The Pebble Beach market jumped back into the lead this week with 4 new sales and 5 closed sales – strong by any standards. News sales ranged from $649K, $895K, $1.55M to $2.3M, extending the robust demand under $2.5M. Until interest rates eventually begin to make their climb, those lower brackets should continue to see high velocity until diminished supply simply slows things down, as we’ve seen in Carmel. The closed sales ranged from $838K, $1.15M, $1.4M, $1.57M to $1.95M; again, hot below $2M. Soft spot is $5-10M with increasing inventory levels – sellers need to listen to the market there.
While slower than Pebble, the prime parts of Carmel did ok, with two solid closed sales and one new sale. Closed sales included a nice home on Carmel Point that’s been on the market for a couple years at $3.45M, and another in the Golden Rectangle at $2.4M. New sale of a larger home below Santa Lucia with an ask of $2.295M – that’s a sleeper neighborhood with good values and still offering walk-to-town/beach benefits. Anecdotally, the recently listed fixer on Scenic with an ask of $3.75M has 3 offers outstanding on it – property was donated to Stanford – value for Scenic.
The treasure on the Pebble golf course we mentioned we were bringing to market did hit the open market this week. Consensus is that it is the best location on the links – home an architectural gem. Drawing strong interest already. www.witsendinpebblebeach.com
Monterey Jazz Festival here in town – always fun.
Mike & Jess