Monterey Peninsula Real Estate Blog

Information about Monterey Peninsula Real Estate including new MLS Real Estate Listings by the Monterey Peninsula Home Team. You will see posts about Monterey Peninsula cities including Monterey, Pacific Grove, Pebble Beach, Carmel, Carmel Valley, Seaside, Marina and the HWY 68 Corridor.  These posts will have stories and information about local issues including real estate, news, and other helpful information, plus anything else we want to write about ;-).

 

July 15, 2014

What is Up with Home Mortgage Rates?

What is Up with Home Mortgage Rates?

Clients, friends and strangers are always asking me to look into my crystal ball when it comes to home mortgage rates.  I found this great info-graphic and assembly of quotes and opinions from KCM that I thought I would share.

Interest Rates Trends Graph

National Association of Realtors

“Mortgage rates could move suddenly higher in anticipation of rate increases, much as they did last summer when refinance and transaction activity was high. Steady purchase transaction volume and lower refinance volume could mean that mortgages rates may adjust in a more gradual fashion. In either case, as the economy improves—and today’s data clearly suggests it is improving—the overall trend for mortgage rates is up, not down.”

Freddie Mac

“In the next few months, mortgage rates are likely to remain at their current, low level, but will not remain there for long. As the Federal Reserve is expected to ‘taper’ its purchases of long-term Treasuries and mortgage-backed securities, and as economic growth picks up, long-term yields will gradually rise. Fixed-rate mortgages are expected to be higher in six months, and may even approach 5 percent a year from now.”

HSH.com

“For now, and likely through the summer, we may see data-driven bumps and dips in rates. Although we managed a slight dip presently, a bump is in order before long.”

Fannie Mae

Projects the 30 year fixed mortgage rate to be 4.3% by the end of the year.

Mortgage Bankers Association

Projects the 30 year fixed mortgage rate to be 4.7% by the end of the year.

July 9, 2014

California Has 14% Share of Foreign Housing Buyers

California Has 14% Share of Foreign Housing Buyers

Foreign Buyers Up Their Stake in U.S. Housing Market

Daily Real Estate News | Wednesday, July 09, 2014

International buyers continue to flock to the U.S. to purchase and invest in properties. Favorable exchange rates, affordable home prices, and rising affluence abroad is driving interest, according to the 2014 Profile of International Home Buying Activity conducted by the National Association of REALTORS®.

From April 2013 through March 2014, total international sales are estimated at $92.2 billion, a rise from $68.2 billion from the previous period, NAR reports. Twenty-eight percent of REALTORS® reported working with international clients this year.

“We live in an international marketplace; so while all real estate is local, that does not mean that all property buyers are,” says Steve Brown, NAR’s president. “Foreign buyers are being enticed to U.S. real estate because of what they recognize as attractive prices, economic stability, and an incredible opportunity for investment in their future.”

Top Destinations for Foreign Buyers

Four states alone have accounted for 55 percent of the total purchases by international buyers recently: Florida, California, Arizona, and Texas.

The following are the top destination states for foreign home buyers and investors:

  1. Florida, which has a 23 percent share of all foreign purchases
  2. California, a 14 percent share
  3. Texas, a 12 percent share
  4. Arizona, a 6 percent share

The top five cities searched online by international buyers in 2014 were: Los Angeles, Miami, Las Vegas, Orlando, and New York, according to a separate analysis by realtor.com®.

Who's Coming?

International buyers are coming to the United States from all over the world, but the highest interest in U.S. property is being driven by Canada, China (The People’s Republic of China, Hong Kong, and Taiwan), Mexico, India, and the United Kingdom, which accounted for about 54 percent of all reported international transactions.

Canadian residents continue to have the largest share of U.S. purchases, but dropped their share from 23 percent in 2013 to 19 percent in 2014. Buyers from China hold the lead in dollar volume, purchasing an estimated $22 billion with an average sale cost of $590,826, according to the NAR study. China was also the fastest-growing source of transactions, now accounting for 16 percent of all purchases, up 4 percent from last year.

Snapshot of Foreign Home Purchases in the U.S.

International buyers are more likely to make all-cash purchases when compared to domestic buyers, the survey shows. In 2014, nearly 60 percent of reported international transactions were all cash, compared to only one-third of domestic purchases.

Mortgage financing tends to be a major problem for international clients due to a lack of a U.S. based credit history, lack of a Social Security number, difficulties in documenting mortgage requirements and financial profiles that differ from those normally received by financial institutions from domestic residents.

