Hard Money Loans in Monterey County: Big Investment Returns on the California Coast
There’s nothing quite like the bluffs overlooking the Big Sur coastline: one look at the rugged beaches and temperate green expanses stretching out across the mesas and it’s easy to see why Monterey County is one of California’s most coveted real estate locations. The winding Pacific Coast Highway and coastal views have given the area a reputation as an international destination for tourism, camping, and relaxation.
The Beauty of the Monterey County Real Estate Market
Monterey County offers both rural, suburban, and more metropolitan areas for development. It’s a diverse area that both attracts tourism and is home to many permanent residents. Pacific Grove, a gorgeous small town perched along the Pacific coast, is as notable for its beautiful older Victorian homes as its butterfly population. These Victorian-style homes are ideal for investors looking to redesign the home to split into individual rental units or operate as a small motel or bed-and-breakfast.
Most of the region’s population is concentrated toward the side of the county and Salinas Valley. Salinas itself is a beautiful town and an ideal location for a fix-and-flip developer; the town is home to a mix of older and newer homes, affordable single-family housing, apartment complexes, and luxury residential spaces. The agricultural industry in the Salinas Valley attracts farm worker and residents who are always in need of long-term family housing at affordable rates. As you head further inland in the county, the population thins and is almost purely natural, pristine coastal forests. The Southern coast is equally quiet. The preserved natural areas of the county give the real estate market much of its value and will keep the area beautiful for years to come.
The city of Monterey serves as a good example of the strength of the regional market. The average price per square foot for the period of July to September this year was at a healthy $442, up 7.5% from the same time last year. Median home sales, meanwhile, increased .6%, putting them at $638,500 as of October 2015.[1.”Monterey Real-Estate Market Overview.” Real Estate Overview for Monterey, CA. Accessed November 6, 2015.]
The market in Monterey County has a natural beauty that transcends the everyday fluctuations of the market. Economically, the county largely depends on tourism in the coastal regions, making it a great place for luxury rentals or home development, but there are also residential populations that requires more affordable housing and mixed-use developments to serve the permanent community. No matter what your investment goals are, they will have the chance to thrive as part of this gorgeous community.
Join the Monterey County Market with a Hard Money Loan from Socotra Capital
Monterey County has the necessary economic infrastructure and a thriving tourism sector to keep the regional market strong. Don’t miss the chance to capitalize on this exciting market. At Socotra Capital, we have the real estate experience to recognize a good investment opportunity when we see one. Whether you want to invest in luxury rentals, residential rehab projects, or new commercial developments, Socotra Capital can get you the hard money loan you need to set your development dreams in motion.
Socotra Capital is California’s premier hard money lender for your real estate investment needs. Contact us today to get started on your quick approval!