Inventory on the Rise in Advance of AT&T Tournament

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The market was pretty quiet this past week.  However, just as we suspected, inventory levels are climbing in advance of the AT&T Pro-Am golf tournament which begins on February 4th and runs through February 10th.

In Pebble Beach only one property went into escrow – a $500,000 fixer in the upper forest that was on the market for only seven days.  The demand for properties under $1M in Pebble Beach continues to drive the pulse of activity in Pebble Beach. Last year, more properties sold under $1.5M than all other price points combined.   Four properties closed escrow, three were in the MPCC area and the fourth was a French Country style home in the upper estates area.  One of the properties that sold – a fixer on Bird Rock Road – sold for its asking price of $850K.

Six new listings came onto the market in Pebble Beach, five of which are properties that were previously listed, had been taken off the market and are now being relisted.  Of particular note is Villa Del Mar – a waterfront estate on 17 Mile Drive that has been privately available for sale, but is now openly listed in the MLS for $27.9M.

Carmel was very quiet this week – one new listing on San Carlos 8 SE of San Carlos for $1.639M, and the listing on the corner of San Antonio and Santa Lucia is back on the market for $4.5M.

On the agenda for this weekend: The Monterey Symphony is performing this weekend at the Sunset Center in Carmel.  There are two shows – an evening performance on Saturday and a matinee on Sunday at 3pm.  Tickets range from $39 to $78; for further information

Happy Girl Kitchen in Pacific Grove is participating in the popular “Pop-Up Dinner” trend by hosting an event on Sunday, January 27.  The event will serve as a fundraiser for Monterey Bay Charter School and will feature a local chef (Matt Millea of Post Ranch Inn in Big Sur) combined with fresh, local ingredients.  For more information visit Happy Girl Kitchen’s website.

As mentioned, things will be heating up soon with the golf tournament heading our way. Historically, we’ve seen a bump in activity 3-4 weeks following the tournament. Stay tuned and we’ll let you know if it repeats this year.

– Mike, Lynn & Jessica