The survey also revealed the following about foreign buyers’ home purchases:

  • 42% of foreign buyers use their U.S. home as a primary residence.
  • About 65% of purchases involved a single-family home.
  • Nearly half of foreign buyers say they prefer properties in a suburban area; about a quarter say they prefer a central city or urban area; and about 13 percent chose to purchase in a resort area.

 

Source: National Association of REALTORS®

 

Related Stories:

8 Countries Where There's a Rush for U.S. Real Estate

Chinese Buyers See Big Opportunity in U.S.

More Foreigners Plant Roots in U.S.

 

 

June 27, 2014

Real Estate Is Best Investment for All

Real Estate Is Best Investment for All Age Groups!

Real Estate Is Best Investment for All Age Groups!

June 20, 2014

Charles Rollo Peters and the History of Peter’s Gate in Monterey

Originally published June 20, 2014; substantially updated August 2026.

Most Monterey neighborhoods are named for geography, old subdivisions or streets. Peter's Gate is different. It carries the name of one of the most colorful figures in early California art: painter Charles Rollo Peters, whose atmospheric nighttime paintings of Monterey's fading Spanish and Mexican-era adobes earned him the nickname "The Prince of Darkness."

At the beginning of the twentieth century, Peters created a remarkable 30-acre estate in the wooded hills above Monterey. He built a home, studio and gallery, entertained artists and writers, and helped make Monterey an important gathering place for California's emerging art community.

The estate eventually disappeared into residential development, but its name did not. More than a century later, the gateposts still stand, the neighborhood is still known as Peter's Gate, and Peters' paintings preserve an eerie and beautiful image of Monterey before much of the city we know today existed.

If you are researching homes rather than neighborhood history, visit our complete guide to Peter's Gate real estate and homes for sale.

Who Was Charles Rollo Peters?

Charles Rollo Peters was born in San Francisco in 1862 into a prominent pioneer California family.

He studied art in California with painters including Jules Tavernier and Virgil Williams before traveling to France, where he attended the Académie Julian and École des Beaux-Arts in Paris.

Europe exposed Peters to a very different artistic world, but one idea in particular would define the rest of his career: the beauty of a landscape after daylight had begun to disappear.

While working in Brittany, Peters became increasingly fascinated by evening and nighttime scenes. Rather than using bright daylight to reveal every detail, he discovered that darkness allowed him to create atmosphere, mystery and emotion.

That approach would eventually make him one of California's best-known painters of nocturnes—landscapes painted at night or twilight.

Why Monterey Captured Peters' Imagination

Peters began visiting the Monterey Peninsula during the late nineteenth century and was drawn to a landscape that looked very different from the Monterey we see today.

Modern development had not yet covered the surrounding hills. Monterey still contained deteriorating adobe homes and civic buildings from the Spanish and Mexican eras, many standing partly abandoned or altered by decades of weather.

Monterey's old adobes were especially well suited to Peters' style.

Under moonlight, their white walls, red-tile roofs, dark windows and irregular shapes became mysterious forms rather than architectural documents. Monterey cypress, eucalyptus, coastal fog and moonlight added even more atmosphere.

Peters painted the Carmel Mission, old Monterey adobes, the coast, Carmel River and other Peninsula subjects repeatedly.

In many of his paintings, a tiny glowing window provides the only obvious source of warmth against a landscape dominated by blue, green, gray and black.

Monterey's "Prince of Darkness"

Peters became so closely associated with nocturnal paintings that he acquired one of the more memorable nicknames in California art history: "The Prince of Darkness."

The name sounds ominous today, but it referred to his ability to paint night.

Monterey Adobe at Night by Charles Rollo Peters

Monterey Adobe at Night, c. 1918, by Charles Rollo Peters. Peters became famous for nocturnal paintings of Monterey's aging adobes, earning him the nickname “The Prince of Darkness.” Image via Wikimedia Commons, CC BY-SA 4.0.

His nocturnes rarely attempt to show every architectural detail. Instead, they suggest Monterey through shadow, moonlight and limited illumination. An adobe wall that would appear white during daylight might become blue or green under Peters' brush, while a single orange or yellow window implied someone was awake inside.

The Monterey Museum of Art preserves an important collection of Peters' work, including paintings of Carmel Mission, Carmel River and historic Monterey adobes.

One particularly striking example depicts the old Castro-Work Adobe—today associated with La Mirada—as a nearly silent structure reflected in water beneath the night sky.

