Pebble had another solid week, with 5 closed sales and 4 new sales – very solid activity, while the prime parts of Carmel saw only 1 new and 1 closed sale – ok, but nothing to write home about.
Pebble’s new sales were all in the MPCC area, including a very nice home across from the 4th hole of the Shore Course (ask of $2.975M) with the other 3 asking $1.8M, $1.4M and $795K. The 5 closed sales included a very cool contemporary at $2.5M, a Spanish Bay condo at a value-price of $1.895M and the other two under $1M. Again, this is robust activity in Pebble although, it’s largely concentrated below $2.5M, which continues to give pause about the supply/demand dynamics in the $5M – $10M range – we’re keeping a close eye on that sector – it’s been taking a long nap of late.
Carmel’s new sale was down next to The Point, with an ask of $1.799M; good but not great house or location – interesting to note that the property had been on the market for nearly a year. I say interesting because the closed sale, a nice home in the lower Golden Rectangle on Lincoln (closed price of $2.725M) had been on the market for 417 days. Given the exceptionally tight supply in the prime parts of Carmel buyers are taking second looks at product that’s been hanging around for a considerable time.
Hope everyone enjoys a great Memorial Holiday – we all owe a large debt to those who have served the Country so honorably.
Friday – Sunday, May 23-25: California Roots Music and Art Festival
Monday, May 26: Memorial Day Ceremony