A Silver Lining in a Possible Downturn

Pebble Beach | Carmel | Carmel Valley

A Silver Lining in a Possible Downturn

May 24, 2019

by Courtney Jones, REALTOR®

Simply put, we could use a bit more equilibrium in our market. When you compare 2008 to 2018, the data indicates a solid 10 year run. It currently takes half as much time to sell a house as it did ten years ago, values are up about 10% and we have double the number of sales and double the annual sales volume.

With the influx of some highly anticipated IPO’s in the Bay Area later this year, there is potential for increased demand in the pipeline. But equity grants typically vest over a number of years and some feel the hype is overblown.

Numbers have been flat so far this year and we are seeing longer marketing periods. Sellers have been testing higher prices, but in the Carmel, Carmel Valley, the Highlands and Pebble Beach, 40% of sales this year reduced from the original listing price and closed around 94% of asking. A correction must certainly be in the cards by 2020.

While it has been a profitable time to be a seller, it’s been difficult on the buy side. I’ve been hard pressed to find a quality property, even a fixer in a good location, under $1.5M and only about 8% of our current inventory is under $1M. Try being a first time home buyer or a local family looking to move up in our market. It’s discouraging to say the least.

The majority of our buyers come from the Bay Area and our market is well priced when compared to the communities up North. Some families even choose to live here and commute to the Silicon Valley or San Francisco. But many of these buyers are looking for vacation homes and their demand has pushed our prices higher.

A correction would mean increased inventory, more reasonable pricing, resulting in more sales. That’s a win-win for buyers and sellers alike. I say bring it on!

Vacation Itinerary for a Weekend in Carmel

Carmel-by-the-Sea is a longtime favorite destination for people from all over the country for a weekend visit (or longer) and has something that will create memories for everyone. Whether it's a romantic getaway, a girls' trip, a family affair or local stay-cation, if you're looking for a place with the perfect balance of relaxation and entertainment, you'll find it in our seaside village.

Tags: 1913 Magazine A Weekend in Carmel Carmel Vacation Things to do in Carmel-by-the-Sea

NAR Settlement

What's Changing About Real-Estate Commissions?

Dear Clients & Friends,

I want to address the National Association of REALTOR®s' recent settlement to resolve a class action lawsuit that has been in the news so much this year. One of the settlement terms is that the MLS will no longer allow for listing agents to make offers of compensation to buyer’s agents, which is how it has traditionally been handled. To comply with this settlement, the MLS removed all offers of buyer’s agent compensation as of Tuesday, August 13th.

Commissions always ...

» Read More about NAR Settlement

Modern Luxury in a Carmel Jewel Box

Fourtané Jewelers Opens a Beautiful New Boutique

In late 2023 Fourtané Jewelers, owned by the Bonifas family, opened a second Carmel location just up the street on Ocean Avenue from their famous jewelry and watch salon in the historic Pine Inn. Known as a worldwide purveyor of rare vintage jewelry pieces and of the finest watch brands in the world, including Rolex, Patek Phillipe and Cartier, the new, two-story boutique focuses solely on jewelry. The Bonifas family also owns a Rolex Boutique in San Diego, which they are currently expanding.

Tags: 1913 Magazine Carmel Art Scene Carmel Jewelry Carolina Bucci Fourtane Jewelers Josh Bonifas Juan Da Silva

The AT&T Pebble Beach Pro-Am Evolves

Photo: Marc Howard

The Tournament's Exciting Transformation

AT&T Pebble Beach Pro-Am Tournament Director and Monterey Peninsula Foundation CEO Steve John has played as an amateur in the legendary golf tournament nine times, and each time, his excitement never waned.

"It was truly a treasured invitation," he says. "It's impossible to play center fi eld in a professional baseball game, but you can be part of something special with the Pro-Am."

A mainstay of the Monterey Peninsula for almost 80 years, the tournament has been officially ...

Tags: 1913 Magazine ATT Pebble Beach Pro-Am Carmel Real Estate Changes to the ATT Golf Tournament Pebble Beach Golf Links Pebble Beach Real Estate

The Before and After Series | Part Seventeen: Valley Estate Perfected

It was the quintessential COVID sale.

I had been referred to potential buyers who were relocating to Carmel from Colorado. They were the type of buyers that could be successful in the crazy days of COVID. Decisive, ready and able. It was March, 2021 and a gorgeous four bedroom home on one of my favorite streets in Carmel Valley had just hit the market. I called my clients and the husband literally hoped on a flight the very next morning. He boarded a plane with only a cup of coffee in ...