Pebble Beach and Prime Carmel Markets Slow This Week

admin Weekly Blog

The prime parts of Carmel have been slowing of late and this week saw the Golden Rectangle and Carmel Point grind to a halt – zero new sales.  As mentioned, a large part of the Carmel slow down can be attributed to the historically low inventory levels but getting blanked for a week is worth noting/watching.  There were two closed sales this week, an ocean view tear down on Ocean View on the Point that had a one week escrow and closed at $2.15M – pretty big number for a tear-down but views on The Point continue to be highly prized; the other closed sale was down south of Santa Lucia on Camino Real – a fairly nice home that closed at $2.25M.
Pebble Beach at least had a pulse this week, with 3 new sales and 1 closed sale.  The home at 1544 Viscaino, a 6,200 sq. ft. home with some views which has been on the market for years finally went into escrow with an ask of $3.75M – heckuva value actually; the other sales involved an older rancher in the MPCC area with an ask of $1.095M and a condo with an ask of $449,500.  Not robust but not bad.  The lone closed Pebble sale was a renovated MPCC area home that closed at $1.415M.  The sandwich market in Pebble (solid demand at the top and bottom, soft in between) continues in Pebble; it’s been over 6 months since something sold between $5-$10M.IFrame