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)


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 marine_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  

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