WELCOME TO CARMEL VALLEY! Have you ever walked along the coast in spring or summer and wondered why it was so cold and gloomy and gray? I love spending time on our coastline, but sometimes the “June gloom” gets a little much. Why not break tradition and move to Carmel Valley where you can have all the sunshine you want!
And I have just the home for you to consider.
Open House Sat/Sun May 27-28 1:00-4:00pm
36 Encina Drive, Carmel Valley 4BR/3BA 3,346 sq.ft. Lot size: 5.35 acres $3,095,000 Breath-taking views of the Santa Lucia mountains from this striking residence located in the sought after Miramonte neighborhood. Plus guest quarters on the lower level with a separate entrance
36 Encina Drive, Carmel Valley
I asked my clients what they loved about this property, and this is what they said . . .
Living in the Monterey Bay community allows us to “pick our weather”. For many years our parents lived in Pebble Beach. They would escape to Carmel Valley to see the sunshine. We chose to turn it around! We love the warm sun of Carmel Valley!
We love the views from 36 Encina. Mornings in front of the fireplace allow us to sip our coffee as we watch the sun rise and the fingers of fog recede towards the coast. In the evenings we love to sit on the upper deck by the fire pit, sipping Pinot Noir and watching the fog roll back in!
Elevated rear deck with a smashing view!
36 Encina makes a great place for “WFH” (work from home). The downstairs office provides complete privacy, with a killer view!
Our neighbors on Encina are wonderful. We look out for each other and get together regularly to build community.
The property provides wonderful privacy while not feeling too far removed. With more than 5 acres we have plenty of room to ourselves, but we have easy access to Laureles Grade which is really convenient.
Situated on 5.35 acres, there is a lot of privacy.
We both love to cook, and the chef’s kitchen gives us plenty of room to work together all while looking out over the valley and the mountains of Big Sur!
Recently remodeled “chef’s kitchen” with stainless steel appliances and a large island.
Our family loves the outdoors and hiking. Most weekends we are off to Garland Park or Point Lobos. there is a wonderful meadow in Garland that provides a great view of our house. We have actually, using binoculars of course, had family members hike to the meadow and wave back at us standing on the front deck!
Extensive front porch runs along the front of the home.
We sometimes refer to the house as a “tree house”. We love the dramatic oaks, especially at night with the gentle lights we have installed. The property is filled with beautiful old growth trees. How we wish they could tell us the stories of all they have seen!
Twinkling lights illuminate the rear yard.
We also love all of the wildlife we regularly see, especially the birds. Humming birds, hawks, wild turkeys . . . you name them, we see them!
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If you like living in sunshine and having a more rural atmosphere with privacy and land around you, I hope you’ll consider this spectacular property. It truly is “a gem” ! A very special residence for anyone who chooses to live here.
Living room with a view with access to the front deck and back patio.
Call Susan for a Special Showing or come to the Open House!
36 Encina Drive, Carmel Valley, offered at $3,295,000
SUSAN’S TOP 10 REASONS TO LIVE IN CARMEL VALLEY
AT 36 ENCINA DRIVE!
For those that crave privacy, you’re not close to your neighbors.
Aerial view of 36 Encina Drive on 5.35 acres.
2. On a clear day you can see forever . . .
Views from the front porch of 36 Encina Drive
3. Rural atmosphere, but close to great restaurants, wine tasting and shopping in the village.
Cafe Rustica in Carmel Valley Village. Indoor and outdoor dining and delicious food.
4. You can soak in the spa without worrying about nosy neighbors looking over the fence.
Soak in your spa and enjoy the beautiful vistas.
5. You get more for your money in square footage and land than in Carmel. Home is 3,346 sq. ft. on 5.35 acres.
Spacious living room opening onto the front deck and the back patio.
6. Room on your parcel for an elevated patio with fire pit and breath-taking views. You’ll feel like you’re “sitting on top of the world”!
Elevated rear patio with phenomenal views!
7. You can enjoy riding on the Garland Park horse trails close by.
Garland Park is close by with miles of horse trails.
8. The days are bright and sunny in Carmel Valley when the Coastal area is socked in by fog, plus your flowers are happy!
Happy flowers in the sunshine on back patio.
9. And you can live in sunshine and still be only 15 minutes from Carmel Beach.
Carmel Beach
10. And when Mom decides to move in with you, you’ll have the perfect guest quarters for her OR you could build a separate Guest House with the extra water credits that go with this property.
Downstairs guest quarters with kitchenette and bath.
