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Old 04-10-2018, 11:19 PM
Status: "Enjoying the the beauty of the PNW" (set 2 days ago)
 
Location: Vancouver, WA
5,503 posts, read 12,353,613 times
Reputation: 5826

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Quote:
Originally Posted by mlb View Post
I don't think homes are overvalued here at all.

I think this area is the next boom area - for telecommuters to Bay Area jobs.

If it isn't already.

We've been looking - haphazardly - for 4-5 years for land and also homes for when we retire. We'll either build our own small home or renovate something older.

I think this area is way more desirable than the Sacto area.
Value is a relative thing. For Bay Area residents who are paying $1.x million for run down shacks, Monterey is more affordable. So yes, if they can telecommute its not bad for them. That's a Big IF. I've had a number of large Bay Area tech companies try to recruit me. But when I've asked about telecommuting they say they aren't open to that. So its not like all those tech workers can magically pick up and leave their Silicon Valley hamster wheels. You also need to keep in mind that RE markets rise and fall. Right now the market is toward the high end of that cycle after steadily rising since the Great Recession. If you can wait for the next correction that would be the best time to buy - a better value.

I'm thinking more in terms of what many can get now for the $$ they can afford to spend. For example, if you have ~ $500K-600K to spend on a home you can get a small, old, fixer upper in the less desirable areas. Or you can get a really nice home in places like Auburn or other more affordable areas of the state. Granted Monterey is *all* about location. So even if you buy in Prunedale or Salinas you are still near the Monterey Bay. And that comes with many perks including near perfect weather, Big Sur, the coast, etc...

We're actually looking at areas in the PNW as well since we love the Cascade range, the Gorge, Sound, rugged PNW coastline and their national parks. But Monterey will always have the best weather.

My wife and I grew up in Southern CA and its way too crowded there for us now. Yet Monterey, Carmel and Pacific Grove have flat population growth meaning they are not over crowded. Driving to and from work has been a breeze in comparison to those larger cities. Yet its close enough to the Bay area to do big city stuff when needed. So it does have some really nice benefits.

Derek

Last edited by MtnSurfer; 04-10-2018 at 11:44 PM..
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Old 04-22-2018, 04:12 PM
mlb
 
Location: North Monterey County
3,179 posts, read 2,852,979 times
Reputation: 4876
I do agree that patience is the best bet for us.

We had two realtors who are looking for us - one in the Santa Cruz area who also looks in the Monterey County area.

The other was part-owner of a 2 acre parcel in a Prunedale development. He was pushing us to buy it at $275K - just land not a house. There was an environmental easement on it. It faced southeast with a hill to the NW so no sunsets nor views. The only good thing about it was it had water and power and only a $50 a month HOA fee. He sold his portion of this piece to the other owner and the owner found another realtor to list it with.

Just sold - for $175K. Much more in line with what it really is worth. It was on the market for over two years. That environmental easement would have dictated how the build would have to happen - not something we were looking forward to.

There are lots of places out there that are over valued. You just have to find comps that are more in line with reality. Or wait out people who think they have time. But don't.

I want to be close to family..... there's family in Los Altos and Santa Cruz. My husband grew up in the San Fernando Valley.

I would never consider Auburn or anywhere near Sacramento. We drove through there last year and I was blown away how much growth there's been there. It was other worldly.

Oregon is beautiful - a great place to visit - but it's not home for us.
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Old 04-23-2018, 08:39 PM
Status: "Enjoying the the beauty of the PNW" (set 2 days ago)
 
Location: Vancouver, WA
5,503 posts, read 12,353,613 times
Reputation: 5826
Quote:
Originally Posted by mlb View Post
I do agree that patience is the best bet for us.

We had two realtors who are looking for us - one in the Santa Cruz area who also looks in the Monterey County area.

The other was part-owner of a 2 acre parcel in a Prunedale development. He was pushing us to buy it at $275K - just land not a house. There was an environmental easement on it. It faced southeast with a hill to the NW so no sunsets nor views. The only good thing about it was it had water and power and only a $50 a month HOA fee. He sold his portion of this piece to the other owner and the owner found another realtor to list it with.

Just sold - for $175K. Much more in line with what it really is worth. It was on the market for over two years. That environmental easement would have dictated how the build would have to happen - not something we were looking forward to.

There are lots of places out there that are over valued. You just have to find comps that are more in line with reality. Or wait out people who think they have time. But don't.

I want to be close to family..... there's family in Los Altos and Santa Cruz. My husband grew up in the San Fernando Valley.

I would never consider Auburn or anywhere near Sacramento. We drove through there last year and I was blown away how much growth there's been there. It was other worldly.

Oregon is beautiful - a great place to visit - but it's not home for us.
Yes, if you have to time to watch and wait you will have a better chance at finding something. You just have to be careful with realtors. For them its *always* a good time to buy!

I used to work in RE as an appraiser. So I have a pretty good idea of value relative to the economy and area. Though no one has a crystal ball.

