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January 3, 2013

California home prices rise 25 percent

Filed under: Carmel-by-the-Sea Real Estate,General,Pebble Beach Real Estate,Real Estate Market Data — admin @ 8:59 am

This article originally appeared in the San Francisco Chronicle

California’s median price continued to register double-digit gains from year-ago levels and strong sales of higher-priced homes led to a year-over-year increase in sales in California during November, the CALIFORNIA ASSOCIATION OF REALTORS® reported this week.

Making sense of the story

  • The statewide median price of an existing, single-family detached home increased 2.3 percent from October’s $341,370 median price to $349,300 in November.
  • November’s price was up 24.8 percent from a revised $279,910 recorded in November 2011, marking the ninth consecutive month of annual price increases and the fifth consecutive month of double-digit annual gains.  The year-to-year percentage increase was the largest since June 2004.
  • Sales of existing, single-family detached homes in California were down 4.9 percent from October, but up 2.7 percent compared with the previous year.
  • “California’s median home price continued to strengthen in November, marking its highest point since August 2008,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “The significant increase in price was due in part to the change in the mix of sales. Coastal markets, which tend to have high-end properties, accounted for a larger share of total sales and led to strong price gains overall.”

Read the full story

December 12, 2012

Should you buy a home during the holidays?

Filed under: Carmel-by-the-Sea Real Estate,Pebble Beach Real Estate — Tags: , , — admin @ 7:22 pm

This article originally appeared in the San Diego Union-Tribune.

Once Thanksgiving is over, the real estate world typically starts to wind down for the holidays and doesn’t usually reawaken until after New Year’s.  But potential home buyers who are prepared to close in today’s competitive market may want to keep house hunting while everyone else is waiting for spring. This is especially true in Carmel by the Sea and Pebble Beach were the seasons have no real effect on sales. So, enjoy Christmas on the Monterey Peninsula and avoid the crowds in the malls while you search for your dream home.

Making sense of the story

  • REALTORS® especially recommend that serious home buyers continue shopping if they have repeatedly lost out on deals because of a limited and continually decreasing supply of homes.  Buying intensity typically cools down at the start of fall through early January, which could increase the odds for those with more patience.
  • Would-be buyers historically have bowed out during the winter season because they are overwhelmed by holiday spending and commitments.  There’s also the aversion of moving in the middle of a school year.  Consumer interest typically picks back up again in the New Year and peaks in the spring.
  • Certain buyers may be well-served to buy during the winter because of sellers who must move for various reasons including a job change or transfer or the possible sunsetting of the Mortgage Forgiveness Debt Relief Act, which lets certain home sellers get tax relief on mortgage debt forgiven by lenders.  The possible expiration has pushed home sellers to list and short sell their homes before year’s end.

Read the full story

October 8, 2012

On big real estate sites, study finds gaps in listings

Filed under: Carmel-by-the-Sea Real Estate,Monterey Real Estate,Pacific Grove Real Estate,Pebble Beach Real Estate,Real Estate Listing — Tags: , , — admin @ 6:47 pm

The New York Times

A study underwritten by Redfin released on Wednesday seeks to compare the comprehensiveness and accuracy of real estate listings on five sites, Zillow, Trulia, Redfin and the sites of two regional real estate brokerage firms, Windermere and Long & Foster.

So, make sure that you do not miss out on that special home, this site has all the local listings, so check out our free MLS Listings.

 

Read the full story

August 12, 2012

Pending home sales in California decline

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data — admin @ 7:42 am

Los Angeles Times

Pending home sales in California decline
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week that contracts signed for previously owned homes in California took a dip in June. The decline in pending sales can be attributed to a lack of housing inventory.