Charles Rollo Peters Builds His Monterey Estate

Around 1900, Peters purchased approximately 30 acres of wooded hillside land above Monterey.

At the time, this was not an established residential neighborhood. The property was near the edge of developed Monterey, surrounded by hills, creeks, pine and oak forest.

The location offered both privacy and broad views across the surrounding landscape.

Peters developed the property into much more than a house.

The estate eventually included a residence, art studio and gallery, guest and servant quarters, stables, gardens and an orchard.

A 1907 description of his studio praised its remarkable location away from the busier parts of Monterey.

The property became known as Peters Gate.

Before Peters Gate: Peters Lived in Old Monterey

Peters already had an interesting connection with Monterey before establishing his estate.

For several years during the 1890s, he and his family lived on property associated with what is now known as the historic Finch-Fleischer House in Monterey.

That placed Peters close to the old adobes and historic buildings he was painting while he became increasingly connected to Monterey's emerging artistic community.

Only later did he move uphill to the 30-acre property that would permanently attach his name to the city.

Buyers and visitors interested in Monterey's earlier residential history can explore our guide to Old Town Monterey.

Peters Gate Becomes an Artists' Gathering Place

Peters did not retreat to his estate simply to paint in isolation.

He was known for entertaining.

Artists, writers, Bohemian Club members and members of San Francisco society traveled to Monterey and gathered at Peters Gate. Dinner parties and artistic gatherings helped connect Monterey with the cultural life of San Francisco.

Peters belonged to the San Francisco-based Bohemian Club, which had originated among journalists, writers and artists before attracting a broader group of prominent members.

The Peter's Gate estate became one of the places where that artistic and bohemian culture migrated south to the Monterey Peninsula.

That matters historically because Monterey and neighboring Carmel were beginning to develop reputations as places where artists and writers could escape San Francisco while still remaining connected to its cultural community.

The 1906 San Francisco Earthquake Strengthens the Monterey Art Colony

The devastating San Francisco earthquake and fire of 1906 accelerated that movement.

Artists and other creative people displaced by the disaster traveled south, and Peters temporarily provided refuge for some of them at his Monterey estate.

Other artists were establishing themselves throughout Monterey and Carmel during the same general period.

The result was not one formally organized "art colony" but a network of painters, writers, photographers and patrons who found the Monterey Peninsula's landscape, older architecture and relative isolation compelling.

Peters' estate became one of the important social centers of that world.

The Hotel Del Monte and Monterey's Emerging Art Community

Monterey's transformation into an artistic destination was happening alongside another major development: the rise of the Hotel Del Monte as one of the West's great resorts.

Affluent visitors arriving at the hotel brought an audience for California art. In 1907, the Hotel Del Monte Art Gallery opened and became an important venue for California artists.

Peters was part of this expanding cultural scene.

The combination of a luxury resort, dramatic landscape, historic architecture and a growing population of working artists helped establish Monterey as more than a tourist stop.

It became a place where California's changing identity was being interpreted through art.

Read more about the resort's influence in our History of Hotel Del Monte.

The Original Peters Gates

The neighborhood name is not merely figurative. Actual gateposts associated with the estate survive in Monterey.

Historical research by the Monterey Vista Neighborhood Association identifies two sets of Peters Gates marking boundaries of the original property.

They are located around:

  • Alameda Street and Grove Street
  • Alameda Street and Munras Avenue

The gate structures date to the Peters era and became permanent neighborhood landmarks even after the original estate was subdivided.

The City of Monterey has participated in maintaining and restoring the gates, including reconstruction work after deterioration and damage.

Not Every Old Gate Nearby Is a Peters Gate

There is a great piece of local-history confusion worth clearing up.

The impressive stone-and-wood gates around Colton Street near Monterey Circle are sometimes casually described as Peters Gates.

They are not.

Historical research by the Monterey Vista Neighborhood Association indicates that those gates stood outside Peters' acreage and were probably associated with the nearby estate of the Bruguiere family, another affluent San Francisco family that maintained a Monterey property during the same era.

The similarity of the old estate entrances—and the fact that both families belonged to roughly the same social world—has understandably created confusion over the years.

But the Bruguiere gates and the Peters Gates represent two separate Monterey estates.

Personal Tragedy Behind the Glamorous Peters Gate Years

Peters' Monterey years were not simply a story of paintings and lavish entertaining.

His family experienced profound personal losses.

