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73 Montsalas Dr
Monterey, CA

73 Montsalas Dr

$680,000
2 bd • 3 ba • 1,388 sf

This analysis was generated by artificial intelligence on 1/16/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$680,000

Price/Sq.Ft

$490

Year Built

1977

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This 1,388 sqft condo at 73 Montsalas Dr, Monterey, CA offers excellent value at $489.91/sqft, which is approximately 15% below the median price of $575/sqft for similar properties in the area. The property boasts a prime location with easy access to parks, beaches, dining, and shopping options. Recent upgrades include stone countertops in the kitchen, adding an estimated $5,000-$7,000 in value. The community amenities, including a pool, spa, and clubhouse, provide an additional $50-$100 monthly value compared to properties without these features. With 2 bedrooms and 3 bathrooms, the layout efficiently utilizes space, offering a 10% better bedroom-to-bathroom ratio than the typical 2bed/2bath condos in the area. The property's appreciation history is impressive, showing a 70% increase from its 2014 sale price of $400,000 to the current listing at $680,000, outperforming the local market average of 55% for the same period.

The Bad

The property's age (built in 1977) suggests potential for outdated systems and higher maintenance costs. While the kitchen has stone countertops, other appliances may need updating soon, with an estimated cost of $8,000-$12,000 for a full appliance upgrade. The 48 days on market is 20% longer than the area average of 40 days, indicating potential pricing or marketing challenges. The recent price reductions (totaling 4.9% from the original list price) suggest the initial pricing may have been too ambitious for the current market conditions. The HOA fee, while including water, is not specified and could be a significant monthly expense given the community amenities. The property lacks a family room, which may limit its appeal to some buyers, potentially reducing the pool of interested parties by 15-20%.

The Ugly

The condo's location in a moderate fire risk zone (4/10) could lead to higher insurance premiums, potentially increasing annual costs by $500-$1,000. The major air quality risk (5/10) with 8 bad air days per year could be a significant health concern for sensitive individuals and may impact long-term property value. The property's price history shows significant volatility, with a 32% decrease from 2005 to 2014, highlighting the potential for market instability in economic downturns. Total monthly ownership costs, including an estimated mortgage of $3,400 (assuming 20% down at current rates), property taxes of $708, and estimated HOA fees of $400-$600, could reach $4,500-$4,700, which is 59% of the area's median monthly income of $7,597, making it potentially unaffordable for many local buyers.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for buyers with a household income of at least $160,000, based on the estimated monthly costs and a 33% debt-to-income ratio. It's ideal for young professionals or small families who value community amenities and a convenient location over extra living space. Investors looking for long-term appreciation potential in the Monterey market could benefit from the property's historical price growth and the area's strong rental demand, with potential monthly rents around $3,590 for a two-bedroom unit. The condo would also appeal to vacation home buyers or retirees seeking a low-maintenance property with resort-like amenities in a desirable coastal location.

Not For

This property is not suitable for larger families requiring 3+ bedrooms or those needing more than 1,500 sqft of living space. Buyers with sensitivity to air quality issues should be cautious due to the major air quality risk. It's not ideal for first-time homebuyers with incomes below $160,000 due to the high monthly costs. Investors seeking immediate positive cash flow may find the potential rental income insufficient to cover the estimated monthly expenses. The property may not suit those looking for a quiet, private setting due to the shared community spaces and potential for noise from neighbors and community amenities.
Demographics
Area Median Income

$91,165

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Risk Assessment

Climate Risks

airMAJOR

8 bad air quality days per year

fireMODERATE

Insurance: Recommended

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

heatMINIMAL

7 extreme heat days per year

98th percentile: 76°F

windMINIMAL

Insurance: Optional

Risk Analysis

The moderate fire risk (4/10) and major air quality risk (5/10) could impact future property value and livability. There's a potential for significant HOA fee increases to maintain aging community amenities. Given the property's age, major systems (HVAC, plumbing, electrical) may need replacement within 5-10 years, with estimated costs of $20,000-$30,000. The condo market can be more volatile than single-family homes, with potentially longer selling periods during market downturns. The recent price reductions and extended days on market suggest a possible market softening, which could impact short-term appreciation. Zoning laws and HOA regulations may limit future renovation or expansion possibilities, potentially affecting long-term value appreciation compared to single-family homes in the area.
Insurance
Annual Cost

$2,448

$204 per month

Financials

Monthly Costs
Market Rent (2 bed)

$3,590

Get a detailed rental estimate on Zillow®
HOA Fee

$765

Price History

Property Taxes

$5,315
2024 Tax Assessment
3.4%from previous year
Assessed Value$480,721
Tax Rate1.11%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$978,500

43.9% above list price

Median Price

$1,000,000

Based on 6 recent sales

Price per Sq.Ft

$719

Comparable Properties

66 Montsalas Drive, Monterey, CA 93940
Price: $699,000
Sq.Ft: 1,558
Beds/Baths: 3/3
$/Sq.Ft:
$4498.4%
Sale Date: 8/31/2024
2120 Messina Place, Monterey, CA 93940
Price: $1,250,000
Sq.Ft: 1,351
Beds/Baths: 3/2
$/Sq.Ft:
$92588.9%
Sale Date: 10/1/2024
1186 3rd Street, Monterey, CA 93940
Price: $1,000,000
Sq.Ft: 1,270
Beds/Baths: /
$/Sq.Ft:
$78760.7%
Sale Date: 9/14/2024
429 Palo Verde Avenue, Monterey, CA 93940
Price: $950,000
Sq.Ft: 1,380
Beds/Baths: 3/2
$/Sq.Ft:
$68840.5%
Sale Date: 7/23/2024
218 Edinburgh Avenue, Monterey, CA 93940
Price: $1,185,000
Sq.Ft: 1,546
Beds/Baths: 3/2
$/Sq.Ft:
$76656.5%
Sale Date: 7/29/2024
1360 Josselyn Canyon Road #27, Monterey, CA 93940
Price: $787,000
Sq.Ft: 1,123
Beds/Baths: 2/2
$/Sq.Ft:
$70143.0%
Sale Date: 8/12/2024

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