MARKET SEEKS SHADE AMIDST HEAT WAVE 

ellen Weekly Blog

With high temperatures heating up the coast and a volatile week for stocks, the market took to the shade for a cooler week than last.  Across the areas we cover, we saw a drop in activity with only 4 new sales and 1 closed escrow.  Tight inventory levels in the prime parts of Carmel and Pebble remain the primary culprit for limiting sales in this evolving sellers’ market.

Pebble’s lone closed escrow came from within the MPCC area – a tear down on Stevenson Dr that closed at $1.144M (5% off of list price).  Pebble had 3 new sales this week, the top sale came from the Estates area on Lisbon Ln with an ask of $3.295M.  The recently remodeled home at 1032 San Carlos went back into escrow this week with an ask of $2.849M.  We’ll keep an eye on this trend but with a handful set to close next week, we don’t anticipate any significant changes in the coming weeks.

The prime parts of Carmel were sluggish with only 2 new sales and zero closed escrows.  Scenic remains a very hot commodity with yet another property going into escrow this week – the triple lot on Scenic/Ocean View is in escrow with a ask of $7.85M.  The only other sale, 26280 Inspiration, went back into escrow this week with an ask of $2.999M.  As mentioned last week, with drought-like inventory levels, we are seeing a rise in off-market sales and anticipate more to come in the following weeks.

This week’s listing highlight comes from the beautiful, private community of Quail Meadows – considered by many locals as one of Carmel’s best kept secrets.  It is rare to find over 2 acres of land within 4 miles of downtown Carmel and even more rare to find a home with as much attention to detail and sophistication as this English Country estate at 5445 Quail Way.  If you have not had the chance to see this tastefully designed home, feel free to visit our listings tab on our website to schedule a private showing.

Summary of all sales:

Pebble
-NEW SALE – 1032 San Carlos, $2.849M, DOM=98

-NEW SALE – 54 Ocean Pines, $799K, DOM =150

-NEW SALE – 1439 Lisbon Ln, $3.295M, DOM=218

-CLOSED ESCROW – 3030 Stevenson Drive, $1.144M DOM=57

Carmel

-NEW SALE – 26280 Inspiration $2.999M, DOM =588

-NEW SALE – 26264 Ocean View Ave, $7.85M, DOM=191

Highlands
-NEW SALE – 194 San Remo Rd, $3.675M, DOM=

Quail
-No activity to report

Around Town:
-8/28 – Last Friday of Carmel Plaza Summer Live Music Series

-8/29-8/30 – PacRep presents Buddy, Elvis & The Gang at the Golden Bough Theatre

-9/3 – Meet the Author (Quinn-Essential Nutrition, The Uncomplicated Science of Eating) at McIntyre Tasting Room in the Crossroads