Pebble Continues to Pop and Carmel Warms Up

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Pebble Beach continued its steady pace with 3 new and 3 closed sales last week – no sign of a lull in Pebble.  Leading the sales was our closing of the great contemporary along the 14th hole, which closed at $16.5M – actually, a solid value on one of Pebble’s best golf-front locations; the other two sales included a nice home, another contemporary, along the 18th hole of Spyglass, and an entry-level value in the estates part of the Forest on Lisbon at $1.425M.  The new Pebble sales ranged from $2.875M, $1.695M and $1.085M.  The weekly pace extrapolated over a year would be a record year so clearly things remain running ahead of long term averages right now.
While the prime parts of Carmel only saw one closed sale last week, a small fixer at $1.295M, we did see 3 new sales, all south of Santa Lucia: a very nice Mediterranean overlooking the Mission with an ask of $3.6M, an ocean view fixer/tear-down on Ocean View on The Point at $2.295M and a charming cottage-styled home just east of The Point with an ask of $1.799M. There had been some concern that Carmel was taking an extended nap but the Memorial Day week seemed to wake things up.
We’ll be keeping a close eye on the markets as we roll into the peak summer season. So far, 2014 has been solid.  Some softness in the upper-middle price points in Pebble and slower velocity due to low inventory levels in Carmel but, overall very healthy markets.
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