PACE COOLS AFTER HOT START

ellen Weekly Blog

As rarely seen thunder and lightning rolled through town this week, the market cooled somewhat from the previous week.  Pebble Beach and Carmel shared the throne with 4 closed escrows and 3 new sales apiece.  The Highlands continued its lively streak while Quail’s inventory remained dry.  The buzz around town is the return of the Carmel International Film Festival, which is going on its 7th year- a must see if you are in town.

Pebble had 4 closed escrows and 3 new sales this week.  The top sale, a recently remodeled large estate, on Viscaino closed at $3.15M (12% off of list price).  The other closed escrows included a ranch style home on Viscaino closing at $2.695M (4% off of list price), and 2 fixers closing within 3% of list price- one in the MPCC area and the other in upper Pebble.  All new activity occurred under $2M, a trend we’ll track closely.  The top new sale was a major fixer in upper Pebble with an ask of $1.195M.  The other 2 new sales with asks of $1.095M and $995K in the MPCC area were also major fixers.

The prime parts of Carmel continue to keep pace with all of Pebble Beach despite having slightly over half of the inventory as Pebble.  Carmel also had 4 closed escrows and 3 new sales this week.  The top closed escrow came from the South Eastern part of Carmel Point at 26255 Dolores – a remodeled ranch style home with ocean views that closed at the full ask price of $2.15M.  The other closed escrows included a fixer in Hatton Fields that closed at $1.368M(6% off of list price), a tear down on Casanova north of Ocean that closed at $1.284M (1% off of list price) and another tear down on a thoroughfare that closed at $970K (2% off of list price).  The top new sale- North of Ocean- a fully remodeled modern style home on Carmelo with an ask of $3.695M.  The other new sales included a ranch style home on Valley View with an ask of $2.85M and a tiny cottage north of ocean with an ask of $1.295M.  We continue to experience a supply-demand imbalance on Carmel Point with inventory levels dwindling to only 7.

We are honored to represent the seller of a very special oceanfront property at 102 Yankee Point Drive.  A tastefully remodeled home perched above a private cove in the heart of the Highlands, 102 Yankee Point closed at $3.95M, (8% off of list price).  The other closed escrows included an oceanfront fixer on Hwy 1 that closed at $3.925M, (1% off of list price) and a property labeled “Treehouse”, which is tucked away from the coast that closed at (14% off of list price).  Oceanfront property down the coast remains a healthy and active market.

The Quail Area remains dry with only 4 active listings.  This is another area where we are seeing an ongoing supply-demand imbalance- a trend we will continue to track going into 2016.

Highlands – 3 closed escrows

CLOSED ESCROW – 102 Yankee Point Dr, $3.95M, (8% off of list price), DOM=256

CLOSED ESCROW – 29300 HWY 1, $3.925M, (1% off of list price), DOM=714

CLOSED ESCROW – 137 Cypress Wy, $2.2M (14% off of list price), DOM=122

Active Listings= 16 (3 less than $2M, 7 in between $2-4M, 3 in between $4-8M, 3 above $8M)

Quail – no news to report

Active Listings= 4 (1 under $2M, 2 in between $2-4M, 1 above $4M)

Pebble –

CLOSED ESCROW – 1555 Viscaino Rd, $3.15M (12% off of list price), DOM=179

CLOSED ESCROW – 1276 Viscaino Rd, $2.695M (4% off of list price), DOM=182

CLOSED ESCROW – 1322 Chamisal Wy, $1.15M (3% off of list price), DOM=101

CLOSED ESCROW – 3020 Sloat Rd, $1.141M (2% off of list price), DOM=54

NEW SALE – 4020 Ronda Rd, $1.195M, DOM=269

NEW SALE – 1183 Lookout Rd, $1.095M, DOM=95

NEW SALE – 2946 Bird Rock Rd, $995K, DOM=19

Prime parts of Carmel-  4 closed escrows and 3 new sales

CLOSED ESCROW – 26255 Dolores St, $2.15M (Full ask), DOM=167

CLOSED ESCROW – 25850 N Mesa Dr, $1.368M(6% off of list price), DOM=66

CLOSED ESCROW – Casanova 5 SE of 4th, $1.284M (1% off of list price), DOM=91

CLOSED ESCROW – 5855 Junipero Ave, $970K (2% off of list price), DOM=9

NEW SALE – Carmelo 5 NW of 4th, $3.695M, DOM=117

NEW SALE – 26310 Valley View Ave, $2.825M, DOM=108

NEW SALE – SE Corner of Mission & 3rd, $1.295M, DOM=168

Active Listings= 43 (4 less than $1M, 13 in between $1-2M, 5 in between $2-3M, 11 in between $3-4M, 6 in between $4-8M, 4 above $8M)

 

Listing Spotlight- 7985 Carmel Valley Road

7985 Carmel Valley Road | Carmel, CA from Blue Sky Cinemtaography on Vimeo.

 

Around Town:

10/16 – MOMIX: Alchemia at The Sunset Cultural Center

10/16 – Ribbon Cutting at New Masters Gallery

10/18 – Fiesta Del Mar at The Monterey Bay Aquarium

10/21-10/25  – 7th Annual Carmel International Film Festival at The Sunset Center

10/24 – Galante Vineyards Harvest Open House at Galante Vineyards Ranch

 

Best,

Mike, Jess, & Nic