With the 78th Annual Bach Festival coming to a close this weekend, it is only fitting that the prime parts of Carmel outperformed Pebble in activity this past week. The energy around town has been very lively as this immersive festival has drawn a bohemian and international audience to its streets. As we transition to one of our busiest months of the year, we are thrilled to bring a very rare Scenic gem, White Sands, to the market next week. One of only 5 properties on the West side of Scenic running street-to-beach, White Sands offers an unparalleled combination of ocean views, privacy and that rarest of amenities – true Carmel beach-front, this inviting home is literally situated on the white sands of Carmel Beach. It will be listed at $12.95M and is definitely a must see.
Carmel stole the lead this week with 2 new sales and 2 closed sales. The new sales included a Ranch style home on Dolores in the Eastern part of Carmel Point with an ask of $2.15M (167 DOM) and a major fixer in a great location on Carmelo 2NE of 12th with an ask of $2.55M (124 DOM). Both of the closed sales were from the Golden Rectangle; “Sweet Cherub”, a cute cottage on Dolores, closed at $1.69M (11% off of list price) and a recently remodeled 2 story cottage on Monte Verde South of 11th closed at its list price of $2.545M. Demand remains strong in the prime parts of Carmel depressing it’s already tight inventory levels. We are monitoring this trend closely but don’t anticipate any significant shifts in supply in the near future. As an aside, we just compiled a very unique piece that we believe reflects the beauty and key market trends over the past 15 years of the iconic stretch we call Scenic Road. Click the following link to view a digital version of our Scenic Piece.
Pebble experienced a slight pause this week with only 2 closed sales and 1 new sale. Not too concerned about this data with 9 new listings coming to market this week. One in particular worth mentioning: 3353 17 Mile Drive just hit the market as part of a recently announced strategic partnership with the star-studded cast at Tim Allen Properties. This spectacular remodeled Mediterranean overlooks Pebble’s 15th fairway and is the ultimate golfer’s retreat just a short stroll to The Lodge. Pebble’s closed sales included a remodeled Mediterranean in Country Club West that closed at $1.5M (3% over list price) and a major fixer on a busy street just East of MPCC that closed at $960K (11% off of list price). The only new sale, a 3-story contemporary, also just east of MPCC went into escrow this with an ask of $2.195M. Our sense is that Pebble’s inventory should continue to rise in preparation for the Concours coming to town later next month. Hope you are able to enjoy the festivities as we wrap up another successful Bach Festival.
8/6 – Ribbon Cutting for The Carmel International Film Festival (Oct 21-25) at The Sunset Center