It’s AT&T week here and Pebble Beach clearly appeared to benefit: 8 new sales this week and one closed sale. The sales ranged from $859K, $865K, $895K, $1.195M, $1.986M, $4.995M, $5.499M and also the Chappellet estate along the water, which has been on the market for 10 years with a current asking price of $16.9M; we have the honor of representing the buyer. Exceptional week and particularly good to see demand in the 4-6 range where things had been a bit sluggish. The $4.995M sale was a somewhat older front line MPCC home with huge ocean views; the $5.499M sale was a somewhat vanilla, very large (10,000 sq ft) home without a view but fairly close to The Lodge – one of our value market drivers in Pebble.
Zero new sales in Carmel but one closed sale in the Golden Rectangle on a value-priced smaller home that closed at $1.93M. A bit curious that Carmel was blanked but, given the very tight inventories in the prime parts of Carmel, our sense is we will continue to see what looks like slower activity masking an underlying supply/demand imbalance. Quality product reasonably priced continues to find very healthy demand.
We’ll be rolling out our 5th generation of our web site in the next couple weeks, with a number of new features and services. One of the new amenities will feature short term rental possibilities for prospective buyers wanting to test drive the area or a location.
After a virtually rainless winter, of course, the golf tournament brought the first real rains of the season. Wet or not, it’s always a fun time. Hope you’re able to get out there and enjoy some of it.
Mike, Lynn and Jessica