Pebble is Hot, Carmel is Not

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Once again, the Pebble Beach real estate market roared while Carmel whimpered.  Pebble saw 5 new sales, ranging from a small condo asking $479,000 to a classically styled home along prized Padre Lane asking $4.725M; the new sales also included a 17 Mile Drive short-sale asking $4.585M.  Pebble also had 5 closed sales, including the extraordinary 7,000 sq. ft. 1 bedroom contemporary we sold along Padre Lane at $4.1M – truly a one-of-a-kind property.  The sales also included an older, fixer Townhome at The Lodge, with an ask of $1.925M – interestingly, for the first time in memory there isn’t a single Townhome now in the open market for sale.  Also of note, the home beside the 12th green on Pebble hit the market with an ask of $27M, the highest current ask in Pebble.

Not sure what’s up in the prime parts of Carmel but that market went to sleep last week, with zero new or closed sales.  Bit of a mystery and we suspect it’s an aberration but will be watching it for any emerging pattern.

Next week we’ll have our quarterly update on the Carmel and Pebble Beach markets posted – as always, there are some interesting story lines emerging.

Around town this week:

  • 3/22 Strut Productions presents: 1964… The Tribute at the Sunset Center
  • 3/23 Sunset Center presents the Ying Quartet
  • 3/23 Big Sur’s Mud Run at CSUMB
  • 3/24 Cima Collina’s Annual AFRP benefit fundraiser and onsite pet adoption
  • 3/28 Hofsas House presents Third Annual Fundraiser for the Food Bank of Monterey County

Have a wonderful weekend,

Mike, Lynn, and Jess.

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