Carmel and Pebble Beach Markets Heat Up

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Activity continues to roll in Pebble Beach and Carmel this week with 9 new sales and 4 closed escrows. Pebble Beach had 4 of the new escrows this week – all of which were listed under $1.5M. The bottom of the market in Pebble has almost dried up completely with just 4 houses in Pebble still listed under $1M. Two of the closed escrows in Pebble included a couple of very good buys: a renovated home on 17 Mile Drive across from the 15th fairway that closed for $6.54M (off 24% from it’s $8.6M original list price), a renovated house on Ronda that closed for $5M (off 37% from the original list price of $7.9M). The other two properties that closed escrow in Pebble were an older home on Arroyo that closed for $1.1M and an updated house on El Bosque that closed for $850K.

Carmel picked up this week with 5 new sales and one closed escrow. Carmel Point woke with 2 of the new sales, including a totally remodeled home on Isabella that’s listed for $2.495M and a larger home on Inspiration that’s listed for $2.998M. The Golden Rectangle had 3 new sales – an off market renovated home on Lincoln that’s listed for $3.695M, a recently renovated home on Casanova listed for $2.5M and a charming new home on Lincoln listed for $2.3M. The closed escrow in Carmel this week came on Camino Real and 8th, which closed for $1.424M. With supply in Carmel this tight, we’re starting to see more off market sales and pricing increasing – a trend we anticipate will only increase as the year progresses.

For those looking for a renovated home in Carmel, watch the Discreet section of our website this week. We’ll be posting a fantastic 4 bedroom home later next week.

 

Around town this week:

09/05 – Ribbon Cutting at Windy Oaks Estate Winery Tasting Room – Su Vecino Ct, Dolores between 5th & 6th, across from Jack London’s

09/11 – Nonprofit Showcase Mixer at the Carmel Woman’s Club

09/12 – 2014 Summer Live Music Series featuring Red, Beans & Rice at The Carmel Plaza

Best,

Mike & Jess