Streaky Market Continues

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The Pebble Beach and prime Carmel markets continue to move in fits and bursts.  After showing some slowing, it popped again, then slowed again this week.  The prime parts of Carmel saw only 1 new sale (a larger 2300 sq ft home on a double lot north of Ocean) and zero closed sales. Carmel’s slower activity hugely tied to the lowest inventory levels any of have seen in 20 plus years.
Pebble saw one closed sale in upper-Pebble, at $1.575M and two new sales, oddly also located in the upper part of The Forest (at $699K and $949K).  Nothing to write home about but at least a pulse.  Anecdotally, we think there may be a break in the log jam between $5-10M coming.  We’re getting solid interest in our listing along Crespi Lane (www.1668CrespiLane.com) and are aware of increased showing activity for a few others in the same bracket.
We’ll also be bringing perhaps the most spectacular property on the Monterey Peninsula to market in the next month:  www.10CarmelWay.com  Incredible location beside the 10th green at Pebble and directly on the sands of Carmel Beach – a combination unlike any other.
For the music aficionados this is a big week in town with the Bach Festival getting underway.  Hope you get a chance to enjoy it.
Mike, Lynn and Jess

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