Carmel Slows While Pebble Beach Picks Up

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New sale activity in the prime parts of Carmel remained slow this week with just one new sale (recall there were zero last week); the new sale involved a beautifully renovated home in the Golden Rectangle down on Lincoln, with an ask of $2.95M.  Carmel did see 3 closed sale of deals that had been in escrow, a cottage at $1.525M and two at $2.575M, wrapping up some of the previous new escrow activity we saw in previous weeks.  As mentioned, for those of us who have been in this game for a couple decades, none of us can recall inventory levels being this tight – the key factor we see contributing to slower sales velocity.

 

After seeing only 1 sale in Pebble last week, we saw 5 new sales this week – a very healthy pace.  So, it was too early to call a slowing trend in Pebble.  The 5 new sales included a very inexpensive fixer at $674K that went in escrow in 10 days, a nicely renovated home on the 18th hole of Spyglass that went in escrow in one day with an ask of $2.295M, a value-priced Spanish Bay unit with an ask of $1.995M and a fixer on Ronda with an ask of $1.737M and a very nicely renovated home along Stevenson with an ask of $2.295M.  Solid week in Pebble.  Anecdotally, we are seeing a clear pick-up in showing activity for our listings at the top of Pebble now and are forecasting an increase in sales at the top over the next couple months. 

 

Around town:

 

Friday, May 2 – Sunday, May 4: Continental Tire Monterey Grand Prix featuring the TUDOR United SportsCar Championship at Mazda Raceway Laguna Seca

Saturday, May 3: 22nd Annual Winemakers Celebration

Thursday, May 8: The Sunset Center presents John Lithgow: Stories by Heart