While the Santa Lucia Preserve, known locally as The Preserve, is a place apart from the rest of the world, it has not escaped the recent downturn in the economy. Unlike many developments across the country, and the world, The Preserve was well beyond its infancy when global financial uncertainty would have affected its operations and growth. There is over $200,000,000 worth of infrastructure paid for and in place within the 20,000 acres of The Preserve including a nationally ranked … Continue reading The Market in the Santa Lucia Preserve
As we move into March there are 240 homesfor sale in the greater Carmel area (Carmel-by-the-Sea and the surrounding area), with properties taking about 180 days to sell…. These days, the number of sellers that “give up” is well above past years. This is reflected in the higher number of expired and canceled listings. As the Carmel real estate market has softened I have seen buyers shift their attention from areas such as Carmel Woods or south east neighborhoods of Carmel-by-the-Sea to … Continue reading 1 March 2009 Carmel Real Estate Market Update
Market Profile There are currently 5 Pebble Beach properties in escrow ranging in list price from $1,745,000 to a vacant lot listed for $300,000. (Current Pebble Beach Pending Sales) There have been 13 closed sales in Pebble Beach since October 1, 2008, ranging in sale price from $3,150,000 to $675,000 (Pebble Beach Sales since 10/1/2008). As with other Peninsula markets, Pebble Beach remains firmly at the “buyer’s” end of the spectrum with 207 average days on market. While Pebble Beach … Continue reading 23 January 2009, Pebble Beach Real Estate Update
The Pebble Beach housing market has softened somewhat, more so at the highest price point. The Carmel housing market is holding its own with a bit of strengthening at the upper end. First, a look at our markets, then some national numbers. To more accurately describe the real estate sub-markets, I report the median price in Carmel and Pebble Beach in quartiles. The most expensive 25% of homes make up the first quartile, the next 25% the third quartile, the next … Continue reading Pebbble Beach and Carmel High End Homes Tracking with National Market?
There are 150 properties for sale in Carmel, with properties taking over 180 days to sell….when they sell. These days, the number of sellers that “give up” is well above past years. This is reflected in the higher number of expired and canceled listings. As the market has softened I have seen buyers shift their attention from areas such as Carmel Woods or south east neighborhoods of Carmel-by-the-Sea to closer to town and into the “golden rectangle.” Properties are still … Continue reading Carmel Real Estate Market Update 18 Nov 2008
The median price in Seaside is down 50% since late 2006. Prices have dropped to levels that investors see an opportunity to cover much of the annual cost of the home through rents while betting that the properties will appreciate substantially in the coming years. Some of my clients have bought multiple properties and hired property management firms to manage their holdings. I have helped first time home buyers purchase homes when 24 months ago they thought they would be … Continue reading Median Price Slide in Seaside, California
I recently had discussion with several clients about how the market “feels” compared to last year. I decided to run some comparisons and see what the numbers say about the Carmel real estate market: Pretty clear that this year is quite a bit different from last. The orange bar is the 90 day median price trend line from a year ago. The black line is this year. It is interesting to see the inflection of the black line over the … Continue reading Carmel Real Estate…How the Market Looks Compared to a Year Ago
The 83 homes on the market in Carmel Valley have been on for an average of 175 days. Half the listings are new on the market in the last 126 days. The valley remains firmly at the “buyer’s market” end of the spectrum with a Market Action Index of 7. The median price is just under $1,295,000 where it has been for several weeks. While the median price has leveled off, the price per square foot has been trending downward. … Continue reading Carmel Valley Market Update