As we quickly approach what has become the busiest week of the year, the anticipation is building as the town gears up for the iconic annual car show, Concours d’Elegance. This famous automotive week draws one of the largest international audiences of car aficionados and collectors in the world. Building on last year’s record car sales, we anticipate this year to follow suit and provide another spectacular week of entertaining events.
The market saw a fair amount of activity this past week with 7 closed sales and 9 new sales in Pebble Beach, Carmel, the Carmel Highlands and Quail Lodge. Pebble retained the lead by a small margin with 2 closed sales and 3 new sales. The 2 closed sales included a ranch-style fixer in MPCC that closed at $1.56M (2% off of list price) and a recently built Spanish-style home in Country Club East that closed at $1.5M (3% over list price). Pebble’s 3 new sales included a traditional-style home just above the 3rd tee on Cypress Point Club with an ask of $9.995M (139 DOM), a custom built home tucked behind the 4thgreen of MPCC’s Shore Course with an ask of $2.99M (3 DOM) and a major fixer townhouse just above The Lodge with an ask of $2.95M. As anticipated, Pebble’s inventory continues to rise with 5 new listings in advance for Concours week.
The prime parts of Carmel remained active this week with 1 closed sale and 3 new sales. The closed sale, a major fixer at Monte Verde 2SE of 13th, closed at $1.45M (3% over list price). A pattern to note, Monte Verde continues to be the most active street in the Golden Rectangle. The 3 new sales included a ranch-style fixer with expansive views on Santa Lucia with an ask of $3.495M (51 DOM), a tear down on Junipero, a main artery of Carmel, with an ask of $1.125M(77 DOM) and a quality bi-level home on Monte Verde, North of Ocean, with an ask of $2.695M(13 DOM). 2 new listings came to the market in the prime parts of Carmel as well.
The Highlands had 1 closed sale and 1 new sale worth mentioning. The closed sale came from Otter Cove, a Mediterranean-style fixer on a great lot that closed at $5.812M (7% off of list price). We are thrilled to be representing the sellers of this sophisticated and impeccable Mediterranean at 86 Yankee Point, ask price is $6.495M (133 DOM).
The Quail Lodge area remains a hotspot with 2 closed sales and 1 new sale this past week – a high velocity for this smaller market. We are very honored to have represented the seller at 7012 Valley Greens which closed at $2.35M – the highest sale in Quail since 2009. The other closed sale, a condo on Valley Greens Drive, close at $720K(4% off of list price). After only 4 days on market, a fixer on River Place just went into escrow with an ask of $1.25M.
Onto other exciting news, we are collaborating with Concierge Auctions and are preparing to auction our listing at 566 Aguajito Road on August 15th. As unique and special as Tres Paraguas is, it commands a truly one-of-a-kind deal. For those in town for the Concours and haven’t been to this landmark property, this is a must see. Check out this video:
10:00-5:00 Carmel-by-the-Sea Concours on the Avenue
10:00-4:00 Carmel Mission Classic
5:00-10:00 PM McCall’s Motorworks Revival
8:00-3:00 Pebble Beach Tour d’Elegance
8:00 Mecum Auctions
8:30-5:00 Rolex Monterey Motorsports Reunion
9:00 Bonhams at Quail Lodge
9:00-5:30 Pebble Beach RetroAuto at Spanish Bay
11:00-5:00 Pebble Beach Classic Car Forum by Credit Suisse
4:00 -11:00 Automotive Film and Arts Festival
5:00-10:00 Russo and Steele Auction
6:30 RM Sotheby’s at the Portola Hotel & Spa
10:00AM-Midnight Rick Cole Auctions
9:00-4:00 Legends of the Autobahn at the Nicklaus Club
10:00-11:00 Ferraris Retrace Pebble Beach Road Race Course
10:00-4:00 The Quail, a Motorsports Gathering
8:00-1:30 Concours d’Lemons
9:00-5:00 Concorso Italiano
5:00-10:00 Pebble Beach Auctions presented by Gooding & Co
10:30-5:00 Pebble Beach Concours d’Elegance at the Lodge
Enjoy the festivities!
Nic, Mike & Jess.