Our local market pattern has settled into a familiar refrain with Pebble Beach chugging along at a robust pace (6 new and 3 closed sales) and the prime parts of Carmel, given historically low inventory levels, chugging along slowly (2 new sales and 1 closed sale).
Pebble’s 6 new sales included another Spanish Bay unit (ask of $3.595 – Spanish Bay is now again sans any available units), and 5 homes in the MPCC area of the Forest ranging from $900-$1.45, extending a multi-year pattern of high demand in that price bracket in Pebble – largely fueled by the incredibly cheap cost of long term capital. The 3 closed sales were all also in the MPCC area, between $895-$1.325. Anecdotally, we have two offers working on two of our higher-priced properties now – hope to report those sales next week.
Carmel’s two new sales included a modest cottage in the Golden Rectangle with and ask of $1.79 and a newer home on Carmel Point with an ask of $2.15. The closed sale was a large, classic home on a double lot in the Golden Rectangle close to town which closed at $3.8. These larger homes on larger lots in prime parts of Carmel have seen increasing demand over time as people who’ve tested the classic 1600 sq ft cottage determine they love Carmel but would also love a bit more elbow room – our forecast is for demand for that product to continue to be strong going forward.
We’ll be bringing a classic 1920’s Mediterranean with massive ocean views in Pebble to market in a week or so – for the aficionados of that architecture this one will be worth seeing.
6/20 – House & Garden Tour in the City of Carmel