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Soaring cliffs, towering redwoods, and turquoise waters have made Big Sur, CA, an epic travel destination ever since Beat poet and writer Jack Kerouac published “Big Sur” in 1962, based on his sojourns.
Today, the region just south of Monterey along Highway 1, hugging the Pacific Ocean, attracts campers and luxury travelers alike—and those who want to immerse themselves in natural beauty year-round by snapping up a house. But that beauty comes with a cost.
“Prices for any home in the area start at a minimum of $1,000,000,” says Nancy Sanders, a listing agent with Sotheby’s International Realty’s Big Sur office. “The number of properties sold in a year along (these) 100 miles of coast is usually less than 10. Sometimes only two to three homes are sold in one year.”
“There really isn’t anywhere to expand or grow, so the inventory for special and unique properties is extremely limited and finite,” says Tim Allen, an agent with Coldwell Banker in nearby Carmel who works with properties in Big Sur.
The housing stock is varied in this exclusive enclave with a population of around 700. A $28.8 million estate on 95 acres bumps up against a $3.3 million one-bedroom, one-bathroom log cabin.
“All of the Monterey Peninsula is undervalued when compared with other areas similar to ours, including Northern and Southern California, the East Coast, parts of Florida, and prime locations in Colorado,” says Allen.
But heed this warning: “value,” a popular buzzword when talking about real estate, isn’t just about square footage in this region.
“The Big Sur market is unique,” explains Allen. “So many of the potential buyers place different value on various aspects of the properties, including location, views, accessibility, style, and quality. Some buyers want to be remote, and others want the Big Sur feel but want easier access to the various amenities Big Sur has to offer.”
Who typically buys these homes? It’s a mixed bag made up of “wealthy folks from many different industries … and those who can purchase the more modest-priced house in Big Sur but want to live closer to the land and at a slower pace,” says Allen.
“There are a few world-class properties in Big Sur that will always be ‘priceless’ and the ultrawealthy will pay for them because they are among the best of the best anywhere and rare to find,” he says.
Real estate met real life this summer as the Soberanes wildfire struck the area, burning 105,000 acres to date. The blaze isn’t expected to be fully contained until the end of September.
Says Allen, “The fires will certainly have an impact on the market in the near term. However, in the long term I don’t anticipate much of a lasting effect as nature is always something to deal with in these unique types of properties and as we move forward fire awareness and measures are incorporated to mitigate future impacts. Big Sur is, and always will be, one of the most scenic, rugged, and majestic places accessible to the general public.”
Right now, there are a few opportunities to score a majestic deal in Big Sur. We spotted three spectacular homes with recent price cuts.
55471 Highway 1Price: $4.45 million
Set on 18 acres along Highway 1 (cue ocean views)—and designed by Mark Mills, a Frank Lloyd Wright apprentice who worked at Taliesin West—are these three accommodations: a two-bedroom main house, another two-bedroom house, and a studio. Custom woodwork and seamless unity with nature are the home’s hallmarks. On the market since September 2015, the price on this 32-year-old home dropped by $545,000 in late July.
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46480 Clear Ridge RoadPrice: $2.75 million
Just over the ridge from the shoreline, this octagon-shaped home is elevated enough (1,110 feet to be exact) to afford views of the Pacific Ocean from many interior spaces, as well as the terraces. It measures only 900 square feet and has just one bedroom and two bathrooms, but it sits on 20 acres. Listed just under a year ago for $2,995,000, the price was cut by $245,000 in July.
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48280 Highway 1Price: $1,675,000
Since this three-bedroom, 3.5-bathroom home was listed in March, its price has dropped twice—$100,000 each time—for a total of $200,000. The 4-acre compound is located near the famous Post Ranch Inn. Check out that outdoor soaking tub! Other charms include a wood-burning stove and cathedral ceilings. A 400-square-foot studio on the property can provide rental income.
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The post Can You Buy in Big Sur? We Found 3 Cool Homes With Price Cuts appeared first on Real Estate News and Advice - realtor.com.
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