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Sales, Prices Climb at Monterey Country Club

by Jim Brock

Sales and prices continued to increase during the second quarter at Monterey Country Club.

Sales during the first six months of 2014 were up over 25 percent from the same period a year ago and the average square foot sales price was up over eight percent. During the first half of 2014, 39 condominiums sold at Monterey (compared to 31 a year ago). Average square foot sales price climbed to $188.52 during the period.

Interestingly, although average square foot price showed a healthy gain, the average and median sale price of Monterey units held steady over the first half of this year.  The average sales price over the past six months was $303,574, down slightly from $303,742 during the first half of 2013. The 2014 median price was $295,000--up from $290,000 for the first half of 2013.

Why? Buyers are purchasing smaller units at Monterey Country Club. A year ago, 11 3000 Plans (2,055+ sq. ft.) had sold and, for the first six months of 2014, only two 3000 Plans have sold.

Here are Monterey Country Club sales during the second quarter of this year:

 

Plan  Date  Address   List Price Sold Price

20  5/09/14 120 Don Miguel  $209,000 $190,000
20   4/30/14 122 Don Miguel  $199.000 $199,000
20  4/28/14 274 Serena   $279,000 $270,000
20  6/02/14 293 San Remo  $289,000 $275,000
20  5/05/14 208 Castellana South $299,000 $285,000
20  6/06/14 257 Calle Del Verano $299,000 $295,000
30  6/04/14 260 Calle Del Verano $254,900 $252,000
30  6/10/14 189 Gran Via   $299,000 $299,000
30  6/06/14 311 Durango   $348,000 $325,000
30  6/04/14 195 Seville   $342,000 $330,000
30  6/13/14 206 Madrid   $349,900 $342,900
30  4/01/14 165 Gran Via   $365,000 $370,000
30  4/03/14 252 Santa Barbara  $399,000 $385,000
30**  5/19/14 186 Seville   $477,000 $458,000   
300  6/09/14 436 S. Sierra Madre  $259,000 $235,000
300  6/09/14 245 San Remo  $269,000 $250,000
300  4/21/14 211 Las Lomas  $289,000 $279,500
300  4/21/14 341 Villena Way  $309,900 $295,000
300  5/28/14 264 Avenida Del Sol $334,000 $320,000
300  4/14/14 352 Villena Way  $429,000 $410,000
300  4/08/14 325 Durango   $447,000 $425,000

 

*Sales information obtained from the Desert Area MLS for the period 4/1/14-6/30/14. Information is deemed reliable but not guaranteed accurate by the MLS. This card is for informational purposes only and includes all Monterey Country Club sales by ALL brokers.

**Sideyard

Monterey Country Club Update

by Jim Brock

We've just concluded another great year of sales here at Monterey Country Club. In 2013, prices were up over eight percent from 2012 and we're now up 13 percent from the 2011 low point. Last year was also a banner year for sales at Monterey. Some 62 units sold on the MLS in 2013, up 25 percent from 2012. Our 2013 sales were the highest number of sales since 2005 when 80 units sold in the development.

Should I Buy a Home Now?

by Jim Brock

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

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Jim Brock
Tarbell, Realtors
74245 Highway 111, Suite 100
Palm Desert CA 92260
(760)391-2582