While Pebble Beach has been generally steady the past couple months, there have been the occasional slow weeks – last week was clearly another one of those with 1 new sale and 0 closed sales; the new sale was a home in the upper part of The Forest on Los Altos Drive with an ask of $1.695M. If historical seasonal demand patterns return, we should begin to see an uptick in sales activity. This market cycle is behaving somewhat differently than past with tight inventory levels in the core demand areas beginning to slow sales activity (in Pebble, the core demand has been under $2.5M, with another healthy level of demand at the very top).
The prime parts of Carmel were sluggish as well, with one new and one closed sale. The new sale was a large, fairly newer home with strong views along Santa Lucia with an ask of $4.995M – lot of house with good view but some road impact with the Santa Lucia location. The closed sale was a quality renovation on Franciscan Way which closed at $3.5M; this property had been on the market for some time, then went off market and went into escrow with a party who had seen it earlier; 3200 sq ft with big views of the Mission.
We’ve talked about it before but it’s also worth keeping an eye on the discreetly available off-market action. In addition to working with sellers and buyers in this context, we also keep an eye on these data points. Last week an off market water view contemporary on Carmelo with an ask of $5.25M went into escrow, as did one of Pebble’s rare ocean front homes in an off-market format. We’ll let you know the ultimate closed prices on both of these properties when they post.
Happy Fathers Day to all the fathers out there – hope you’re duly spoiled on Sunday and enjoy your day.