Pebble Pops while Carmel remains Slow but Steady

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Pebble Beach saw a surge in sales last week and had two significant closed sales. The 6 new sales included 4 between $1.1M-1.4M one at $1.975M and a front line MPCC property at $3.49M. Note that none of the sales were below $1M – with supply virtually gone, $1M has become the new floor.  We closed the sale of that spectacular home on Sonado at $5.5M and another strong ocean view property on Corte Lane closed at $4.86M; demand remains healthy up to that $5.0+/- range but spongy north of there – we’re keeping an eye on the building inventory between $5-$10M.

The prime parts of Carmel had one closed sale, an off-market property we had at $6.3M (a classically renovated Mediterranean at the corner of Scenic and Ocean) and one new sale,  a 1900 sq ft cottage on a 4000 ft lot in the Golden Rectangle on Casanova.  Not a great week but not all bad.

We’ll be working on our comprehensive quarterly market update next week with detailed observations of trends in sales and inventory patterns.

 

Around town this week:

9/20-9/22: 56th Annual Monterey Jazz Festival

9/21: Carmel Beach Clean Up

9/22: Don Giovanni Opera at Hidden Valley Theatre

9/25: The Cherry Center Presents: Zelig, a film by Woody Allen

9/27-9/28: 6th Annual Authors & Ideas Festival at Stevenson School

 

Best,

Mike, Lynn & Jess.