By Jan Leasure
Along with the tight real estate sales market, an equally tight rental market has emerged. There are more tenants in the market today, as homeowners have sold their homes (either short-sale or otherwise), as some who over-extended themselves have faced foreclosure, and as the twenty- and thirty-somethings elect not to become homeowners at all. Few homes are available to accommodate these swollen tenant ranks.
When the supply of rentals becomes as tight as it is today, there are nowhere for prices to go but up. Rental prices had stagnated for a number of years, starting with the housing boom years of 2000 – 2005. As the mortgage industry made it easier and easier to purchase a home, tenants filed out of the rental market en masse. That left a plentiful supply of rental properties for those who still failed to qualify to buy a home or otherwise elected not to. When the real estate sales bubble burst, that trend reversed itself. The rental market began to tighten as homeowners became tenants, and today, we have the tightest market we have seen in many years.
What is the likely result? The rental market will continue to squeeze tenants for higher and higher prices until it gets to the point whereby the tenant market will support no more escalation. Unlike the sales market, in which there seems to be no ceiling to prices that the market will bear, the rental market has its limits. Rental rates are limited by the incomes of the tenants. The tenant market of the Monterey Peninsula is primarily made up of the military and those in the hospitality industry. The most that most tenants will budget for housing is 35 – 45%, with a few willing to push to 50%. Even budgeting 50% for housing, that would mean that to afford $2500 for a modest three-bedroom house, the annual income must be $60,000. While possibly doable for a military officer, it is challenging at best for an enlisted person or a hospitality worker. So while there are limits to the heights to which rents will climb, this is still a great time to be a landlord!
Pebble Beach Food & Wine is the premier epicurean lifestyle event on the West Coast, matching 250 acclaimed wineries and 75 celebrity chefs to create a hedonistic four-day destination on one of the most picturesque strips of coastline in the world.Throughout the weekend you’ll enjoy intimate access to the pinnacle of culinary and wine talent at wine tastings, cooking demos, and some of the most exclusive, unique dining opportunities available in the world.
We have a very tasty family home available in Pebble Beach over this special weekend.
It’s close to the ocean, in the Country Club area: 3 bedrooms, 2.5 baths, and a carpeted converted garage with a big leather sofa and a 60″ flat screen TV… a great place to host your “own little food and wine event” (or recuperate from the big one.)
Contact Debra@MontereyRentals.com
The 2nd Annual Great Monterey Clam Chowder & Calamari Festival to be held on Memorial Day Weekend – May 26, 27, 28, 2012 at the Custom House Plaza May, 2013; Monterey, CA
The Monterey-based Calamari Entertainment Group is pleased to announce the 2nd Annual Great Monterey Clam Chowder & Calamari Festival. Don’t miss this free, family-friendly fun- filled event that will be held at the Custom House Plaza-Monterey State Historic Park, adjacent to Old Fisherman’s Wharf in Monterey.
During this exciting Festival, Monterey’s waterfront will come alive on Memorial Day Weekend, Saturday through Monday, May 25, 26 & 27, 2013, with a full weekend of food, live music and cooking demonstrations.
For more information, contact Bob Massaro at 831-649-6545 or email JoAnn Crivello at jocrivello@yahoo.com
If June Cleaver and Nate Berkus had a baby…. well, that’s not going to happen. But if you’re looking for the family home of the future—we’ve got it.
With an advanced sound system that plays tunes from CDs, an iPod (or old-fashioned radio) throughout the house, everyone can listen to their favorite genre at the same time. (And you’ll still be able to hear Ward call, “Oh, June, I’m home!” after golfing.)
In fact, June would feel totally comfortable in this quiet “PG” neighborhood. From the Butterfly Parade to the apple trees around Caledonia Park, there are plenty of reasons Pacific Grove is called America’s “last hometown.”
Two free Aquarium passes are included, and there are four bikes in the garage, so the whole family can ride to the beach. Later, while Ward grills burgers, and June swoons in the gourmet kitchen, preparing an ambrosia salad—or anything with marshmallows—the kids can frolic in the large fenced backyard. And when the sun goes down, the family can gather round the firepit under the stars.
Looking for some real family values? Contact Debra@montereyrentals.com
Our friend, Peter L., recently visited Carmel Food Tour. Here is what he had to say about this unique way to enjoy Carmel. Five well-earned stars. Staci has put together about the most informative, fun thing you can do in beautiful Carmel-by-the-Sea.
Our three hour tour included some of the best restaurants and wine tasting rooms in the town as well as interesting, informative stops and meanders along the way. I live here and didn’t know any of the historical and anecdotal tid-bits she wove into the tour.
She is fun, witty and timely – the trip was perfectly timed. And the food/wine/sweets were just 
enough.
GO!!!
For more information about this stroll through Carmel to taste foods and wines from local restaurants and boutique shops, visit CarmelFoodTour.com.
The Sea Otter Classic is “A Celebration of Cycling”! It’s a festival for anybody who enjoys or appreciates the bicycle, for any reason.
Festival hours are 9 a.m. to 5 p.m. from Thursday, April 18 through Sunday, April 21, 2013. These hours include the Expo with one exception: on Sunday, the Expo closes at 4 p.m.
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That even includes a tot on a trike who’s only looking forward to a bike! This is a festival for tweens, teens, and twenty-somethings. It’s for Gen-Xers and Boomers and the Greatest Generation.
Whether a cyclist or a spectator, folks of all ages can share in the excitement and camaraderie of the Sea Otter Classic. If you love the idea of being part of a cool scene with active people who all share a passion for bicycles—people who are all a part of the cycling community—come!
Sea Otter is for road and mountain bikers. It’s for commuter bikers and recreational cyclists, and, yes, the Sea Otter Classic definitely draws the very best racers—both amateurs and pros!
Mountain Bike Races
- Cross Country (XC) – is on Bureau of Land Management (BLM) property, Fort Ord National Monument. XC starts on the racetrack at Laguna Seca and finishes on the racetrack or on the Swale at Laguna Seca.
- Downhill (DH) – is on Laguna Seca property and runs parallel to B Road. Finishes at the bottom of B Road below the Gun Range.
- Dual Slalom (DS) – is on the Swale at Laguna Seca.
- Short Track (STXC) – is on the Swale at Laguna Seca.
Road Bike Races
- Circuit – takes place on the racetrack at Laguna Seca.
- Criterium – takes place on the racetrack at Laguna Seca.
- Road – takes place mostly outside Laguna Seca (i.e., on Bureau of Land Management/BLM property). Starts on the racetrack at Laguna Seca and finishes on Barloy Canyon Road.
- Pro Road Stage – takes place outside of Laguna Seca (i.e., on Bureau of Land Management/BLM property). The stages are:Stage 1 – Criterium, on the racetrack at Laguna Seca; Stage 2 – Road, mostly off Laguna Seca (i.e., BLM property), starting on the racetrack at Laguna Seca and finishing on Barloy Canyon Road; Stage 3 – Time Trial, starts on track at Laguna Seca, ends on Barloy Canyon Road; and Stage 4 – Circuit, on the racetrack at Laguna Seca.
Cyclocross Races: takes place at Laguna Seca.
Festival Pass Sales | www.seaotterclassic.com
