Quick recap on our Carmel and Pebble Beach markets and then a few other comments for you this week:
While the market’s slowed somewhat in the past 30 days, the lower end of Pebble Beach continues to be very active. 4 new sales in Pebble last week, all under $1.25M. Demand is likely tapping these historic low interest rates to take advantage of some similarly historic buying opportunities.
The pendulum seems to have swung Carmel’s way of late going up the price spectrum. Two new sales in the prime parts of Carmel last week, a very refined small Japanese styled home on Carmel Point along Ocean View Ave – ask price of $2.85M. The second sale was an ocean view home along the west side of San Antonio with an ask of $4.5 – classic Carmel beach style home, larger than normal at 2500 sq ft. Again, we’re noticing an uptick at the upper end in Carmel, while noticing a slow down in Pebble.
Along those lines, we’ve noted that it’s been since early August of last year that we’ve seen a new sale in Pebble north of $4M. Could be all the uncertainty of the elections, fiscal cliff combined with the typical holiday slow down but, this is certainly worth watching by sellers in Pebble above $4M. We’ll keep you posted on this log jam.
A very odd phenomenon has developed down along the ocean front in Yankee Point in the Highlands. For some inexplicable reason, supply has exploded to 11 homes now on the market. Looks like a used car lot driving down the street right now with all the signs. Not good for the sellers but could trigger some interest by aggressive buyers.
If you’re in town this weekend, Cavaliers of the West is hosting a Cavalier King Charles Spaniel show and fundraiser at the Carmel Mission Inn. Events include Puppy Sweeps, Obedience/Rally, Fun Pet Parades (costumes optional or imaginary!), Children’s Handling, Health Clinics Seminars, Live and Silent Auctions. The show will be dedicating all proceeds to CKCSCR (Cavalier Rescue USA). It’s a great cause and should be quite a show!
Mike, Lynn, and Jess