PEBBLE MAINTAINS LEAD

ellen Weekly Blog

The Canning Properties Group wishes everyone a wonderful Memorial holiday weekend. For the third week in a row, Pebble has either held or shared the weekly title- a big change from the start of the 2nd quarter where Carmel held the title for the entire month of April.  The market has been a bit sluggish lately, perhaps the ongoing presidential campaign is beginning to create market distraction. A couple highlights below:

Pebble matched the previous week’s total with 3 closed escrows and 3 new sales.  The top closed escrow was one of the last frontline listings on the market just below Spyglass Hill- an oversized Contemporary-style home with expansive ocean views that closed at $5.5M (18% off of List Price).  The other closed escrows include a well-designed Craftsman-style home near Spanish Bay that closed at $2.8M (5% off of List Price) and a rustic cottage in the Upper Forest that closed 5% over the list price of $1.025M.  There were two new sales that tied for the top new sale this week:  the first is a Mid-Century Modern style home on the quiet Riata Rd listed at $1.695M, the other is an extensively remodeled Ranch-style home on an inlet of the Country Club West area, also listed at $1.695M.  The final new sale is a classic beach house in the MPCC area that could use some TLC with an ask of $1.52M.

Carmel was atypically quiet this week with only 1 closed escrow and 2 new sales.  The sole closed escrow came from SE Carmel- a Mid-Century Modern home designed by Francis Palms that closed at $1.1M (4% off of List Price).  The top new sale is a tastefully remodeled, charming little cottage in the heart of the Golden Rectangle with an ask of $1.795M.  The other new sale is a Ranch-style home in NE Carmel that’s listed at $1.449M.  Being the epicenter of our market, it’s not surprising that the Golden Rectangle is leading the pack thus far in Q2.

 No news to report in the Highlands, which has been dormant as of late.  We do anticipate a mild uptick in activity in the upcoming weeks with 4 sales set to close in June.

 Despite constrained supply, the Quail area continues to move at a high velocity.  The sole closed is a teardown on the private and coveted Poplar Ln that closed at $1.06M- essentially representing dirt value in Quail.  The two new sales, both townhouses on the 8th & 9th holes of Quail are listed at $750K & $695K.  The one listed at $750K is an end unit with stunning views facing East along the 9th fairway.

Best,

Mike, Jess & Nic

Pebble

CLOSED ESCROW – 3129 17 Mile Dr, $5.5M (18% off of List Price), DOM=235

CLOSED ESCROW – 1031 Los Barranca, $2.8M (5% off of List Price), DOM=49

CLOSED ESCROW – 1319 Chamisal Way, $1.075M (5% over List Price), DOM=10

NEW SALE – 1432 Riata Rd, $1.695M, DOM= Off-Market

NEW SALE – 2868 Oak Knoll Rd, $1.695M, DOM=29

NEW SALE – 971 Customs Rd, $1.52M, DOM= Off-Market

ACTIVE LISTINGS= 67 Homes (30 in MPCC area, 31 in Central Pebble, 6 in Upper Forest), 24 Lots

Carmel

CLOSED ESCROW – NE Corner of Torres & 10th, $1.1M (4% off of List Price), DOM=36

NEW SALE – Casanova 4SE of 12th, $1.795M, DOM=142

NEW SALE – SE Corner of Guadalupe & 5th, $1.449M, DOM=27

ACTIVE LISTINGS= 84 Homes (14 in NW Carmel, 16 in NE Carmel, 21 in Golden Rectangle, 15 in Carmel Point, 8 in SE Carmel, 10 in Hatton Fields), 3 Lots

Carmel Higlands

ACTIVE LISTINGS= 15 Homes (6 oceanfront), 7 Lots

Quail

CLOSED ESCROW – 8046 Poplar Ln, $1.06M (3% off of List Price), DOM=39

NEW SALE – 7026 Valley Greens Cir, #1, $750K, DOM=62

NEW SALE – 7026 Valley Greens Cir, #21, $695M, DOM= Off-Market

ACTIVE LISTINGS= 6 Homes (4 in Quail Meadows, 2 in Quail Lodge), 2 Lots

About Town

5/27 – 5/29: California Roots Music & Arts Festival at Monterey County Fair & Event Center

5/27: Favorite Fridays Tribute Band Concert Series at Del Monte Shopping Center

5/28: Kids Circus Workshop in Big Sur at 48603 Highway 1

5/28 – 5/30: May Fest at Custom House Plaza

5/29: One Lane Bridge at St. Mary’s Edwards Hall

5/30: Memorial Day Concert at Colton Hall

6/1: Montrio Bistro Wine & Whiskers