Markets in Flux

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The Pebble Beach and prime Carmel markets do appear to be in a state of flux.  Trend line appears be tapering towards a plateau but, there have been surges along the way.

This week the prime parts of Carmel saw zero closed sales but 4 very strong new sales – very solid showing in Carmel.  The sales included one on Scenic with an ask of $6.995 – Scenic Road has been red hot all year – the sales there will break all records this year – we’re preparing a separate market update just on Scenic – look for it next month; a new spec house on The Point with an ask of $3.95 went into escrow, as did an older Mediterranean on Carmelo also with an ask of $3.95 on a double lot and a small in along San Antonio with an ask of $2.5 went into escrow.  So, odd that nothing closed but very solid in the new sales department in Carmel this week.

Pebble has clearly slowed with 3 news sales, consisting of two properties in the MPCC part of the Forest under $1.2 and a value-priced home near Cypress with an ask of $2.349.  Nice to have 3 new sales but the continuing lack of demand at the top of late is becoming an ever-clearer trend.  Pebble saw 3 closed sales, two small condos under $600K and one MPCC rancher at $1.1.  Again, ok in the abstract in terms of numbers of transactions but not great in terms of diminishing demand up the price spectrum.

Around town this week:

10/5-11/17-Ansel Adams at the Weston Gallery

10/23-The Cherry Center Presents: Brazil by Terry Gilliam

10/23-The Sunset Center Presents: Jon Batiste & the Stay Human Band

Best,

Mike, Lynn & Jess.

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