Christine Monteith on the Pebble Beach Coast

Whimsical & updated 2 bedroom, 2 bath cottage set in a lush garden. Follow the garden path past fruit trees and the butterflies fluttering over the flowering plants. The living room has vaulted ceilings and a fireplace with stone surround. The hardwood floors run into the dining area with large windows looking out to the garden terrace and water fountain.
Architectural details reflect the character of the original cottage but this 952 sq. ft., single level home was almost completely rebuilt just 10 years ago. There is a light-filled solarium with french doors that works well as an office or a study.
Just across the garden patio is a separate 300 sq. ft. artist’s studio with french doors, hardwood floors, skylights, a sleeping loft and sink. There is an oversized 1 car garage plus additional storage cupboards on this 5,700 sq. ft. street to alley lot. Only a few blocks to downtown Pacific Grove and then just a few more to the shore of Monterey Bay.

Popularity: 5% [?]

I just looked up stats on sales of condos in Monterey for this time last year as compared to this year. Not an encouraging number. By 7/18/08, there had been 25 condo sales for an average sale price of $538,454. However, there have only been 16 sales with the average sale price of $421,925 so far in 2009 And the average price is $337,525 for condos in contract.

There is a bright spot in the single family residential sales in Monterey. Though only 40 homes have sold far this year, there are 32 homes under contract at the moment. There are even 2 homes over $1million in contract and 1 home on Del Monte Beach that is in contract for over $3million.

Most buyers are gravitating to single family homes since the selling prices have dropped and many buyers perceive SFR as holding better value than condos. But there are a few dedicated condo buyers still out there.

Popularity: 1% [?]

Pacific Groveis a quiet, little town that sits on a small outcrop of rock along the central coast of California. It exists in the shadows of its more famous neighbors, Carmel and Pebble Beach. You don’t see much Shoefiti around here. Yesterday, my broker took this photo of her new listing. There are many theories on the motivation for “shoefiti.” There is an elementary and middle school nearby, my conclusion is some student needs a new pair of shoes.

Popularity: 1% [?]

Details of the Home Refinance and Loan Modification program are filtering out to the public. The NY Times article U.S. Sets Big Incentives to Head Off Foreclosures sets a positive tone. The California Association of REALTORS website posts a plan resource guide with links to Eligibility guidelines. This is all dependent on level of cooperation from the banks and the ability of homeowners to qualify. If this can stabilize market prices then it could signify “the bottom.”

Popularity: 1% [?]

Just a week away ’til the tee-off for big event formerly known as “The Crosby”. For those of you who know that Bing was known around here for more than his singing career.

Had the chance to see a classic Pebble Beach estate today, Blossom Cove listed for a mere $31million. The house is an original Craftsman with claw foot bath tubs and will probably be scraped by the new owner.
The house may be classic but the views are timeless…panoramic from The Lodge at Pebble Beach all the way to Pt. Lobos. There’s an old wood deck down at the water’s edge. You can see all the hospitality tents and viewing stands at the 18th hole.

Popularity: 1% [?]

Reading an article in Forbes.com about the surprising number of foreclosures in some of America’s wealthier neighborhoods. According to the article, “The median home sale price in Newport Beach is $1.4 million and there are 89 homes in foreclosure; in La Jolla, there are 158 foreclosures, due mostly to second-home buyers overextending themselves.” (9.16.08)

Interestingly, Pebble Beach has not experienced this trend. Presently, there are 3 homes listed as “short sales” in a group of 113 active listings. There is 1 property pending that is a “short sale.” And only 2 of 42 properties sold since April 2008 have been short sales. No a single bank-owned property has been listed on the MLS.

There is a notable exception… 3177 Del Ciervo Rd was listed in April for $30,000,000. This home was listed in the Notice of Default circular and sold at auction. According to the County Records, the sale price on 8/4/08 was $6,850,000.00. Quite a bargain for a completely remodeled 10,000 sq ft. home with Pebble Beach golf course and ocean views.

Popularity: 1% [?]

My colleague, Laurel Jaques who is a REALTOR and appraiser was speaking to a loan underwriter on an appraisal. Pacific Grove is categorized as a declining market. Data Quick News shows property value decline of 15.8% vs. year ago. MLS median sales prices for past 4 quarters are: Q3 ‘07 $870K, Q4 ‘07 $775K, Q1 ‘08 $775 k, Q2 ‘08 $725K.

The prices are declining and that is harmful for a property owner that purchased in 2005 or later and needs to sell right now. For a property owner that purchase before 2005, you will still is a profit from the sale of your home.

Since July 1, 2008, there have been 26 sales in Pacific Grove. The highest sold property was $3,550,000 for a home on Sunset Dr and the least expensive was a gutted, historic home on Pacific for $370,000. The average sale price for 4 homes under 1,000 sq ft was $547,500. And 2 of these properties were big fixers. $547,000 is still a commanding price for a property.

Popularity: 2% [?]

From the C.A.R. website, “Home sales increased 43.4 percent in July in California compared with the same period a year ago, while the median price of an existing home fell 40.3 percent, California Association of REALTORS reported Monday.” Yeah homes sales are up from last year!

“Sales improved significantly in July 2008 and remained above the 400,000 level for the third consecutive month,” said C.A.R. President William E. Brown. “Deeply-discounted, distressed sales continue to drive volume in many regions of the state. July also was the first full month during which the effects of higher $729,000 conforming loan limits likely had an impact on closed sales.”

“The median price of an existing, single-family detached home in California during July 2008 was $350,760, a 40.3 percent decrease from the revised $587,560 median for July 2007. The July 2008 median price fell 4.5 percent compared with June’s revised $367,130 median price.” EEEEeeeek! the sale prices continue to scream downward.

Popularity: 1% [?]

Our cute and historically designated office on 17th Street attracts the most interesting “walk-ins.”

Yesterday, Bernt Wahl ventured up our front porch stairs to ask about neighborhood names. I wasn’t quite sure what he was asking until he explained that he has developed G.I.S search software to define neighborhoods and provide demographic information. As Former CEO of DataHunt.com to provide information solutions to business. Now has Factle Maps

We had a great conversation about neighborhood names in Pacific Grove, a little history, a little culture. Bernt was speaking at the SCGIS 2008 Conference at the Asilomar Conference Center .

I live just a few blocks from the Asilomar Conference Center, I walk through the grounds on the way to the beach. They host many conferences, my assigned voting place, and also the Pacific Grove Chamber of Commerce Annual Fashion Show. No words can quite describe the experience of the Fashion show (I’ve model several times), it is better experienced first hand.

Popularity: 1% [?]

I just read that the LA Times Real Estate Section is finished. The editorial portion of the section has been cut. With the decrease in Real Estate ad revenue, (most of us have cut back on our ad budgets this year) combined with eyeballs going to the web for information, the Times didn’t see the section as profitable.

Just a few months ago, our local paper, the Monterey County Herald changed the format of the Real Estate Guide (published Saturdays) to include some “editorial” features. (It had been just advertising.) None of the articles are written about local issue. Many appear to be syndicated and as I read these “articles” each week, I suspect that most are “advertorials.” I find it curious that the same company name that manufactures counter top surfaces gets mentioned every week.

As all REALTORs know, people love to talk about real estate. The real estate sections in the local papers give the general population good info and juicy tidbits to discuss. If the local papers move away from providing this info, people will search it out from websites and blogs of local REALTORs.

Popularity: 1% [?]