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Pacific Grove City block purchased for $10 million

Pacific Grove was purchased for $ 10 million


An entire block of flats consisting of 15 historic cottage-style homes in the Pacific Grove was purchased for $ 10 million by a single buyer. “… 15 houses built in 1924 …” said Debby Beck, the real estate agent who represented the buyer. A combination of studios and one and two bedrooms, each with its own water meter. According to Beck, this is the only residential block that can be purchased in its entirety. said Beck. The buyer wanted to refer to Whispering Pines, LLC as a nod to home history. They own many historic properties in the Pacific Grove. “These are the perfect buyers for this property,” Beck said. “They have no intention of dividing it, which I think is very important to know, especially about the historicity of Pacific Grove, and to preserve, as you know, the Whispering Pines of Pacific Grove.” Fourteen of the fifteen cottages were built in 1924 by Dr. Andrew Jackson Hart, owner of one of the most famous landmarks on the Monterey Peninsula, the Hart Mansion. According to Beck, the housing market in Pacific Grove is competitive, with new properties being seldom built and tenants seldom moving, especially during the pandemic. “We could see a pandemic of 40 to 50, over 80, in the Pacific Grove market,” Beck said.

An entire residential block, consisting of 15 historic, cottages, in Pacific Grove was purchased for $ 10 million by a single buyer.

“I think it was a fair deal. I think there is a lot of deferral of maintenance with this property. You know, having … 15 single-family homes built in 1924 …” Debby Beck, the real estate agent representing the buyer, said.

The plot is located at 831 Laurel Avenue, near George Washington Park, which covers 36,000 square feet. Includes a combination of studios and one and two bedrooms, each with its own water meter.

According to Beck, this is the only residential block that can be purchased in its entirety.

“There is no such thing as a proprietary owner in Pacific Grove,” Beck said.

The buyer wanted to refer to Whispering Pines, LLC as a nod to home history. They own many historic properties in the Pacific Grove.

“These are the perfect buyers for this property,” Beck said. “They have no intention of subdividing it, which I think is very important to know, especially about the historicity of Pacific Grove, and to preserve it, as you know, the Whispering Pines of Pacific Grove.. “

Fourteen of the fifteen holiday homes were built in 1924 by Dr. Andrew Jackson Hart, owner of one of the most famous landmarks on the Monterey Peninsula, the Hart Mansion.

According to Beck, the housing market in Pacific Grove is competitive, with new properties being built infrequently and tenants being relocated infrequently, especially during the pandemic.

“It’s getting very sparse. So I’ve seen it up to three this year. Before the pandemic we could see 40 to 50, over 80, in the Pacific Grove market,” Beck said.

Pacific Grove City block purchased for $10 million Source link Pacific Grove City block purchased for $10 million

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