Steady Pace Continues in Carmel and Pebble Beach

admin Weekly Blog

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.