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From Ed’s Desk Dear Marin Colleagues,
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This last week Marin was blanketed with the worst air conditions I have ever seen. The smoke was so bad my dog even asked me for an N95 mask. Man that was bad! On top of that we had onboarding, training, signage swap, closing the downtown Mill Valley office and moving everything out were just a few of the things going on in Marin last week. My hat is off to our staff who did a fantastic job keeping everything organized and flowing smoothly. Thank you for a job well done. On Tuesday, our Estates meeting was a packed house at Piatti’s and we had an incredible overview of the opportunities we will have with our move to Compass. Mark McLaughlin walked us through his presentation and vision of our future. There will be challenges but coupled with your talents and new tools for your business we are ready to rumble. There have been many of our Colleagues who have recently been to the New York Compass office and have come away excited and very impressed by the direction, systems, processes and people dedicated to providing us all a tier 1 company to support your business. This is truly a game changer! I can’t believe we are here at Thanksgiving. I hope all of you take the time to enjoy family, friends, good food and drinks. It’s a great time to reflect on how fortunate we are, even though it sometimes feels like we are beat up every day. Three of my siblings recently lost their homes in the Camp Fire. They are all safe and survived which many did not. That is something to be thankful for and my heart goes out to all the victims of this tragedy. Let’s keep them in our hearts and prayers.
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Market Share Mill Valley
Novato
Belvedere
San Anselmo
Corte Madera
Greenbrae
Fairfax
San Rafael
Larkspur
Ross
Kentfield
Sausalito
Tiburon Marin County Market Share
Concierge CLICK HERE TO SUBMIT YOUR REQUEST
Amy Bowes Lisa Srisavat Jerri Cohen Ashley Jennings Joan Simone Bella Shilman Chelsea Dederick
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Top Sale Of The Week
Marilyn Rich Listing $3,795,000 20 Bridge Road, Kentfield
Marin Stats For Sale vs. Sold
Weekly Market Update
Avg. Price Per Sq. Foot
Months of Inventory
Days On Market: Sold
Average Price For Sale vs Sold
Market Share By City
1974- 2017 Ave Sale Price
Open House Graph
Source: Trend Graphic/Charts Bareis MLS (updated on the 6th of every month)
BROKER RISK MANAGEMENT BROKER ALERT Original Geographic Targeting Order Extended and Expanded
EFFECTIVE NOVEMBER 17, 2018
This Order now covers all residential sales with a sale price of $300,000 or more in San Francisco, San Mateo, Santa Clara, Los Angeles and San Diego Counties. BACKGROUND: On July 22, 2016, the Financial Crimes Enforcement Network (“FinCEN”), an agency of the United States Treasury Department, issued a Geographic Targeting Order (“GTO”) directing Title Insurers and their agents to collect and report information about certain residential real estate transactions where the purchase price was $2,000,000 or more. The purpose of that Geographic Targeting Order was to assist law enforcement and regulatory agencies in identifying potential money-laundering operations. That Order expired by its own terms earlier this year.
NEW: It has now been announced that effective November 17, 2018 the GTO has been reinstated but it has also been greatly expanded in its scope and coverage. The GTO now covers all residential transaction of $300,000 or more in San Francisco, San Mateo, Santa Clara, Los Angeles and San Diego Counties. The Order now also covers payments with virtual currencies. The FinCEN Order applies to transactions that meet all four (4) of the following criteria: 1. The Property is residential, not commercial, property; and 2. The Purchaser is a corporation, limited liability company, partnership or other legal or business entity, as opposed to people buying in their own name or in the name of their trust; and 3. The purchase is made without a bank loan or without using a similar form of institutional financing that is required to have an anti-money laundering policy; and 4. The purchase is made, at least in part, using any form of currency or a cashier’s check, a
certified check, a traveler’s check, a personal check, a business check, virtual currency or a money order in any form, or a funds transfer. Thus, if the other three (3) factors exist, payment of at least part of the purchase price using one of these methods triggers the obligation to complete the Title Company form.
For transactions meeting all four (4) of the foregoing criteria, Title Companies are required to report to FinCEN within 30 days prior to the Close of Escrow some of the Buyer’s non-public personal information. This procedure is designed to identify the individuals behind the legal entity that is being used to purchase the Property. If this information is not provided by the representative of the purchasing entity prior to COE, FinCEN has instructed Title Companies not to close the transaction.
