The weather outside is frightful so be careful out there and stay dry! Forecasts call for wind and rain all weekend. Numerous local cities on the Peninsula are without power right now so make sure you have your flash light handy and keep the refrigerator closed!
Here’s the summary of Monterey Peninsula real estate activity reported on MLS for the past seven days:
New listings – 46
Off Market - 12
New escrows – 31
Closed sales – 20
Largest sale - $6.05 Million in Pebble Beach
Inventory – 449
Price reductions – 18
Listings and new escrows were down from last week but activity was still healthy. Inventory remains flat and there were a few more price reductions. Here are some highlights:
The largest sale this week was in Pebble Beach. The home was located in the Macomber Estates on a 3.39 acre lot. It boasts 5 bedrooms, 6 full baths and 7200 SF of living space. The property has been on and off the market since 2012 and list price was once over $9 million!
The highest priced listing this week is on Ronda Road in Pebble Beach. Listed at $8.5M this home is 4176 SF and has 4 bedrooms and 4 bathrooms. It was designed by Conrad Sanchez and maximizes the views from every window. The home is ultra-modern with concrete floors and an array of unique features. The guest bathroom on the main level is made out of polished stone and is lighted from behind. It creates a dramatic effect and is definitely a show stopper! Sanchez has built numerous contemporary homes in Pebble Beach and is known for his “coastal living” indoor/outdoor concepts. He recently completed properties on Arroyo and Stevenson. Keep an eye out for an open house or….if you are in the market for a contemporary home, I’d be happy to set up a showing!
A property just came on the market at 3129 17 Mile Drive just south of Bird Rock. The stand out is the location and view. The home needs an update and a floor plan reconfiguration but for $5.95M you are buying an amazing view! It is a little over 6900 SF, has 5 bedrooms and 5 baths and a huge garage that can hold 10 cars! WOW!
NATIONAL REAL ESTATE NEWS:
Modified Loans Re-defaulting at Faster Rates
DAILY REAL ESTATE NEWS | THURSDAY, FEBRUARY 16, 2017
Loans that have been modified since 2014 are re-defaulting at faster rates than those that were modified in prior years, according to a new report. Seventy-five percent of the loans that re-defaulted did so within the first two years after receiving a loan modification, according to analysis of Fannie Mae loan data.
“Relative to prior years, recent trends indicate more modifications made to borrowers that have prior failed loan modifications, lower payment reductions, and lower credit scores,” says Samuel So, Fitch Ratings director. Fitch analyzed about 700,000 loans, with cumulative unpaid principal balances of $135 billion, that had been permanently modified between 2010 and 2015. Fitch’s study found that loans modified more recently had lower average FICO scores and a higher number of prior modifications, which appeared to be related to higher re-default risk.
In 2009, the average FICO score was 655 and only 1 percent of loans had multiple modifications. By 2015, the average FICO score was 592, and 34 percent of the loans had multiple modifications, the Fitch Ratings study showed.
Source: “Recently Modified Loans Redefault at a Faster Pace,” National Mortgage News (Feb. 9, 2017)
I welcome your feedback and I hope you find the information helpful.
Have a great weekend