His wife Kathleen died in the early 1900s, followed not long afterward by the death of their young daughter.

The Monterey Museum of Art notes that Peters' increasingly extravagant social life was accompanied by financial decline and alcoholism.

Behind the romantic image of artists gathering under Monterey pines was a far more complicated personal story.

Peters eventually left Monterey in 1909. His artistic connection to the Peninsula continued, but his brief period actually living at Peters Gate had ended.

What Happened to the 30-Acre Estate?

One of the most important corrections to our original 2014 article is the timing of neighborhood development.

The old article suggested that Peter's Gate broadly grew from the 1910s through the 1950s. More detailed neighborhood research shows a more nuanced story.

Work on subdividing the Peters Gate property did not begin until the late 1920s, well after Peters himself had departed.

Nearby Monte Regio subdivisions were being planned during roughly the same period.

Even then, the hills did not suddenly become a dense neighborhood. Much of the major residential construction occurred after World War II.

That explains why Peter's Gate contains such an interesting mixture of architecture. Early houses and prewar residences sit alongside postwar ranch homes, mid-century properties and later remodels.

Peter's Gate and Monte Regio Are Not Historically the Same Place

This is another point worth correcting from older Monterey real-estate descriptions.

Peter's Gate and Monte Regio have different histories.

Peter's Gate originated with Charles Rollo Peters' private estate.

Monte Regio developed through separate residential subdivisions nearby.

Over time, however, local real-estate terminology began grouping the adjoining areas together. Today, buyers and agents frequently use Peter's Gate as a broader shorthand for residential streets that historically belonged to more than one development.

The City of Monterey still uses the name Monte Regio in its planning documents.

And importantly, the correct spelling is Monte Regio—not "Monte Rogio," as our original 2014 post incorrectly stated.

How Peters' Art Preserved a Vanishing Monterey

Charles Rollo Peters matters to Monterey for more than the neighborhood carrying his name.

His paintings capture a city undergoing enormous change.

By the turn of the twentieth century, Monterey's Spanish and Mexican-era adobes were aging, being altered or disappearing entirely. Peters repeatedly painted these structures at night, transforming ordinary aging buildings into mysterious monuments.

His paintings are artistic interpretations rather than architectural records, but they preserve an emotional image of old Monterey that is difficult to recreate from conventional historical photographs.

The darkened missions, tiled adobe roofs, glowing windows and moonlit trees suggest a Monterey suspended between its Spanish and Mexican past and the modern American city that was beginning to replace it.

For the broader story of that transformation, read our Complete History of Monterey, California and Monterey as the Capital of Alta California.

Peter's Gate Today

The original 30-acre artistic retreat is long gone as a unified estate, but its influence remains surprisingly visible.

The gates survive. Portions of the original property survive. The wooded hills Peters found attractive still shape the neighborhood. And an eclectic collection of homes developed over generations rather than through a single modern subdivision.

That history helps explain why Peter's Gate feels different from many later Monterey neighborhoods.

Its identity did not begin with tract homes or a developer's marketing campaign. It began with an artist who looked at Monterey after sunset and saw something worth preserving on canvas.

Peter's Gate Real Estate and Historic Character

Today's Peter's Gate and neighboring Monte Regio area includes a varied collection of Spanish and Mediterranean-influenced residences, Craftsman homes, Tudor and traditional architecture, cottages, ranch homes, mid-century residences and extensively remodeled properties.

Some elevated homes also offer Monterey Bay views.

But the purpose of this article is to tell the history behind the neighborhood. For current homes, maps, buyer guidance and live MLS listings, visit our dedicated Peter's Gate Real Estate & Homes for Sale page.

Frequently Asked Questions About Peter's Gate History

Who was Charles Rollo Peters?

Charles Rollo Peters was a San Francisco-born California painter who became internationally known for atmospheric nighttime paintings, or nocturnes. He studied in California and Paris before establishing a home and studio on a 30-acre estate above Monterey around the beginning of the twentieth century.

Why is Peter's Gate in Monterey named after him?

The modern neighborhood developed in and around Charles Rollo Peters' former 30-acre Monterey estate, which was known as Peters Gate. The estate was eventually subdivided, but the name survived and became associated with the surrounding residential area.

Why was Charles Rollo Peters called the Prince of Darkness?

Peters specialized in nocturnes—paintings of landscapes, missions and Monterey adobes at night or twilight. His distinctive dark palette and mastery of nighttime scenes earned him the nickname "The Prince of Darkness."