Ok, that’s my case. You’re going to love this property! Come by my Open House or call me for a private showing to see for yourself!
Susan Clark, realtor at Carmel Realty Company, 831-320-6801
Carmel Beach with the Pebble Beach Golf Links in the background
Hot off the presses!! Carmel Realty Company in Carmel, CA has done it again. The leading luxury real estate firm in Carmel has just come out with its latest issue of their in-house magazine just in time for the AT&T Pro Am Golf Tournament that attracts thousands of visitors to the Monterey Peninsula the first week of February.
As a realtor with Carmel Realty, I’m proud to say our amazing “1913 Luxury By The Sea” magazine is out and may just be the best one ever! Chock full of all our beautiful listings plus some wonderful features highlighting our area and agents. It is a must have if you love Carmel and the Monterey Peninsula!
Enjoy this digital copy or ask me where you can get your own glossy color hard copy.
Susan Clark with her amazing support staff at Carmel Realty Company
It has been my honor to serve the Monterey Peninsula as a realtor for the last 22 years and am so glad to have the support of the fabulous team surrounding me. Pictured is our amazingly talented in-house marketing agency, efficient transaction coordinators and admin staff, and experienced managers. We also have an entire property management team for vacation and long term rentals and concierge services (mostly not pictured).
We can satisfy all of your real estate needs. Call. me!
Susan Clark, realtor at Carmel Realty Company, 831-320-6801
2023 Real Estate Market Outlook (And What It Means for You)
First of all, I hope all of you are safe and dry and weathering our Central Coast/Bay Area storms well. All of you reading this blog are either past clients, present clients, friends, associates, or someone who I have met along the way – in other words, you’re all people I care about so take care and stay safe.
As soon as we see the calendar turn to a new year, as realtors, we take a look back at what has happened in the previous year and then try to project what the new year will hold for us.Our analytics team at Carmel Realty Company is putting together all of our local statistics which I will be providing you in about a week. Today I’m going to share some general national real estate information that I think will be very helpful for looking at the whole picture.
Pebble Beach coastline ~ photo by Susan Clark
Last year, one factor drove the real estate market more than any other: rising mortgage rates.
In March 2022, the Federal Reserve began a series of interest rate hikes in an effort to pump the brakes on inflation.1 And while some market sectors have been slow to respond, the housing market has reacted accordingly.
Both demand and price appreciation have tapered, as the primary challenge for homebuyers has shifted from availability to affordability. And although this higher-mortgage rate environment has been a painful adjustment for many buyers and sellers, it should ultimately lead to a more stable and balanced real estate market.
So what can we expect in 2023? Will mortgage rates continue to climb? Could home prices come crashing down? While this is one of the more challenging real estate periods to forecast, here’s what several industry experts predict will happen to the U.S. housing market in the coming year.
Monterey Peninsula Shore Course during the AT&T Golf Tournament, photo by Susan Lambert
MORTGAGE RATES WILL FLUCTUATE LESS
In 2022, 30-year fixed mortgage rates surged from roughly 3% in January to around 7%. According to Rick Sharga of real estate data company ATTOM, “We’ve never seen rates double in so short a period.”2
This year, economists forecast a less dramatic shift.
In an interview with Bankrate, Nadia Evangelou, senior economist for the National Association of Realtors, shares her vision of three possible mortgage rate scenarios:3
Inflation continues to surge, forcing the Fed to repeatedly raise interest rates. In that scenario, she predicts that rates could reach as high as 8.5%.
Inflation decelerates and mortgage rates follow suit, averaging 7 to 7.5% for the year.
Rising interest rates trigger a recession, which could ultimately lead mortgage rates to drop closer to 5% by the end of the year.
Realtor.com forecasts something similar to scenario #2 above: “Mortgage rates will average 7.4% in 2023, trickling down to 7.1% by year’s end.”4 The Mortgage Bankers Association, however, projects something closer to Evangelou’s scenario #3, with the 30-year fixed rate declining steadily throughout the year, averaging 6.2% in Q1 and 5.2% by Q4.5
Pebble Beach Golf Links during the AT&T, photo by Bob Borden
Economists at Fannie Mae fall somewhere in the middle. In a recent press release, they predicted that the U.S. economy will experience a “modest recession” this year.6 But in their December Housing Forecast, they project that 30-year fixed mortgage rates will only fall by half a point from an average of 6.5% in Q1 to 6.0% in Q4.7
“From our perspective, the good news is that demographics remain favorable for housing, so the sector appears well-positioned to help lead the economy out of what we expect will be a brief recession,” said Fannie Mae Chief Economist Doug Duncan.6
What does it mean for you?Even the experts can’t say for certain where mortgage rates are headed. Instead of trying to ”time the market,” focus instead on buying or selling a home when the time is right for you. There are a variety of mortgage options available that can make a home purchase more affordable, including adjustable rates, points, and buydowns—and keep in mind you can always refinance down the road. I’m happy to refer you to a trusted mortgage professional who can outline your best options.
