214,285 | 05/15/17 | |
| 335 Enfrente, Novato | $10,500,000 | 40 | $262,500 | 16.02 | 01/10/17 |
If you would like to discuss further details of any of these sales or your current real estate portfolio, please do not hesitate to call me at 415-302-7730 or email me to set an appointment in my office.
I look forward to working with you.