I'm not sure if you have visited Santa Cruz lately. But it has continued to get more over crowded thru the past couple of decades unlike Monterey. The results have been heavily impacted roads, highways and over growth of an area that wasn't designed for that many people. The Silicon valley has continued to expand out and affect SC in some not so pleasant ways. Though it is still very beautiful all things considered. That is one of the Big differences when you drive through SC vs. Monterey. Monterey is just far enough away that daily commuting into the valley is not doable, hence lower crowds and an overall nicer environment and experience day to day.

Derek

Last edited by MtnSurfer; 04-23-2018 at 09:51 PM..
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Old 04-29-2018, 09:15 AM
mlb
 
Location: North Monterey County
3,179 posts, read 2,852,979 times
Reputation: 4876
My nephew and his wife just bought a house in SC. Seems to be a "new" development.... He takes walks with his 2 year old in the neighborhood and it looks like they are still building homes. I think they bought a just built home. It's probably over a million in cost.

My sister in Los Altos posted a home yesterday in "Salinas" (more like just west of Prunedale) on 14 acres with 2600 square feet for $895K. A little too much over our $500-600K budget, more land than we could handle and a two story house which we want to avoid in retirement. But we have seen homes with up to 2 acres in our price range.... so we know it's do-able.

Again, we have been working with two realtors - one in the SC area who has graciously looked at property in Monterey County (east) for us....... and another - that realtor in Prunedale who we have backed away from because his exageration of the market has proven wrong so many times. He tried to sell us a piece of land that we heard just dropped 100K and was sold. NOPE.

We are not suckers.

I will retire in October and it just might take moving out and renting before we solidify our plan. Never say never..... I have faith we will find what we need.
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Old 05-13-2018, 04:43 PM
Status: "Enjoying the the beauty of the PNW" (set 2 days ago)
 
Location: Vancouver, WA
5,503 posts, read 12,353,613 times
Reputation: 5826
Quote:
Originally Posted by mlb View Post
My nephew and his wife just bought a house in SC. Seems to be a "new" development.... He takes walks with his 2 year old in the neighborhood and it looks like they are still building homes. I think they bought a just built home. It's probably over a million in cost.

My sister in Los Altos posted a home yesterday in "Salinas" (more like just west of Prunedale) on 14 acres with 2600 square feet for $895K. A little too much over our $500-600K budget, more land than we could handle and a two story house which we want to avoid in retirement. But we have seen homes with up to 2 acres in our price range.... so we know it's do-able.

Again, we have been working with two realtors - one in the SC area who has graciously looked at property in Monterey County (east) for us....... and another - that realtor in Prunedale who we have backed away from because his exageration of the market has proven wrong so many times. He tried to sell us a piece of land that we heard just dropped 100K and was sold. NOPE.

We are not suckers.

I will retire in October and it just might take moving out and renting before we solidify our plan. Never say never..... I have faith we will find what we need.
What building options have you looked at? Have you considered prefabs vs. 100% onsite construction?

Derek
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Old 07-17-2018, 05:09 PM
 
321 posts, read 490,119 times
Reputation: 569
Huge number of retired military of which I'm one.
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Old 07-19-2018, 03:53 PM
mlb
 
Location: North Monterey County
3,179 posts, read 2,852,979 times
Reputation: 4876
Quote:
Originally Posted by MtnSurfer View Post
What building options have you looked at? Have you considered prefabs vs. 100% onsite construction?

Derek
Responding late - sorry..... we are wanting to build 100% Construction as opposed to buying something old (and expensive) and rehabbing it.
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Old 07-25-2018, 01:36 AM
 
Location: San Francisco, CA 94122
247 posts, read 106,144 times
Reputation: 260
Quote:
Originally Posted by gizmo980 View Post
Also, I should add that when you live in a BEACHSIDE town, oceanfront properties aren't necessarily as expensive as you'd think. Of course there are exceptions, like Pebble Beach or Malibu - but then you have towns like Marina or Pacifica, where having an ocean view doesn't fetch that much more $$ (since almost everyone has it). I lived in a beachside apartment in Pacifica about 15 years ago, and paid $1200/mo. At the time that was kinda expensive, but only maybe $100-200/mo higher than a similar apartment without that amazing view.
Pacifica has no beach views, just FOG. LOL
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Old 07-25-2018, 12:25 PM
 
Location: Pacific 🌉 N, 🌄W
11,037 posts, read 4,815,836 times
Reputation: 7066
Quote:
Originally Posted by skygazer1 View Post
Pacifica has no beach views, just FOG. LOL
Look at all of these beach views in Pacifica.

Pacifica Beaches

Heck with Pacifica beaches skip on down to Montara State beach....it's stunning!
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Old 07-25-2018, 04:13 PM
 
Location: California
1,199 posts, read 1,073,027 times
Reputation: 2271
I would think that the most affordable places with beach view are cities like Montara, Moss Beach, El Granada - basically these villages between SF and Santa Cruz that are nowhere convenient to job centers and don't have much infrastructure
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