What are the effects of the Sub Prime debacle on the Monterey Peninsula

By
Real Estate Agent with Keller Williams CalBRE 01362347

 

Entry level homes on the Monterey Peninsula (Monterey, Seaside, Marina, Pacific Grove) has relied somewhat on move up opportunities from the Salinas communities (Salinas, Marina, Soledad, Greenfield, Gonzales, King City, Prunedale, Las Palmas, Oak Hills).  Unfortunately a large percentage of home buyers in Salinas and surrounding areas relied upon sub prime loans and 100% financing opportunities.  Since that market is gone, Salinas is in a very depressed state and those homes are not selling very quickly which in turn is hurting the lower end of the Monterey Peninsula market.  Higher priced homes and communities are still moving at an above average pace.

Comments (2)

Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
ActiveBrad - 707.646.1876

Hi Ben, I see this is your first post on Active Rain.  Congratulations!!  I just wanted to welcome you to our Real Estate Industry Network! 

Welcome aboard, I hope you'll continue to blog, and invite others.  Wishing you all the success this industry has to offer.

Enjoy!!

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Jul 31, 2007 06:10 PM
Blatt + Cutino
Coldwell Banker Realty - Monterey, CA
Broker-Associate 831/206-8070*Call today*

Hi Ben,

 

Very nice! It's great to see a familiar face here. Keep blogging..you have a great voice!

Aug 01, 2007 12:14 AM