After a tense couple of weeks fire crews have been able to improve containment of the Soberanes fires and direct it Southeasterly- away from more structures in the Carmel areas. Great to see our local community come together in support of the brave firefighters working around the clock to keep all safe. Our market burrowed down for the week with the slowest performance of the summer and second quarter. It’s worth noting that there were a couple of deals that were delayed due to logistical interruptions in closing escrows- we expect those deals to process in the upcoming weeks. A few highlights from the week below:
As mentioned above, there were a couple of delayed sales this week, triggering Pebble to produce zero closed escrows. Good news is despite the distractions, there was some new activity with 3 new sales. The top new sale is a Spanish Bay condo (#67)- an inner unit that sits atop the knoll in the middle of the complex with distant ocean views and an ask of $3.535M. These condos remain a hot commodity in Pebble’s market, especially those units with ocean views, which have been selling for a premium. The other new sales include a Ranch-style home along 17 Mile Dr in the Upper Forest listed at $1.279M and a teardown, also in the Upper Forest with an ask of $995K.
Carmel was not immune to the impacts of the fires as it had a very subdued week as well- 2 closed escrows and 2 new sales. We’re expecting a similar delayed fuse for closed escrows in Carmel as well. The top closed escrow came from the NE part of Carmel- an Al Saroyan (local, famed architect) designed cottage that closed at $2.05M (5% off of List Price). The other closed escrow, also from NE Carmel, is a teardown in a good location that closed 7% over the list price of $825K. The top new sale is a newly built two story Mediterranean-style in the Southeastern corner of the Golden Rectangle with an ask of $3.275M. The other new sale is a tiny little cottage (689 sq.ft.) in SE Carmel listed at $698K. We anticipate to see the market recover lost ground in the upcoming weeks leading up to the Pebble Beach Concours D’elegance.
No market news to report in the Highlands although it’s great hear that evacuations have been lifted and residents can return to their homes. Our sincere condolences to those displaced by the fires down South.
With new activity for the third week in a row- Quail continues to enjoy a steady stream of demand, particularly in the Lodge area. The new sale this week is a classic Ranch-style home with South facing views overlooking the 7th fairway and an ask of $1.695M. This brings the inventory in the Quail area down to 7 collectively.
We hope everyone has a safe and healthy weekend.
Mike, Jess & Nic
NEW SALE – 67 Spanish Bay Cir, $3.535M, DOM=180
NEW SALE – 4055 Los Altos Dr, $1.279M, DOM=4
NEW SALE – 24330 San Pedro Ln, $995K, DOM=20
ACTIVE LISTINGS= 69 Homes (Country Club West=16, Country Club East=14, Central Pebble=23, Lodge=14, Upper Forest=2), 20 Lots
CLOSED ESCROW- Santa Fe 4SE of 3rd, $2.05M (5% off of List Price), DOM=106
CLOSED ESCROW- NE Corner of Mission & 4th, $889K (7% over List Price), DOM=25
NEW SALE – Mission 4SW of 13th, $3.275M, DOM=382
NEW SALE – Oak Knoll Wy 3NE of Forest, $698K, DOM=9
ACTIVE LISTINGS= 95 Homes (Carmel Woods=9, NW Carmel=19, NE Carmel=11, Golden Rectangle=19, SE Carmel=8, Carmel Point=17, Hatton Fields=12), 3 Lots
Highlands No news to report
ACTIVE LISTINGS= 26 Homes (22 in Highlands- 7 oceanfront, 4 in Meadows- 1 oceanfront), 7 Lots
NEW SALE – 7007 Valley Greens Cir, $1.695M, DOM=47
ACTIVE LISTINGS= 7 Homes (4 in Quail Meadows, 3 in Quail Lodge- 1 condo), 2 Lots