One of the most glamorous and beautiful areas in the United States, the stunning seascapes and lush natural surroundings make Carmel by the Sea a popular tourist destination and a wonderful place to live. The town is home to only about 4,000 people and began its life as a small artists' community in 1902, increasing in population significantly after the San Francisco earthquake of 1906 due to an influx of artists, musicians, and writers who sought refuge in the area. Today, Carmel by the Sea is a luxury community with historic significance and beautiful natural landscape and ocean views. The homes in this area range in price from the low $700s to $5 million or more for deluxe oceanfront properties.
Carmel real estate prices have retained most of their value despite recent housing industry woes. One reason for the relative stability in home values is the unique cultural and natural environment that the Monterey Peninsula offers for residents here. Carmel by the Sea homes typically feature stunning views and sumptuous amenities like saunas, custom pools surrounded by exquisite exterior landscaping, and wine cellars. Location is an important factor in this real estate market; generally, the closer a property is to the ocean, the more expensive the home is likely to be. A direct view of the ocean can add significantly to the value of these homes.
Most experts note that luxury home prices are among the last economic indicators to be affected by overall financial woes. In 2009, however, the inventory of luxury homes nationwide increased and prices fell sharply, in part due to an increase in foreclosures and short sales in the luxury home market. In general, the values of Carmel by the Sea homes have fared better than other areas; most analysts credit the desirable seaside location and climate, and the scarcity of properties in the Monterey Peninsula. Additionally, real estate properties in this area were not significantly overpriced before the housing bubble burst, and thus were not drastically devalued when the market corrected itself.
Bargains are available in this real estate market; however, these tend to be less desirable locations with little or no ocean view. Overall, the prices of homes in Carmel are trending upward, with median prices for resales increasing by as much as twelve percent (12%) in recent months. New home sales are on the rise as well, showing an almost five percent (5%) increase in the last year. This stability in both value and demand make Carmel real estate a solid investment in luxury living despite economic woes elsewhere.
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If you're buying or selling a luxury home in Carmel by the Sea, contact the experts, Dean and Duchesne Real Estate. In the top one percent of all Coldwell Banker agents internationally, they are one of the most experienced and knowledgeable real estate broker teams on the Monterey Peninsula. Distributed by SEO 2.0 Services
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