Pebble Beach and Prime Carmel Markets Remain Slow But Steady

admin Weekly Blog

Could have just said “Ditto” to last week’s update.  Market’s clearly have slowed but there are still sales happening in both Carmel and Pebble. Pebble saw 3 new sales, at $719K, $1.695M and $1.799M, extending the disproportionate demand in the lower brackets. Two properties closed escrow in Pebble last week, one at $895K and the other at $1.2M.  Not great, but there is a pulse.

The best areas of Carmel saw two new and two closed sales. The new sales were both in the Golden Rectangle and included a small fixer with an ask of $1.295M and another older cottage on Casanova with an ask of $1.55M; both value-priced and in very tight-supply brackets. Interestingly, both closed sales in Carmel were north of $3M, one on the Point that closed after just a month on the market at $3.4M and the other in the Rectangle that had been on the market for two years at $3.5M (very high quality home but had been over-priced for some time – market finally spoke and the sellers listened).

Next week we’ll be sending out and posting our regular quarterly update – a couple of interesting patterns emerging.

For the Foodies out there, this week is Carmel’s inaugural Gourmetfest and, in two weeks, the grand show at the Pebble Beach Food & Wine Festival rolls into town – if you haven’t spoiled yourself and attended that event you should – fun time. Also, Poppy Hills officially reopens next weekend after being closed for extensive renovation since March 11, 2013. Here’s a look at what has been done and what the course looks like now.

Mike