When did Charles Rollo Peters live at Peters Gate?

Historical research indicates Peters lived on his Monterey estate for less than a decade, roughly from 1901 until 1909, although his artistic connection with Monterey began earlier and continued beyond those years.

Where are the original Peters Gates?

Two sets of gateposts associated with the original Peters Gate property survive around Alameda Street at Grove Street and Alameda Street at Munras Avenue in Monterey.

Are the large gates on Colton Street also Peters Gates?

No. The large stone-and-wood gates on Colton Street near Monterey Circle are frequently confused with Peters Gates, but neighborhood historical research indicates they were outside Peters' estate and were likely associated with the Bruguiere family property.

Are Peter's Gate and Monte Regio the same neighborhood?

Historically, no. Peter's Gate developed from the former Charles Rollo Peters estate, while Monte Regio was developed separately. Modern real-estate usage frequently groups the adjoining areas together, which is why buyers often see both names associated with the same broader search area.

When was Peter's Gate subdivided?

Subdivision of the former Peters estate began in the late 1920s. A substantial portion of residential construction in Peter's Gate and nearby Monte Regio occurred later, particularly after World War II.

Explore Peter's Gate and Monterey

Charles Rollo Peters' estate lasted only a brief period, but the name he gave it has survived for more than a century.

Today, Peter's Gate is a reminder that Monterey's residential neighborhoods did not develop independently of the city's artistic and cultural history. The same wooded hills, old adobes, Monterey Bay light and coastal atmosphere that attracted Peters continue to shape how people experience the city today.

To continue exploring Monterey, visit:

Considering a home in Peter's Gate, Monte Regio or elsewhere in Monterey?
Explore current Monterey real estate or call Mark Bruno and the Monterey Peninsula Home Team at (831) 917-8190.

June 14, 2014

Monterey Peninsula Real Estate Report (May 2014)

Monterey Peninsula Real Estate Report (May 2014)

You are receiving this email as a valued member of the Monterey Peninsula Home Team's client appreciation program. We recognize that without all of you, we wouldn't have the thriving Monterey Peninsula real estate business that we have. Thank you for all of your support in the past and we look forward to helping you and any of your friends and family with their real estate needs in the future!

May, 2014 Monterey County Real Estate Statistics by city

Buyers’ Fatigue

After batting their heads against the wall for the past year, buyers are increasingly dropping out of the market.

Pending sales of single-family, re-sale homes dropped 36.5% in May from April. That is very unusual. Most years pending sales increase in May from April.

Also, while multiple offers are still quite common, the number of offers on any property have decreased.

Although inventory and sales were up from April, they were still below year ago levels.

It’s tempting to say we’re heading into a correction, but I believe we will experience a flattening of the market for the next six months.

Foreclosure sales and short sales effect on the market continues to diminish. There were only eight foreclosure sales last month. Short sales were down 79.3% year-over-year. There were only twelve short sales. There are currently sixteen foreclosures for sale and eleven short sales.

 

Monterey County May 2014 Real Estate Market Statistics 

Monterey County Real Estate Statistics Year-Over-Year 2013 vs 2014

Median home prices increased by 14.7% year-over-year to $447,500 from $390,000.

The average home sales price rose by 24.1% year-over-year to $765,581 from $616,796.

Home sales fell by 1.2% year-over-year to 254 from 257.

Total inventory, which includes active and pending sales, fell 26.2% year-over-year to 905 from 1,227.

Sales price vs. list price ratio fell by 1.1% year-over-year to 98.6% from 99.7%.

The average days on market rose by 10.5% year-over-year to 57 from 51.

Monterey County Real Estate Statistics Compared To April 2014

Median home prices slipped by 0.8% to $447,500 from $451,000.

The average home sales price rose by 16.7% to $765,581 from $656,086.

Home sales Up by 17.1% to 254 from 217.

Total inventory, which includes active and pending sales, dropped 13.1% to 905 from 1,042.

Sales price vs. list price ratio dropped by 1.2% to 98.6% from 99.8%.
The average days on market dropped by 21.9% to 57 from 72.

- See more at: http://markbruno.rereport.com/market_reports#sthash.7x2p2LuS.dpuf

FORECLOSURE STATISTICS

Notices of default, the first step in the foreclosure process, in Monterey County fell 21.1% in April from March. Year-over-year, notices were down 40.4%. There were 56 new notices in April.

