What will the inpact of the foreclosures be to the Mill valley housing market?

Asked by Christine, Mill Valley, CA Sun Sep 26, 2010

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Liz Williamson Williamson’s answer
Liz Williams…, Agent, Sausalito, CA
Tue Jan 31, 2012
Hi Christine,
To piggy back on what has already been said Ogi and Gabrielle, the numbers are lower in Mill Valley compared to other cities in Marin such as San Rafael and Novato. If you are considering putting your home on the market soon, currently, there is a record low number of homes on the market, even for January. . A lack of inventory, may work for your benefit should you decide to sell. Another thing to consider, foreclosures tend to sell at market value in Southern Marin. If they don't it is because the home is in need of major work. I have yet to see a foreclosed home in Mill Valley that sold well below market value.
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Gabrielle Da…, Agent, San Francisco, CA
Tue Jan 31, 2012
Christine,

While there are foreclosures in Mill Valley, their numbers are low in comparision to other Bay Area cities. Foreclosure do affect the market and level values, especially if they are in close proximity to your home. Still, there are other factors that influence the value of your property and your options in selling and getting the most amount of money for the property. I am appending a Real Quest page that might provide you with more insight about foreclosures in Mill Valley.

Feel free to call me at 415-200-7202.
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, ,
Sat Oct 2, 2010
Regardless of where a property is situated, comparable properties within a one to three mile radius sold as a short sale or foreclosure, will affect values negatively.
Web Reference:  http://www.umboc.com
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Oggi Kashi, Agent, San Francisco, CA
Sat Oct 2, 2010
Christine

Here is a link to my blog regarding Mill Valley foreclosures. I liked your question so I posted the answer:

http://www.trulia.com/blog/oggikashi/2010/09/the_impact_of_f…

Best,

Oggi Kashi,
Broker Associate - dre 1844627
Paragon Real Estate Group
Web Reference:  http://www.oggikashi.com/
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Oggi Kashi, Agent, San Francisco, CA
Mon Sep 27, 2010
Hello Christine

Mill Valley is a large enough area to withstand the number of distressed properties it currently bears. As of today, there are 74 distressed properties in Mill Valley. Here is the breakdown:

25 - Pre-foreclosures
18 - Bank-owned
31- Scheduled for auction

At the current numbers, the absorption rate does not seem to be affecting the overall real estate market too badly. Of the total number above, there are 12 bank-owned homes currently for sale and there are 23 short sales available.

You can view all distressed properties in Mill Valley on my website:

http://www.oggikashi.com/search/Foreclosures.html

You can also request a detailed report for your immediate area if you wish. Feel free to contact me with any questions.

Best,

Oggi Kashi,
Broker Associate - dre 1844627
Paragon Real Estate group
Web Reference:  http://www.oggikashi.com/
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Liz Williams…, Agent, Sausalito, CA
Sun Sep 26, 2010
Foreclosures are still extremely low in Mill Valley and in Southern Marin. We have seen much more short sales in the last year, and short sales have had some impact on home prices but not nearly as much as other cities in Marin, like San Rafael in Novoto.
The economy, job security and the abilty to qualify for a loan has had much more of an impact on home prices then forclosures and short sales combined. Buyers are nervous about over paying. They worry that home prices are going to drop again due to slow economic recovery. They worry about what would happen if they lost thier jobs.
But despite all these fears, homes are being sold and prices in Mill Valley are slightly up over last year. People are buying homes just not in the numbers that we saw a few years ago. My prediction for next year, Mill Valley will continue to chug a long like it did this year, home prices maybe going up again ever so slightly.
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Terry Bell, Agent, Santa Rosa, CA
Sun Sep 26, 2010
Well, an interesting website you might want to check out is http://www.realtytrac.com where you can either just enter your town or address and map out all the foreclosures and pre-foreclosures in the area! I took a peek and looks like Mill Valley is doing a lot better in values than Sonoma County! No surprise, really considering you are a commuter town to SF. If you are thinking about selling and have a very high mortgage, and think you may have to get into a short sale situation, make sure you contact someone who understands the short sale process. If you need a referral, drop me a line! Best, Terry Bell, CPS Real Estate, Sonoma County
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