AT&T Bump Continues

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The AT&T bump has continued this week with 8 new sales and 1 closed sale, bringing the total new sales up to 19 for the past two weeks — a 36% jump over the same time last year. The closed sale was a great house on Ocean View that closed for $2.25M. Carmel and Pebble Beach had four new sales each this week. The new sales in Carmel included a recently remodeled cottage on Isabella listed for $2.195M, a fixer in the Golden Rectangle on Lincoln and 8th listed for $1.295M, and a small beach house on Casanova and 12th. Thanks to low inventory levels, the fourth new sale in Carmel came in with multiple offers: Scenic and Ocean went into escrow the day it hit the market last week with a back-up offer. This is something we’re seeing more and more of right now with fixers.

The four closings in Pebble included a great house on Ondulado with a list price of $6.695M, a French-style house on Viscaino that was originally listed at $3.9M but went into escrow listed at $2.05M, a newly remodeled house on Bird Rock by MPCC that was listed at $1.449M, and a rancher by the Shore Course that went into escrow the day it hit the market for $1.495M. The Ondulado and Padre Lane sale last week are the first deals over $4M that we’ve seen in Pebble since our deal closed back in August of 2012. While there are 27 houses currently listed above $4M in Pebble, which is on the high side, we didn’t see the typical surge in inventory this AT&T; with supply stabilizing and demand rising our sense is this positive trend line will continue this quarter and rise even further as we move into the peak summer season.

Mike, Lynn, Jess