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.