Installment 6: Trouble in Paradise

The lender Indymac has 16 Baywood, Ross on the market. Through the Multiple Listing (MLS), it is shown as in escrow and due to close escrow shortly. A foreclosure in Ross?

Indeed, 16 Baywood is a three bedroom home of approximately 1500 sq feet that came on the market for $1,295,000 and didn’t sell. The bank then ‘bought it’ for $697,013 (after lending on it when it sold in ’03 for $1,175,000). Seems to me that it would have sold had the owners been willing to list it at the bank’s bargain price of $898,000 … approximately $600 per square foot. But I don’t have the full story.

About the cost per square foot in Ross … the active listings average $865 while the most recent sales have been at the more garden variety price of $730 per square foot. Interestingly 3 Hill, Ross, a beautiful four bedroom, three bath craftsman home just off of Lagunitas Road (where there was a short sale last year … the bank ‘swallowing’ $1M of shortage) is still on the market … a real great value and NOT a short sale.

However, speaking of short sales, 41 Redwood Drive, Ross …

 

 A beautiful craftsman home with three bedrooms, is listed by Melann Mushet of Coldwell Banker for $1,400,000.

 

This is a beautifully remodeled home a stone’s throw from the downtown of Ross, an easy jaunt to the newly renovated, high scoring Ross School … and a gem of a home … priced at $919 per square foot, which strikes me as high but the quality is high as well.

And the point is that while condos and outlying areas have a disproportionate share of the bank driven sales (short sales and foreclosures), the heart of Marin County’s wealth is not immune and there are bargains to be found.

Are you interested in a new home at a bargain price? Shall we go shopping? What are you waiting for, contact me now!

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