First, there is an $8,000 credit for first time home buyers from the federal government. The home must be owner occupied, and you can not have owned a home for three years.

That is a credit by the way - not  a deduction. So that means you get $8,000 back on your taxes, just like a refund.

The California credit is for $10,000 but there is a big catch - it is for homes that have never been lived in, like this new construction luxury home just a short walk from downtown San Anselmo. It is designed to spur demand for new construction homes, which are not that numerous in Marin County.

The $8,000 credit does not need to be paid back, like the old program. And it is valid on any home, like this great cottage on Christmas Tree Hill in Corte Madera. 

As long as you meet the other conditions, of course.

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It’s easy to assume that price is the most important factor when buying a home, at least as far as the Seller is concerned. It’s also easy to assume that multiple offers don’t happen.

Wrong on both counts!

A home came on market in Corte Madera last week, which got a lot of interest for three reasons. First, it’s in a great neighborhood that is upgrading, close to Neil Cummins School,  Town Park, etc.  Second, it’s a clearly a redevelopment project, and there aren’t many good ones out there these days. Third was the price: $650,000.

Interest was very strong. We visited the Planning Department in town with questions, and they knew all about the house, as people had been there all week. The agent told us she expected multiple offers.

Our client wanted to redevelop the property. The offer we put together was over asking price - pretty safe to assume that would be needed in a multiple offer situation.

Most important though were the terms of the offer. Terms involve  issues such as inspection periods and timing, loan amounts and down payment,  appraisal requirements,  and length of escrow. We very carefully structured the offer to get the Seller the maximum amount of money as quickly as possible.

There were seven offers, and although our client’s was not the highest offer in terms of price, the Seller accepted it because of the terms.  In essence, we created a situation in which even though the Seller did not receive as much money as they could have from other buyers, they were more confident that they could get it, and get it quickly.

Even in a Buyer’s Market, it is not just price! In fact, I would argue that confidence that the Buyer will perform is even more important. The way an offer is structured, how it is presented, and the relationship between the agents involved (more on that next time) all will affect how the offer is perceived, and whether or not it is accepted.

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If you’re interested in the future of Corte Madera as a town, or even just interested in your property values, then you need to attend this meeting.

The Rec Center is definitely in need of updating. Everyone agrees on that. But how, and for how much, will be hotly debated, and in some way, paid for by you if you own a home in Corte Madera.

This building has a lot of emotional value in it. It was built - by hand - by members of the Corte Madera Lions Club in the late 1950’s. The Lions Club still holds their weekly dinner meeting at the Rec Center every Thursday night, and some of the men who worked on it are there for every meeting. I know, I’m a member now.
Word has it the new plans call for razing the building and erecting an entirely new structure. Many believe that this is completely unnecessary, unduly expensive, and ignores the historical value of the structure. The building is steel frame construction, has no real structural issues, and still has lots of emotion wrapped up in it. An extensive remodel, and possible expansion, would be a terrific solution, as well as economically sensible.

Residents of the Pixley condominiums had a lot to do with de-railing the remodel plan known as Measure J eight years ago, as did other interest groups. They, as well as residents of Chapman Park and Madera Gardens will be directly affected by any change in the Rec Center as it relates to traffic and possible noise.

More importantly though, all residents of the town use the Center, as do many residents of Larkspur and Kentfield (both of which lack community centers). The way the Rec Center looks, how it is used, and who uses it will affect the future of Corte Madera, and therefore property values. If you own a home in Corte Madera, stop by tonight, learn what is going on, and most importantly, express your opinion on what you see.

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The Planning Department Staff provided an excellent overview of the situation, including definitions (”FAR” means gross floor area of all structures on a site divided by the net area of the land) and numerous examples of buildings in town that have FAR’s that are high, with some as high as 84%!

The house pictured above has an FAR of 67% - 4000 square feet of house on a lot that is 7,492 square feet. For perspective, Mill Valley limits FAR to 35% on lots under 8000 square feet.Tiburon does the same for lots less than 7500 square feet. Larkspur is higher, at 40%, but then has a formula to reduce it for slope of the lot. Either way, few of the numerous examples the staff showed would been allowed to be built had an FAR law similar to one in the surrounding towns been in effect.

I spoke at the end of the meeting in favor of the law. As noted earlier, I believe it is important to help preserve the neighborhood quality we have in many areas of Corte Madera. One of the commissioners asked if I thought the change would depress real estate values. I emphatically told them no, it would not, pointing out that Mill Valley, Tiburon, and Larkspur all have higher real estate values than Corte Madera, and it does not appear to have hurt their values.

Long term, I really believe property values will only go higher in Corte Madera neighborhoods like Chapman Park, Madera Gardens, and Christmas Tree Hill if this ordinance goes into effect. It will only make property more valuable. What do you think?

Next meeting on this issue is February 27,2007, when Staff will present a survey of FAR regulations from nearby jurisdictions. If you care about Corte Madera, and you care about your property values, this is a great meeting to come to.

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Every town around Corte Madera has this law, with most limiting the FAR to 40%. It basically prevents oversized homes, out of character with the neighborhood, from being built on small lots. There are a number of examples in Corte Madera recently where homes with FAR’s as high as 63% have been allowed.
On January 23 at 7 pm, there will be a Study Session by the Planning Department given to the Planning Commission about this issue at the Town Hall Council Chambers. Anyone interested in this should come, listen, and give your opinion on this. I’ve already registered my point of view as a member of the Board of Directors of the Corte Madera Community Foundation. The Foundation is strongly in favor of this, and you should be to. Here’s why:

1. Fairness to all property owners. With nothing governing the size of the house other than setbacks, property owners often get into long, very difficult arguments with their neighbors over the size of a house. The person who wants to build is within the law; but the property owners nearby are concerned about the quality of life in their neighborhood, sunlight, views, etc. The Planning Commission has to make a subjective decision as to who wins. It can, and does, get ugly. This law benefits both the owner who wants to build because they now have clarity, and the neighbors, who now have some protection from a monster home going in next door to their 1920’s cottage.
2. McMansions. I hate them, quite frankly, and I’m a realtor! Corte Madera is a small town, with lots of character. Because no other town around us allows this - they all have this law in place - developers from all over Marin County flock here. Homes as large as 3900 square feet on 6000 square foot lots have been approved. They’re often ugly, they’re out of character, and long term, they’re going to erode property values. Which leads to my next point….
3. Property values. We’re already being besieged by expansion of the Town Center shopping center, and the much-rumored expansion of the Village. Corte Madera is fundamentally, a small town. That is what makes it a great place to live, and has kept property values high. The simple answer seems to be bigger better houses means higher values, right? Not necessarily. Tiburon, Mill Valley, and Larkspur all have FAR laws - it hasn’t hurt values in those towns one bit, and one could certainly argue that it helped. Corte Madera is what it is - we don’t want it to look like Walnut Creek, or Sacramento. Not that there’s anything wrong with that, as they said on Seinfeld - but the small town character of this town is what makes it valuable.

Please attend this meeting. There are several new commissioners, and they need to hear your opinion.

If you want more information, or to discuss, please, leave a comment or email me!

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