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April 28, 2012

It’s safe to sell your home again?

Filed under: Homes in Carmel,Real Estate Market Data — Tags: , , , , , , , , , — admin @ 11:50 am

CNN Money

While analysts debate when the housing market will hit bottom, for a surprising number of cities the turnaround has already begun.  In December, prices rose in 109 of the 384 metro areas tracked by data firm CoreLogic.

Making sense of the story

  • There are certain signs to help determine if a Monterey County is on the verge of a rebound.  For instance is local employment on the upswing?  That’s a critical factor for a region to get itself on the path to recovery.  Improving jobs picture has led to shrinking housing stock across the county, as investors and bargain hunters have started buying up foreclosures that have been preventing a recovery.
  • For years, buyers were scared of overpaying for a home in Carmel, but less so now.  Many buyers have grown accustomed to thinking they’ll score deals, so they tend to act slowly, and typically start bidding around 10 percent to 15 percent below list price.  However, a growing number of buyers are beginning to realize that if they wait too long in this market, they may miss out.
  • Sellers can hold firm on price if they’re patient.  The days of having to deal with low-ball offers are coming to an end.  The higher the price, the more patient the seller must be.  Cheaper homes are affordable to more buyers and appealing to investors, so recoveries usually start there.
  • Sellers should keep in mind that while they don’t have to placate low-ball offers anymore, they also can’t shoot for the moon either.  Working with a REALTOR® and setting a realistic price from the get-go is key.
  • Sellers should know what they’re competing against.  Homeowners should let their home’s value dictate the price.  While this may seem self-evident, some owners may have lost sight of it during the bust.  On the one hand, some sellers clung to the false hope of a return to boom prices, so they set prices unrealistically high.  Others may have gone too far the other way, and set their price too low.
  • It’s also important that sellers understand they’re no longer competing with gutted foreclosures.  Buyers are tired of looking at worn-down, neglected, distressed properties and often don’t have much extra money to do a lot of fixing up.  REALTORS® often report their clients are willing to pay a little more for a home that’s ready to move into.

Read the full story

California pending home sales highest level in nearly three years

Filed under: General,Real Estate Market Data — Tags: , , , , , , , , , — admin @ 11:42 am

California pending home sales posted higher for the third consecutive month in March, rising from both the previous month and year, California Association of Realtors – C.A.R. reported Tuesday.  Additionally, the share of distressed sales dropped for the second consecutive month, as equity sales typically increase with the start of the spring home buying season.

C.A.R.’s Pending Home Sales Index (PHSI)* rose from a revised 126.5 in February to 143.7 in March, based on signed contracts.  The March 2012 index was the highest since April 2009, when the PHSI was 146.9.  The index also was up from the 128.9 index recorded in March 2011, marking the eleventh consecutive month that pending sales were higher than the previous year.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

  • The share of equity sales – or non-distressed property sales – compared with total sales increased in March to 55.4, up from 51.1 percent in February.  Equity sales made up 50.2 percent of all sales in March 2011.
  • Meanwhile, the total share of all distressed property types sold statewide decreased in March to 44.6 percent, down from February’s 48.9 percent and from 49.8 percent in March 2011. In Monterey County distressed sales also declined in March to 49 percent, down from February’s 59 percent and down from the 65 percent  in March 2011.
  • The share of short sales was down again in March.  Of the distressed properties sold statewide in March, 21.1 percent were short sales, down from February’s share of 23 percent but up from last March’s share of 20.1 percent.
  • The share of REO sales also declined in March to 23.1 percent, down from February’s 25.2 percent and down from the 29.4 percent recorded in March 2011.

Carmel & Pebble Beach Real Estate News for Apr. 21st 2012

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data — Tags: , , , , , , , , , — admin @ 9:42 am

The real estate market in Carmel and Pebble Beach is very unique and to help you get a better understanding of market performance we publish this weekly summary of real estate transactions for Carmel and Pebble Beach. There is also a 120 day sales and median price data for homes in Carmel and Pebble Beach at the end of this section. Previous weeks information can be found on our Blog.

Homes in Carmel look like they are now competing with the lower end of the price scale real estate in Pebble Beach. Overall the Carmel real estate market still seems to be buoyant, and growing. In total there were nine new listings and nine sales this week. Strong activity for Carmel and inventory levels are still leveling off. The new listings for homes in Carmel are, on Camino Real & Ocean for $2.35M, on Camino Del Monte for $1.195M, on Ladera Dr. for $2.1M, on Valley Pl. for $975K, on Ribera Rd. for $880K, on Taylor Rd. for $2.245M, on Vizcaino Ave. for $1.275M, on Trevis way for $780K, and on Rio Vista Dr. for $796K.

At any time, you can easily find the latest listings by watching the New MLS Listings slide show on this page.

