Rainbow
It’s been a long, wet winter. “We need the rain” is a refrain that is repeated from friend to friend.
Rainbow Orange
In between the driving rain, the brilliant sunshine and the hail, this rainbow glowed for a brief moment.
Popularity: 1% [?]
Between the Rain…Rainbows
On March - 3 - 2010
It’s been a long, wet winter. “We need the rain” is a refrain that is repeated from friend to friend.
In between the driving rain, the brilliant sunshine and the hail, this rainbow glowed for a brief moment.
Distressed Property Sales in Pacific Grove
On December - 21 - 2009
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: 25% [?]
Shrinking Inventory in Pacific Grove
On December - 15 - 2009
Bay View Cottage
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% [?]
Monterey Peninsula Sales Stats – October 2009
On November - 19 - 2009
Inventory on the Monterey Peninsula continues to decline in many areas. In October 2008, the inventory for Monterey County was 2,726 single family homes for sale in comparison to just 1,442 in October 2009. Total number of sales have remained fairly constant while median sale prices saw an overall decline of 12% over the past 12 months. Median sales prices are skewed in areas such as the Carmel Highlands where the average home sale price was extremely high. Carmel inventory remains very high as Pacific Grove with a similar size and population continues to decline. The Carmel inventory reflects a large number of homes that were remodeled on spec.
Area
New Listings
Inventory
Closed Sales
Days on Market
Median Sales
Carmel
25
171
22
153
1,137,500
Carmel Highlands
4
34
2
284
3,462,500
Carmel Valley
17
133
7
238
1,250,000
Del Rey Oaks
3
6
1
24
475,000
Marina
13
34
15
48
370,000
Monterey
22
73
14
102
512,450
Pacific Grove
15
72
18
99
757,500
Pebble Beach
19
119
3
27
1,045,000
Seaside/Sand City
30
70
22
38
257,500
Popularity: 2% [?]
Trulia Widgets
On November - 12 - 2009
I really like that my listing at 456 Gibson shows up first on this slide show of available properties in Pacific Grove.
Popularity: 61% [?]
Sparkling Unit – Bay view
On November - 3 - 2009
Briggs 70
Elegant almost new mobile home – 1,450 sq. ft., this 2 bed, 2 bath home is larger than it looks. With Italian porcelin tile in every room, the living room features a gas-log fireplace with custom tile surround and opens to the kitchen and separate bay-shaped dining room lined with windows. The kitchen features a huge amount of cabinetry, sparkling tile counter tops and a kitchen island with bar sink. There is a large laundry room with more cabinets and a built-in desk.
The spacious master suite features a deep walk-in closet, vaulted ceilings and a door to the bay view deck. The master bath is fully tiled, has a jetted tub, separate shower stall and 2 vanity sinks. Complemented by lots of natural light and wood cabinets for great storage. Relax outdoors on the private garden patio or on the Monterey Bay view deck. There is covered attached parking for 2 cars and an outdoor storage unit.
Located next door to Lover’s Point Park at the edge of the majestic Monterey Bay, this home is only a few blocks to historic downtown Pacific Grove with shopping and restaurants. This home and Monarch Pines has a lot to offer
Popularity: 2% [?]
Pacific Grove Landmark
On November - 3 - 2009
Landmark Mountain Lion
No other home like it in Pacific Grove. Built with the Craftsman style in mind, the main home features rich mahogany wood paneling, coved ceilings and oak inlay floors. The home sits high and overlooks the Bay and is surrounded by a gothic-styled 20 ft high stone wall with a mountain lion statue keeping watch.
The elegant, spacious living room offers views to the west & north. Step through mahogany clad columns to the gracious formal dining room with a west-facing window seat and mahogany built-ins with beveled glass doors. Original Arts & Crafts light fixture hangs over the dining table. The kitchen is updated with granite counters, stainless steel appliances, all only 4 years old. There is a breakfast nook with lovely windows that look out to the garden and across to the Bay.
There is a 1 bedroom, 1 bath, 530 sq. ft guest unit that can legally be rented. The unit has a good-sized kitchen, living room with views to the Bay, a large bedroom and it’s own washer/dryer hookups. Panoramic Monterey Bay Views from almost every window & outdoor entertaining area of this signature property.
Located just a few blocks to the edge of the Bay and historic downtown Pacific Grove.
Popularity: 1% [?]
Whimsical Garden Cottage
On November - 3 - 2009
Retreat
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: 8% [?]
PG “Shoefiti”
On March - 11 - 2009
Shoefiti
Popularity: 1% [?]
News from the “Underwriting” world
On September - 5 - 2008
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: 1% [?]
