The cities to our North are heating up - and that is good news for the Monterey Peninsula!
- Recruiting firms are back to business recruiting for growing companies.
- Foreign investment on the West Coast is predicted to increase this year. One recent example is the Russian Innovation Center that just opened this week on Sand Hill Road in Menlo Park.
- San Francisco is hosting the 34th America’s Cup in 2013.
- The highest sale ever recorded for a single family home in the U.S. just sold for $100M in Los Altos, California.
- The National Association of Realtors also just reported that sales of homes over $1M rose 4% in February, compared to one year ago.
This is all good news that the economy is rebounding, and rebounding locally. But if you still don’t believe me, check out this recent study by the McKinsey Global Institute, “Urban World: Mapping the Economic Power of Cities.” The article states that San Francisco could be one of the richest cities in the world by 2025, and San Jose could be even richer. Both locales are named in their “top 25 global hot spots.” 13 of these “hot spots” are located in China. Among these “hot spots,” San Francisco is predicted to have some of the fastest economic growth, concentrated over the next 15 years. What does that have to do with the Monterey Peninsula? We inevitably feel the demand from Silicon Valley and San Francisco buyers looking to purchase a vacation home here. A surge in demand has already been felt in the Golden Rectangle of Carmel-by-the-Sea and the high-end markets in Pebble Beach. We expect demand to continue throughout our selling season, the summer and fall. I get the sense that buyers feel confident about our area and our pricing. With 148 active listings in Carmel, 107 in Pebble Beach and 89 in Carmel Valley, there is plenty to choose from!