© Copyright Broker Risk Management 2018
11/16/2018
For more information go to:
The Announcement with FAQ’s https://www.fincen.gov/news/news-releases/fincen-reissues-real-estate-geographic-targeting-orders-andexpands-coverage-12 The Order; https://www.fincen.gov/sites/default/files/shared/Real%20Estate%20GTO%20GENERIC_111518_FIN AL.pdf PRACTICE TIP FOR AGENTS: 1. Regardless of which principal you represent, if you are already involved in a sale transaction that you believe meets all four (4) of the criteria listed above, then: A. Provide your principal with the revised GTO Advisory; and, B. Immediately check with the Title Company regarding whether they will be requiring the buyer to provide the FinCEN necessary information. 2. The failure of a Buyer in a transaction covered by this GTO to timely provide required information to the Title Company may result in a delay in the closing of the transaction. As a Listing Agent, if a Buyer presents an Offer which causes you to believe that all four (4) criteria above have been met, then urge the Seller to issue a Counter Offer specifying a time frame within which Buyer must comply with the new reporting requirements to avoid any delay in the Close of Escrow. Suggested sample language to achieve this is as follows: “The person signing in a Representative Capacity for the Buyer shall complete and return to the Title/Escrow Company any and all information required to comply with the FinCEN Geographic Targeting Order within ________ [insert number] Days of receipt of Title/Escrow Company’s request for that information and shall cooperate with Title/Escrow Company so as to not cause any delay in the Close of Escrow.”
Note: Check with the Title Company for the number of Days to insert in the above blank so as to meet their requirements to comply with this GTO.
DO NOT FORWARD TO CLIENTS. This Broker Alert is for the exclusive use of clients of Broker Risk Management and their agents. It may not be reproduced or distributed without the express written consent of Broker Risk Management. The advice and recommendations contained herein are not necessarily indicative of standards of care in the industry, but rather are intended to suggest good risk management practices. © Copyright Broker Risk Management 2018 11/16/2018
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Economic Straight Talk The U.S. Housing Market: Despite a Demographic Push, Proceed With Caution With California housing markets having decidedly shifted since the summer, the looming question is what comes next. Since 2014, Pacific Union has partnered with John Burns Real Estate Consulting to forecast the market for the upcoming three years. At our November 2017 forecast, we suggested that the John Burns Home Value Index would reach a plateau in 2018 (which we named a “table top”) and maintain that level through about 2020. The major difference between the current peak and the previous peak seen in the mid-2000s is that the current peak resembles a table top, while the last peak was characterized as a “mountain peak” — a peak followed by a large decline. A lot has happened since our last forecast, but our predictions remain similar. While our annual forecast event has been postponed to the first quarter of 2019 as a result of the merger with Compass and the wildfires, I recently attended the JBREC annual summit in New York City, and here are the key takeaways. While concerns over the housing market’s strength are rising, the major tailwind is the demographic force. With U.S. millennials numbering 44 million, that generation’s largest age bracket (4.7 million people) will turn 32 years old over the next couple of years, thus creating a huge wave of potential homebuyers. Online buyer behavior suggests that sales will remain solid in markets in the South (such as Charlotte, Houston, Raleigh, and Atlanta) but will decline in West Coast markets and some Northeastern markets, with California home sales expected to post a 2 percent to 7 percent decline over the next six months. Interest-rate hikes following strong price growth over the last year took a large bite out of affordability, making it the biggest concern for California housing markets. While technological advancements have the potential to reduce construction costs, supply constraints outweigh any potential savings in the short term. Affordability constraints are likely to drive builders to pivot down in price to smaller, higher-density, lower-specification homes in slightly less desirable locations. Also, builders are more likely to construct single-family rental properties. Average annual price growth in six California metropolitan areas is projected at 6 percent in 2019 and 3 percent in 2020 before declining by 0.3 percent in 2021.
Read More Here We encourage you to share Pacific Union’s daily blog posts via email, your own blog, or social media. All blog content is updated daily in VoiceStorm, which allows you to share posts to the most popular social networks with just a few clicks. Additionally, our team sends out a weekly Content Hit email each Monday, which contains everything you need to promote Pacific Union content on Facebook, Twitter, or your own blog.
