Steady But Slow

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Our Pebble Beach and prime Carmel markets remain steady but show intermittent signs of slowing – not atypical for this shoulder season.  The real proof of any emerging trends will be determined by activity levels as we enter our summer selling season after Memorial Day.

Pebble saw two new sales (asks of $1.8M and $1.1M), extending the disproportionate activity at the lower/mid-levels in Pebble.   Pebble did see 4 closed sales last week, a very healthy level – prices ranged from $580K, $820K, $1.495M and $1.525M.  As mentioned recently, we also put the contemporary on the 14th hole in escrow (ask of $16.9M) and the Beach and Boardwalk houses on Carmel Beach (ask of $25.5M) in escrow. Bit of a sandwich market developing, with strength at bottom and top but softness in the middle.

Prime Carmel saw 2 new sales and 1 closed sale.  The closed sale was a property we handled down on Franciscan Way – quality, new home which sold at $3.595M – sold the day it hit the market.  The new sales included a 2,300 ft home on a 6000 ft lot on Casanova/10th and another home on Camino Real with an ask of $1.799M.  Not bad but not red hot either.

Again, we’re in a seasonal lull so need to be wary of drawing premature trend conclusions but the general direction of late has been slowing; that said, some of the Carmel slowing has no doubt been tied to the historically low inventory levels.

Speaking of inventory, we’ll be bringing a true landmark on Carmel Beach beside the 10th hole of Pebble formally to market in about a month – while photos can never truly do justice, this provides a pretty good sense of how extraordinary this one is.

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