A number of comments on the Carmel and Pebble Beach markets this week:
The AT&T golf tournament is fast approaching. We can expect to see a wave of new product coming to market in the next couple weeks. We’ll report back the week before the tournament with observations on interesting stories with inventory levels.
The story in Carmel last week was Carmel Point – that market continues to enjoy disproportionate favor and demand. Older home on Bayview in need of renovation closed at $3.65 and another older home next to it with an ask of $4.295 went into escrow. The Point just keeps chugging along. Many love it as a quieter location than the Golden Rectangle but still with easy access to two beaches.
Pebble Beach had two new sales – a home up on Viscaino with an ask of $2.75 and an older rancher in the MPCC area with an ask of $850,000, which drew multiple offers – that entry level price bracket remains the hot spot with inventory quickly evaporating. In reviewing our year-end recap it was also interesting to note that we’ve only had one new escrow (a big view fixer on Bonifacio that just went in escrow) in Pebble north of $4M since early August of last year – that’s a long drought at the top and worth keeping a close eye on.
Speaking of the top of Pebble, here’s a history of the top sales in Pebble since 2000 – interesting to see the peaks and the trend lines.
Chilly week down here but it’s supposed to warm up this weekend. The First Annual Big Sur Foragers Festival is kicking off this weekend for the foodies out there.
Mike, Lynn and Jessica