From the desk of Nicole Truszkowski, your Quarterly Luxury Market Report for Carmel and Pebble Beach Real Estate for the 1st Quarter of 2017
It’s officially April, along with it comes spring showers, blooming wild flowers, and blossoming tree buds. Creating a mesmerizing spectacle for nature enthusiasts, while at the same time challenging allergy suffers. This year our furry friends seem to be impacted the most with allergy symptoms. Local vets are crazy busy, trying to ease our beloved pet’s symptoms.
Well moving on to the luxury real estate news, for Pebble Beach and Carmel during the first quarter of 2017. We were sluggish with sales during the raining month; overall, we remained stable, when we compare sales statistics to 2016 levels. Carmel saw an increase in sales, as well as an increase in DOM’s (days on market,) while Pebble Beach saw a slight decrease in sales, and increase in DOM’s. We’re seeing numerous mega-luxury (5+mil) listings hitting the market this first quarter. Keep reading as I breakdown the luxury real estate activity in Pebble Beach, and Carmel for the first quarter of 2017.
The luxury real estate market in Pebble Beach saw an 18% decrease in 1st quarter sales, with 18 sales in 2017, as opposed to 22 in 2016. Average DOM increased from 92 days on market in 2016, to 126 days on the market in 2017. Seven (39%) of the 18 homes, sold for 2+ million, compared to 11 (50%) of 22 sold in 2016 at 2+ million.
The most expensive home to sell in the 1st quarter, was located on Macomber Drive. Originally listed for 6.995 million, this French-style Mediterranean estate with ocean views spent 46 DOM’s before selling for 6.050 million. In a former blog post, I shared that it took 8 years to sell this property, it was originally listed for 10.3 million, and sold for 3.2 million less. Obviously, a Realtor and seller, that didn’t have their pulse on the market, need we say anymore!
Currently there are 73 luxury (1+ million) homes active on the market, with 24 of those 73 (33%) listed at 5+million. “Peerless in Pebble”, an incredible waterfront listing in Pebble Beach, that I spoke about back in January, hit the market at 49.8 million. Now 82 days later, it is offered at 44.8 million, so it’s already seen a 5 million drop in price. In my professional opinion, this is one of the most spectacular oceanfront estates to grace the market, truly a portfolio home for the connoisseur of trophy properties. Lastly, there are 9 homes presently pending sale, including a grand French country residence on Macomber drive. Originally listed for 7.2 million, 40 days after going live in the MLS it went into contract.
Click on the link to search the most up-to-date information on available Pebble Beach homes for sale.
The Carmel luxury real estate market showcased 57 luxury sales in the first quarter of 2017; this was an increase from the 48 sales in 2016. The average days on market for this quarter were 114, whereas in 2016 it was 87. Of the 57 sales, 20 (35%) were sold at 2 million+, compared to 46% sold above 2 million in 2016.
The most expensive home to sell was an oceanfront, street-to-street lot, Carmel Point residence. Originally listed for 12.9 million, at time of sale was offered for 9.8 million, and finally sold for 9 million, 152 days later. The home was very tired in my opinion, it needed a major facelift! No wonder it sold for 4 million dollars less than list price, it is going to take that and more to bring it to current day luxury standards.
Currently there are 157 luxury properties on the market, with 85 (54%) of those homes priced a 2 million and above. One of special note is a relatively new listing located on Isabella Avenue, situated on 8 lots! Offered at a mere 15 million, this abode features design elements after a famous children folktale story. Recently the property was in escrow, but quickly fell out, no fault of home. If the property sells near the asking price, it will be the highest non-ocean view sale in Carmel. Stay tuned for the final scope on this home.
Lastly 50 homes are presently under contract, including a modern residence on Yankee Point, boasting 180 degree views of the coastline; listed for 5.5 million, and entering contract, 9 days later.
Click here to search the latest available Carmel homes for sale.