Notices of sale, which set the date and time of an auction, and serve as the homeowner's final notice before sale, fell 2.9% from March. Year-over-year, they were down 57.5%. There were 34 notices issued in April.

After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements.

Alternatively, if the property is taken to sale, the bank will place the opening bid. If a third party, typically an investor, bids more than the bank's opening bid, the property will be sold to the third party; if not, it will go back to the bank and become part of that bank's REO inventory.

In April, cancellations were off 6.9% from March, and they were down 69% year-over-year.

Properties going back to the bank fell 54.5% year-overyear. They were down 16.7% compared to March. Six properties went back to the banks last month.

The total number of properties that have had a notice of default filed rose 7.9% from March. Year-over-year, the total number of properties with a notice filed dropped 41.5%.

The total number of properties scheduled for sale decreased by 48.3% year-over-year.

The total number of bank-owned properties in Monterey County declined by 24.1% from last April. Banks now own about 319 properties in the county.

For further details and a city-by-city breakdown of foreclosure statistics, go to http://propertyradar.com.

 

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May 15, 2014

Monterey Peninsula Real Estate Report (April 2014)

Monterey Peninsula Real Estate Report (April 2014)

You are receiving this email as a valued member of the Monterey Peninsula Home Team's client appreciation program. We recognize that without all of you, we wouldn't have the thriving Monterey Peninsula real estate business that we have. Thank you for all of your support in the past and we look forward to helping you and any of your friends and family with their real estate needs in the future!

Monterey Peninsula Real Estate Recovery is Still Underway

Although prices slipped in April from May on an absolute basis, the 3-month moving average for the median price of single-family, re-sale homes went over $500,000 for the first time since February 2008.

The 3-month moving average for the average price has been over $700,000 for the past four months.

Closed sales and pending sales continued to increase last month, although they are still below year ago levels.

Monterey Peninsula Foreclosures and Short Sales Are Diminishing

Foreclosure sales and short sales effect on the market continues to diminish.  There were only six foreclosure sales last month, down 84.2% from last April.

Short sales were down 67.8% year-over-year. There were only nineteen short sales. Active foreclosures and short sale properties are also substantially lower than the year before. There are only sixteen active bank-owned properties on the market. There were twenty-six last April. Even more telling, there are only nineteen short sales on the market, down from 137 last April.

April 2014 Monterey County Marketing Stats

Year-Over-Year

• Median home prices increased by 33.6% yearover-year to $494,500 from $370,000.
• The average home sales price rose by 12.8% year-over-year to $704,352 from $624,210.
• Home sales fell by 26.5% year-over-year to 186 from 253.
• Active listings fell 9.7% year-over-year to 1,045 from 1,157.
• Sales price vs. list price ratio rose by 0.2% year-over-year to 99.5% from 99.3%.
• The average days on market rose by 31.4% year-over-year to 79 from 60.


Compared To Last Month

• Median home prices slipped by 6.7% to $494,500 from $530,000.
• The average home sales price fell by 1.3% to $704,352 from $713,961.
• Home sales Up by 13.4% to 186 from 164.
• Active listings increased 9.3% to 1,045 from 956.

Monterey County Real Estate Statistics Broken Down by City

April 2014 Monterey Peninsula Real Estate Statistics

April 2014 Monterey Area Foreclosure Statistics

Notices of default, the first step in the foreclosure process, in Monterey County surged 20.3% in March from February. Year-over-year, notices were down 14.5%.  There were 71 new notices in March.

Notices of sale, which set the date and time of an auction, and serve as the homeowner's final notice before sale, fell 23.9% from February. Year-over-year, they were down 63.5%. There were 35 notices issued in January.

After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements.

Alternatively, if the property is taken to sale, the bank will place the opening bid. If a third party, typically an investor, bids more than the bank's opening bid, the property will be sold to the third party; if not, it will go back to the bank and become part of that bank's REO inventory.

In March, cancellations were off 34.6% from February, and they were down 80.2% year-over-year.

Properties going back to the bank fell 45.5% year-overyear. They were down 53.9% compared to February. Six properties went back to the banks last month.

The total number of properties that have had a notice of default filed rose 1% from February. Year-over-year,
the total number of properties with a notice filed dropped 1.3%.

The total number of properties scheduled for sale decreased by 53.4% year-over-year.

The total number of bank-owned properties in Monterey County declined by 27.5% from last March. Banks now own about 330 properties in the county.

For further details and a city-by-city breakdown of foreclosure statistics, go to http://propertyradar.com.

