Coldwell Banker Launches Global Luxury Program

Market Trends

Coldwell Banker Northern California has unveiled the Coldwell Banker Global LuxurySM program, reflecting the interconnected world of luxury real estate. Coldwell Banker Global Luxury showcases luxury properties to an international network in 49 countries and territories and effectively retires the Coldwell Banker Previews International name.

“The Global Luxury program is a fresh take on international luxury real estate and we’re pleased to launch the program in Northern California,” said Mike James, president of Coldwell Banker Residential Brokerage Sacramento/Tahoe and San Francisco Bay Area. “This roll-out will reinforce our superior client service and demonstrate our leadership in the global market.”

Coldwell Banker is a local leader in luxury real estate, where the company’s affiliated sales associates represented homebuyers and sellers in thousands of luxury home sales throughout 2016. The launch of a fresh global marketing program reinforces Coldwell Banker Northern California’s leadership in luxury and strengthens the company’s presence in the luxury market.

According to the National Association of Realtors®, $100 billion in U.S. property sales each year can be attributed to international buyers. The launch of a dedicated global luxury brand will better identify elite, international clientele and showcase the luxury real estate offerings in Northern California.

As part of the introduction of Coldwell Banker Global Luxury, a new logo, signage and website have been unveiled. The new site connects 750,000 luxury agents across multiple international brands and syndicates listings globally to real estate portals around the world. Multiple language translations and currency conversion tools allow international buyers to tailor their experience. The website is mobile-friendly with an accompanying app.

The new Coldwell Banker Global Luxury website can be viewed at coldwellbankerluxury.com.

Offices and sales associates are encouraged to help spread the word via social media using this Twitter link: Introducing Global Luxury: @ColdwellBanker reimagines its luxury program to demonstrate its global impact via @CBGlobalLuxury 

Here’s what was happening in the North Bay in early April:

The luxury market continues to be alive and well. The Greenbrae office had multiple offers on a $4,495,000 listing in Ross, a $2,795,999 listing in Kentfield and a $2,500,000 listing in Stinson Beach. They also closed a $6,495,000 sale in Tiburon, a $3,200,000 in Kentfield and a $3,200,000 off market listing in San Anselmo. In Marin County, 300 properties are currently available, with only 65 under $1 million. Demand continues to outpace supply. Even though there is an increase in listings each week, the listings available are still fewer than a year ago. The Greenbrae office was down 21 percent in inventory for the first quarter of 2017 versus the first quarter of 2016. There was a slight increase in listings and number of homes in contract in the Novato area. There was little change year over year from March 2016 to March 2017 in the number of listings and homes sold. While the average days on market in Novato dropped significantly from 58 in March 2016 to 37 in March 2017, the average selling price dropped by 6 percent to $863,000. The lack of inventory affected sales in the first quarter of the year. Currently, there are 43 active properties in Novato with almost twice that number of contingents and pending. Ten of the active properties are in the $1 million plus price point and 17 properties over $1 million are in contract. With only two months of properties available, we still have a strong sellers’ market with multiple offers at all price points. Inventory in Petaluma is increasing, but days on the market are minimal with homes going into escrow almost as fast as they come on the market. Most properties receive multiple offers. The median price March over March increased by 7 percent to $680,000. In Santa Rosa, The luxury market rebounded in March notching a 50 percent increase in sales over February at 45 units sold. There are currently 271 active listings at $1 million and up in the county. There has been an increase in the number of showings as well in the upper end. The March median price in Sonoma County was $599,950, which is up 13 percent from March of 2016. We saw a 45 percent increase in properties sold in March compared to February and inventory fell 3 percent for the same period and was 10 percent below March of last year. The number of multiple offers per property is increasing, demonstrating buyer demand and activity. This increase in demand will coincide with our expected spring increase in supply. The number of buyers moving to Sonoma County continues to grow. Open houses have more than 40 attendees who are ready to buy now. Listing agents are receiving multiple offers on most homes and buyers are submitting huge overbids on properties in every price range. Inventory has finally picked up, but they are still at a record low. In Southern Marin, the market is at the strongest it has been since the recovery. In the last two weeks, Coldwell Banker Southern Marin ratified six properties over $5 million. The demand is high and buyers are very discerning. The general market is robust with most properties listed under $2 million receiving multiple offers. After reaching an encouraging, almost three-month supply inventory (MSI), they have quickly regressed back to a less than two-month supply. This sellers’ market will continue until there is more supply.