Golden Rectangle Treasure
We found our clients a hidden gem in the Golden Rectangle. In low inventory markets, finding properties that meet clients’ needs can be challenging. Some of our buyers close on a property years after our first real estate meeting because it takes time for the right buy to come around. In our market on the Monterey Peninsula, everything from the microclimates, to the neighborhoods and architectural styles of homes make each listing unique, so finding something that checks the boxes can require some patience.
We recently put a house into escrow with clients we’ve been working with for a few months, and wanted to share with you the story of how their dream home in the golden rectangle became a reality, and some of the obstacles we faced along the way.
The Golden Rectangle lies within the borders of Santa Lucia, Ocean, Dolores, and Scenic shown below. Some of the reasons this location is so desirable include its close proximity to dining and shopping in town, walking distance to the beach, level streets, classic Carmel charm, and beautiful homes. Our clients were initially looking to build their own home, so we looked for fixer uppers and lots, which brings us to our first hurdle – low inventory.
Low Inventory in Carmel-by-the-Sea
There has been a shortage of inventory in Carmel, particularly fixer uppers over the last year. We were representing a very motivated client with a dream of living in Carmel, so we worked hard to find them new opportunities. We’ll get to those details, but first – a little more background.
The Water Supply
When we saw that the Mal Paso Water Entitlement was scheduled to run dry this year, we worked harder and faster than ever to find our clients a property so they could get into escrow with the right amount of water they would need based on the property they were looking to buy. Due to their interest in building, our timeframe to find them something that worked was heavily influenced by Mal Paso Water’s availability.
Carmel Historic Review
Water wasn’t the only complication in our search for a fixer upper in the Golden Rectangle. When you finally find one, there is the concern of whether or not the house is listed as a historic property since a fixer upper will likely be quite an old home. Without going into too much detail, if a house in Carmel is historic, you can’t tear it down, which is exactly what these buyers were looking to do. We ran into several properties throughout the course of the search that would have met the buyers’ needs had the homes not been designated historic, but we pressed on!
Goodbye Fixer, Hello Treasure
Many strategies were used to find new opportunities in our low inventory market. We contacted our sphere, sent letters expressing the clients’ interests, networked with other agents, and we walked the streets of Carmel until we stumbled upon a gorgeous, privately available listing in the Golden Rectangle. It’s not a tear down – far from it – but it’s beautiful, the location is what they were looking for, and it’s a great house for the buyers to add their finishing touches and fulfill their Carmel dream.
Conclusion
Finding this hidden gem in the Golden Rectangle came down to a serendipitous encounter with another Realtor who had a house to sell. It ended up being the perfect find, and our clients are thrilled. If you have something in particular you are looking for but can’t seem to find, our team is happy to assist. Contact us, and we would love to help you find the right opportunity.