Making sense of the story

  • C.A.R.’s Pending Home Sales Index declined 3.8 percent in June compared with May but posted a 4.7 percent increase compared with a year earlier.
  • Pending home sales are an early indicator of where sales are headed. Sales often close six to eight weeks after contracts are signed so a decline in June could mean weakness when July and August sales statistics are reported.
  • C.A.R.’s report also showed a decline in the number of foreclosed homes selling. Last month, foreclosed homes accounted for 20.2 percent of all pending sales, a decline of 22.6 percent from May and 29.2 percent in June 2011.
  • The share of equity sales – or non-distressed property sales – rose to 58 percent in June, up from a revised 56 percent in May.  Equity sales made up 50.5 percent of all sales in June 2011.
  • The share of short sales edged up in June to 21.4 percent, up from 21.1 percent in May and from 20 percent a year ago.
  • The available supply of REOs for sale tightened slightly in June, with the Unsold Inventory Index declining from a 1.5-month supply in May 2012 to 1.4 months in June 2012.  The June Unsold Inventory Index for equity sales stood at 3.7 months and was 5.3 months for short sales.
  • The lack of inventory is also affecting the sales of real estate  in Carmel and Pebble Beach.

Read the full story

Check out the weekly market data for real estate in Carmel and Pebble Beach here.

August 11, 2012

Shrinking supply of homes for sale has upended market dynamics

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data — admin @ 6:27 pm

 Los Angeles Times

Shrinking supply of homes for sale has upended market dynamics
One of the sobering fundamentals shaping real estate this summer is shrinking inventory: The supply of houses for sale has fallen significantly in most areas compared with a year earlier, sometimes dramatically so.

Even here in Carmel by the Sea and Pebble Beach we are seeing an impact from falling inventory but not so dramatic as in some areas. This has helped homes that have been on the market for a long time actually sell. Check out the latest news for real estate in Carmel, CA on our Google+ Page

Read the full story 

Finally, it is time to buy a house

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Listing,Real Estate Market Data — admin @ 6:15 pm

The Wall Street Journal

Finally, it is time to buy a house
Buying real estate is a good long-term investment for many reasons, some of which have only become apparent in recent weeks.

Making sense of the story

  • Housing prices rose sharply in May compared with April.  The S&P/Case-Shiller Index, a closely watched real estate index, rose 2.2 percent in 20 of the nation’s big cities.  Prices rose more than 3 percent in Chicago, Atlanta, San Francisco, and Minneapolis.
  • Nationally, the increase was the first in seven months.  More importantly, the increase matched other data and evidence this spring that foreclosures slowed and inventories were shrinking.  Economics suggests that as the supply of distressed property slows, buyers will be forced into higher-price properties.
  • In addition, interest rates on 30-year fixed mortgage have tumbled below 3.5 percent.  For those who can get credit, these aren’t just historically low rates; they are one-sided deals tilted toward borrowers.
  • Housing starts also rose in June, and for those who can afford to invest in property, rents continue to rise.  Prices are at a 10-year high.  Real estate website Trulia found that it is cheaper to buy than rent in each of the nation’s 100 biggest metropolitan areas.
  • Check out latest sales and new listings for Carmel and Pebble Beach. Real Estate Carmel, Ca

Read the full story 

June 21, 2012

The Advantages of Preapproval

Filed under: Carmel-by-the-Sea Real Estate,Loans,Pebble Beach Real Estate — Tags: , , , , , , , , , — admin @ 3:22 pm

The housing market is warming up in many areas, including here in Carmel-by-the-Sea and Pebble Beach, with multiple offers actually becoming more commonplace. Buyers who want an advantage in the bidding process will need more than a mortgage prequalification – they will need a preapproval.

Making sense of the story
• The differences between mortgage prequalification and preapproval are significant. Prequalifying for a mortgage is based solely on what a borrower discloses to the loan officer or broker about his/her earnings, credit score, and total assets, including what is available for a down payment. By contrast, a preapproval requires a borrower to provide documentation of his/her income and assets.
• The lender typically pulls the borrower’s credit report and score, while the borrower gathers together almost everything else needed for the actual mortgage underwriting: W-2 wage statements; 1099s; recent pay stubs; bank statements; and statements from Individual Retirement Accounts and 401(k)s; and other assets that could show the borrower has the resources to buy and maintain a home.
• At one of the country’s largest mortgage lenders, Wells Fargo, the first quick review provided by an underwriter constitutes an agreement to lend. Other lenders may treat preapprovals as more of an opinion on the person’s ability to borrow, not a guarantee to lend.
• With so many homes receiving multiple offers, a preapproval is more important in today’s marketplace.
• The preapproval letter should include the amount a borrower is qualified to borrow, as well as the loan officer’s contact information. Some letters may have an estimated monthly payment, but details about the loan time and interest rate are not included.
• Timing also is important. Buyers should aim for obtaining a preapproval letter from a lender within 30 to 60 days of the expected purchase date. That is because some letters expire in 90 days.

