2 posts tagged “real estate”
Collapse of the sub-prime mortgage and summer's slower median-home priced sales do not appear to have unduly damaged the luxury home market within Petaluma and immediate surrounding county locales.
Eleven super-sized family houses were snapped up in the area since the end of Spring 2007, leading our resident realtor, Timo to believe that this Fall's slightly lower inventory in this specific, sought-after demographic will see sales of homes which are priced well over the million dollar mark - continue to sail steadily through a successful escrow process.
"Truly unique houses with personality, character, curb appeal and ample room for southern Sonoma County lifestyles are not going to sit around unsold if they are priced correctly," says Timo. "One or two recent property sellers in the million point five range and plus have taken heed of the current market trends and re-priced their luxury homes accordingly."
"It's a win-win situation for buyers and sellers in this category and Petaluma and surrounding areas still offers the discerning luxury home hunter a whole lot more for the money than in neighboring Marin."
Most pricey of this summer's luxury properties to sell was the stately three story classical Queen Anne 15 room Victorian at 200 Prospect Street. This award winning, fully-restored stunner with pool and prized gardens sold for $2,495,0000.
Next up on the most recent pricey properties of Petaluma real estate sales was a sensational country property at 603 King Road, nestled behind a garden wall amidst a magical Zenscape of waterfalls, streams and lush greenery. This one-of-a-kind four bedroom home went for $1,900,000.
Also on the outskirts of West Petaluma, an exquisite colonial within a gated park with pond was snapped up upon wisely priced reduction at $1,750,000. 343 Haverfield came complete with carriage house and a designer's attention to detail.
City dwellers seeking vantage point and sweeping views over Petaluma plunked down $1,620,000 for Tuscan-style sensibility with scenic pool and watchtower, at 529 Hayes Lane. Gourmet kitchen, attached guest quarters. You name it!
The remaining luxury homes were mostly located within the West Haven development and hovered around the $1,250,000 range in sales price. Another substantially sized new construction sold in the Magnolia development in Cherry Valley for just over $1,100,000 and a 4,400 square foot, ivy-covered Tudor style home at 5 Kingswood Court was rapidly snatched from the market in the first few days of listing for $1,185,000.
With Fall fast approaching and the holidays just around the corner, trophy homes are all the more attractive! Petalumans looking to upgrade without the pressure of a summer sale and purchase can take advantage of a calm and appropriately calculated luxury home market!
Just when harried real estate agents in the Petaluma area are gradually adjusting to a market moving at what feels like a proverbial snail's pace, there are new plans afoot to make it even less attractive for sellers to put their homes on the market.
A proposal to upgrade existing homes with "Pay As You Save" installation of the latest water saving devices before they are sold, is set to ignite a mass protest at Petaluma City Hall's upcoming council meeting, this September 10th.
The point of sale provision, if approved, would require that all city homes for sale be inspected through Petaluma's "Water-wise House Calls" program, with a trained technician evaluating use and efficiency of all household appliances and landscaping.
In short, prior to the sale of the home, any inefficient water equipment or appliances such as toilets would have to be replaced or upgraded at the owner's expense.
Petaluma's approach may be to offer rebates to local homeowners as an incentive to upgrade old water fixtures and ultimately ramp up an already in place, city-wide water use reduction campaign. This might, at least, balance the finances somewhat for the average seller.
All good in theory and certainly an outstanding move for environmental resources, but nevertheless another costly aspect of a home sale in these tenuous times.
Our resident realtor, Timo will be one of the local Petaluma market's leading broker/agents at City Hall on Monday. More to follow......
