Pebble Beach and Prime Carmel Markets Remain Slow But Steady

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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

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