Market Remains Steady

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Hopefully your holidays were stress-free and shared with family and friends. We weathered the holiday storms and are glad that 2013 has brought with it a return of the warm sunshine.

The market held a steady pace through the holidays across both Pebble Beach and Carmel. Pebble had 2 new sales and 3 closed sales this week. The new sales were both in the MPCC area and went into escrow within 2 weeks: a Spanish-style home on Valdez with a list price of $1.25M and a post adobe on Stevenson listed for $879K. The market for fixers in Pebble continues to be very active including all 3 closed sales this week: a Mediterranean on a large lot on Porque was originally listed for $2.595M and closed for $1.827M, a home on Oleada that was listed for $1.77M and closed at $1.525M, and an old rancher on Sloat that was originally listed for $740K and closed at $688K. With that sale, there are only 8 homes currently listed below $1M in Pebble, down from 54 in 2011.

Both of the sales in Carmel this week were on Carmel Point, which is seeing steady deal flow above $3M. The new sale was a nice single level home on Bay View – great views looking back to Pebble- that’s listed for $4.295M. The closed sale was a recently remodeled contemporary home on Ocean View that closed at $3.625, off significantly from the original list price of $5.2M.

We’ve recently received a few inquiries regarding our Discreetly Available properties from owners considering selling.  Briefly, we created this category of exposure for sellers who are interested in placing their property in the market in a limited way, without the fanfare of  full mls, signage, broker tours, etc.  If you’d like to consider placing your property in this outlet let us know and we’ll be happy to coordinate with you.

January is California Restaurant Month where dining establishments throughout the Monterey Peninsula are offering discounts and special menus as part of a statewide campaign to boost business and tourism. While most participating restaurants provide a 10% discount, some serve prix fixe menus. Here’s a sample of local participating restaurants:

For a 10% discount, mention “California Restaurant Month” at any of the following restaurants:

  • Rio Grill at the Crossroads
  • Edgar’s at Quail Lodge
  • Restaurant 1833 in Monterey
  • Fandango, celebrating their 26th year in business, in Pacific Grove
  • Big Sur River Inn Restaurant
  • Vesuvio Ristorante at Junipero and Sixth in Carmel
  • PortaBela on Ocean between Lincoln and Monte Verde
  • Merlot on Ocean between Lincoln and Monte Verde
  • 400 Gourmet Burgers and Fries at Mission and Seventh
  • Little Napoli Ristorante at Dolores and Seventh

Restaurants serving prix fixe menus:

  • Patisserie Boissiere on Mission in Carmel is serving a $24 three-course menu
  • Aubergine Restaurant on Monte Verde
  • Cantinetta Luca on Dolores
  • The Lodge Restaurant at Carmel Valley Ranch

This is a fantastic opportunity to try a new restaurant before the crowds arrive for AT&T. For a full list and more detail about the event go here.

Happy New Year,

Mike & Lynn

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