Real Estate

$1 Million Marin Home Sells For Half Its Value: Report

A Marin resident left money on the table on the promise that a land trust will pass along her property to someone in need after her death.

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Loeb’s 1-acre property that she believes housed a chicken coop in the 19th century is valued at over a million dollars according to Zillow, but sold for $550,000, the report said.
Loeb’s 1-acre property that she believes housed a chicken coop in the 19th century is valued at over a million dollars according to Zillow, but sold for $550,000, the report said. (Shutterstock)

MARIN COUNTY, CA — A West Marin woman sold her home for nearly half its value, and Bobbi Loeb couldn’t be happier.

The 81-year-old Point Reyes Station resident sold her home to the Community Land Trust of West Marin (CLAM) under an agreement that allows her to stay in her home for the rest of her life without making monthly payments, The San Francisco Chronicle reports.

Loeb is leaving considerable sums of money on the table on CLAM’s promise to pass along the property to others in need of affordable housing after she dies.

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Loeb’s 1-acre property that she believes housed a chicken coop in the 19th century is valued at over a million dollars according to Zillow, but sold for $550,000, the report said.

“This is my community,” the retired teacher told The Chronicle.

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“I want to do what I can.”

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