After a couple of very quiet weeks, the prime parts of Carmel rebounded last week, following Concours week: Two new sales, each with an ask of $3.295M and both having been on the market for a long time (more than a year). One on Carmel Point and the other a renovated Mediterranean with strong ocean views on the corner of Santa Lucia and Dolores – prices on both finally fell to the point that the market reacted; additionally, the home in the Golden Rectangle on Carmelo which hit the market and instantly went into escrow closed at $2.725M. Good week for Carmel.
Reversing the trend of late, Pebble went to sleep, with no closed sales and only two new sales, both under $1M in the MPCC part of the Forest.
Our take away: We see this as a further sign of a market beginning to flatten. Our sense is the trend will be uneven but velocity and sales volume slowing and inventory rising over the next several months. Stay tuned.
Around town this week:
9/3: Aubergine Presents Food for Thought: Tomatoes
9/4: Los Lonely Boys performs at the Sunset Center
9/5-9/29: The Imaginary Invalid as part of PacRep’s 24th Annual Shakespeare festival
Mike, Lynn and Jess.