Issue #2 | July 31, 2024
Greetings | Good Times | Good Givin’ | Food Scene | The Tool Shed
While summer is winding down the real estate world is heating up! It's time to discuss the elephant in the room...No, not the nail-biting Presidential election but rather the MAJOR changes coming to the way homes are bought and sold, beginning August 12.
You have probably heard some of the buzz circling around the National Association of Realtor's $418M settlement that promises to shake up how commissions are paid and how buyers will be represented going forward and as of August 12th, the entire country will be following these new guidelines.
Let's break it down:
1. COMMISSIONS have always been negotiable; however, now they can no longer be disclosed on the MLS or in any property marketing. When selling, what you decide to pay your broker (agent) is known only by the parties to the contract. You also get to decide whether or not you're OPEN TO paying the buyer's broker (agent) their commission which will be negotiated via the contract. Talk to me about why that will ultimately benefit you, as the seller, to do so.
2. BUYERS need representation too and real estate brokers (agents) MUST now enter into written agreements for representation by a Realtor; we can't even show you property until we've done so. This also means the buyer directly negotiates the commission THEY WILL pay their broker (agent) to professionally guide them through their property purchase. Remember, commissions have been and continue to be negotiable by all parties so buyer's will still be able to ask seller's to cover buyer's broker commission on their behalf. If the seller does not agree, then the buyer will pay for their agent’s representation directly in full.
Okay, you may be wondering how this affects you. In short, it does make sense in a 'perfect world' that buyers and sellers pay the professionals that represent them separately, just like the plaintiff and defendant in a trial case who hire separate lawyers to represent them. So it allows for savvy interpretations and skillful negotiations, and that, my friends, leads to the bottom line: the importance of hiring a skilled real estate agent to navigate you through this new landscape, so that you benefit best, which actually has always been the goal – so you see, some things never change!
Want to dive deeper into these changes? Let's grab coffee or a drink – my treat!
Back with you in August.
Cheers, Suzanne
Buzzworthy Home Sales
(July 22 - July 29)
Cascade Canyon | Mill Valley
List Price | $2,395,000
Sales Price | $2,460,000
Price Per Sq Ft | $1489
Days on Market | 31
3 Bed 3 Bath
Listing Courtesy of: Joshua Deitch | MLS: 324036739
Belvedere Lagoon | Belvedere
Original List Price | $6,495,000
Sales Price | $5,650,000
Price Per Sq Ft | $2265
Days on Market | 196
3 Bed 3 Bath
Listing Courtesy of: Bill Smith & Ann Aylwin | MLS: 323925852
Good Times | Sublime Events
Early Bird Catches The Worm: Enjoy discounts on 2 of Mill Valley's Fall Favorites
MILL VALLEY FILM FESTIVAL | OCTOBER 3 - 13
MVFF47 Early Bird Tickets & Passes are now available! Consider becoming a CAFILM Member to gain early access to tickets and the best prices throughout the Festival, plus an invite to the annual MVFF Member Preview on Sept 12. Members also receive year-round discounts at the Smith Rafael Film Center & Mill Valley's new Sequoia Cinema. Deals end midnight, September 12!
MILL VALLEY FALL ARTS FESTIVAL | SEPTEMBER 14 - 15
Save $5 on your tickets when you purchase them before Sept. 1. Tickets are good for both days. Since its inception in 1957 by a small group of artists exhibiting in downtown store windows, the Fall Arts Festival has grown into a cherished annual event. My favorite festival feature is supporting and showcasing new & emerging youth art and continuing their engagement through mentorship and peer support.
Good Givin' | A Worthy Cause
If you know, you know. And, if you don't, I'm here to help spread the word!
Mom was diagnosed with Alzheimer's during Covid, just about 4 years ago now. As a matriarch from a line of matriarch's, dementia is no stranger to our family, along with long lifespans. The acceleration of the disease is no joke; once a diagnosis is discovered (and hopefully even prior to this), the best one can do is educate oneself through the Alzheimer's Association. This is what I did; I turned to the best source I could find. The Association is free and available 24/7, covering every topic imaginable under the Alzheimer umbrella.
Please make a donation on Toba's behalf or come join me and Team Vanguard Properties as we walk together on Saturday, October 19 in San Francisco.
Food Scene | Passion Project
I can think of at least one consistent benefit of the homegrown "Nextdoor" app and website and that is, finding the pearls... like, Hart Homesteaders' Amy, who serves up a rich and varied spread of farmstand fav's (some organics) - think fresh eggs, seasonal fruit & veggies, and at least six varieties of homemade jams & jellys; raw, local honey; vanilla extract; almond oil; natural nuts and delicious baked treats and sweets.
Serving it up with a smile from her sister's home in Birdland (Tam Valley). Open year-round, bi-weekly; next Saturday, August 17, 10:00am - 2:00pm.
Text to be added to Amy's distro list: 209.499.3166
Pro Tip: Fresh, mature, USDA-certified, whole chickens have to be pre-ordered. She has an egg carton buyback program too!
*Mention 'Under The Redwood' to receive a FREE fruit!
DETAILS
MARIN REAL ESTATE REPORT
By The Numbers | Marin Stats for Week Ending July 22
28 Single Family Residences on MLS closed | 30 last week
32% of Closings had Multiple Offers | 23% last week
8 of Closings were over $2 million | 10 last week
28 Single Family Residences on MLS went into Contract/Pending | 36 last week
2 of Pending Sales over $2 million | 9 last week
40 Average Days On Market for pending properties | 39 last week
271 Coming Soon/Active Single Family Residences On Market | 273 last week
88.85% of List v Sales price Avg for Single Family Residences sold | 92.54% last week
$1.89M Avg Sales Price for all Single Family Residences sold | $1.86M last week
46 Avg Days On Market for all Single Family Residences sold on MLS | 40 last week
THE TOOL SHED | IS ADU 4 U?
By Michael Twing (Contractor's License #891692)
In our continuing conversation of ADU’s and whether this is something you are interested in embarking on, here is our first consideration: Plans & Permits.
The mentor and contractor I apprenticed under, who was a seasoned restoration and preservation expert, often said, “Fail to plan, plan to fail.” I learned firsthand that crafting a solid plan is the cornerstone of any successful project.
For this ADU series, I'll focus on transforming existing spaces, such as a lower-level rec room on a downslope lot. Given the high costs of new construction in Marin, converting existing structures or garages is often the most practical approach.
Even minor changes - like adding a window or door on a property line - require planning approval. Other factors like private entrances, egress, and overall design also undergo scrutiny. The planning process involves neighbor input within a determined radius as well. Once cleared, the process transitions to permitting, which covers details like window type, skylight type, door type, insulation, structural integrity, heating and ventilation, and plumbing and electrical specifics.
It's crucial to remember that most contractors won't estimate a job without an approved permit. Some operate as design-build contractors who will take on a thorough pre-construction phase that includes design, planning, and permitting. With these essential documents in hand, and a complete scope of work, we can finally dive into the construction process.
Regardless if you start with an architect, designer or contractor, this phase can take 3-6 months and range from $2k to $10k for a 500 square foot unit.
Next up: Construction Documents. You got this!
MV DETAILS MARIN COUNTY DETAILS
Photo Credit: ADUMarin.org