San Marino is Golden!

I had the urge today to take a closer look at San Marino Real Estate prices over the past decade, to get a firmer grasp of how San Marino has weathered the economic storm.  I was so encouraged and amazed at what I saw.  San Marino Real Estate prices  increased solidly through 2007, and then have taken a small dip in the past two years.  Compared to the figures that I have heard in other areas, our 7% drop is minimal.  As is obvious from these figures, we are selling far fewer homes since the peak in the mid 2000’s.  This tells me that our residents our wealthy enough to postpone the sale of their homes and wise enough to see that this isn’t the optimal time in history to sell a home.  This idea is supported by the large number of lease listings in San Marino.  As of today’s date, there are 26 homes for lease in San Marino, and a month ago there were over 40.  So, I say bravo to San Marino!

San Marino Home Price Study
Year	#	Avg	Avg	Price/Sq ft
Ended	Houses	Sales	Price/	%
9/30	Sold	Price	Sq Ft	Change
2009	88	$1,719,303	$573	-2%
2008	87	$1,549,959	$582	-5%
2007	144	$1,722,588	$609	5%
2006	153	$1,522,390	$579	11%
2005	174	$1,441,312	$517	12%
2004	224	$1,288,368	$455	20%
2003	237	$1,084,996	$366	7%
2002	227	$900,804	$340	7%
2001	153	$894,354	$317	6%
2000	156	$854,742
** Data taken from Multiple Listing Service

Leasing in San Marino

With the economy in such a state of flux, I sense that San Marino homeowners are not selling unless it is absolutely necessary.  Being an affluent community our residents are more apt to have the luxury of holding on to their properties rather than being forced to sell.  With this state of affairs, our number of lease properties in San Marino has really increased.  As of this afternoon, there are a total of 28 leases in San Marino.  Wow!  The leases range in price from $2,100 per month to a huge $10,000 per month, for a home on the very chic Rosalind Road.

I would like to highlight a new lease that the Benuska Group just listed today, 2965 Somerset Place.  This is the lowest priced lease in San Marino at $2,100 per month.  It is a 3 bedroom, 1 bath home, with 1,313 sq ft of living space and a 8,268 sq ft lot.  The owners of this property take excellent care of it and have recently replaced all of the windows and installed central air conditioning.  There are hardwood floors throughout the home and the kitchen and bath are clean, but not remodeled.  The back yard is nicely cared for and there is a concrete patio for outdoor entertaining.

What an excellent way to gain the benefit of San Marino schools, even if you are unable to purchase a home at the current time!  If you would like to see this property go to the Benuska Group website for contact information.

Fabulous French in “Super Marino”

There is a pet name that many use to describe the very fabulous and expensive section of San Marino – “Super Marino”.  This section of town boasts many amazing estates on large pieces of property.  Many of these homes were designed by well-known architects and are filled with amazing architectural details and charm.  One of these homes is located at 1221 Virginia Road and is a property that I have passed by hundreds of times and always admired.  So, I was quite excited when a friend asked me to show it to her.

Designed by the famous Wallace Neff, this French Revival estate is being sold as a probate and  requires court confirmation.  It has not been tended to for awhile and is in great need of TLC.  The grounds are devoid of foliage, except for some artificial turf in the front yard.  In addition, the past owner added a plethora of statues all around the property.  These statues are out of place and detract from the home’s natural beauty.  The property sits on a sloped property, but there is a large expanse of flat land that would be ideal for a pool and a large grass area.  Also, there are some impressive patios on the property, which would be ideal for outdoor entertaining. 

The interior of the home blew my mind!  I felt as if I was entering Versailles!  The incredibly tall ceilings, the amazing moldings and the carved wood details are fabulous.  The rooms on the main level are expansive, with my favorite being a large ballroom, complete with a hand-carved loft for the orchestra.  Wow!  From the ballroom, we entered a large finished basement section, which boasts a full-sized sauna, a beauty salon and abundant additional living space.  The kitchen is very large and in quite good condition, although certainly not recently renovated.  There is an excellent guest suite on the main floor as well.

The upstairs was a bit of a disappointment to my friend and me.  Although there was ample space, we had a difficult time figuring out how to find the necessary five bedrooms that she needs.  The master suite is expansive and takes up a good part of the floor.  There would be some re-working necessary so that each room could be entered from a hallway, without having to walk through another room.  There is quite a bit of ornate stained glass upstairs and even a little chapel.  The bathrooms are large and feature wood closets with hand-painted scenes on them.  Very charming!

At almost $9.3 million, this home will still require millions of  dollars of renovation.  The finished product could be beyond amazing, though.  This home is a true piece of history, showcasing the talent of a truly brilliant architect.  My friend is going to pass on this little project, but I am hoping that someone with great taste and quite a bit of money will grab ahold of this fabulous home and restore it to its original splendor.

If you would like to see this home or have any questions about San Marino Real Estate, visit the Benuska Group website for contact information

New Year’s Resolutions

As the year draws to a close, more and more of us are beginning to think about our New Year’s Resolutions.  For many this year their New Year’s Resolutions will have to do with being financially secure.  One of the greatest investments we make in a life time is buying a home.  It is a process that has huge symbolic meaning and many financial ramifications.  Owning a home that you can afford is one of the greatest gifts you can give yourself and your family.

With interest rates down and lower prices across the board it is an ideal time to take your financial future to the next level by investing in a home, whether it is your first or your forty first.  A home is a great long term investment that provides for every member in the family.  If your New Year’s Resolution is to buy a home, please give me a call.  I’ll be more than happy to make it a reality.

The Hunt For Value

Now is a great time of year to take a drive and look at all of the beautifully decorated homes.  While you are oohing and ahhing over the lights you might notice that there are a wide range of homes on the market.  Additionally you will notice that each neighborhood has a feel to it.  When you find a neighborhood that you like it’s worthwhile to drive around to see what is directly next to or around the neighborhood.  There are many factors in determining the value of a home but certainly location is one of the largest considerations.

Your personal tastes are a good litmus test for what others might value. If the location of the home is valuable to you, chances are that it will be to others as well. A great realtor can help you to understand some of the finer points of the neighborhoods that you are interested in, such as school zoning, tax zoning and other non visible but important considerations.

Enjoy the lights, enjoy the homes and if you need more information on any property give me a call, I’ll look forward to hunting value with you.