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November 16, 2010

How’s the Market In: The Marina


The Marina buyer is usually looking for proximity to The Bay, Chrissy Field, the Marina Green and all that Chestnut Street has to offer—not to mention the opportunity to spot various Giants team members partying in the neighborhood. Despite the known shaky ground upon which the Marina sits that makes it quite vulnerable in an earthquake, homes continue to sell briskly and for large amounts of money year round.

And this year has been no exception. A total of 21 single-family homes has sold this year to date, for an average of $2,204,105. The most notable sale took place in January, when the 5BR/5.5BA, 7000-square foot home at 2140 Jefferson changed hands for $6.5M. Here’s a look a this impressive property, which was actually two addresses joined together:

The house was literally next to the Palace of Fine Arts, which isn’t a bad neighbor to have. Here’s a look at 2140 Jefferson’s deck, with the Palace in the background:

Though the condo market in the Marina wasn’t as exciting, it was actually quite busy. Forty units sold this year, with most selling above the $1M price point (average price was $1,034,718). One of the least expensive units sold was on Bay—a 1BR/1BA with one-car parking for $525,000. And the most expensive? The 4BR/3.5BA first-floor, 2700-square foot condo with two-car parking in a two-unit building with Bay and bridge views that sold for $2.3M in March.

There are currently five single-family homes on the market, ranging in price from $1,349,500-$3,499,000, with two houses in contract. For condo buyers, there is plenty of inventory from which to choose. Fifteen units are available, from $590,000-$1,395,000 (and five condos in contract). The Marina is a popular choice for TIC owners, too, given all the multi-unit buildings. Three TICs are on the market (including one at $1,099,000, and three are in contract.

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