With all eyes on the U.S. Presidential election, the local real estate market quieted down to one of its slowest weeks in 2016. It will be interesting to see how the market reacts for the remainder of the year- so far, no major trends surfacing yet. As always, a few highlights and comments from the week below:
Pebble was but a shadow of last week’s performance with zero closed escrows and 4 new sales. The top new sale comes from MPCC’s frontlines- a Midcentury Modern fixer with expansive ocean views and an ask of $3.65M. The other new sales include a teardown with filtered ocean views on Palmero Wy, listed at $2.499M., and two new sales in the heart of the MPCC area, just across from each other on Wranglers Trl with ask prices of $2M and $1.773M (golf front). The MPCC area continues to maintain a healthy velocity, representing nearly 65% of Pebble’s new sales over the last 3 weeks.
Carmel also ticked at a much slower pace than recent weeks with 3 closed escrows and just 1 new sale. The top closed escrow was a tastefully remodeled cottage with a guest suite just South of Ocean Ave on Monte Verde that closed at $2.995M (6% off of List Price). The other closed escrows included a 1920’s cottage in NE Carmel that sold for $1.799M (3% off of List Price) and a 2 bed/2 bath condo in downtown Carmel that closed 6% over the list price of $848K. The lone new sale is a small 1930’s Bungalow on Carmel Point non-bayview near the Santa Lucia Carmel beach access with an ask of $2.495M.
The Highlands awoke this week with a new sale on Peter Pan Rd- a recently built Contemporary-Craftsman home on the East side of Hwy 1 with expansive ocean views and a list price of $3.495M.
Quail also had news to report this week with 1 closed escrow in the Quail Lodge area- a post-adobe teardown on the 7th fairway of Quail that sold for $1.12M. This sale essentially representing dirt value for the Quail Lodge area.
Mike, Jess & Nic
NEW SALE – 3044 Cormorant Rd, $3.65M, DOM=349
NEW SALE – 3168 Palmero Wy, $2.499M, DOM=234
NEW SALE – 1001 Wranglers Trl, $2M, DOM=3
NEW SALE – 1006 Wranglers Trl, $1.773M, DOM=10
ACTIVE LISTINGS= 73 Homes (Country Club West=17, Country Club East=8, Central Pebble=25, Lodge=16, Upper Forest=7), 21 Lots
CLOSED ESCROW – Monte Verde 3SW of 7th, $2.995M (6% off of List Price), DOM=35
CLOSED ESCROW – SE Corner of 6th & Torres, $1.799M (3% off of List Price), DOM=15
CLOSED ESCROW – NE Corner of San Carlos & 8th #8, $901K (6% over List Price
NEW SALE – 2448 Bay View, $2.495M, DOM=213
ACTIVE LISTINGS= 95 Homes (Carmel Woods=, NW Carmel=19, NE Carmel=16, Golden Rectangle=18, SE Carmel=13, Carmel Point=15, Hatton Fields=8), 7 Lots
NEW SALE – 226 Peter Pan Rd, $3.495M, DOM=21
ACTIVE LISTINGS= 26 Homes (22 in Highlands- 9 oceanfront, 4 in Meadows- 1 oceanfront), 9 Lots
CLOSED ESCROW – 7019 Valley Greens Cir, $1.12M (3% off of List Price), DOM=38
ACTIVE LISTINGS= 4 Homes (4 in Quail Meadows), 2 Lots
11/12- 12/23: Center for Photographic Art – 2016 International Juried Exhibition
Location: CPA Gallery, Sunset Center, San Carlos and 9th
Time: Saturday, November 12th from 4 to 7 PM and running through December 23rd.
Gallery hours: Wednesdays – Sundays, 12-4pm