Sea Otter with her pup in Monterey Bay ~ photo by Peter Monteforte
SALES VOLUME WILL FALL AND INVENTORY WILL RISE
It looks like the home-buying frenzy we experienced in recent years is behind us. While the desire to own a home remains strong, higher mortgage rates have made it unaffordable for a large segment of would-be buyers.
Many economists expect the number of home sales to continue to decline this year, leading to an increase in listing inventory and days-on-market, or the time it takes to sell a home. But, there is a wide range when it comes to specifics.
Economists at Fannie Mae forecast that total home sales will fall by around 20% this year before rising again by nearly 15% in 2024.7 National Association of Realtors Chief Economist Lawrence Yun projects a less extreme dip of 7% in 2023 with a rebound of 10% next year.8
Realtor.com Chief Economist Danielle Hale foresees something in between. “The deceleration in home sales is likely to continue as high home prices and mortgage rates limit the pool of eligible home buyers. We anticipate that existing home sales will decline another 14.1% in 2023.” She expects this drop in sales to lead to a nearly 23% increase in inventory levels this year, offering more choices for buyers who have struggled to find a home in the past.9
However, given the severe lack of housing supply, even with a double-digit increase, the market is expected to remain relatively tight and below pre-pandemic levels. Hale also points out: “It’s important to keep historical context in mind. The level of inventory in 2023 is expected to fall roughly 15% short of the 2019 average.”9
High surf off of the Pacific Grove coastline, photo by Susan Lambert
What does it mean for you?
If you’ve been frustrated by a lack of inventory in the past, 2023 may bring new opportunities for you to find the perfect home. And today’s buyers have more negotiating power than they’ve had in years. Contact me to find out about current and future listings that meet your criteria.
If you’re hoping to sell, you may want to act fast; rising inventory levels will mean increased competition. I can help you chart the best course to maximize your profits, starting with a professional assessment of your home’s current market value. Reach out to schedule aconsultation.
Sanderlings on the Pacific Grove shoreline ~ photo by Susan Lambert
HOME PRICES WILL REMAIN RELATIVELY STABLE
While some economists expect home prices to fall this year, many expect them to remain fairly stable. “For most parts of the country, home prices are holding steady since available inventory is extremely low,” said Lawrence Yun (chief economist of the National Association of Realtors) at a November conference.8
(Yun did note, however, that the San Francisco Bay Area may see some decreases in home prices, because the prices in these cities rose so much higher than in other areas.) Nationally, Yun expects the average median home price to tick up by 1% in 2023, with some markets experiencing greater appreciation and others experiencing declines.8 Economists at Fannie Mae offer a similar projection, forecasting a slight decrease in their Home Price Index of about 1.5%, year-over-year.7.
Other experts foresee a larger fluctuation. Hale expects U.S. home prices to rise by 5.4% this year, while Morgan Stanley is forecasting a 7% drop from the peak in June 2022.9,10
Still, many economists agree that a housing market crash like the one we experienced in 2008 is highly unlikely. The factors that caused home prices to plunge during the Great Recession—specifically lax lending standards and a surplus of inventory—aren’t prevalent in our current market.10 Therefore, home values are expected to remain comparatively stable.
AT&T Pro Am Golf Tournament ~ Pebble Beach Golf Links, Pebble Beach
What does it mean for you?
It can feel scary to buy a home when there’s uncertainty in the market. However, real estate is a long-term investment that has been shown to appreciate over time. And keep in mind that the best bargains are often found in a slower market, like the one we’re experiencing right now. Contact me to discuss your goals and budget. I can help you make an informed decision about the right time to buy.
And if you’re planning to sell this year, you’ll want to chart your path carefully to maximize your profits. Contact me for recommendations and to find out what your home could sell for in today’s market.
Floral Arrangement by Fionna Floral, Pacific Grove
Want to discuss the market? Call me, let’s talk about your options so you can decide what is best for you!
Susan Clark #00929953, realtor at Carmel Realty Company 831-320-6801
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