Read the full story

June 18, 2012

Carmel & Pebble Beach Real Estate News for May, 25th 2012

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data,Uncategorized — Tags: , , , , , , , , , — admin @ 5:58 pm

The new listings for homes in Carmel are, on Lincoln & Santa Lucia for $4.25M, on Hatton Rd. for $2.249M, on Lincoln St. for $775K, on Carmelo & 10th for $1.45M, on Hatton Rd. for $2.495M, on Handley Rd. for $699K, on Aquajito for $1.975M, and on Ladera Dr. for $2.1M. At any time, you can easily find the latest listings by watching the New MLS Listings slide show on this page or by clicking on the address link.

There were five new listings and one sale for Pebble Beach. The new listings are on Larkin Rd. for $895K, a REO on Congress Rd. for $675K, on Ronda Rd. for $2.495M, on Spruance Rd. for $1.1785M, and on Larkin Rd. for $842.8K.

There was one price increase for Carmel Real Estate, on Lincoln St. from $649K to $775K.

Threeteen homes decreased in price, continuing to sustain buyers feelings that there is still room to negotiate on asking price. In Carmel seven homes had a price decrease, on Camino Real & Ocean from $2.9M to $2.375M, on Scenic Rd. from $8.5M to $6.95M, on 2nd & Lincoln form $1.395M to $1.199M, on Mountain View from $1.995M to $1.969M, on San Luis Ave. from $1.095M to $1.029M, on Dolores St. from $1.295M to $1.1M and a REO on Lazarro Dr. from $950K to $920K. In Pebble Beach six homes had a price decrease, on Congress Rd. from $1.499M to $1.149M, on Whales Way from $1.195M to $1.15M, on Portola Rd. from $5.25M to $3.79M, on Vaquero Rd. from $987.5K to $870K, on 17 Mile Dr. from $4.25M to $3.95M, and on Congress Rd. from $1.349.5M to $1.295M.

This week there were four homes in Carmel that sold and one in Pebble Beach, seeming to endorse the views above. The Carmel Real Estate sales were on Torres & 8th for $1.175M after 383 Days on Market (DOM), on San Carlos & 9th for $1.175M after 333 DOM, on Guadalupe St. for $925K after 17 DOM, and on Outlook Dr. for $870K after 39 DOM. The Pebble Beach real estate sale was on Lopez Rd. for $1,127,500 after 297 DOM.

For a larger picture of Carmel Real Estate sales, 90 homes have sold in the last 120 days (1/27/12 to 5/26/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 157 days and average $/sq. ft. is $619. 40 homes in Carmel were $1M or under and 12 homes were REO properties. Pebble Beach Real Estate sales were 48, from $6.75M for a home on 17 Mile Dr. to $395K for a house on Shepherds Knoll and 8 were REO properties. 22 homes were $1M or under. Average DOM is 170 days and average $/sq. ft. is $489.

Ian’s Google+ Page

Carmel & Pebble Beach Real Estate News for June 9th 2012

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data — Tags: , , , , , , , , , — admin @ 1:50 pm

In total there were five new listings and two sales this week. The new listings in Carmel are, on Santa Rita for $3.495M, on 8th & Forest Ave. for $1.549M, on Camino Real & 9th for $2.198M, on Fairfield Pl. for $1.095M, and on Upper Trails for $ 1.749M.

There were three new listings and three sales for Pebble Beach. The new listings are on Spraunce Rd. for $3.19M, on Wrangler Trail Rd. for $1.035M, and on 17 Mile Dr. for $5.25M

There were no price increases in either Carmel or Pebble Beach this week.

Eleven homes decreased in price, continuing to sustain buyers thinking that there is still room to negotiate on asking price. In Carmel ten homes had a price decrease, on Santa Rita & 2nd from $825K to $795.5K, on 1st Ave. from $1.195M to $995K, on Lobos St. from $799.9K to $699.5K, on Monte Verde & 3rd from $2.995M to $2.75M, on Carmelo from $5.395M to $4.895M, on South San Luis Ave. from $1.095M to $998K, and another on South San Luis Ave. from $939K to $899K, a REO on Morse Dr. from $823.5K to $749.9K, on Dolores St from $1.295M to $1.035M, and on Ribera Rd. from $795K to $774.9K. In Pebble Beach one home had a price decrease, on Cypress Dr. from $9.95M to $8.8M.

