Pebble Beach Takes a Nap

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The Pebble Beach market hit snooze this week while Carmel roared back.  Always interesting watching the relative ebb and flow of demand and sales activity between Carmel and Pebble.  After studying these markets for 25 years clear demand patterns between the two have always been elusive; that said, there has been a noticeable trend over time toward smaller homes and lots – easier to maintain, less fuss.

Pebble did see the close of an ocean view Mediterranean on Sonado Road at $7.45M (many feel that, other than the Pebble ocean and golf front, the Bonifacio/Sonado Road location is the best in Pebble – great views, weather, easy access to The Lodge, quiet).  Zero new sales.  Not a trend but worth watching.

On the other hand, the prime parts of Carmel saw 4 new sales ($ 1.295M, $1.795M, $2.395M and $3.95M) including an older fixer on Scenic that was in escrow a month ago but fell out – older, smaller home – the close price will essentially peg the current ‘lot value’ along Scenic these days – wasn’t long ago that value was $4M but it declined, into the low to mid-3’s, and has been rising in the past year or so.  We’ll report back when it closes with that number.  Carmel also saw two new sales, a smaller somewhat dated home on Carmel Point with an ask of $1.795M and an older cottage in the Golden Rectangle on Lincoln with an ask of $1.295M – that product has been red hot for about a year – very low inventory of that product – we’d anticipate demand remaining high for the lower priced, well-located fixer-product for the foreseeable future.

 

Here are a few noteworthy events around town this week:

5/24-5/26: Live Music at Beaujolais

5/27: Memorial Day

5/31: Carmel Music Society presents Clarissa Lyons, soprano at the Sunset Center

 

Best,

Mike, Lynn & Jess.

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