Last weekend, as I dropped down from the heights of Mt Tamalpais and caught a view of the majestic Pacific Ocean, I smiled at the beautiful, crown jewel home built just above the village of Stinson Beach …. a rare new home. How rare? Quite rare, thank you.

Having helped the owners acquire that magnificent, ocean-view 4.5 acre mostly level lot (after buying and selling at a wonderful investment tripling price a 20 plus acre San Geronimo parcel) I realized that if I had only engaged in those three land transactions in the 30 years I’ve been selling real estate I would still be one of the few agents in the entire county to have actually participated in more than two lot sales. But I love the land and have had numerous sales. (In my office in San Rafael I’d estimate that there are only five of us who have participated in ten or more lot sales. Thus while many agents talk of selling land, few have the patience, experience and love of the land that it takes to do so, and many are simply blowing smoke).

The mind drift into love of the land is the mind bend that led me to a search of residential lot sales in Marin. Whoops! Non-sales of lots. In the past six months there have been four sales. There are currently 108 lots for sale, two of them getting ready to close escrow. The average market time of the lots on the market is approaching a year – 314 days to be exact. Lots are not selling (unless you count the Belvedere lot mid-last year that sold for more than $9M).

Those that have been sold in the last six months include one on Sycamore in Mill Valley and one in Dillon Beach. Looking at the particular lots I have came to the conclusion that contractors are not buying lots and these are not speculation or investment lots – they’re owner purchases. Average sales price: $412,500. Finally, in talking with my favorite bank review appraiser at Luther Burbank Savings I know why: banks aren’t willing to engage in the risk of the land loans.

If you’re considering buying or selling a lot, ignore the statistics (Astrid Trauth told me years ago that statistics are like a bikini, what they reveal is interesting, what they hide is critical) and call me … let’s figure out how to get the mission accomplished. It can be done!

Posted by:Tom Verkozen