Well, THE week is upon us: The Pebble Beach AT&T golf tournament roars into town on Monday – always a crazy, fun time. The weather is looking favorable so far – holding a good thought.
The local Carmel and Pebble Beach markets roared a bit too last week. Pebble saw four new sales and 3 closed sales. Very solid early-year activity. Continuing the pattern seen throughout last year, all 4 of the new sales were at the lower price brackets – all under $1.45. There was one closed sale out near Cypress Point at $2.95, with the other two closing at $595,000 (condo at Ocean Pines) and an REO sale in the MPCC area of Pebble at $1.45.
Carmel has shown surprising strength rising up the price spectrum – definitely doing better at higher prices than Pebble, which almost seems counter intuitive given the larger homes and lot sizes in Pebble. Carmel had one new sale and two closed sales. A well-located ocean view fixer on Ocean View on Carmel Point (which continues to find a lot of favor and demand in the marketplace) closed at $4.095, a home in the Golden Rectangle on Dolores closed at $1.625 (well located south of Ocean Ave homes priced at +/- 1.5 have been red hot for a year) and a very well located home along Scenic just south of Ocean Ave with an ask of $3.175 went into escrow with multiple offers even before it hit the mls.
So far, 2013 is showing fairly healthy signs. Still some inventory imbalances out there in the upper brackets of both Carmel and Pebble but demand is chewing away at that supply.
We’re rolling out our 4th generation of the web site at the end of next week. The goal was: Intelligent, Informative, Intuitive. Give it a look and let us know your reactions when you have a minute.
Mike, Lynn & Jessica