From the desk of Nicole Truszkowski, your Weekly Luxury Market Report for Carmel and Pebble Beach Real Estate for the week of June 3rd, 2016.
The temperature for luxury real estate here on the Monterey Peninsula is rising with activity reaching blazing temperatures among the 1 – 2 million range. Even though we’re entering our “June Gloom” season of foggy weather, it’s not stopping the global buyers from touring our beautiful community and coastline. Luxury real estate continues to become more appealing considering the global financial markets are teetering on a major upheaval, with the possibility of UK backing out of the European Union, and the Federal Reserve’s threat to increase rates. Hedge fund managers and traders should send their clients my way, where real estate remains a safe funding vessel.
See below for details on this past week’s activity.
Pebble Beach Real Estate
Up from one new listing last week, Pebble Beach saw four homes hit the market this week. One of note, a newly constructed contemporary estate on Padre Ln that boasts sweeping Ocean views. This home has been on the market since November with an original price tag of 22 million, and just recently taken off the market at a price of 18.95 million. The sellers are hoping a change of broker, and a whopping 1-million-dollar reduction, will finally capture the right buyer at a new list price of 17.9 million. Perhaps the new owner is just a plane ride away… stay tuned.
Only one home went pending this past week, a property on Bristol Curve that is situated on a large corner parcel, that is fortunate enough to over look the 18th fairway of the famed Spyglass golf course. Spending 277 days on the market, this home was originally listed for 1.655 million, and at time of contract was showcasing a 1.399 million price tag, now scheduled to close escrow June 17th. Lastly two homes sold this past week; a contemporary residence on the coveted 17-mile drive, with unobstructed Ocean views, originally listed for 6.7 million this home sold 235 days later for 5.5 million. If you’ve been following my blogs you know that 17-mile drive has seen a TON of activity this year, not surprising since this is a prized address but these properties don’t come cheap! This could be an indication that mega-luxury (5+ million) home sales are on the rise, a sign that the economy is definitely picking up!
Click on the link to search the most up-to-date information on available Pebble Beach homes for sale.
Carmel Real Estate
Carmel real estate showcased nine new listings this week; another property in the “Sand & Sea” neighborhood that sits right on Carmel Beach, hit the market this week with a 6.8 million price tag. This seems to be another area of high interest this year, with one home selling for 10.7 million (7 Sand & Sea,) and another home that is listed for 9.2 million. I’d like to add a little insight to the recent activity in this area; the home that sold was a complete rebuild, it sold for a little over $4000/Sq.ft; the other home that is listed showcases a 9.2 million price tag (5 Sand & Sea,) which is about $6000/Sq.ft, and this puppy needs some major updating! I believe the current owners of this home are wishing on a prayer for a buyer to come along. #1 Sand & Sea which just hit the market is priced perfect, slightly under the last sale at $3244/Sq.ft; mind you it’s not brand new, however it has been lovingly maintained since it was last sold in 1980. This price is much, MUCH more realistic and I predict the final sale right around 6 million dollars. Looks like the owners of 5 Sand & Sea need a little “Come to Jesus” talk, and they should reduce their list price to about 4.9 – 5 million to attract a viable buyer.
Five homes went pending this past week, a fairly new built home (2007) located in the Hatton Field neighborhood, spent 7 days on the market at a list price of 3.195 million, and is scheduled to close mid-July. The other 4 homes that went into contract this past week are all in between the “sweet spot” price range of 1 – 2 million, and 2 of these homes spent 30 days or less on the market. Finally, we saw 3 homes close escrow, including a home that is literally located within a block of downtown Carmel-by-the-Sea, closed escrow for 4.6 million. It’s important to note that this particular home has been on and off the market in 2014 and 2015 with an original list price of 4.995 million.
Click here to search the latest available Carmel homes for sale.
Quick Recap: The activity this past week just continues to show how “on fire” 1 -2 million properties are; these properties showcase an attractive price tag and don’t last long in todays market. However on the flip side of that, we’re still seeing mega-luxury sales happening as well. It will be interesting to see how activity continues to heat up in both these areas as we get deeper into our summer season. Be sure to check-in weekly for the latest updates! Until then, here’s what’s happening around town.
- 6/3 – 6/5 – Monterey Wine Festival at the Custom House Plaza
- 6/4 – 12th Annual Blues and Roots Festival at the Carmel Barnyard
- 6/4 – 6/5 – Artichoke Festival
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