Currently there are 13 homes on the market in the Hollow of which 4 are in escrow. Since the beginning of the year 15 homes have sold, and we have sold 5 of those ourselves. The average price of sold homes so far this year is $1.049 million and the average price of the homes on the market currently is $1.4 million. One of the encouraging indicators is that we are seeing more buyers who have been looking in the Kentfield and Larkspur areas are now searching in the Hollow where they can find more value. The trade off for them is the commute, but when we have them weigh it against the quality of life they can get in the Hollow, homes here become very attractive. When we sell a home in the Hollow, we sell the neighborhood as much as the house itself and for many buyers, they are equally important.
We are still seeing appraisal challenges that come up with lenders in both refinancing or with a purchase. We have some ideas for you if you are interested. We are also seeing difficulty in borrowing for major remodeling jobs which is one reason why there isn't much new development going on anywhere. The good news is that we are experiencing an increase in deals being done for all cash, including many in the higher end which depicts obvious faith in the housing market of the future.