Just read an article talking about how other real estate markets seem to have hit bottom, mostly due to the fact that first time buyers are taking advantage of the $8,000 credit as well as foreclosures. Most of these properties are priced at bargain deals, or as with the tax credit, it does not allow a single person to make over $75,000, or a married couple to make a combined amount of $150,000. Therefore, the reason for the real estate market hitting a bottom can be attributed to lower prices and lower value.
So what about the higher priced markets such as the Marin real estate market? Well, although prices are generally much higher in areas like Mill Valley and Belvedere, there are still some great values in Marin. The latest news showed that the median price for a home is beginning to rise again, after jumping to $800,000 last month. Short sales and the fact that jumbo loans are not as easy to obtain are also reasons the luxury real estate is not selling.
Although sales have dropped in Marin's higher priced markets, I am beginning to notice a little more action than usual. We shall see; I will keep you posted.