A Silver Lining in a Possible Downturn

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May 24, 2019

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! 

Modern Luxury in a Carmel Jewel Box

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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.


The AT&T Pebble Beach Pro-Am Evolves

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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 ...


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

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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 ...


A Primal Impression

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The Abstract Works and Social Commentary of Artist Michael Snodgrass

At Monica Graham Fine Art in Carmel-by-the-Sea, passerby often do a double take when noticing certain pieces through the window. The eye-catching work of artist Michael Snodgrass is a conversation starter due to the versatility and uniqueness of his style.


No Place Like Home

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Chrissy Handel's Heart is in the Local Community

Carmel Realty Company Realtor, Chrissy Handel, spent an idyllic childhood in Carmel barbecuing at
Carmel Beach with her family, running into her grandmother playing cards or lunching with her friends at ¬the Beach & Tennis Club at Pebble Beach Resorts and hiking in Big Sur on the weekends with her parents. Now she enjoys sharing many of the same activities with her son, Christopher, 14, and watching him thrive in the community she loves.


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