Pacific Grove Average Price for the Washington Park Neighborhood

I recently received the following email from a client that I thought would be good to include as a blog post as I am sure there is a lot of confusion on Pacific Grove cost per square foot and how it relates to the Pacific Grove home you are interested in purchasing.  I hope you enjoy it and if you have any questions, please don't hesitate to ask me.

Mark Bruno

 

Our Client wrote:

Hi Mark,
I have a question on 842 Sunset Drive in Pacific Grove, CA.  The price per square foot seems high given the amount of work the house needs. What is the avg price per square foot for this area of PG?

Thx

(Monterey Peninsula Home Team Client)

Sent from my iPhone

 

My response:

Hi (Monterey Peninsula Home Team Client),

Pacific Grove has a very eclectic mixture of homes with a wide variable of price enhancers, such as proximity to town, proximity to the water, ocean view or not, not to mention condition.  As such, our price per square foot can vary widely from as low as around $300/sq. ft. to as high as well over $1000/sq ft. In addition, generally speaking, smaller homes have higher price per square foot ratios than larger homes, so that needs to be taken into account as well.
 
842 Sunset is actually a very aggressively priced home for Pacific Grove and will likely sell for close to the asking price, even though it is in nearly original condition.  This home is located in the Washington Park Neighborhood. 

Here are all of the Pacific Grove homes currently for sale in the Washington Park neighborhood (11-4-2015):


$760,000 - 230 Bentley Street  ($894/square foot)

$799,000 - 751 Pine Avenue  ($694/square foot)

$949,000 - 619 Alder Street  ($615/square foot)

$696,000 - 842 Sunset Drive  ($478/square foot) (subject property)

$879,000 - 235 Cedar Street  ($749/square foot)  (Under Contract)

$345,000 - 516 LOBOS Avenue  ($680/square foot)  (Under Contract)

$849,000 - 221 Walcott Way   ($563/square foot)  (Under Contract)

$1,095,000 - 509 Willow Street  ($605/square foot)  (Under Contract) 

$630,000 - 209 Walnut Street  ($1,086/square foot)!!!

$998,000 - 801 Marino Pines Road  ($505/square foot)

$775,000 - 925 Walnut Street  ($713/square foot)

$1,125,000 - 411 Granite Street  ($578/square foot)

 
As you can see, 842 Sunset is the lowest priced home per square foot in the Washington Park neighborhood currently offered for sale, which has to do primarily with it’s location.  This part of Sunset Drive is rather busy with traffic and it is a little bit of an inconvenience to get out of your driveway as cars tend to go faster on this section of road.
 
So to answer your questions, there really isn’t a price per square foot average that is useful for determining value across the entire city.  It is only useful when comparing like homes that are similar in size, features and location. This home, given it’s condition and location is probably priced right in terms of price per square foot in this neighborhood of Pacific Grove...

 
Mark
Mark Bruno
Realtor®/Sales Associate
Top 100 Agents in Northern CA
(831) 917-8190 Cell
CA BRE #01715978
Mark.Bruno@cbnorcal.com