Christine Monteith on the Pebble Beach Coast

Just had to drop by and pick up a Father’s Day gift for my golf addicted Dad who I’m sure will be glued to the TV next weekend. While I’ll be holding homes open in Pacific Grove wondering if any of these golf fans would like to own a little piece of golf heaven.

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First day of the AT & T Pro-Am started off with sunshine and ended with sun but rained in between. Saw Michael Bolton playing Monterey Peninsula Country Club this AM. All players and caddies looking a little drippy.

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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

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There are 137 properties for sale in Pebble Beach ranging from the very affordable $438,950 for an ocean view condo at Ocean Pines to $35,000,000 for a breathtaking, contemporary, over 10,000 sq ft home on the 18th fairway of Pebble Beach.
For more information about these and other properties, just email Christine.

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Serious surf crashing along the coast today.

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2nd day of the annual Pebble Beach Dressage Classic. So far, it has been a low-key show, not too many competitors arriving. Have to see the numbers tomorrow. Of my friends that are showing, they have found the judging tough but fair.

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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.

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In the last few weeks, there has been a spontaneous art movement, visitors are creating towers of stone. This section of Spanish Bay, just off 17 Mile Dr in Pebble Beach is naturally strewn with lovely ocean-rounded stones.

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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.

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We are inundated with cars of ages and makes. The Pebble Beach Concours d’Elegance has been ramping up around The Lodge and the Equestrian Center for 2 weeks. The multiple “horse power” vehicles have squeezed out the single “horse power” people from our rings at the Pebble Beach Equestrian Center. We are relegated to 2 small rings in the back.

The Gooding Auction tents span a couple of acres, the Blackhawk tent and display area occupies all of the Peter Hay Golf course. The Concours cars, Ferrari being the featured marque this year, will be lined up on the 18th fairway of the Pebble Beach golf course. It is a breath-taking sight.

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