Score
0Monterey, CA
73 Montsalas Dr
680K
2 beds
3 baths
1,388 sqft
2 bd • 3 ba • 1,388 sf
This analysis was generated 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The property's age (built in 1977) suggests potential for outdated systems and higher maintenance costs.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
Property History
Price History
Ownership Timeline
$400,000Financed
Oct 24, 2014Karen LauppeBrian P Kearns, Christianna R Kearns
Grant Deed
Standard Sale (Purchase/Resales)
$0Financed
Mar 7, 2005Tracie L Catania, Tracie L BoyleKaren Lauppe
Grant Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Mar 3, 2005Vincent C CataniaTracie L Catania
Intrafamily Transfer
Non-Arm's Length Transactions
$210,000Financed
Oct 11, 1995Danny G Farley, Debra A FarleyTracie L Boyle
Grant Deed
Standard Sale (Purchase/Resales)
Property Taxes
$5,315
2024 Tax Assessment
3.4%from previous year
Assessed Value$480,721
Tax Rate1.11%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
6.0/10
GoodMiddle
3.0/10
Below AverageHigh
6.0/10
GoodFinancials
Monthly Costs
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$680,000
Price/sqft
$490
Layout
2 bd•3 ba
Days on market
48 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$978,500
30.5%
Your price is 30.5% below average
Median Price
$1,000,000
32.0%
Based on 6 recent sales
Price per Sq.Ft
$719
31.9%
Your price is 31.9% below average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 66 Montsalas Drive, Monterey, CA 93940 | $699,000 | 1,558 | 3 | 3 | $4498.4% | 8/31/2024 |
| 2120 Messina Place, Monterey, CA 93940 | $1,250,000 | 1,351 | 3 | 2 | $92588.9% | 10/1/2024 |
| 1186 3rd Street, Monterey, CA 93940 | $1,000,000 | 1,270 | N/A | N/A | $78760.7% | 9/14/2024 |
| 429 Palo Verde Avenue, Monterey, CA 93940 | $950,000 | 1,380 | 3 | 2 | $68840.5% | 7/23/2024 |
| 218 Edinburgh Avenue, Monterey, CA 93940 | $1,185,000 | 1,546 | 3 | 2 | $76656.5% | 7/29/2024 |
| 1360 Josselyn Canyon Road #27, Monterey, CA 93940 | $787,000 | 1,123 | 2 | 2 | $70143.0% | 8/12/2024 |
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: N/A/N/A
$/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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