Christine Monteith on the Pebble Beach Coast

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% [?]

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% [?]

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% [?]

When I see an outstanding image of an architecturally interest building, something hitches in my core. I don’t know what it is about great architectural photography that draws me in. When I saw the John Lautner’s image of his creation Marbrisa on The Moment blog , it took my breath away. I know that I’m not a “closet” architect. But an image that accentuates the unusual angles of a structure pleases me. There is an exhibit of Lautner’s work at the Armand Hammer Museum in LA.

As a REALTOR who enjoys shooting my listing photos, I try to find an interesting aspect for even my most ordinary properties. Believe me, it is sometimes a challenge. Most REALTORs are “do-it-yourself” types when it comes to marketing. Unfortunately, many of my colleagues may be competent in the nuts & bolts of a transaction but photography and marketing real estate is a challenge for most. As an example, I found this listing of John Lautner’s design of the “Gantvoort Home” in Flintridge LaCanada. Whoever shot these images were trying to capture the essence of the home but…. I’m not sure what the photographer was trying to capture in some of these images.

Popularity: 38% [?]