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Compass Updates Starting Monday, November 19th we are now Compass! Share the news. Need help with tools? Office hours were designed to help your transition and learn the new platform. Office hours are Wednesday, Thursday in Southern Marin.
Tell your sphere you’ve joined compass! Email Template in Marketspace
Tell your sphere you’ve joined compass! Instagram Images Click here for black Click here for white
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2018 Advertising Online & Print Distribution, deadlines, and rates
*Some details will be updated as information becomes available. Advertising rates are subject to change. If you are interested in a specific publication that is not on this list, please contact your Marketing Coordinator directly. Co-op advertising rates are at your manager’s discretion.
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PREMIER SERVICE
@pacificunion
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Resources - Forms, Vendors, Services • Inspection Checklist and Forms • Pacific Union Marin Vendor Guide • FEMA: Marin Flood Zone Update
• Sewer City and Fire Inspections
Pacific Union Leaders Brent Thomson & Pat Heller to Speak at Industry Conference Pacific Union Chief Operating Officer Brent Thomson and Vice President and Branch Manager Pat Heller will be among the featured speakers at the second California Association of Realtors’ WomanUP! Conference on June 28-29 at the JW Marriott LA Live in Los Angeles. The two-day conference is part of CAR’s women’s outreach program to bring together a community of mentors and leaders to communicate, collaborate, and support one another in the real estate industry. For its program, CAR earned a nomination for an Inman Innovator Award from Inman News, which saluted the organization’s commitment to helping elevate women in the industry. Thomson oversees all aspects of Pacific Union operations, including the recruitment and performance of top real estate professionals. She also leads the executives of the firm’s Northern California region. “Women make up the majority of the real estate industry, yet they’re underrepresented in brokerage leadership,” she says. “This conference seeks not only to heighten awareness of these opportunities, but to inspire women to move toward them.” Thomson continues, “Building self-confidence and learning to trust myself has been a by-product of many successes, as well as failures. Learning to appreciate that a failed attempt was far better than no attempt gave me more freedom to express myself, think big, and respect the same in others.” Heller, who heads four Pacific Union Westside Los Angeles locations (Brentwood East, Marina Del Rey, Pacific Palisades, and Santa Monica), has led every office she’s managed over the last two decades to top five national revenue-production status. She sees the conference as an invaluable opportunity for women to gather both input from experienced brokerage owners and support from the real estate community as they pursue their leadership careers. “This is an empowering event for women across our field,” she says. CAR data shows that 60 percent of real estate professionals in California are women but only about one-third of leadership positions in brokerage firms with more than 100 professionals are led by women — a statistic that has been virtually unchanged in recent years. CAR held its inaugural WomanUP! Conference in Pasadena last year. More than 300 women and men attended the full day of professional development devoted to giving powerful women bold tools to take their careers to the next level.
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Affiliate Resources The Mark Company The Mark Company is the authority on urban residential real estate sales and marketing. Using The Mark Method, our unique approach aligns developer goals with buyer insights to deliver unbeatable results. Visit: themarkcompany.com
Property Management Pacific Union Property Management offers full-service property management to property owners, landlords and investors throughout the SF Bay Area, helping your clients to maximize luxury real estate investments. Visit: pacunionpm.com
Commercial Backed by Pacific Union’s strong name recognition and marketing foundation, our Commercial Brokerage specializes in buying, selling, and leasing commercial properties- apartments, office, retail, and industrial- for a mix of clients. Visit: pacificunion.com/commercial-real-estate
Rentals Gain access to the Bay Area’s most exceptional rental properties with the helpof our rental experts. Visit: pacificunion.com/leasing-rentals
Relocation Whether you are moving to or departing from the Bay Area ... whether your move is job-related or personal ... whatever your move, we’ve got you covered. Visit: pacificunion.com/relocation
ProInsurance In addition to homeowner’s coverage, ProInsurance provides competitive pricing on a full range of personal insurance needs. Visit: pacificunion.com/pro-insurance INTERNATIONAL PROINSURANCE SOLUTIONS, LLC.
To obtain more information and quote, contact Adrianne Peixotto at 415-223-5543 or email adriannep@proinsurance.com
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