This week there were two homes in Carmel that sold and three in Pebble Beach. The Carmel Real Estate sales were on Santa Rita for $1.2M after 96 Days on Market (DOM), and on Torres St. for $581,155 after 9 DOM. The Pebble Beach real estate sales were on El Bosque Dr. for $557K after 80 DOM, on San Carlos Rd. for $1.068M after 71 DOM, and on Hopi Rd. for $845K after 77 DOM.

For a larger picture of Carmel Real Estate sales, 92 homes have sold in the last 120 days (2/10/12 to 6/09/12). Ranging from $4.1M for a home on Santa Lucia & San Antonio to $350K for a home on Rio Rd.. Average DOM is 158 days and average $/sq. ft. is $600. 51 homes in Carmel were $1M or under and 13 homes were REO properties. Pebble Beach Real Estate sales for the same period were 48, from $6.75M for a home on 17 Mile Dr. to $395K for a house on Shepherds Knoll and 7 were REO properties. 24 homes were $1M or under. Average DOM is 162 days and average $/sq. ft. is $483.

Ian Milne

May 21, 2012

Carmel & Pebble Beach Real Estate News for May, 12th 2012

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data,Uncategorized — admin @ 4:47 pm

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 are outperforming real estate in Pebble Beach especially at around the $1M mark. Overall the Carmel real estate market seems to be strong, and even growing. In total there were six new listings and six sales this week. Resonable activity for Carmel. The new listings for homes in Carmel are, on Mesa Dr. for $685K, on Ocean View Ave. for $3.995M, on Crespi for $995K, a REO on Torres for $570K, on Viejo Rd. for $1.45M, and on Dolores St. for $2.275M. At any time, you can easily find the latest listings by watching the New MLS Listings slide show on this page or by clicking on the address link.

There were four new listings and three sales for Pebble Beach. The new listings are on 17 Mile Dr. for $2.495M, on Quarry Rd. for $2.195M, on Forest Lake Rd. for $2.99M, and on Old Dr. for $1.245M.

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

Seven homes decreased in price, continuing to sustain buyers feelings that there is still room to negotiate on asking price. In Carmel five homes had a price decrease, on Casanova from $2.45M to $1.995M, on Camino Real from $1.295M to $1.245M, on 13th Ave. from $3.15M to $2.899M, on Upper Trails from $785K to $699K, on Ocean & Carmelo from $2.7M to $2.5M. In Pebble Beach two homes had a price decrease, on Lopez Rd. from $899K to $749K, on Coyote Rd. from $1.599M to $1.495M.

Real estate in Carmel and Pebble Beach appear to be rated a “good buy” these days, especially among savvy 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 six homes in Carmel that sold and three in Pebble Beach, seeming to endorse the views above. In Carmel a REO on Rio Vista Dr.for $710K after 184 Days on Market (DOM), on Oliver Rd. for $630K after 183 DOM, on Vizcaino & Mt. View for $950K after 72 DOM, on Casanova & 2nd. for $1.55M after 72 DOM, on Santa Rita & 1st for $699K after 9 DOM, and on Guadalupe St. for $925K after 15 DOM. The Pebble Beach real estate sales were on Viscaino Rd. for $1.05M after 197 DOM, on Stevenson Dr. for $1.55M after 98 DOM and on Arroyo Dr. for $1.35M after 64 DOM.

For a larger picture of Carmel Real Estate sales, 84 homes have sold in the last 120 days (1/13/12 to 5/12/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 151 days and average $/sq. ft. is $593. 47 homes in Carmel were $1M or under and 11 homes were REO properties. In Pebble Beach there were 46 real estate sales, from $6.4M for a home on Portola Rd. to $395K for a house on Shepherds Knoll and 6 were REO properties. 20 homes were $1M or under. Average DOM is 179 days and average $/sq. ft. is $497.

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