Fireworks in the Pebble Beach Market

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Hope all are enjoying a great 4th of July holiday.  Clearly, the Pebble Beach marketplace enjoyed itself last week:  5 closed sales and 6 new sales; hottest burst year-to-date.  3 of the closed sales were between $3.1 and $4.25, a strong showing going up the price spectrum.  Interestingly, all 6 new sales were MPCC-area sales, ranging from $759,000-$1.6M; supply continues to tighten in the lower/lower-middle price points in Pebble – pace of the market accelerating and prices firming.

While not quite as strong as Pebble, the prime parts of Carmel was no slouch last week either with 3 closed sales and 2 new sales. Of note, yet another property along Scenic went into escrow.  Scenic properties have been hot, enjoying disproportionate demand of late.  Another property along Valley View on Carmel Point (ask of $3.295) which had been on the market for about 3 years went into escrow – inventory on The Point is at very tight levels, particularly for finished product (as opposed to tear-downs or major fixers).  Quality properties with a view are in strong demand.

As the rest of the country has moved into its summer heat-season, so far at least, that heat has extended into our local real estate markets. We’re looking for continued strong activity for the rest of this summer-selling season.

Stay tuned.

 

Mike,  Lynn and Jessica

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