THE GREAT BREXIT OF 2016

ellen Weekly Blog

The annual bacon festival cooks off at the Monterey County Fairgrounds this weekend as bacon lovers and connoisseurs flock to this niche event.  The local market behaved more subdued this week following Father’s Day weekend- perhaps in guarded anticipation of Britain’s vote to leave the European Union, which announced its exit this morning.  Lagging inventory levels are also contributing to the tempered market- down 8% from this same point last year.  Pebble snuck away with the crown this week, edging Carmel by 1 collective sale.  As always, a few highlights from the week below:

 The bottom of Pebble’s market (<$2M) remained active with all but one of the closed escrows and new sales this week.  The top closed escrow was a Spanish Colonial fixer on the 1st fairway of MPCC’s Shore Course, which sold for $1.65M (8% off of List Price).  The other closed escrows include a 1980’s Ranch-style fixer just South of Spyglass Hill that closed at $1.306M (7% off of List Price) and a Rustic Contemporary home in the Upper Forest that sold for $825K (3% off of List Price).  The top new sale is a remodeled, Traditional-style Estate in Central Pebble that’s listed at $3.595M (albeit without ocean views).  Activity in the $3-4M range continues to move at a solid pace, particularly in Central Pebble.  The other new sale is a single story 1960’s Ranch-style home in the MPCC area that’s listed at $1.795M.

 

Carmel had a noticeable slow-down from previous weeks- producing only a third of collective sales from June’s weekly average total of 9 sales.  The top closed escrow came from the outskirts of the areas we cover- a Contemporary-style home on the North side of the valley on Telarana Wy that closed at $1.9M (34% off of List Price)  and one from the heart of the Golden Rectangle- a Cottage-style fixer on the West side of Dolores that closed at the full price of $1.298M.  The lone new sale, also in the Golden Rectangle, is a slightly remodeled Ranch-style home on the corner of San Carlos and 9th with an ask of $1.599M.

The Highlands saw some activity this week with 1 closed escrow- a Ranch-style fixer with ocean views on Sonoma Ln that sold for $1.355M (10% off of List Price).  Worth noting that Sonoma Ln is a unique inlet in the Highlands that’s in between Hwy 1 and Spindrift Rd that can host some expansive ocean views without being oceanfront.

 For the first time in June, Quail had a quiet week with no news to report on the sales side.  Inventory rose slightly with 1 new listing in Quail Lodge- a Ranch-style fixer along the 7th fairway that’s listed at $1.695M.

 Have a great weekend,

Mike, Jess, & Nic

Carmel Beach Bungalow

Pebble Beach

CLOSED ESCROW – 1033 Broncho Rd, $1.65M (8% off of List Price), DOM=185

CLOSED ESCROW – 1210 Bristol Curve, $1.306M (7% off of List Price), DOM=277

CLOSED ESCROW – 4113 Pine Meadows Wy, $825K (3% off of List Price), DOM=5

NEW SALE – 1525 Deer Path, $3.595M, DOM=142

NEW SALE – 1029 Oxen Trail, $1.795M, DOM=26

ACTIVE LISTINGS= 71 Homes (32 in MPCC area, 32 in Central Pebble, 7 in Upper Forest), 24 Lots

 

Carmel

CLOSED ESCROW – Telarana Wy, $1.9M (34% off of List Price), DOM=246

CLOSED ESCROW – Dolores 5SW of 10th, $1.298M (Full Price), DOM=8

NEW SALE – NW Corner of San Carlos & 9th, $1.599M, DOM=52

ACTIVE LISTINGS= 75 Homes (14 in NW Carmel, 13 in NE Carmel, 15 in Golden Rectangle, 17 in Carmel Point, 5 in SE Carmel, 11 in Hatton Fields), 4 Lots

 

Highlands-

CLOSED ESCROW – 9 Sonoma Ln, $1.355M (10% off of List Price), DOM=70

ACTIVE LISTINGS= 17 Homes (6 oceanfront), 8 Lots

 

Quail- No news to report in Quail

ACTIVE LISTINGS= 4 Homes (3 in Quail Meadows, 1 in Quail Lodge), 2 Lots