The prime parts of Carmel continue to be slow, due almost completely to historically low inventory levels, a condition which looks to be persisting well into 2015. One new sale on a classic cottage in the Golden Rectangle with an ask of $2.395 and one closed sale of a fixer on Camino Real with an ask of $1.569. Having worked this market for 28 years the inventory levels are the lowest I’ve seen. We’re tracking it closely and will be watching to see if prospective sellers enter the market as we enter the prime selling season this summer to take advantage of the supply/demand imbalance tilting in their favor.
We’re also keeping a close eye on emerging trends in Pebble Beach, which has become a bit of a ‘sandwich’ market, with great strength below $2.5 and renewed strength at the top, above 10, but emerging softness in the upper-middle (4-8), particularly for properties that lack a view. Pebble saw 4 new sales, 3 in the MPCC area all under $1.395, and an ocean view tear down in the estates part for The Forest with an ask of $2M (this property has drawn multiple offers over the past month or so). Pebble also saw two closed sales, both in the MPCC area and both under $1.6. We’ll have a more comprehensive and in depth analysis of potentially emerging trends out in our upcoming quarterly analysis.
3/21-3/22: Monterey Symphony Concert IV: Ethereal Skies
Mike, Jess, Nic