Dear Clients, Friends, and Associates,
This past month has been very challenging for all of us. We have all been impacted in different ways, however, for none of us has it been life as usual. I know some of you have been unable to see elderly loved ones, and many of you have become “teachers” to your young children. Some of you have been able to work from home and others have been furloughed or have had your small business forced into closing. My whole-hearted thanks go out to all of our essential businesses that have been keeping us safe, healthy, and fed.
Thank you to all of the police officers, doctors and nurses and other health care workers, our grocery stores, and our restaurants serving take-out orders. During a Shelter-in-place order we quickly find out how many people we depend on daily to take care of our basic needs. Thank you all, for being there for us!
So how has the “shut down” affected Real Estate on the Monterey Peninsula I keep being asked? To begin with we had a very strong first quarter and the Q-1 statistics are attached. Most of the sales that were in escrow when the SIP order took place did proceed to close.
But what now? Yes, that is the $64,000 question. At this time, no one wants to forecast an exact answer to this question, because there are still so many variables. There are a number of key drivers at play – both positive and negative. At Carmel Realty Company we are working to accentuate the Positive with new sales tools and new channels of messaging to reach our prospective buyers and sellers.
As a Realtor with 33 years experience in both San Francisco and on the Monterey Peninsula, I have seen our real estate market survive many crises. I remember the AIDS epidemic in the late 80’s and early 90’s, the Stock Market crash of 1987, the Loma Prieta Earthquake in 1989, the dot com boom and then crash in 2001, the crazy upwards rush of prices ending in a crash in 2007 and the housing collapse in 2008 with foreclosures and short sales becoming common place. What I have learned is that “this too will pass”.
What I know for sure is that we live in one of the most desirable communities in the world with a limited inventory of homes. We’ll get through this crisis like we survived the others. In time our community will return to become healthy and vibrant with appreciating real estate values and an extraordinary quality of life.
Take care, stay safe, stay healthy.