What’s going on in the Monterey Condo Market?
Is there really a condo for sale under $100,000? The short answer is yes, but… The “but” portion is the condo listed for $82,739 is one of the Footprints on the Bay Condos, but is a “below market rate condo”. This means you have to be approved thru the City of Monterey and meet certain income standards. It’s certainly a good deal if you qualify!
At the moment we have what I would call a Monterey condo shortage as there are only 20 active condo listings in Monterey. At the high end of the market are two of the Del Monte Townhouse Condos on the beach in Monterey for over a million dollars. Since it’s very hard to build even a single family home on the beach, much less a new condo complex in Monterey – these prices aren’t bad for the location.
The majority of condos in Monterey (as well as on the Monterey Peninsula) are smaller two bedroom condos. Three bedroom condos are scarce but available at Monterey Woods Condos, the Skyline Crest Condos, a few at Ocean Harbor House Condos on Surf Way and occasionally at other complexes in Monterey. Some of the biggest condos in Monterey are the spacious 2000 +/- sq. ft. condos at Skyline Crest. They also have the distinction of having the highest condo association dues at over $600 per month. But since they are not only 3 bedroom, over 2000 sq. ft., they also have a pool and a beautiful location in Skyline Forest.