Halloween is upon us this weekend and with it comes spooky costumes, pumpkin patches and Carmel-By-The-Sea’s 99th birthday. Hard to imagine this bohemian village by the sea is almost 100 years old and as lively as ever. The market decelerated for the third week in a row as we approach the remaining days of the primary selling season. A couple of developing patterns worth noting.
Pebble experienced one of the slowest weeks in months with only 1 closed escrow and 3 new sales- one of which recently fell out of escrow with a back-up offer in the wings. The sole closed escrow was a tear down on a thoroughfare in the MPCC that closed at $838K (4% off of list price). The top new sale came from 1491 Bonifacio, which was previously in escrow with an ask price of $7.988M. The other 2 new sales included a recently remodeled home on the inner part of Coral Dr with an ask of $3.28M and a major fixer in the County Club area with an ask of $1.148M. While the market remains active below $2M, we are seeing activity decelerating in the upper price ranges.
The prime parts of Carmel continue to roll along with 3 closed escrows and 5 new sales this week. As noticed last week, we are seeing a rise in sales North of Ocean Ave with over half of all activity occurring in that area. All 3 closed escrows came from North of Ocean with the top sale on Lobos & 3rd which closed at $1.550 (2% off of list price). The other 2 closed escrows were small cottage tear downs that closed under $1M at $990K (10% off of list price) and $925 apiece (10% off of list price). Demand for Carmel’s frontlines remains red-hot as a new listing on Scenic went into escrow this week- a recently built, Eric Miller designed Craftsman cottage with an ask of $10.9M. The other new sales included a recently renovated home on Hatton Rd with ask of $2.495M, a renovated cottage North of Ocean Ave with an ask of $1.595M and 2 small fixers in the Southern part of the Golden Rectangle with asks of $1.395M and $1.191M. We are delighted to announce that our listing at 7985 Carmel Valley Rd went into escrow this week (ask of $3.65M)- a rustic contemporary main home on a 30 acre estate on the coveted North slope of Carmel Valley.
The Highlands saw 1 new sale this week, a contemporary style home with expansive ocean views perched above Otter Cove with an ask of $1.89M.
Quail also saw some activity this week with an off-market deal in Quail Meadows that closed at $3.95M- a Mediterranean style home tucked away on the quiet street of Quail Way.
The Canning Properties Group wishes everyone a safe and happy Halloween!
CLOSED ESCROW – 3049 Bird Rock, $838K (4% off of list price), DOM=71
NEW SALE – 1491 Bonifacio Rd, $7.988M (back in escrow), DOM=173
NEW SALE – 955 Coral Dr, $3.28M, DOM=13
NEW SALE – 1064 Majella Rd, $1.148M, DOM=115
Active Listings = 71 Homes (28 in MPCC, 34 in Central Pebble, 8 in Upper Pebble), 25 Lots
Prime parts of Carmel
CLOSED ESCROW – SE Corner of Lobos & 3rd, $1.550 (2% off of list price), DOM=57
CLOSED ESCROW – Torres 5SE of 1st, $990K (10% off of list price), DOM=56
CLOSED ESCROW – Guadalupe 2SW of 3rd, $925K (3% off of list price), DOM=925
NEW SALE – 26077 Scenic Rd, $10.9M, DOM=40
NEW SALE – 25026 Hatton Rd, $2.495M, DOM=56
NEW SALE – Lincoln 2 NE of 2nd St, $1.595M, DOM=67
NEW SALE – Dolores 2 SE of 13th, $1.395M, DOM=168
NEW SALE – Lincoln 2 NE of 11th, $1.191M, DOM=67
Active Listings= 51 Homes (18 in Golden Rectangle, 6 in Carmel Point, 27 North of Ocean), 2 Lots
NEW SALE – 31549 Highway 1, $1.89M, DOM=154
Active Listings= 18 Homes (6 ocean front), 2 Lots
CLOSED ESCROW – 5439 Quail way, $3.95M, Off-Market
Active Listings= 5 Homes (4 in Quail Meadows, 1 In Quail Lodge)
Listing Highlight of the Week:
5493 Oak Trail: This sophisticated Quail Meadows contemporary-ranch home is privately located on 11 sunny acres with valley and ocean views. Offering ideal indoor/outdoor entertaining, the estate includes a 4 bedroom main house, 2 bed/bath guest house, artist studio, barn with equestrian facilities, and 7 garages. Superbly crafted, amenities include outdoor kitchen, 4 fireplaces, radiant heat, lutron lighting system, Downsview kitchen, media room, sauna and a separate well and water tank for landscaping. www.5493OakTrailCarmel.com
Mike, Jess & Nic