Both the prime Carmel and Pebble Beach markets slowed last week, with just one new sale in each Carmel and Pebble. In Carmel, a nice home in a strong Golden Rectangle location along Monte Verde went into escrow with an ask of $2.295M – well priced/located product continues to draw steady interest in Carmel. Carmel did see two closed sales, one down on Carmelo on The Point which had been on the market forever – the price ultimately was brought down to $2.2M, where it found demand and closed at that price; the other was a nice ocean view home (2400 sq ft) on a large (7700 sq. ft.) corner lot on the west side of San Antonio and Santa Lucia that closed at $4M – classic beach home style with nice water views and a one block walk to the beach. Also worth noting that there were 5 new listings in the prime parts of Carmel last week – with only 1 new sale the supply/demand balance is worth keeping an eye on.
Pebble’s sole new sale was a $430,000 condo – pretty quiet week in terms of new sales. There were 4 closed sales though, ranging from a great estate near The Lodge along Ondulado which closed at $6.1M to a nice California Rancher in the MPCC part of the Forest at $1.299M. The closed sales activity was very healthy but the prospective new sale data also suggests keeping an eye on any potential trend shifts.
Here are a few interesting events going on around town this week:
4/13-4/14: 56th Annual Good Old Days Street Festival in Downtown Pacific Grove
4/14: Takacs String Quartet performs at the Sunset Center
4/14: Tenor Pasquale Esposito presents a candlelit operatic concert at the Carmel Mission
4/15: The Garden Party at the Carmel Youth Center
4/17: Arlo Guthrie performs at the Sunset Center
4/18: “A Table Affair” co-sponsored by Pebble Beach Riding & Trails Association and Pebble Beach Co.
4/19: Wrath Wines will showcase its spring releases in the Carmel Plaza
Have a wonderful weekend,
Mike, Lynn & Jess.