May 12, 2014

Sea Otter Mother and Pup Visit Monterey Bay Aquarium

Sea Otter Mother and Pup Visit Monterey Bay Aquarium

You never know what you are going to see on the Monterey Peninsula, so imagine the excitement when a wild Sea Otter brought her fuzzy little ball of fur pup to hang out at the Monterey Bay Aquarium for the day.  Aquarium staff couldn't have arranged for a better pair of guest for the crowd who watched the two snuggle, play and rest in the great tidal pool. 

It is pretty common to see sea otters now on the Monterey Peninsula despite their position on the endangered species list.  The Monterey Bay Aqurium has an extensive Sea otter program including research, rehabilitation of stranded pups and a release back to wild program that has a significant success rate!

Monterey Bay Aquarium Sea Otters

Monterey Bay Aquarium Sea Otters

Monterey Bay Aquarium Sea Otters

Monterey Bay Aquarium Sea Otters

Monterey Bay Aquarium Sea Otters

Photo Credits:  Monterey Bay Aquarium

April 24, 2014

Monterey Peninsula Real Estate Report (March 2014)

Monterey Peninsula Real Estate Report (March 2014)

You are receiving this email as a valued member of the Monterey Peninsula Home Team's client appreciation program. We recognize that without all of you, we wouldn't have the thriving Monterey Peninsula real estate business that we have. Thank you for all of your support in the past and we look forward to helping you and any of your friends and family with their real estate needs in the future!

Monterey Peninsula Real Estate Recovery Continues

Monterey County median price for single-family, re-sale homes stayed over $500,000 for the second month in a row. The rise in home prices continues to provide momentum to the Monterey County real estate market. We are definitely in the recovery stage of this real estate cycle.

Other signs we are in the recovery stage are:

• Declining foreclosures
• Low inventory
• Low mortgage rates
• Building/remodels are increasing.

I expect we will stay in this stage for the next few years. When the above signs start turning, we will probably be at or nearing the next peak in the market.

Some pundits are predicting the next peak in the market will happen around 2020.

One thing to keep firmly in mind, real estate is very local so what pundits say about the national real estate market may or may not correlate with what will happen in our local market.

To see more graphs, foreclosure statistics, Mortgage rate outlook and the complete set of Monterey County real estate stats broken down by city and neighborhood, CLICK HERE. .

Monterey County Trends at a Glance

Year-Over-Year
• Median home prices increased by 51.4% yearover-year to $545,000 from $359,950.
• The average home sales price rose by 22.8% year-over-year to $720,293 from $586,796.
• Home sales fell by 38.4% year-over-year to 159 from 258.
• Active listings fell 12% year-over-year to 585 from 665.
• Sales price vs. list price ratio fell by 0.3% year-over-year to 98.0% from 98.2%.
• The average days on market rose by 13.9% year-over-year to 70 from 61.


Compared To Last Month
• Median home prices improved by 1.3% to $545,000 from $538,000.
• The average home sales price fell by 24% to $720,293 from $948,336.
• Home sales Up by 13.6% to 159 from 140.
• Active listings dropped 0.3% to 585 from 587.

Monterey County Real Estate Statistics Brokendown by City

Monterey Peninsula Real Estate Statistics March 2014 by city

Your Home's Value?

I know what a lot of you are thinking right now...What is my house worth?  The Monterey Peninsula Home Team provides an automatic, easy to use, property analysis feature, a mini-CMA so to speak, for those of you who are curious about how the your home is doing in today's real estate market. You can access this feature by clicking HERE. Input your address and the rest of the information it asks you for (including your name, email address and phone number to gain access to a list of properties around yours that have recently sold. In addition to estimating your home's value, it will also give you an idea of what it might rent for (for all you investors out there).

 

We are always trying to offer our clients the latest technology on our websites to make real estate information more accessible not to mention fun and easy.  TRY IT!  It is pretty cool and it seems to work pretty well.

Social Media  

Everyone is talking about social media and we are accessible on your favorite social media sites.

We have 481 people who like us on Facebook and we are trying to get over the 500 mark.  If you are on Facebook, we would love to see you "like" us by clicking here and then clicking the "LIKE" button on our Team Page.

If Twitter is more your style and you would like to receive our tweets about real estate and the real estate market, you can follow us on Twitter.  

Maybe you love the pictures on Pinterest and find them inspirational and full of great ideas! Here is our Pinterest site.

Or for you bloggers out their, follow our Monterey Peninsula Real Estate Blog.

