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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

International sales continue to climb in U.S. market

Filed under: Homes in Carmel,International,Loans — Tags: , , , , , , , , , — admin @ 3:51 pm

Due to low prices and the relative weakness of the dollar, international buyers continue to identify the U.S. as a desirable place to own property and make a profitable investment.

According to the NATIONAL ASSOCIATION OF REALTORS®  2012 Profile of International Home Buying Activity, total residential international sales in the U.S. for the past year ending March 2012 equaled $82.5 billion, up from $66.4 billion in 2011. Total international sales were evenly split between non-resident foreigners and recent immigrants.

International buyers bought homes throughout the country, but four states accounted for 51 percent of the purchases – Florida, California, Texas, and Arizona. Florida has been the fastest growing destination of choice, accounting for 26 percent of foreign purchases. California was second with 11 percent and Texas and Arizona accounted for seven percent. Proximity to the home country, the presence of relatives and friends, the convenience of air transportation, and climate and location are all important considerations to prospective foreign buyers. Locations on the East Coast generally attract European buyers, while Asian buyers tend to purchase on the West Coast, particularly California. Florida attracts a diverse set of international buyers including South Americans, Europeans and Canadians. Meanwhile, Texas remains popular among Mexican buyers. Within markets in an individual state, it is not unusual to find concentrations of people grouped by nationality.

International buyers came from all over the globe, but Canada, China (The People’s Republic of China including Hong Kong), Mexico, India, and the United Kingdom accounted for 55 percent of all international transactions, according to the survey. Canada and China remain the fastest-growing home countries. Canada accounted for 24 percent of international sales while China accounted for 11 percent, up from nine percent in 2011. Mexico was third with eight percent of sales and India and the U.K. both accounted for six percent.

More info

So with foreign investment in U.S. residential real estate increasing dramatically in recent years, reaching international buyers has never been more important. Displaying on Sothebysrealty.com, the most-visited luxury real estate network website, provides properties with unmatched advantages in the global marketplace. With  38% of the site’s visitors from outside the U.S. and  72% of the world’s users search in a language other than English. Visitors can select from 15 translations and play listing videos in five languages.  Listing prices can be viewed in 49 different currencies, with exchange rate calculations updating three times per day.
All of this combined with the global recognition and trust inspired by the Sotheby’s name ensures that our listings connect with the broadest global audience.

Visit Sothebysrealty.com to explore the many online advantages offered by our brand.

For more news check out Homes in Carmel’s Google+ Page

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.

May 16, 2012

Carmel & Pebble Beach Real Estate News for May, 5th 2012

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data — Tags: , , , , , , , , , — admin @ 7:37 am

Homes in Carmel are outperforming real estate in Pebble Beach. Overall the Carmel real estate market seems to be strong, and even growing. In total there were five new listings and seven sales this week. Good activity for Carmel and inventory levels are still leveling off. The new listings for homes in Carmel are, on Hatton Rd. for $1,795,800, on Dolores & 11th for $1.149M, on Val Verde for $1.9M, on Isabella Ave. for $3.795M, on Mission & 10th for $1.295M. 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 six new listings and one sale for Pebble Beach. The new listings are on Viscaino Rd. for $4.195M, on Don Ln. for $2.95M, on Riata Rd. for $2.8M, on Padre Ln. for $4.6M, on Bird Rock Rd. for $1.198M, on Sawmill Gulch Rd. for $995K.

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

Nine 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 Casanova & 2nd from $2.198M to $1.56M, on San Antonio Ave. from $6.495M to $5.997M, on Monte Verde & 13th from $3.195M to $2.975M, on Rio Vista Rd. from $995K to $945K, a REO on Handley Dr. from $835K to $750K, on Mission St. from $999K to $898K, and on Dolores St. from $1.295M to $1.165M. In Pebble Beach two homes had a price decrease, on Portola Rd. from $5.25M to $4.45M and on Ronda Rd. from $3.9M to $3.49M.

Homes in Carmel and Pebble Beach appear to be rated a “good 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 seven homes in Carmel that sold and one in Pebble Beach, seeming to endorse the comments above. In Carmel on Monte Verde for $825K after 469 Days on Market (DOM), on Monte Verde & 13th for $1.825M after 371 DOM, on 14th Ave. for $2.35M after 214 DOM, on Flanders Dr. for $778 after 365 DOM, on Mission & 2nd for $1.15M after 86 DOM, on Guadalupe for $860K after 7 DOM and on 14th Ave. for $1M after 4 DOM. The Pebble Beach real estate sale was on Arrowhead Rd. for $720K after 35 DOM.

For a larger picture of Carmel Real Estate sales, 83 homes have sold in the last 120 days (1/06/12 to 5/05/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 154 days and average $/sq. ft. is $583. 49 homes in Carmel were $1M or under and 12 of these homes were REO properties. In Pebble Beach there were 49 real estate sales, from $6.4M for a home on Portola Rd. to $395K for a house on Shepherds Knoll and 8 were REO properties. Average DOM is 202 days and average $/sq. ft. is $501.

May 6, 2012

Carmel & Pebble Beach Real Estate News for Apr. 28th 2012

Filed under: Carmel-by-the-Sea Real Estate,Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data — Tags: , , , , , , , , , — admin @ 7:45 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 are outperforming real estate in Pebble Beach. Overall the Carmel real estate market still seems to be strong, and growing. In total there were six new listings and six sales this week. Good activity for Carmel and inventory levels are still leveling off. The new listings for homes in Carmel are, on Camino Real for $2.195M, on 4th Ave. for $1.495M, on Casanova St. for $2.395M, on Lincoln & 9th for $1.625M, on Lobos & 2nd for $1.15M, and on Crespi for $2.15M. 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 one new listing and three sales for Pebble Beach. The new listing is on Bird Rock Rd. for $850K.

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

Nine 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 Atherton Dr. from $1.175M to $850K, on Dolores St. from $3.795M to $3.695M, on Walker Ave. from $1.995M to $1.695M, on Dolores & 10th from $2.2M to $1.695M, on Tolando trails from $1.175M to $1.125M, on Guadalupe & 7th from $1.075M to $995K, and a REO on Morse Dr. from $823,500 to $783,902.  In Pebble Beach two homes had a price decrease, on Portola Rd. from $5.25M to $4.95M and on Vaquero Rd. from $987.5K to $880K.

Homes in Carmel and Pebble Beach appear to be rated a “good 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 six homes in Carmel that sold and three in Pebble Beach, seeming to endorse the comments above. In Carmel on Santa Fe & 5th for $1,165,560 after 419 Days on Market (DOM), on Edgefield Pl. for $1.04M after 266 DOM, on Carmelo St. for $2.0M after 177 DOM, on Flanders Dr. for $600K after 112 DOM, on Casanova & 8th for $1.175M after 60 DOM, and on Canyon Dr. for $576K after 34 DOM. The Pebble Beach real estate sales were on Riata Rd. for $5.155M after 414 DOM, on Crest Rd. for $585K after 272 DOM, and on Bird Rock Rd. for 920K after 3 DOM.

For a larger picture of Carmel Real Estate sales, 78 homes have sold in the last 120 days (12/30/11 to 4/28/12). Ranging from $8,100,000 for a home on Scenic & 8th to $323,000 for a REO on Mission & 4th. Average DOM is 146 days and average $/sq. ft. is $574. 45 homes in Carmel were $1M or under and 12 of these homes were REO properties. In Pebble Beach there were 49 real estate sales, from $6.4M for a home on Portola Rd. to $395K for a house on Shepherds Knoll and 8 were REO properties. Average DOM is 203 days and average $/sq. ft. is $504.

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

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