Spring Real Estate Market Update Last year our market was beginning to make a turn around, yet much of the year felt like a roller coaster ride. Although we aren’t yet experiencing the ultra competitive scenarios as they are in the San Francisco Bay Area, inventory levels are shrinking and buyer demand is on the rise. Stephen Vagnini, the Monterey County Assessor, expects to see a modest rise of 2% in property values throughout the county this year. Monterey County … Continue reading What a difference a year makes!
I wanted to follow-up on my most recent blog post, “An Inventory Shortage is Here”, and drill down on the highly sought after “Golden Rectangle” neighborhood of Carmel-by-the-Sea. This encompasses the area between Ocean Avenue to Santa Lucia and Scenic up to San Carlos. My observation is that our market has bottomed and we are just now seeing the beginning signs of a recovery. In the past it’s been all about “getting a deal.” We’ve had a high number of … Continue reading A Closer Look: The Golden Rectangle, Carmel-by-the-Sea
What a difference a month makes! January was our typically slow winter month, as I reported in my recent blog post, “Where is 2013 Headed?”. February has painted quite a different picture. Suddenly, there appear to be more buyers competing over limited inventory and a feeling as if this is really the last chance to “get in” before our market heats up. The San Francisco Bay Area is practically overheating with in some cases 30 offers, over asking, etc. We typically lag … Continue reading An Inventory Shortage Is Here
I often find buyers get scared when they see “as-is” in a contract or a seller is upset when they receive a “Request for Repairs” when they thought it was an “as-is” sale. Does “as-is” mean “buyer beware”? The term “as-is” is commonly misunderstood and a typical source of contention during the escrow period. First, it is important to note that all sales contracts start as an “as-is” sale. After acceptance, the contingency period (most commonly 17 days) is the period … Continue reading What Does “As-Is” Really Mean?
These first few weeks in January have been sluggish with only 3 sales to date in Carmel-by-the-Sea. Looking back, 2012 was overall a very strong year. When you dissect the data further, the first 9 months were strong, with an especially healthy April through September, but we did see a slow down in the last quarter. With that said, the Monterey Peninsula market is a seasonal one. Typically, activity slows in the fall and winter months and our busy season runs May through October. This … Continue reading Where is 2013 Headed?
Two perfect storms in the California real estate market have collided – low inventory and high demand – creating an environment where six in 10 home sales received multiple offers in 2012, according to the California Association of Realtors’ (C.A.R.) “2012 Annual Housing Market Survey.” Fueling the storm – historically low interest rates! And here locally, a sizeable buyer pool with the ability to pay all cash. This is the highest report of home sales receiving multiple offers in 12 … Continue reading Bidding Wars – Enter the ring or stay out?
The 3rd quarter illustrated yet again that location is king. The most active neighborhoods were Carmel’s Golden Rectangle, the estate section of Pebble Beach and in and around Garland Park and Miramonte in Carmel Valley. Activity is up, but buyers are still negotiating aggressively as the price per square foot is actually lower this quarter. For sellers, it is critical to price at market value. There is an expectation that sellers have adjusted and prices are realistic. Homes, even in … Continue reading Q3 Market Update
There are many misconceptions about the 3.8% tax that goes into effect next year. Kevin Stone, Government & Community Affairs Director of the Monterey County Association of REALTORS®, put together the following list to help clarify the tax and its implications. Top 10 things to know about the 3.8% Tax When you add up all of your income from every possible source, and that total is less than $200,000 ($250,000 on a joint tax return), you will not be subject … Continue reading The Truth about the 3.8% Tax
Our official selling season is here and along with it an unusually warm and sunny start to summer. The San Francisco Bay Area is in the midst of huge buyer demand coupled with low inventory, resulting in a steady increase in sales prices. The Monterey Peninsula typically lags behind the Bay Area by 6-9 months and we are slowly seeing that energy trickle down this way. This is felt strongest in Carmel-by-the-Sea, where activity is fueled by demand from vacation … Continue reading Summer Market Update – Carmel, Carmel Valley & Pebble Beach
The real estate market is certainly picking up here on the Monterey Peninsula. Last week I wrote 3 offers: one on a foreclosure in downtown Carmel that had 3 other offers in and another in Carmel Valley for a short sale with 7 other offers. Both went for above asking price. Confidence is on the rebound as the San Francisco Bay Area saw home prices edge up 8.3% in April. Silicon Valley has noticed a pick-up everywhere from an increase in … Continue reading