OCTOBER 2017 MARKET UPDATE
Nothing brought the meaning of home closer to home than the devastating fires in Sonoma and Napa this past week. Vanguard Properties has a strong presence in these counties and a deep connection to the region as do many of our friends, family and clients. Our hearts go out to all those who have suffered loss during this tragedy and we look forward to helping them rebuild in the months ahead.
Besides the Red Cross, we feel NORTH BAY FIRE RELIEF sponsored by Redwood Credit Union Community Fund will best distribute funds to those in need. 100% of the tax deduction will go directly to support those affected by the fires. When you donate you can choose to support any of the four counties affected or designate “all”.
While there is much being written about the Sonoma and Napa markets and the impact this will have on their community and their economy, I also wondered what kind of an impact the fires might have on Marin County.
It’s still a little too early to tell the exact implications for us here locally, let alone those in Sonoma and Napa Counties, but rest assured there will be residual effects on housing and the economy in general — both negative and positive. A few things we know will be impacted:
- More pressure on our local housing supply; more competition for homes currently on the market
- Increased demand for our already tight rental market
- Construction resources and materials will become more scarce delaying remodel and rebuilding projects in Marin, and may also have an impact on construction costs
- A tighter job market with newly unemployed vying for available positions
- Ancillary housing services — architecture, design, appraisals, inspections, etc. — will be in high demand
What can we do here in Marin to help our Northern neighbors? There has been such an outpouring of support and aid coming out of Marin County to our neighbors in the North. I’m heartened by the response — everyone seems to have a connection, and never have those connections become more real and more strong. The coming weeks, and even into the coming months are going to be critical for those who have lost their homes and have nothing. We must not let our interest or support fade as the fires are contained and as the camera crews leave. This rebuild will take a long time and require some attention into the future. In the short term, we can:
- Provide housing — have an extra room, au pair unit or rental space? We’re going to have to get creative here. Lilypad, a local company is offering an interesting solution to the shortage of housing — the creation of second units out of single family homes.
- Watch for specific needs for those impacted by the fires — goods and services
- Put your skills to work — volunteer or align yourself with a charity/organization where you can make the biggest impact
- Don’t forget! The aftermath of the fires is the calm after the storm — if you’re not sure how to help, stay tuned… those individuals who have no homes and no jobs may need more support down the road than they do now.
And, what can we do learn about this tragedy to protect ourselves in the future?
- Familiarize yourself with emergency procedures — this could happen to us!
- Double check your home insurance coverage and make sure you’ve got a strong policy in place
- Now is a good time to stock up on water, supplies and other necessities; be prepared
- Follow some of these guidelines from the Red Cross, Home Fire Safety Guide
So an unanticipated fire took center stage for our report this quarter — something no one anticipated and in which few were prepared to deal. As we step back and start assessing the damage, we do see light at the end of the tunnel and the hope for a steady rebuild on the horizon (San Francisco Chronicle “Economy to bounce back fast“). We give praise to the first responders, to those who rushed to aid our neighbors with offers of help and support. We are a resilient people and to see us band together to support each other is truly a marvel in this day and age.
Please join us on Saturday, November 4th for a celebration of the completion of the Miller Avenue project in Mill Valley. Millerfest will feature local merchants, Pedi cab rides courtesy of Vanguard Properties and rose and snacks for the preview of our new office at352 Miller Avenue.
Thank you for reading my newsletter! Feel free to contact me by phone or email if you have questions or want to refer a friend. I look forward to connecting with you soon! -Bitsa
Bitsa Freeman | Vanguard Properties
bitsa@vanguardmarin.com
1118 Magnolia Ave.
Larkspur, CA 94939
Phone: (415) 385-8929
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