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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.

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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.

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.

March 1, 2012

Is now the time to buy Real Estate in Carmel or Pebble Beach?

Filed under: General,Homes in Carmel,Pebble Beach Real Estate,Real Estate Market Data,Uncategorized — Tags: , , , , , , , , , — admin @ 9:39 pm

If you are sitting on the fence about buying Carmel & Pebble Beach Real Estate then perhaps these words from Warren Buffett will help you make up your mind. The so-called Oracle of Omaha, Warren Buffet forecast for real estate in 2012 and beyond is extremely rosy. He recommends buying homes over investing in a diversified group of leading companies.

In an interview with CNBC on Monday, Buffett said single-family homes, along with stocks, are cheap and attractive investments. By contrast, investments in Treasury bills, gold or simply keeping money in cash are not as attractive.

Buffett said if he had a way to buy “a couple hundred thousand single-family homes” and easily manage them, he would “load up on them” and “take mortgages out at very, very low rates.”

However, he said that managing “a couple hundred thousand single-family homes” is an impossibly Herculean logistical task.

This line of reasoning likely holds true for many brilliant investment minds who choose not to bother with buying single-family homes — even though they are undervalued — when buying and owning stocks is as easy as a few keystrokes and mouse clicks on a computer.

Because of the absence of many of these big institutional investors in the U.S. residential real estate market, it is less competitive than the stock market, Buffett said. When institutional investors of size do enter the residential real estate market, they usually go for apartment buildings, leaving the single-family homes segment even less competitive than the general residential real estate market.

When asked if a young individual investor should buy stocks or his first single-family home, Buffett recommended buying a single-family home with a 30-year mortgage.

“It’s a terrific deal,” he said. “It’s a leveraged way of owning a very cheap asset now and I think that’s probably as an attractive an investment as you can make now.”

In fact, if the young individual investor is “a handy type,” he could “buy a couple of them at distressed prices and find renters,” said Buffett.

Buffett is famous for only investing in assets he believes are undervalued. He must, therefore, believe that the U.S. residential real estate market is undervalued.

One valuation metric for residential properties is the price-to-rent (P/R) ratio, which roughly corresponds to the price-to-earnings (P/E) ratio for stocks.

As seen on the chart below, the rent-to-earnings ratio has fallen to 2004 levels.

Purchase to Rent Ratio

Data from U.S. Census Bureau, chart made using Microsoft Excel

Moreover, as the economy recovers, both rent and housing prices should rise as well.

A perhaps even better argument that the real estate market is historically cheap, however, is that mortgage rates are at or near the historic low.

Mortgage rates are a huge driving factor of the ultimate cost of purchasing a home.

For example, the total interest expense of a $200,000, 30-year fixed-rate mortgage at a 4 percent mortgage rate, which is the current rate, is $144,000. At 10 percent, which was the prevalent rate in 1990, interest expense comes to $432,000.

All this makes buying a home in Carmel a strategic investment for the future.

February 25, 2012

Carmel & Pebble Beach Real Estate Update for January 2012

Filed under: Carmel-by-the-Sea Real Estate,Pebble Beach Real Estate,Real Estate Market Data,Uncategorized — Tags: , , , , , , , , , — admin @ 8:52 pm

Carmel Real Estate

13 homes sold in Carmel, taking an average of 98 days, with an average Sales to List Price of 98%. There were 37 new listings bringing the inventory to 162. Click here to view latest homes in Carmel for sale.

Pebble Real Estate

9 homes sold in Pebble Beach, taking an average of 290 days, with an average Sales to List Price of 89%. There were 17 new listings bringing the inventory to 97. Click here to view latest homes in Pebble Beach for sale.

The data for this article was compiled from the Monterey Association of Realtors Multiple Listing Service and may not reflect all real estate activity. The Association does not guarantee or is responsible for the accuracy of the above data.