Well, despite the typical seasonal slow-down, Pebble popped last week, with 5 new sales and 4 closed sales, a volume and velocity as strong as a peak-season hot week. The new sales also climbed the price spectrum ($1.299M, $2.17M, $2.29M, $3.4M and $6.49M); very encouraging to see demand rise above $2M, particularly seeing the sale north of $6M where things have been slow for months. Pebble’s 4 closed sales were, however, all below the $2M threshold ($850K, $1.2M, $1.3M and $1.5M), where action has been hot all year. With inventories tightening and rates beginning to rise our sense is that activity will begin to slow next year in these more interest rate sensitive sectors.
The prime parts of Carmel saw one new sale and one closed sale, extending a pattern of slowing we’ve seen in Carmel of late. The one new sale was the contemporary on Scenic (ask of $6.995M), which had been in escrow, fallen out and is now back in. The one closed sale was another contemporary on Scenic that closed at $4.975M. As mentioned earlier, Scenic has been on a tear this year with record demand and sales. We’re studying the demographic demand patterns there looking for larger emerging trends – would appear that there’s an increasing tilt for views, the in-town convenience and smaller house sizes the best of Carmel offers over the larger estates in Pebble. Stay tuned for the more detailed analysis.
Question of the week: We’re frequently asked about the record prices paid in Pebble and Carmel. The record in Pebble is the $28M waterfront property near The Lodge which sold at the peak of the dot com frenzy and has since been torn down and a new home now nearly completed. Until this year, the record in Carmel was very sophisticated stone home on Scenic near the Point that sold for $12M at that same peak but, was surpassed this year by our Butterfly House sale, at $16.5M.
Check out the Discreet section for a very interesting ocean view country estate on 43 acres next to Tehama we just brought to market – unique property.
Saturday, Nov. 23: 43rd Annual Homecrafters Marketplace
Friday, Dec. 6: Carmel Holiday Tree Lighting
Friday, Dec. 6 and Saturday Dec. 7: Smuin Ballet: XXMAS