Saturday, December 10, 2005

40% Drop in Price for High End Marin House

Just a quick post:

Here is a listing for a high-end house in Kentfield (rather, a house that will be built) whose price has dropped 40% in one month if you can believe the realtor's November, 2005 appraisal claim that is (makes one think twice about the possibility of appraisal fraud in Marin County). I've already entered it into the Marin Address Pricing History thread for future reference.

(Click on the image for a larger view)

4 Comments:

Anonymous Anonymous said...

The $2,375,000 price is for the tear down house, lot and plans.
I'm sure the $6,000,000 price is for the finished home and the appraisal was from a bank for construction loan purposses.

Dec 12, 2005, 5:21:00 PM  
Blogger Marinite said...

That could be. If so, my mistake.

Dec 12, 2005, 9:15:00 PM  
Blogger marin_explorer said...

The $2,375,000 price is for the tear down house, lot and plans.

Interesting. Wouldn't that leave a balance of approx. $3.62M for construction costs? That puts the home at around $614/square foot! And we're talking construction alone. Personally, I don't find the layout and style of that home very striking. At a price that should command a skilled architect and builder, you get a home more akin to the Winchester Mystery House. Taste, money, and good sense are obviously unrelated.

Dec 13, 2005, 4:24:00 PM  
Blogger rechickmarin said...

Of course the $2.375m is for the teardown & plans and the $6.0m is the projected resale value. You guys really don't get it, do you? Marinite, the oracle of bubble wisdom, wishfully confuses this with a price reduction from $6m! Excuse me if this deflates my confidence in his dire predictions for the future of the Marin RE market. Reskeptic, this listing is partly aimed at an investor/builder. I.e., build for $300 a foot, sell for $614 a foot, and the remainder less your downpayment, carrying and transaction costs, is a tidy million-plus profit. Of course the listing is ludicrous and absurdly speculative, and there are many aspects of the Marin RE market worthy of criticism, but you have to understand a thing before you start criticizing it. If you guys don't understand the fundamentals of the Marin RE market, you got no business blogging about it.

Dec 29, 2005, 11:59:00 AM  

Post a Comment

Links to this post:

Create a Link

<< Home

Terms of Use: The purpose of the Marin Real Estate Bubble weblog (located at URL http://marinrealestatebubble.blogspot.com/ and henceforth referred to as “MREB” or “this site”) is to present and discuss information relating to real estate and the real estate industry in general (locally, state-wide, nationally, and internationally) as it pertains to the thesis that recent real estate related activity is properly characterized as a “speculative mania” or a “bubble”. MREB is a non-profit, community site that depends on community participation and feedback. While MREB administrators do strive to confirm all information presented here and qualify all doubtful items, the information presented at MREB is neither definitive nor should it be construed as professional advice. All information published on MREB is provided “as is” without warranty of any kind and the administrators of this site shall not be liable for any direct or indirect damages arising out of use of this site. This site is moderated by MREB administrators and the MREB administrators reserve the right to edit, remove, or refuse postings that are off-topic, defamatory, libelous, offensive, or otherwise deemed inappropriate by MREB administrators. You should consult a finance professional before making any decisions based on information found on this site.

The contributors to this site may, from time to time, hold short (or long) positions in mentioned and related companies.