Interesting week in the Pebble Beach and prime Carmel markets: Pebble saw 3 new sales, all under $1M, extending the frenzy at the bottom; will be interesting to see what any uptick in interest rates do to that sector – one would have to assume there’d be some slowing there but the compensating factor is the shrinking inventory levels. Pebble Beach also had 3 closed sales, a bit of an odd mix of sales: An MPCC short sale that closed at $1.475, a Spanish Bay unit we closed at 2.795 (demand rising and supply shrinking at Sp Bay as well) and, our off-market Pebble Beach ocean front home we recently listed and promptly sold – it closed today at $28M – for info on that one take go to the Discreet section under the Listings section of our website – as mentioned, we are finding increasing interest from sellers and buyers in that platform.
Carmel continued steady but not stellar with 2 new sales and one closed sales. Both new sales were on Carmelo, one that’s been on the market forever as a major-fixer at $2.495 down on Carmel Point and the other, a very tasteful nearly new 1800 sq ft home on a standard 40×100 lot in a prime Golden Rectangle location – it had an ask of $2.795 and sold in the first week. The closed sale was down to the east of The Point on 15th which closed at $2.2M; nice enough home but a bit of a challenged location.
July 24-28: Feast of Lanterns in Pacific Grove
July 26-28: Gilroy Garlic Festival
July 27: Wine Fest! at Monterey County Fairgrounds
Mike, Lynn & Jess.