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From Ed’s Desk Dear Marin Colleagues,
This seemed to be a week of news about the real estate market. Prices up, sales down, slowest June in 4 years and on and on. Facebook dropped $140 billion in one day this week. I don’t care who you are, that’s a lot of money. And then Friday, the GDP Report shows the economy is cooking at 4.1% growth. What does all this mean and how do you filter all this information into talking points that make sense to anybody who is willing to listen? When it comes to the real estate statistics it is too soon to tell what is going on. Dip or trend? Just when you think the market is flat or beginning to turn down a flurry of activity occurs and you say wait a minute, now what is going on? I have heard every reason under the sun as to what is happening, but there is one trend developing that may get tractions and that is California and New York are both seeing signs of slower sales. New Federal Tax Laws? People leaving California and New York? Lack of international buyers? Higher interest rates? In America, we have to blame somebody for everything and I just can’t find who or what to blame as to why the market is changing but is it really a time to panic? I think not. Facebook dropped a whopping 20% on Thursday and guess what? Buyers were back this morning. The important thing is to stay educated and current on the market changes and how this information gets communicated to your sellers and buyers. As observed with Facebook stock, when people perceive value they are generally quick to move and real estate is no different. Price reductions will generally stimulate buyers and if your seller needs to sell that may be the tool to get the property sold. Stay on it!
Pacific Union Affiliates
And who says you can find affordable housing in Larkspur. Just this week our very own Brent Thomson sold a one room cottage in Larkspur for $2000. With multiple offers she went with the all-cash buyer, with a 20 minute close and 24 hours to get the damn thing off her property. Now that’s a negotiator!
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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 MARIN CONCIERGE TEAM
Lisa Srisavat
Megan Penna
Amy Bowes
Jerri Cohen
Joan Simone
Ashley Jennings
Chelsea Dederick Click here to submit your request
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Top Sale of the Week $4,007,000 670 Goodhill Rd, Kentfield
Lisa Smith Listing
Carey Condy Listing
Shana Rohde-Lynch Selling
Miles Daly Selling
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)
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Losses of Lower-Paying Jobs Drags Down California’s Employment Growth in June • The Golden State created 800 jobs (seasonally adjusted) in June, which is the lowest number since the recovery began in 2010 and follows an upward revision to 7,200 jobs added in May, according to the latest numbers from the state Employment Development Department. Nevertheless, notable losses in seven California industries dragged down the overall number of jobs added. Interestingly, industries with job losses generally employ lower-paid employees. The four industries that gained jobs added 16,200 positions, with half of them in education and health services, followed by information, government, and professional and business services. Among the seven industries that reported 15,400 job losses, the largest decreases were in leisure and hospitality; construction; trade, transportation, and utilities; and financial activities. Note that these industries have had some of the strongest job growth so far in 2018. In sum, while the overall number of jobs added appears low, the employment picture is very solid and suggests continued strong wage growth for California workers. • Over the year, California created 269,100 jobs, with nine industries adding a total of 272,800 positions and two industries losing a total of 3,400 jobs. The largest job gains were in educational and health services, up by 75,800 jobs; professional and business services, up by 42,200 jobs; and leisure and hospitality, up by 41,700 jobs. Other sectors that added jobs over the year were construction; trade, transportation, and utilities; government; information; manufacturing; and financial activities. Other services and mining and logging posted job declines. • California’s unemployment rate remained at a record-low 4.2 percent in June. Many metropolitan areas showed increases in unemployment rates.
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. Check it out at blog.pacificunion.com
Weekly Broker Tip
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Sales of Property Held in a Trust PART 1: Basic Issues and Forms (See also Part 2: Disclosures) Q. Our office is taking listings on many homes where the Property is held in a Trust. Can you provide us with some practical steps to help us determine who should sign the Listing Agreement and whether the TDS is required? Are we required to use a Trust Advisory? Should I send the Trust documents to Broker Risk Management for review? A. We receive many inquiries about selling Property held in Trust. Because there are so many issues involving Trusts, we are answering these questions in two parts. This Weekly Tip (Part 1) will focus on the basic issues and forms. Next Week’s Tip (Part 2) deals with the Disclosure Process. As is true in many areas of the law, part of the problem with understanding how to deal with Trust Property is the terminology that should be used; so, let’s start with some basics: 1. TERMINOLOGY: A. All Trust Are Trusts: This seems logical, but some real estate licensees erroneously believe that if the Trust is revocable and the original creators of the Trust are still the Trustees, then somehow this is not to be treated as a Trust; that is incorrect. B. If a Property is “held in a Trust” and it is to be sold by the Trustee(s), this is not a “Trustee Sale.” A Trustee Sale” is the term used when the Trustee of a Deed of Trust (usually a Title Company) is selling the Property as part of a foreclosure sale. 2. FORMS: A. Trust Advisory: The C.A.R. Trust Advisory (Form “TA”) or the PRDS® Trust Advisory are not “required” by any statute or contractual agreement but most Brokers make it a required element of their Broker file because the form succinctly explains that Trustees have certain legal obligations that must be met regardless of whether the Seller is “exempt” from completing the TDS. PRACTICE TIP 1: Always provide a Trust Advisory to your client regardless of the type of Trust that holds the Property and regardless of which side you represent. Provide the TA at the earliest and most logical point in time (with Sellers at the time they sign the Listing). Click here to read more ... DO NOT FORWARD TO CLIENTS. This Weekly Practice Tip 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. PRACTICE TIPS
Product Trainings
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Topic: Moxi Listing Presentations When: 7/30/18 Time: 10:00-11:30am Trainer: Ashley Jennings Where: 575 Redwood Hwy, Mill Valley
Let us know if you can make it! What is Moxi: Create a listing presentation that will help you stand out from your competitors. This program displays your content in a digital interactive way that keeps your clients engaged!
See you there! If you have any questions about the trainings please send an email to: ashley.jennings@pacunion.com
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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
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