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Dear Editor-
People exploded onto the Mendocino coastline in 2021, discovering its laid-back vibe, good food, and incredible rugged coastline. What had been a sleepy town soon became a tourist destination for weekend warriors from the Bay Area, the Sacramento Valley, and beyond.
I’ve been here 25 years and I believe the Shelter in Place madness of Covid caused people to blast as far away as they could, desperate to escape the cities, congestion, their own homes. Marin and Sonoma beaches hadn’t opened yet, yet Mendocino’s had, and so folks leap-frogged to the North Coast.
These days, the Coast has a steady inflow of visitors drawn to the unique charm of this coastal town, a step-back in time from the hustle of the city into what feels like a different culture, relaxed and quaint and just several hours drive.
The real estate market has changed significantly. If you were lucky enough to have bought in 2020, people weren’t yet realizing the demand, and so you probably got a decent deal, no matter what you purchased. You wouldn’t need a realtor so much as a dart board to pick your place if you were making an investment. If you were hoping for a home, you could still look your realtor square in the eye and say, What else you got?
Not true in 2021. One needed to be a diligent Buyer and move quickly. It made me nervous, but I sometimes wrote offers on properties sight-unseen; every single one closed, so they were successful, but not my favorite approach. There was simply a lack of inventory.
The face of the coast began to change too. Prices were edging up. There was a water shortage. Parking was suddenly an issue. Nobody minded waiting in a line because there was always someone to catch up with – how’s the kids, the float, plans for the holidays? That down-home friendliness was subtly but noticeably changing. The great icons of the town were dying off, the elderly.
The Sellers who weren’t quite prepared to move earlier saw the prices going up and 2022 was suddenly a boom year for all – properties that hadn’t been on the market in years were changing hands. Folks who were seeking to leave anyway became compelled by the higher prices. Not only were these properties bought up, there was often a feeling of stiff competition.
For example, I was representing a strong, all-cash Buyer, who surprisingly found themselves outbid by $700,000. Can you imagine? That’s a whole other home!
The trend continued well into 2023, even pushing through the end-of-year holiday season which is typically a fallow time. Buyers were sitting on the sidelines with cash, waiting for the right properties to appear.
Then a shift became apparent – properties that were less than perfect, or overpriced, began to languish – they began to sit, price adjustments were being made. Now at the end of 2023 (I often ask other realtors), some homes aren’t even being shown.
In the same vein of softening the English language, some agents began calling price reductions “price improvements”. It’s funny how we keep moving further and further away from the meaning of words, and, in this case, it’s misleading. It’s an improvement only for one side of the transaction, the Buyer. Besides, improvement makes me think something was wrong before and now it’s fixed –
Historical patterns have been for homeowners to seek a new home every seven years – we are somewhat predictable apparently. Yet what homeowner is going to shift from a 3% loan into an 8%? That became untenable for many, and with good reason. And so any homes that might have hit the market normally did not, and Sellers elected to stay put.
I am hopeful 2024 will bring a better market for homeowners, both Buyers and Sellers alike. With inland temperatures increasingly unpredictable, the Mendocino Coast is expected to be even more desirable and highly sought after – as a simple necessity of future living in a comfortable clime.
Armchair ramblings from one of the last independent realtors on the coast. Always here for any question you may have – none too small or too large. Give me a call – would love to help you.
Real Life, Real People, Real Estate.
Scott Roat
707.331.4120
This is an ad for a clown.
Based on the preceding content, it’s hard to understand how “2024 will bring a better market for homeowners, both Buyers and Sellers alike”. Reads like a wandering promo piece written late at night.
Real Life, Real People, Real Estate.
Don’t forget… Real F’ing Expensive.
Reinforcing
Reinforcing the Bay Area hipster idea that sleepy Mendocino is a backward border town getaway
….In 1965 my parents with myself aged 14 owned Cleone Lodge Motel, now Cleone Gardens Inn when we move from LA following our friends who had bought Cleone Grocery in 1964. The motel cost $49,000 in ’65 and sold for $30,000 in ’69 due to the tourist shift to Mendocino. We ended up with very little business in ’69. It was sold to the president of B of A . Such a deal. In 1965 an acre of non-ocean front property was $4,000 and the strand acres at the end of Ward avenue were $7,000 with no guarantee of water percolation. Those acre are now at least $150,000 and acre!….
And where is the drinking water going to come from? Trucks from Ukiah? If Mendocino county doesn’t figure out how to supply drinking water to the coast this whole real estate thing is just a ridiculous hallucination. Desalination in a large scale is what’s needed! Most of all the tourists attracted to the Mendocino coast drive over on state route 20 or north on 101 . They purchase goods and services in Ukiah and Willits just to clarify that the entire county benefits from the coast tourism. And real estate on the coast is already overpriced even for junky fixer uppers!