Christine Monteith on the Pebble Beach Coast

I was doing research for a seller on sales and pending contracts in Pacific Grove. Though, I’ve been aware of which properties were in foreclosure and short sales, it was surprising when I gathered all this info into one report. The good news is that there are only 57 active single family residence listings, only 3 are foreclosures and 2 short sales. Of the 25 homes under contract, 60% of these transactions are distressed property sales (ie, foreclosures or short sales.) Since October 1, 2009, there have been 35 sales in Pacific Grove ranging from $2,900,000 (sold by my Broker at The Jones Group) to $290,000, only 11 have been distressed sales. That still makes just a little less than 33% of the sales.

Popularity: 1% [?]

As of today, there are only 57 homes on the market in Pacific Grove, ranging in price from $2,199,000 to $400,000. Compare that to 120 active listings last winter. At the same time, there are 23 homes currently under contract listed from $1,699,000 to $389,000. Of those 23 homes, 11 properties are short sales or foreclosures.

The market is hot in Pacific Grove when a well-priced home hits the market. 309 10th Street (pictured here) was listed on Friday December, 11 by the following Monday, we had received 3 offers. This home is not a short sale or foreclosure. It is a tidy, well-maintained 2 bed/2 bath, 1,000 sf on a 3,600 sf lot with a 2 car garage and bay view from the front bedroom listed at $600,000. This property went into escrow on Tuesday. The buyers with financing are in the market and when they see a property at a good value, it sells.

Popularity: 1% [?]