Originally posted by Dick Green:
Hi Melissa,
Welcome to the group! I really enjoyed the time I spent In Monterey. Carmel, 17 Mile Dr., Pacific Grove....beautiful area! How's the area's real estate market? What are they using the Fort for now days?
Hi Dick - It really is a beautiful place here, I love being so close to the coast... The market here has been interesting, I would say some very specific areas have been insulated from enormous price drops (Pebble Beach, Carmel, etc.) although they have seen a decrease. That being said, not a whole lot of sales are happening in that area.
The areas with the biggest number of sales (primarily REOs) would be right next to Monterey in Seaside and Marina (including the Fort Ord area you mentioned). Less than 30 miles south in Monterey County the city of Salinas has been hit extremely hard with foreclosures and has subsequently seen a large number of sales as they get turned around and put back on the market - huge price drops in all of those areas have really drawn investors in as well, so much potential for rental property at bargain basement prices! Further south in Monterey County (read: inland, geographically speaking) has also been hit very hard with foreclosures. Those areas are agricultural (known as the world's "salad bowl" because they grow so much lettuce) and as farms slow down and lay off workers they will continue to see the downward spiral.
Even with such large price drops in some of these areas it is amazing to see how many people still can't afford to get in as home buyers, perhaps a lot more price adjustments are in our future.
