Markets steady, but tapering?

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The Pebble Beach market chugged along reasonably well last week, with 3 new sales and two closed sales.  Two of the new sales were in the low $2’s and one in the low 1’s.  The closed sales included a $4.2M short sale along 17 Mile Drive opposite the entrance to The Beach Club which has been on the market forever and in and out of a couple escrows; the other closed sale was a fixer at 800,000 in the MPCC.  Our takeaway from the data flow of late:  Bit of a sandwich market taking shape, with strength at the lower end of the price spectrum, strength emerging above $12M for prime golf and waterfront properties but, softness in the $5-10M range – sellers there will likely need to move towards buyers to bridge sales.

The prime Carmel markets continued to suggest some slowing.  1 new sale on Dolores with an ask of $3.295 down on Dolores – a property which has also been on the market for ages, and one closed sale at $2.4M, a home on Carmelo on Carmel Point which has also been on the market forever and been in and out of a couple of escrows.  So, there’s still a deal flow out there but it does seem to be slowing.

Seasonally, our markets should enjoy fairly healthy demand until around Thanksgiving when we generally quiet down for the holidays, enjoying the next bump in demand around AT&T.

Around town:

9/13: Trio Carmel Meet the Winemaker Series

9/15: Sunset Center Presents Lewis Black: The Rant is Due

9/15: Carmel Sandcastle Contest

9/17: Aubergine Presents: Terroir featuring French Bistro

9/17: Sunset Center Presents Boz Scaggs: The Memphis Tour

9/19: Secrets of Cantinetta Luca Cooking Class: Bruschetta

9/20: Chateau Julien Vineyards presents Harvest Wine Dinner

 

Best,

 

Mike, Lynn and Jess.

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