We have a Youtube page where we post video of our listings among other things real estate related.  If you want to see what we are posting on Youtube, HERE is our station.

Finally, for all you professionals out there who prefer the more down to business atmosphere of Linkedin, you can find us here on Linkedin.  

I know what you are thinking...These guys are wat too into social media and how do they have time to work!  LOL!!! We do our best to be on whatever platform our clients are on.

 

That is it for this time.  See you next month.

 

 

Are you looking to purchase a home or do you know someone who is?

Be sure to check out our new website, www.SearchMontereyPeninsulaHomes.com which has a ton of information about various neighborhoods on the Monterey Peninsula and has a great listing alert system including one of the best mobile versions of a website I have ever seen!  It is totally optimized so you can use it on your PC at home or on your smart phone.  Email alerts are easily viewable on your phone...It is like carrying the entire MLS in your pocket!  Clients that are on the site love it (We have 828 Buyers actively using this site already and it is only 1 year old next month!!!) 

April 18, 2014

Coldwell Banker Previews Magazine (Spring 2014)

Coldwell Banker Previews Magazine (Spring 2014)

(Click cover to view the entire magazine)

Coldwell Banker Previews Magazine Cover Spring 2014

April 11, 2014

Is 2014 The Right Time To Sell?

The housing market all across the country, and especially in many parts of the Bay Area, has experienced a tremendous rebound over the past few years. Real estate is once again on a strong footing with rising home prices, strong demand from well-qualified buyers, historically attractive interest rates and declining foreclosures and short sales.

The only thing that this market is missing to be firing on all cylinders: Sellers!

While some savvy homeowners have jumped into the market to take advantage of the strong upturn in home prices - in some cases 20% or more in the past year - far too many other potential sellers are missing out on this great window of opportunity to cash in on improved home values.

The supply of homes for sale has been extremely low over the past year, making this a hot seller's market. The National Association of REALTORS® reported that total housing inventory nationwide fell 9.3 percent to 1.86 million existing homes for sale at the end of 2013. That's just a 4.6-month supply at the current sales pace. For a point of reference, in 2010 it was nearly three times that level at a 12.1-month supply!

What does all this mean for you as a homeowner? You may be in the driver's seat once again when it comes to selling your home if you act now.

With so many anxious buyers and so few properties to choose from, smart homeowners who are listing their property now are often receiving multiple offers and high sale prices - in some cases even more than they asked.

Although the situation is different from city to city and neighborhood to neighborhood, the overall median sale price in the Bay Area finished last year up nearly 24 percent from the previous December, according to a report by DataQuick.

As a result of the shortage of homes for sale, we are seeing offers for homes in some instances with no contingencies, as many as five or 10 bids, and sale prices that exceed the asking price by tens-of-thousands of dollars in some prime neighborhoods.

Buyers are showing a sense of urgency, perhaps out of concern that low mortgage interest rates could be heading higher before long.

If you've been thinking about selling your home but are concerned that you'll have to spend lots of money and time on improvements to get it ready to list, think again. You don't have to spend a fortune to get your home ready to sell and looking its best.

A few small, inexpensive items inside and outside the home can make a big difference. Remember, it's all about making a good first impression! Here are a few quick tips:

  • Keep the lawn edged, cut and watered regularly.
  • Trim hedges, weed lawns and flowerbeds, and prune trees regularly.
  • During spring months consider adding a few showy annuals, perhaps in pots, near your front entrance.
  • On the inside of your home, have carpets cleaned - or even replaced if they are significantly worn.
In some cases, if you have outdated kitchens and appliances you may want to undertake a larger project, such as replacing floors or countertops. But talk with your REALTOR® first before deciding. He or she will have the experience and knowledge to advise whether it’s necessary to do, and how to help get the biggest bang for your buck.

Deciding to sell your home is never an easy decision, of course. There are lots of questions and personal issues that you need to think about. But I’m ready to help answer any of your questions and give you the best advice possible on next steps and whether selling is right for you.

Our local housing market right now offers a good opportunity for homeowners to sell while buyers outnumber sellers. But there’s no guarantee these conditions will last. So, now may be the best time to take advantage of seller’s market. Please give me a call if I can help.

 

 

This Reality Check is brought to you by Coldwell Banker Residential Brokerage, the leading provider of real estate services in Northern California. Coldwell Banker Residential Brokerage is home to more than 3,600 Sales Associates of the region's most successful real estate professionals.