There were three new listing and one sale for Pebble Beach. The new listings are on Quarry Rd. for $1.75M, on Crest Rd. for $840K, and on Los Altos Dr. for $2.3M.

There were no price increases for homes in Carmel or Pebble Beach.

Eleven homes decreased in price, continuing to perpetuate buyers believe that there is still room to negotiate on asking price. In Carmel seven homes had a price decrease, on Dougherty Ct. from $998K to $875K, on 9th & Dolores from $1.795M to $1.475M, on Via Mar Monte from $1.795M to $1.675M, on Handley Dr. from $835K to $774.9K, on Mission from $999K to $948.5K, on Upper Trails from $785K to $735K, and on Dolores St. from $1.295M to $1.23M. In Pebble Beach four homes had a price decrease, on Lookout Rd. from $980K to $835K, on Viscaino Rd. from $3.2M to $2.9M, on Lookout Rd. from $849.9K to $825.9K, and on Porque Ln. from $2.595M to $2.395M.

Homes in Carmel and Pebble Beach appear to be rated a “buy” these days, especially among smart investors, who see a ripe market and potential for investment gains.The increased buying activity from investors and second-home purchases may be factors behind the recent pickup in real estate sales in Carmel and Pebble Beach. Of course the 70+ weather over the weekend helps…

This week there were nine homes in Carmel that sold and one in Pebble Beach, seeming to endorse the comments above. In Carmel on Palou & Casanova for $2.105M after 773 Days on Market (DOM), on Carmelo St. for $2M after 177 DOM, on Eastfield Rd. for $745K after 161 DOM, on Dolores St. for $1.1M after 139 DOM, on Via Carmelita for $458.9K after 218 DOM, on Lazorro Dr. for $ 930K after 0 DOM, on Monte Verde & 7th for $1.025M after 3 DOM, on Upper Trails for $780K after 9 DOM, and on Ribera Rd. for $870K after 11 DOM. The Pebble Beach real estate sale was on Costado Rd. for $1,197,500 after 332 DOM.

For a larger picture of Carmel Real Estate sales, 77 homes have sold in the last 120 days (12/23/11 to 4/21/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 141 days and average $/sq. ft. is $582. 45 homes in Carmel were $1M or under and 35 of these homes were west of Highway 1. In Pebble Beach there were 47 real estate sales, from $6.4M for a home on Portola Rd. to $395K for a house on Shepherds Knoll. Average DOM is 200 days and average $/sq. ft. is $497.

April 22, 2012

Carmel & Pebble Beach Real Estate News for Apr. 14th 2012

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Listing,Real Estate Market Data — Tags: , , , , , , , , , — Karen Milne @ 7:57 am

The real estate market in Carmel and Pebble Beach is very unique and to help you get a better understanding of market performance we publish this weekly summary of the real estate transactions for Carmel and Pebble Beach. There is also a 120 day sales and median price data for homes in Carmel at the end of this section. Previous weeks information can be found on our Blog.

Homes in Carmel look like they are now being impacted by the lower end of the price scale real estate in Pebble Beach. Overall the Carmel real estate market still seems to be buoyant, and growing. In total there were nine new listings and three sales this week. Good activity for Carmel and inventory levels are still dropping. The new listings for homes in Carmel are, on Torres & 2nd for $739K, on North Mesa Dr. for $695K, on Aspen Pl. for $539.9K, on Santa Lucia for $1.585M, on Whitman Circle for $1.1M, on N. W. Perry Newbury Way for $996k, on Monterey St. for $889K, on Junipero for $1.499M and on Lazarro Dr. for 950K.

There were two new listing and two sales for Pebble Beach. The new listings are on Sherman Rd. for $1.75M, and on Quarry Rd. for $1.75M.

There were no price increases for homes in Carmel or Pebble Beach.

Six homes decreased in price, continuing to prolong buyers believe that there is still room to negotiate on asking price. In Carmel two homes had a price decrease, on Fairfield from $1.05M to $995K, and on 5th Ave. & Santa Rita from $2.38M to $2.28M. In Pebble Beach four homes had a price decrease, on Arroyo Dr. from $950K to $775K, on Congress Rd. from $1.499M to $1.289M, on Lookout Rd. from $795K to $775K, and on Porque Ln. from $2.595M to $2.395M

Homes in Carmel and Pebble Beach appear to be rated a “buy” these days, especially among smart investors, who see a ripe market and potential for investment gains.The increased buying activity from investors and second-home purchases may be factors behind the recent pickup in real estate sales in Carmel and Pebble Beach.

