From the desk of Nicole Truszkowski, your Weekly Luxury Market Report for Carmel and Pebble Beach Real Estate for the week of June 9th, 2016.
June gloom halted the Pebble Beach luxury real estate market this week; activity took a major dip in temperature. Carmel Real Estate on the other hand continues to shine bright through the fog with a steady stream of activity. On a financial note, last week the Fed’s flirted with us and said they were going to increase interest rates…false alarm; I think rates will stay stable till after the elections. Good choice to invest now and lock in a great rate for yourself. See below for details.
Pebble Beach Real Estate
Surprisingly we did not see any new listings in Pebble Beach this past week. Strange, because you would think sellers would want to take advantage of the bustle of incoming tourists. I think this is a short lived blip and activity will pick up in the weeks to follow.
Three listings went pending including an estate on 17- Mile Drive. This mid-century estate enjoys Stillwater Cove views, was originally listed for 8.75 million, and at time of escrow was listed for 6.95 million, and after spending 260 days on the market this home found it’s lucky buyer. This property is scheduled to close on July 8th, it will be interesting to see what the final sales price is. Note, *I have repeatedly mentioned this year how properties along 17- Mile Drive have been a hot commodity, the trend continues with luxury buyers. We saw a ranch-style residence in the Country Club East neighborhood go pending after 4 days on the market. This home was listed for 1.25 million, a buyer’s “sweet spot” price range, and is scheduled to close July 18th. Lastly one home sold this past week, a classic “Country Club” residence on Bird Rock. Spending 3 days on the market before it was snatched up, listed for 1.275 million, and sold for 1.4 million.
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 copied the trend of 9 listings last week with another 9 new listings this week! A beautiful residence located in the coveted Santa Lucia Preserve community hit the market with a list price of 8.75 million. This home captures the Preserve’s lifestyle essence on 27 acres, with a rambling footprint of living space which maximizes indoor and outdoor transitional living space.
Nine homes went pending, with four of the nine spending 30 days or less on the market. An ocean view property on San Antonio in the Carmel Point neighborhood, went pending after 110 days on the market, originally listed for 2.75 million, and at time of sale was listed for 2.65 million. This property is scheduled to close June 17th and it appears the second time around is the charm, as this home did NOT sell last year when listed. A stand-alone townhouse on Quail Court, in the Carmel Valley Ranch community went pending in a week, with a list price of 1.195 million. My recent sale on Hawk Court was a very similar sales statistic. These townhomes are a HOT commodity for second home buyers, whom want close proximity to town, but enjoy warmer weather and living in an active golf community. Lastly three homes sold this past week; a home in the Hatton Fields neighborhood, spent 7 days on the market, was listed for 1.595 million and sold for 1.65 million. According to the MLS, this home received multiple offers, which is not surprising considering this home falls within the attractive price range of 1 – 2 million. I find it interesting to note that our market trends resemble that of the bay area’s market with multiple offers that often occur if you price your home RIGHT which tends to fall just below the market value. Unfortunately, some of our local sellers are a tad greedy, and sometimes they don’t take the advice of informed Realtors, thus these homes stagnate on the shelf, and sometimes don’t sell because of over pricing. I can help you position your home correctly on the market, to minimize DOM and maximize sales price. Talking to a seasoned Realtor really does make all the difference.
Click here to search the latest available Carmel homes for sale.
Quick Recap: The trending luxury HOT spots on the Monterey Peninsula this year are 17-mile drive, Carmel Golden Rectangle (no big surprise), Quail Meadows (new trend), and the Spanish Bay/Carmel Valley Condos. Be sure to check back next week for all the latest updates until then here’s what’s happening around town this weekend:
- 6/11 – Monterey Beer Festival at the Monterey County Fairgrounds
- 6/11 – National Rose Day at McIntyre Tasting Studio at the Carmel Crossroads
- 6/12 – River Road Wine Trail Presents: Tunes, Trucks and Tastes
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