Installment 5: Condos in Tiburon, CA

What a difference a year makes … through June 15 this year multiple listing (MLS) sales of condos in Tiburon showed a huge gain in number of sales, price and price per square foot … ten Tiburon condos closed escrow with an average sales price of $1,006,212 ($599 per square foot), up from the same time last year … four MLS sales reported with an average sales price of $805,250 ($516 per square foot).

The increase in sales does not mean that sellers are out of the woods … there currently are 28 condos that have been available an average of 108 days. These condos represent 1 ½ years of inventory (healthy healthy is 4 months).

About a sale that looks to be a bargain … a condo sold in Tiburon for $151,000. You’d think that at that price 25 Andrew represented a great price … it was originally listed at $299,000, which also seems to be a great price … and hey, I know these units … I bought one years ago from David and Mary Rabb several years ago. Even at the glowing price of $151,000 this sale represents long term thinking … this is a LOL (if you’re over 40, LOL is not little old lady but laugh out loud) bank REO (foreclosure) sale of a deed restricted unit (has to be rented). As if that’s not enough to nick the value, the tenant has recorded a rent controlled lease of … 75 years!

Even better value …

The Pt Tiburon ground floor unit at 117 Paradise Drive … for ten times the price … was a better ‘bargain’. A trustee sale, this two bedroom, two bath front row condo (dues $775 per month) has spectacular views of SF. It was listed at $1,695,000 and sold for $1,440,000 … a Union Bank trust sale requiring no court approval, it was a real value that all the agents were talking about (they’re giving it away!).

From my personal point of view 113 Paradise Drive … also two bedrooms and two baths … is a great value …

 … offered at $1.6M … if you enjoyed the taste of the view, go to my home page at simply call me and I’ll show it to you … 113 Paradise Drive comes with its own centrally located two car garage.

Where will your Bargain Hunter next travel? Stay tuned! Call me and get ready to have some fun, eat some great meals while you and I put the real in real estate … together.

Best Real Estate Buys & Bargains in Marin County
Installment 1: Sausalito, June 9, 2010
Installment 2: Aboard the Bus, June 10, 2010
Installment 3: Update on June 10, 2010 posting
Installment 4: San Geronimo & Nicasio Valleys
Installment 5: Condos in Tiburon, CA
Installment 6: Update on Sausalito Blvd
Installment 7: Three Properties … all Potentially Good Buys

Posted by:  Tom Verkozen