This week there were three homes in Carmel that sold and two in Pebble Beach, seeming to endorse the comments above. In Carmel on San Pedro Ln for $900K after 139 Days on Market (DOM), on Camino Real & 4th for $1.07M after 9 DOM, and a REO on 6th Ave. for $632.9K after 7 DOM. The Pebble Beach real estate sales were on Oak Knoll Rd. after 235 DOM, and on Middle Ranch Rd. for $760K after 6 DOM.

For a larger picture of Carmel Real Estate sales, 69 homes have sold in the last 120 days (12/18/11 to 4/14/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 148 days and average $/sq. ft. is $595. 39 homes in Carmel were $1M or under and 29 of these homes were west of Highway 1.

April 15, 2012

Carmel & Pebble Beach Real Estate News for Apr. 7th 2012

Filed under: Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data,Uncategorized — Tags: , , , , , , , — admin @ 8:55 am

The real estate market in Carmel and Pebble Beach is very unique and to help you get a better understanding of market performance we publish this weekly summary of real estate transactions for Carmel and Pebble Beach. There is also a 120 day sales and median price data for homes in Carmel at the end of this section. Previous weeks information can be found on our Blog.

Homes in Carmel are just outselling real estate in Pebble Beach. Overall the Carmel real estate market seems to be buoyant ,and growing. In total there were six new listings and four sales this week. Good activity for Carmel and inventory levels are still dropping. The new listings for homes in Carmel are, on Camino Del Monte for $1.495M, on Camino Real for $1.379M, on Lasuen Dr. for $1.299M, on Cabrillo St. for $699K, on Dolores St. for $1.295M, and on Ocean Ave. for $2.7M.

There were three new listing for Pebble Beach, on El Toro Rd. for $975K, on Crescent Rd. for $3.295M, and on Costada Rd. for $1.349M.

There were no price increases for homes in Carmel or Pebble Beach.

Six homes decreased in price, continuing to prolong buyers believe that there is still room to negotiate on asking price. In Carmel four homes had a price decrease, on Carmel Knolls Dr. from $750K to $700K, on Lobos St. from $799.9K to $749.5K, on Canada Valley Dr. from $1.065M to $999K, and an REO on Morse Dr. from $823.5K to $799.9K. In Pebble Beach two homes had a price decrease, on Lookout Rd. from $849.9K to $827.9K, on Sloat Rd. from $895K to $775K.

Homes in Carmel and Pebble Beach appear to be rated a “buy” these days, especially among smart investors, who see a ripe market and potential for investment gains.The increased buying activity from investors and second-home purchases may be factors behind the recent pickup in real estate sales in Carmel and Pebble Beach.

This week there were four homes in Carmel that sold and five in Pebble Beach, seeming to endorse the comments above. In Carmel on Bay View Ave. for $2.515M after 336 Days on Market (DOM), on Casanova & 8th for $2.125M after 137 DOM, on North Carmel Hills Dr. for $393,525 after 21 DOM, on Mesa Dr. for $579K after 61 DOM. The Pebble Beach real estate sales were on Crest Rd. for $575K after 329 DOM, on Lariat Ln. for $699K after 276 DOM, on Forest lodge Rd. for $615K after 228 DOM, on Viscaino Rd. for $1.395M after 232 DOM, and on Benbow Pl. for $995K after 156 DOM.

For a larger picture of Carmel Real Estate sales, 71 homes have sold in the last 120 days (12/11/11 to 4/07/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 152 days and average $/sq. ft. is $592. 40 homes in Carmel were $1M or under and 33 of these homes were west of Highway 1.

April 8, 2012

Carmel & Pebble Beach Real Estate News for Mar. 31st. 2012

Filed under: Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data — Tags: , , , , , , , , , — admin @ 9:48 am

Monthly home sales and median price data don’t tell the full picture about the real estate market in Carmel or Pebble Beach. To help you get a better understanding of market performance we publish this weekly summary of luxury real estate transactions for Carmel and Pebble Beach. Previous weeks can be found on our Blog.

Homes in Carmel are still outselling real estate in Pebble Beach. Overall the Carmel real estate market seems to be strong,and growing. In total there were eight new listings and nine sales this week. A lot of activity for Carmel and inventory level is dropping. The new listings for homes in Carmel are, on 15th Ave. for $3.15M, on Guadalupe St. for $985K, on Camino Real & 4th for $2.975M, on Aurora Del Mar for $3.895M, on Lobos St. for $1.499, on Mission for $999K, on Upper Trails for $785K, and on 14th Ave. for $989K

There were two new listing for Pebble Beach, on 17 Mile Dr. for $3.75M, on Bird Rock Rd. for $895K.

There were no price increases in Carmel or Pebble Beach.

