The pace of the real estate market in Pebble Beach continued to beat Carmel last week. For those of you who read the local Carmel Pine Cone, you saw that we closed the sale of an extraordinary oceanfront home just up from The Lodge – it closed at $28M. This week, a home along the 16th hole that hit the market a week ago with an ask of $14.5 instantly went into escrow – this will be the third home in a month and a half selling above $14 – strong demand by all historical standards. In addition to this golf-front sale, there were two more new sales as well as one closed sale in the MPCC area under $1M – that sector has run like the Everready bunny all year.
The prime parts of Carmel went to sleep, with no new sales and no closed sales. These blips happen periodically but it’s worth watching.
Of course, the big show, Concours week, will be upon us in a little over a week. In addition to just being a fun week, we historically will see a bump in showings and, shortly thereafter, sales. Stay tuned for that report.
Mike, Lynn and Jess