Greetings | Buzzworthy Sales | Good Times | Community Corner

By The Numbers | The Tool Shed

Hi Friends,

I have spent a lot of time in the City these last few weeks, which means I get to cross the Golden Gate Bridge from Marin. My heart skips a beat each and every time I gaze upon this dark orange beauty. Did you know the bridge actually sings - creates music and vocal sounds - based on the climate? When wind passes through the slats at certain speeds and angles, it creates low and high-pitched tones. A low-pitched tone is most noticeable when wind passes perpendicularly to the railing from the west while a higher-pitched tone is most noticeable when wind passes the railing at a slight angle. What a delight for the senses and one I absolutely recommend rolling down your windows for the next time you cross her.

I know many potential homebuyers are deterred by current mortgage rates and are hoping to see the low rates we experienced during Covid…you can forget about those 2.5% rates—they're a thing of the past, and with the Fed holding steady, we're not expecting any relief on the horizon in 2025. Yet, there is a smart, surprisingly effective, and often overlooked way to ease the burden of high mortgage rates and understanding this tactic is crucial for those looking to buy now. So, let's dive into this helpful technique and get you into your new home!

What is a Buy-Down Mortgage? A mortgage that temporarily lowers your interest rate and monthly payments through a buy-down tactic where one pays an upfront fee to reduce the interest rate on your loan for a specific period - essentially, a pre-payment of some of the interest.

How it Works:

Upfront Payment: You (or sometimes the seller) pay a lump sum at closing.
Temporary Rate Reduction: This payment effectively buys down the interest rate, leading to lower monthly payments for a set period (e.g., 1, 2, or 3 years).
Gradual Increase: After the buy-down period, the interest rate typically returns to the original, contracted rate for the remainder of the loan term.

Types of Buy-Downs:

2-1 Buy-Down: This is a common type. The interest rate is reduced by 2% in the first year and 1% in the second year, then returns to the original rate in the third year.
3-2-1 Buy-Down: This lowers the interest rate by 3% the first year, 2% the second year, and 1% the third year.

Considerations:

Upfront Cost: Be aware that the buy-down fee is an additional cost at closing. If I haven’t been able to negotiate a seller credit to pay for your buy-down, then ensure you can afford the higher payments once the buy-down period ends.

It's crucial to work with a reputable mortgage lender to understand the specific terms and costs of a buy-down mortgage and I am here to be your matching you with a great mortgage broker.

Cheers, Suzanne

BUZZWORTHY HOME SALES February

Courtesy of: Katie Norby | MLS: 325006801

Tiburon List Price | $5,995,000
Sales Price | $5,850,000
Price Per Sq Ft | $1130
Days on Market | 4
1 Offer
6 Bed 5 Bath

Courtesy of: Missy Zech | MLS: 325008531

GOOD TIMES | SUBLIME EVENTS
Sunday, March 23 | 11:00am - 8:00pm

An energizing and inspiring event for the whole family!
Hosted by The Marin American Indian Alliance (MAIA), this relatively new, annual free event is a perfect way to celebrate Marin's indigenous roots and immerse yourself in an all ages, all-day event honoring native dancing, arts, foods and peoples.

The Marin American Indian Alliance provides a venue for tribal cultural and spiritual gatherings where, using traditional intertribal prayers and drumming, American Indians within Marin County and in the Bay Area can connect with their heritage to maintain self-esteem and cultural pride. The main objective is to provide education, information resources, and a support network system for our Native American Indian Community.

Bonus: There are still plenty of open volunteer shifts; come join me during the 12pm-4pm slot!

DETAILS

Community Corner
*Diamonds in the Rough | Mill Valley*

I can't think of many people nicer than Zach and his wife, Sybil, owners of Diamonds in the Rough, an upscale women's consignment gem in Mill Valley. I have been visiting Diamonds since I stumbled upon it during one of my exploratory walks in the early days of my Mill Valley resettlement. Don't let the teeny store dissuade you: every inch of the place is stuffed with quality, name-brand and boutique clothing, shoe, handbag and jewelry options at phenomenal prices. Old-school, with no website and a dewey decimal system of client inventory, Diamonds is tucked away in a mini-strip-mall at 448 Miller, flanked by a dry cleaners and the Warehouse furniture consignment.

According to Zach, Sybil is the brainchild and CEO of the business; in fact, the location has been a consignment store for over 50 years! The San Rafael residents are the fourth and longest-term owners - almost 20 years running - and they pride themselves on offering this trifecta: Quality, Price and Service.

There is a charm and familiarity each time I enter the store - Zach still greets me by name and refers to his clients as family. Lucky for us: they plan to stay put keeping us dressed to the nines at discount prices until retirement!

Pro Tip: There are frequent, special 50% off sales; best to check in weekly so you don't miss out!

DETAILS

MARIN REAL ESTATE REPORT
Weekly Stats Ending February 24

Waterloo | London, England
£995,000 ($1.23 million)

Looking for a getaway or second home? I can help you!

This two-bedroom, two-and-a-half-bathroom, 1455 sq ft duplex loft is in a circa-1920 basket factory that was converted to residential use in 2000. All 15 units in the building feature distinct layouts.

Cultural attractions within a mile of the home include the Tate Modern museum and the Southbank Centre, whose venues include Royal Festival Hall and the Hayward Gallery. The neighborhood is dense with restaurants & bars.

Lambeth North, on the Bakerloo line, is the nearest Tube station, a 1/2 mile southwest. Waterloo, Britain’s largest railway station, is a short walk away.

The apartment is on the second floor of the five-story building and boasts a sunny living room with 14-foot ceilings and tall windows that overlook Waterloo Road. The kitchen features Neff appliances, stone countertops and white cabinets, and views the living room through a pass-through.

**THE TOOL SHED | IS ADU 4 U?**
**By Michael Twing**
(Contractor's License #891692)

I like to start cleaning the jobsite more and more once the floors are in, particularly around the painting. I like nice, smooth walls, without little specs in the paint. Vacuuming becomes my mantra. Also, clean up helps the image of a job well done.

Speaking of done…We have said that the projects are never really done. Completed perhaps, but there's always something. The plan and scope of work is completed and checked off, all the activities have been done, yet we’re not done, done until the final punch list is completed.

I like to walk the site and come up with a solid list of things that may have been left. I include small things like a door stop that wasn’t included, or mounting the HVAC remote. Then there’s the blue tape method of placing a small piece of tape at paint touch up spots and scuffs. I also invite the owner to come up with a list of items that need attention.

I’ll have the owner sign off that once the final punch list is complete, the contract will be completed and submitted for a final payment request. We’ll get more into the weeds on costs and contracts in next month’s installment.

Some of the necessary activities to complete the project may come under the owner's supervision, such as additional paint, hardscaping, and landscaping. Or, perhaps an additional work order was left until the end. All in all, I like to leave the job site clean and in a joyful manner - hallmarks of what separate decent contractors from great ones.

I’ve touched on several bits and bobs of building an Accessory Dwelling Unit out of an existing garage or family room of a home, but not all the activities. Throughout the project there are several vendors, sub contractors, material suppliers, building departments, inspectors and, most importantly, the owner/client that are involved to achieve a successful project.

Next up: Costs & Contracts. We’ll review the cost a bit deeper. Of course your budget may vary depending on where and what you hope to accomplish!

You got this!

Issue #12 | March 5, 2025

Issue #13 | April 2, 2025

Issue #11 | Feb 5, 2025