Pebble Beach continued to see strong activity last week with 4 closed sales and 2 new sales. Continuing the trend, all 4 closed sales in Pebble were under $1.5 – no doubt reacting to the combination of historically low prices and interest rates, this sector continues to amaze. The two new sales ($1.495 and $1.7 ask) were both in the MPCC area of Pebble – interesting to see demand show a bit of increase going up the price spectrum.
The prime parts of Carmel saw 3 new sales but no closed sales last week. A bit slower than Pebble but the 3 new sales are a positive forward indicator. Two of the sales (asks of $2.195 and $2.2) were on Carmel Point – The Point has demonstrated a strong and increasing following – many default initially to the convenience to beach and town of the Golden Rectangle initially but migrate over time to the quieter but still convenient Point setting after being here awhile. The third sale was a low-priced fixer in the Golden Rectangle on Dolores with an ask of $1.395 – that product has sizzled for the last year – supply very tight at this time and not likely to increase as more and more of the fixers at that price get renovated and become $2M+ homes.