Dear Friends and Family,
This week is Car Week, AKA Concours! Most of you have been to this event before, some even multiple times. I began attending the show with my parents in the 80’s when I was just a couple of years old. At that time, it was all about the Pebble Beach Concours d’Elegance, which sits out on the 18th fairway and green of the Lodge. Everyone wore their Sunday best, including massive floral Sunday bonnets. That same tradition still exists today, with event-goers laying out elegant old world-style picnics along the fairway.Â
Today, Concours isn’t just the Pebble Beach event and the auto races at Laguna Seca. Its a massive web of exciting and very different shows, races, rallies and auctions. It come to be known around the world as the famous, Car Week, and its just one of several annual world-class events that come to the Monterey Peninsula every year. Our personal favorite in the Melcher household is an even split between the Quail Motorsports Event (we’re prejudiced towards the Quail in part because our home looks over the event from the mountainside, but also because the experience is really first-class!), and the Pebble d’Elegance, given that the whole event looks over Carmel Bay and Point Lobos, one of the most famous views in the world.
In local real estate, things continue to move with a bit slower pace than last month. The demand really seems to shift abruptly each time theres a FED rate hike, and not because people aren’t interested in buying. There is still a lot of demand out there, but the upward thrust of the demand is being taken out little by little as the FED works to curb inflation. We’ll see how far the FED really goes to do this, or if they back off. In the meantime, rates have been shifting up a bit this week.
Here are today’s mortgage rates:
Conforming: 6.125%
Jumbo: 5.75%
On the ground we’re seeing prices slip a little bit but we’ve been in multiple offer situations in Carmel as recently as this weekend. The particular one I’m referring to was a half dozen offers and we were able to secure the property for the buyer with a lot of legwork. So, properties accurately or a little underpriced are still moving quickly and often with multiple offers, proving this strategy is still effective. This goes for much of the super high-end range, as well.
Enjoy the show if you are in town! Scroll down for a provided list of the events for each day. And as always, click below for the link to clickable market stats by area on our website. Please reach out to me if you know of someone looking to sell their home, as we have continue to represent buyers in all ranges.Â
Cheers,
– Ryan |
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