Cash is King in Marin Country Club
Sale prices in Marin Country Club in Novato are soaring so far this year, and buyers with cash are coming out on top.
We just finished the first quarter of 2018, and there were 8 home sales in Marin Country Club -- double the number from the first quarter last year.
Of those 8 sales, 6 sales (or 75%) were purchased with all cash (versus conventional financing).
Last year during the same period, 25% of the sales were all cash.
This is a phenomenon that may be unique to Marin Country Club. In Novato as a whole, accepted cash offers were much less common during the first part of this year, accounting for 20% of sales.
Why the sharp increase in all-cash purchases?
One theory we've heard floated is that some North Bay fire victims are looking to purchase in Marin Country Club (and their insurance money would account for a cash purchase). According to one article, 176 members of Santa Rosa's Fountaingrove Golf and Athletic Club lost their homes in the Tubbs fire. The golf course's clubhouse and maintenance facility were destroyed as well.
A Marin Country Club member told us that MCC invited members of Fountaingrove's club to play here in Marin. So, perhaps some loved the area and have decided to relocate here rather than rebuild.
Multiple Offers Common
No matter where the buyers are coming from, they are here in force. Of the 8 homes that sold this past quarter, each received an average of 3 offers.
Do Sellers Always Prefer All-Cash Offers?
It depends on the offer (how much it's for and what other terms are presented). But for a seller, there is a huge plus with a cash deal: there's no bank appraisal of the property since the buyer isn't getting a loan. When there's overbidding that drives up the list price, a real concern is, "will the home appraise?" In the other words, will be bank accept this high price as the true value of the home? If there aren't comps (recent sales) to support the price, the home may not appraise, and then buyer and seller may have to renegotiate, which creates uncertainty. With a cash offer, none of these potential problems exist.
Median Sale Price Soars
The median sale price in Marin Country Club last quarter was $1,500,000 -- up 21% from the same period a year ago! Compare that to how the entire city performed: the median sale price in Novato was up 18% from a year ago (single-family homes). That's a steep increase as well.
All Recent Sales in Marin Country Club (Jan 1-March 30, 2018)
125 Pebble Beach Dr.
4bd/2.5ba | 3,194 sq ft
11 Broadmoor Ct.
3bd/2ba | 1,879 sq ft
12 Winged Foot Dr.
3bd/2ba | 2,484 sq ft
99 Carnoustie Hts
5bd/2ba | 2,381 sq ft
75 Broadmoor Ct.
3bd/3ba | 2,411 sq ft
394 Fairway Dr. (on the golf course)
5bd/3ba | 2,346 sq ft
90 Fairway Dr. (on the golf course)
3bd/2ba | 1,936 sq ft
87 Eagle Dr.
4bd/3ba | 3,390 sq ft
If you want more information about Marin County Club homes, or would like to know what these sales mean for your MCC home's value, please contact us today! 415-725-1911