Temperatures warmed up this week and it looks like Saturday will be sunny with rain expected later in the evening. We are hopeful that the worst of the storms are over, we've had an eventful winter! As you may have heard, the Pfeiffer Canyon Bridge has multiple cracks in one of its support columns and and has been closed to traffic since Feb.15. Caltrans announced after a bridge inspection on Tuesday that the structure is beyond repair, and it will take six months or more to build a new one. The closure means travelers can no longer make the complete road-trip along California's scenic Highway 1. Motorists may now only travel south on State Route 1 from Carmel to just south of Palo Colorado in Monterey County and north from Cambria to Ragged Point in San Luis Obispo County. It's going to be a tough summer for the Big Sur businesses! Our thoughts are with them...it's been a difficult year down there! (Source info & photo: SF Gate)
MARKET STATISTICS
Here’s the summary of Monterey Peninsula real estate activity reported on MLS for the past seven days:
New listings – 33
Off Market - 19
New escrows – 20
Closed sales – 25
Largest sale - $3.28 Million in Pebble Beach
Inventory – 416
Price reductions – 15
Listings,new escrows and closed sales are down slightly this week. Inventory had a minimal decline. In summary, the market was static!
66% of new listings this week were under $1 million.
The largest sale this week was a town house near the Lodge at Pebble Beach. It has 4 bedrooms, 4 bathrooms, 3012 SF and views of the ocean. It was on the market for 348 days and initial list price was $4.2 Million. It sold at 78% of list price.
There are two notable listings this week. One on Scenic Drive in Carmel. It last sold in January 2016 for $10.2 million. Just over a year later, it's back on the market at $12,95 million. It is 3389 SF, has 4 bedrooms, 3 bathrooms and of course VIEWS, VIEWS, VIEWS! The other property is in Pebble Beach and is above the Lodge area on Del Ciervo. Here's the description....."The absolute best views Pebble Beach has to offer are from this 4.8 acre site with substantial 1834 sq.ft. guest house and enough water allocated to build a home dreams are made of. A one-of-a kind property in the heart of Pebble Beach, this incredible spot is sunny and private behind gates and with an unobstructed panorama of the golf course, Carmel Beach, Pt. Lobos, and beyond. Guest house is ample with two bedrooms, two and a half baths, two fireplaces and views, views, views. This is an extremely rare opportunity combining the opportunity to live in the guest house while creating a main house on a huge lot with the most jaw-dropping beautiful vistas on the Monterey Peninsula."
NATIONAL REAL ESTATE NEWS:
All-Cash Sales Falling Nationwide
DAILY REAL ESTATE NEWS | WEDNESDAY, MARCH 01, 2017
All-cash sales are on the decline, accounting for 32.4 percent of total home sales in November 2016, down 4.5 percentage points year over year, according to CoreLogic's most recent housing data. That's a significant drop from January 2011, when cash sales were at their peak: a whopping 46.6 percent of all home sales nationally. CoreLogic experts predict cash sales will fall to a historical norm of about 25 percent by mid-2017.
Cash sales are most common in the REO market (60.2 percent of REO sales were cash in November 2016), followed by resale homes (32.3 percent), short sales (31.9 percent), and newly constructed homes (15.5 percent), according to CoreLogic. REO sales have been steadily declining since their peak in January 2011, which helps explain the overall drop in cash sales.
The state with the largest number of cash sales in November was New York, at 47.4 percent of transactions, according to CoreLogic. Other states with elevated percentages of cash sales include Alabama (47.3 percent), Michigan (44.1 percent), Florida (42.4 percent), and Indiana (41 percent).
Source: “Cash and Distressed Sales Update: November 2016,” CoreLogic Insights Blog (Feb. 27, 2017)
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Have a great weekend
Debora