And so begins another year tracking the Pebble Beach and prime Carmel markets. Historically, the first week of the year is a very slow week – Carmel and Pebble actually generated some decent activity last week, with 3 new sales in Pebble and 2 in Carmel. Carmel was blanked on the closed sales front but Pebble saw the off-market close of one of its’s 28 ocean front parcels, a vacant piece which had been on the market for several years closed at $9.0 – very tricky piece to develop but a great deal on a very rare parcel.
Two of Pebble’s new sales were in that red hot lower brackets (both under $1.2M) but we did see a contemporary in Macomber Estates with an ask of $5.75 which had been on the market for years go into escrow – the seller there will be taking a beating but it’s nice to see the activity north of $5 in any event.
Carmel saw two smaller cottages in the Golden Rectangle go into escrow, one with an ask of $1.895 and the other $1.995. Demand remains steady for reasonable product priced under $2M; any slowing in that sector this year will likely be traceable to lack of inventory rather than demand.
Pretty healthy first week of the year and an encouraging tone – will be interesting to track the level of demand as we move through January and into AT&T week the first week of February.
Mike, Lynn & Jess.