WITHOUT POWER, MARKET SHUTS DOWN

ellen Weekly Blog

As the Peninsula recovered from the power outage over the weekend the market saw a 40% drop in sales from the previous week. With the primary selling season nearing an end we do anticipate the market to continue to cool off. Tight inventory levels across the map coupled with our tourism season winding down are major drivers of this trend.

Pebble continued its trend of sales under $2M with 2 closed escrows and 3 new sales- all under $2M. The top closed escrow was a recently remodeled home on Stevenson Drive that closed at $1.799M (3% off of list price). The other closed escrow, a brand new ranch-style home in the MPCC area, closed at $1.605M (3% off of list price) after being on the market for less than a month. The top new sale is a ranch-style fixer in Central Pebble with an ask of $1.595M. The other new sales- two major fixers in the MPCC and Country Club areas with asks of $1.299M and $949K. The MPCC area remains the most active part of the Pebble market.

We are seeing an increase in sales North of Ocean with inventory levels remaining very low in the Golden Rectangle and Carmel Point. Although on the outskirts of the areas we cover, it is worth noting this evolving trend. The lone closed escrow this week came from North of Ocean on the corner of Lobos- a remodeled craftsman style home that closed at $1.7M (5% off of list price). The top new sale is a slightly remodeled cottage in Carmel Point with an ask of $2.825M. The other new sales (all North of Ocean) included a charming cottage on Mission & 1st with an ask of $1.689M, a fixer with ocean views on Lincoln with an ask of $1.099M, and a tear down on San Carlos with an ask of $995K.

No news to report for both the Highlands and Quail this week.

We hope you are able to enjoy some of great festivities this weekend has to offer.

Pebble
CLOSED ESCROW – 3137 Stevenson Dr, $1.799M (3% off of list price), DOM=135
CLOSED ESCROW – 3039 Valdez Rd, $1.605M (3% off of list price), DOM=25
NEW SALE – 3164 Cortez Rd, $1.595M, DOM= 71
NEW SALE – 3102 Bird Rock Rd, $1.299M, DOM= 183
NEW SALE – 1131 Arrowhead Rd, $949K, DOM=4
Active Listings= 71 homes, 25 Lots

Prime parts of Carmel
CLOSED ESCROW – Lobos & 1st SW Corner, $1.7M (5% off of list price), DOM=97
NEW SALE – 26310 Valley View, $2.825M, DOM=108
NEW SALE – 1st & Mission SE Corner, $1.689M, DOM=96
NEW SALE – 2nd Ave 2 NW of Lincoln, $1.09M, DOM=16
NEW SALE – San Carlos 3NW of 1st, $995K, DOM=35
Active Listings= 40

Highlands – No news to report
Active Listings= 12 (6 oceanfront)

Quail – No news to report
Active Listings= 4 (3 in Quail Meadows, 1 in Quail Lodge)

Around Town:

10/21-10/25 – Carmel International Film Festival at The Sunset Center

10/23-10/25 – PacRep presents Moll Flanders at The Golden Bough Theatre

10/24 – 4th Annual Downtown PG Trick or Treating Event on Lighthouse

10/24 – Night Owl: Botany and Brews at the Pacific Grove Museum of Natural History

10/29 – Reduced Shakespeare Company: The Complete History of Comedy at The Sunset Center

10/30 – Pumpkin Pandemonium at the Del Monte Shopping Center

 

Best,
Mike, Jess & Nic