In anticipation of the big decision from the Federal Reserve, the local market behaved a little more subdued this week. Good news for borrowers though as interest rates remain the same for the time being. In the areas we specialize, there were 2 new sales and 7 closed escrows- a downshift from last week’s totals of 8 and 6 respectively. The mood around town is of the bohemian vibe with the 58th Annual Jazz Festival gearing up for an entertaining 3-Day event.
In one of the slowest weeks of the summer, Pebble saw zero new sales and only 2 closed escrows. The top closed escrow was an elegantly remodeled home on the 2nd fairway of the Shore Course that closed at $2.8M (2% off of list price). The only other closed escrow this week was a condo at 54 Ocean Pines that closed at $775K (3% off of list price). With only 2 pending sales set to close next week, this slower activity is likely to trickle into next week unless an unforeseen surge in new sales occurs.
Despite the limited amount of inventory, Carmel sustained another solid week with 1 new sale and 3 closed escrows. The new sale came from a custom built cottage on the North side of Ocean on Lobos & 1st SW Corner with an ask of $1.795M. The top closed escrow was a fixer on a quality lot in Carmel Point that closed at $2.9M (3% off of list price). The other 2 closed escrows included a well-designed contemporary on the North side of ocean that closed at $2.675M (1% off of list price) and a fixer on San Carlos opposite the Sunset Center that closed at $1.375M (2% off of list price). A new Scenic listing hit the market this week with an ask of $10.9M- an Eric Miller designed bi-level 4 bed 3 bath with ocean and golf views. Click here.
The Highlands had some activity worth noting this week with 1 new sale and 1 closed escrow. The new sale is a contemporary style home labeled “Tree House” with distant ocean views and an ask of $2.55M. The closed escrow was a Mediterranean on San Remo, also with distant ocean views, that closed at $3.5M (5% off of list price). An ocean front listing at 34 Yankee Point just hit the market this week with an ask of $12.88. It is a sophisticated modern with over 6,000 sq. ft. and 4 bed/5 bath. Click here.
Quail’s market continues to thrive with another closed escrow and a new listing. With just under 300 homes collectively in the Quail area, the market has continued to move quickly over multiple quarters. The closed escrow this week on 7078 Valley Greens Circle closed 4% over list price at $1.45M after only being on the market for 8 days. The new listing, a fixer on River Place with an ask of $1.395M.
Upcoming Open Houses
3937 Ronda Rd, Pebble Beach, *New Price: $4.295M. We are hosting an open house this Sunday from 1:30-3:30pm for this beautiful 4 Bed/4.5 Bath home in Pebble’s sunbelt. With rose lined pathways, stunning ocean views and great entertaining areas, this beautiful home is a perfect golf getaway or family home. If you have time and are in the area this Sunday, feel free to join us.
CLOSED ESCROW – 1032 San Carlos Rd, $2.8M (2% off of list price), DOM=98
CLOSED ESCROW – 54 Ocean Pines, $775K (3% off of list price), DOM=150
Prime Parts of Carmel
NEW SALE – Lobos & 1st SW Corner, $1.795M, DOM=98
CLOSED ESCROW – 26280 Inspiration Ave, $2.9M (3% off of list price), DOM=588
CLOSED ESCROW – Monte Verde 5NW of 4th, $2.675M (1% off of list price), DOM=13
CLOSED ESCROW – San Carlos 3NW of 10th, $1.375M (2% off of list price), DOM=62
NEW LISTING – 26077 Scenic Dr, $10.9M
NEW SALE – 137 Cypress Way, $2.55M, DOM=122
CLOSED ESCROW – 194 San Remo Rd, $3.5M (5% off of list price), DOM=125
NEW LISTING – 34 Yankee Point Dr, $12.88M
CLOSED ESCROW – 7078 Valley Greens Circle, $1.45M (4% over list price), DOM=8
NEW LISTING – 8022 River Pl, $1.395M