Christine Monteith on the Pebble Beach Coast

Just did a quick review on sales in Carmel, CA since August 1, 2010. Total of 27 sales with the highest sale at $4.8million and the lowest sale of $525,000. Only 7 of these sales were for properties over $1,000,000. Five of the sales were “Short Sales” and 1 foreclosure. The median sale price is $785,000.

There are 36 properties under contract right now — 11 are “Short Sales” and 2 are foreclosures. That mean’s 30% of the properties in contract are distressed sales. For the same time frame last year, there were 36 sales with just 3 foreclosures and no “Short Sales.” The highest sale price was $3,725,000 with the lowest at $610,000. 21 of these properties sold for over $1million. And the median sale price – $1,272,500!

For a full report of Carmel, CA sales 8/1/10 to 10/4/10, download this pdf.

Popularity: 2% [?]

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% [?]

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: 2% [?]