Seven homes decreased in price, continuing to prolong buyers believe that there is still room to offer less. In Carmel four homes had a price decrease, on Carmelo St. form $2.8M to $2.499M, on Morse Dr. from $869K to $819K, on Ocean View Ave. from $5.2M to $4.495M, and a REO on Handley Dr. from $835K to $799.9K. In Pebble Beach three homes had a price decrease, on Marcheta Ln. from $2.45M to $1.95M, on Lookout Rd. from $849.9K to $829.9K, and on Arroyo Dr. from $1.495M to $1.395M.

As with everything else in this unique and historic housing market, perhaps the usual logic doesn’t apply. If prices are still falling, couldn’t an even better deal be waiting down the road a bit? No. House prices will continue to fall on a national basis at least through 2012, but you have to look past national headlines to our local market, which is already recovering nicely. The trouble with the national numbers is that they are heavily weighted toward the lower end of the market and to the distressed end of the market. Homes in Carmel and Pebble Beach appear to be rated a “buy” these days, especially among smart investors, who see a ripe market and potential for investment gains, so now is the time to buy.

This week there were nine homes in Carmel that sold and five in Pebble Beach, seeming to endorse the comments above. In Carmel on Casanova St. .for $1.2M after 680 Days on Market (DOM), on Guadalupe & 6th for $1.25M after 647 DOM, on Forest Ave. & 7th for $500K after 34 DOM, on Santa Lucia & San Antonio for $4.1M after 302 DOM, on Atherton Dr. for $825.3K after 302 DOM, on Santa Rita & 3rd for $718K after 119 DOM, on Santa Fe for $925K after 48 DOM, on Casanova & 13th for $1M after 3 DOM, and on Guadalupe & 1st for $735K after 8 DOM. The Pebble Beach Real Estate sales were on Costado Rd. for $760K after 491 DOM, on Sloat Rd. for $640K after 145 DOM, on Wildcat Canyon for $575K after 131 DOM, on Lost Barranca Rd. for $1.65M after 128 DOM, on Crest Rd. for $637,199 after 78 DOM.

For a larger picture of Carmel Real Estate sales, 70 homes have sold in the last 120 days (12/02/11 to 3/31/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 150 days and average $/sq. ft. is $594. 39 homes in Carmel were $1M or under and 33 of these homes were west of Highway 1.

April 1, 2012

Carmel & Pebble Beach Real Estate News for Mar. 24th 2012

Filed under: Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data — Tags: , , , , , , , , , — admin @ 8:03 am

Homes in Carmel are still outselling real estate in Pebble Beach. Overall the Carmel real estate market seems to be stable, if not growing. In total there were three new listings and one sale this week. The new listings for homes in Carmel are, on Ocean Ave. for $599K, on Guadalupe St. for $799K, and on San Pedro Ln. for $1.575M.

There were two new listing for Pebble Beach, on 17 Mile Dr. for $7M, on Sand Dunes Rd. for $5.2M. Along with last week’s listings this suggests that the market for high end luxury homes may be recovering, especially with all the new wealth being generated in Silicon Valley.

There were no price increases in Carmel or Pebble Beach.

Ten homes decreased in price, continuing to prolong buyers believe that there is still room to offer less. In Carmel seven homes had a price decrease, on Casanova St. from $3.9M to $3.495M, on Guadalupe St. from $920K to $875K, on Dolores St. from 1.198M to $1.095M, a REO on Hatton Rd. from $1.86M to $1,713,900, on Mission & 2nd from $1.295M to $1.265M, on Valley Way from $6.5M to $5.2M and on 8th & Casanova from $2.45M to $2.295M. In Pebble Beach three homes had a price decrease, on Padre Ln. from $6.5M to $5.75M, on Lookout Rd. from $849.9K to $831.9K, and on Porque Ln. from $2.595M to $2.495M.

As with everything else in this unique and historic housing market, perhaps the usual logic doesn’t apply. If prices are still falling, couldn’t an even better deal be waiting down the road a bit? No. House prices will continue to fall on a national basis at least through 2012, but you have to look past national headlines to our local market, which is already recovering nicely. The trouble with the national numbers is that they are heavily weighted toward the lower end of the market and to the distressed end of the market. Homes in Carmel and Pebble Beach appear to be rated a “buy” these days, especially among smart investors, who see a ripe market and potential for investment gains, so now is the time to buy.

This week there were one home in Carmel that sold and four in Pebble Beach. In Carmel on Oliver Rd.for $575K after 114 Days on Market (DOM). The Pebble Beach Real Estate sales were on Rodeo Rd. for $2.025M after 486 DOM, on Mariners Way for $687,400 after 149 DOM, a REO on Sloat Rd. for $538K after 108 DOM, and on Bird Rock Rd. for $2.025M after 45 DOM.

For a larger picture of sales of homes in Carmel, 64 homes have sold in the last 120 days (11/25/11 to 3/24/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 134 days and average $/sq ft is $558. 37 homes in Carmel were $1M or under and 31 of these homes were west of Highway 1.