HOMPAGE: Upmarket Dreamhomes
Thursday, November 3, 2005
Realtor Jamal Noorzoy, who specializes in high-end properties in Carmel and Pebble Beach, has been the top producer for Alain Pinel Realtors for the past four years. Two of his current listings—one on San Antonio in Carmel, and one on Crespi Lane in Pebble Beach, exemplify the qualities that he says create the “wow factor” for buyers.
Location. Views. Great architecture.
“Homes that have all three of those elements are winners,” he says. “Those homes are selling. Homes that have different combinations of those elements may just take a little longer.”
The nearly $3 million house on San Antonio is located in Carmel’s “golden rectangle”—a phrase popular with realtors to describe properties south of Ocean Avenue, west of San Carlos, and bordered by Santa Lucia and the ocean on the other ends. The three-bedroom, three-bath house is a block and a half from Carmel Beach. It’s got ocean views and a classic style of architecture popular with buyers.
Noorzoy’s three-bedroom, three-bath, almost $5.5 million Pebble Beach listing also has the key selling points of that area: One side is on 17-mile Drive, and it has expansive ocean views past the 13th fairway of Pebble Beach golf course. The home, set on three-quarters of an acre, is what Noorzoy terms a “time-honored, Mediterranean-style” from the 1920s.
Noorzoy says that the value of a home can increase by hundreds of thousands of dollars in value based on its proximity to the ocean and its views. In fact, in a niche market like Carmel and Pebble Beach, location and views majorly outweigh the condition of the homes.
“You can usually change or modify physical structure,” Noorzoy says, “but it’s very hard to pick it up and move it to a perfect lot. If you’ve got a great view it helps diminish objections to architectural style.”
But even for those sellers without multi-million dollar views and fancy locations, Noorzoy believes the market is still strong.
“It’s slowed down from fast-paced, into what I call a normal market,” he says. “Things don’t always sell in two weeks or 30 days. We are seeing some price reductions. That’s just a reflection of a little longer market time, and perhaps some properties started off a bit higher than was comfortable to buyers.”
The superstar homes are being purchased by buyers with huge discretionary incomes, who may be buying a weekend home or retiring.
“As a high-end market, we are insulated,” Noorzoy says. “People buying have typically made money elsewhere, and in general the economy has done very well for this particular person.”
The lower end of the Carmel and Pebble Beach market is also moving quickly. Of course, in this market, “lower end” could be as “cheap” as around $1 million plus.
“Any time you reach towards the bottom end of the market, it’s buyer populous,” Noorzoy says. “People are looking very hard at whatever is on the bottom because it typically represents an entry or opportunity point.
“It’s the middle range that’s a little sluggish. If you have a very nice house but it’s ordinary, not luxury, it takes a little longer to sell. You’re relying on life’s activities—people upgrading their house because their family is expanding, their job is doing better, the normal things that cause people to move up and down in houses.”
For those who are dissatisfied with the pace of their home sale, Noorzoy says sufficiently advertising the home is key, as is looking at the bottom line.
“It’s a combination of pricing and being patient,” he says. “You can always control your own destiny by the price you ask. You ultimately have control over how fast you sell.”
1688 Crespi Ln., Pebble Beach: $5,495,000. 3 SE San Antonio and 7th, Carmel: $2,995,000. Contact Jamal Noorzoy, Alain Pinel Realtors, 622-9903.