From the desk of Nicole Truszkowski, your Luxury Market Report for the month of July for Carmel and Pebble Beach Real Estate.
Wow the month of July just flew by, it’s the beginning of August and our summer real estate season is still going strong. I have been busy recently putting three large Pebble Beach Estates into contract and selling a charming Carmel cottage. See below for details.
Pebble Beach Real Estate
Pebble Beach saw a total of 8 new listings in the month of July. A beautifully secluded estate on over 2+ acres with ocean views hit the market with a big price tag of 14.625 million. This stunning home was last sold in 2004 for 8.5 million, and has since then spent some time on the market in 2006 with a list price of 18.9 million to 16.5 million. It will be interesting to see if the sellers found the “sweet spot” price point within this market. The owners were strategic putting it on the market a month before the highly anticipated car week “Concours d’Elegance.” Car week always attracts numerous luxury buyers from around the world.
A total of 18 luxury homes went pending this past month ranging in price from 1.695 million – 13.75 million. I’ve personally had the pleasure of representing the buyer on three of these pending sales: 1) a unique property on Viscaino that features Ocean views and three separate structures, two of which are historical Comstocks homes with a list price of 5.5 million and 2) a bit of a fixer on Sonado with panoramic views and a list price of 3.895 million; and finally 3) an off market listing on Bonifacio with panoramic ocean views, and incredible architectural details offered at $9,395,000. All of these properties are scheduled to close in August.
Lastly, 9 homes sold last month. The most expensive home that closed escrow was an elegant, Spanish style home on Crespi with spectacular Ocean views. This estate was originally listed for 9.2 million and sold 157 days later for 7.6 million. The home that spent the shortest amount of time on the market was a ranch style home in the Country Club East neighborhood, was listed for 1.25 million and sold 4 days later for 1.205 million. As I’ve mentioned before in previous blogs, the 1 – 2 million range is an attractive buy for most buyers in this area!
Carmel Real Estate
Carmel real estate kicked butt this month with a total of 36 luxury homes hitting the market for July, 2016. A mid-century residence located in the secluded Carmel Meadows neighborhood with expansive views of Point Lobos, coastal mountains and the ocean. Listed for 5.299 million this home last sold in 2010 for 3.575 million, and after what looks like some updating spent some time on the market in 2012 at 4.8 million. Looks like the current owners are banking on the busy summer season and our seller favorable market.
Twenty-one homes went pending with 10 of these homes spending 30 days or less on the market, and were within the “sweet spot” price range of 1 – 2.5 million. Finally, there were 21 luxury home sales last month. The highest priced home to sell was a contemporary masterpiece in Quail Meadows that was listed for 4.7 million, spent 55 days on the market, and sold for 4.46 million. The quickest home to sell was a charming Carmel cottage in the North East neighborhood that was listed for 1.25 million and sold 4 days later for 1.205 million.
Quick Recap: Luxury Real Estate sales continue to be an attractive investment for high-end buyers, and 1 – 2 million continues to be the most appealing, since homes in this price range don’t last long. With car week at the end of this month, the showings among the mega-luxury listings should dramatically increase. Be sure to check in weekly to stay up-to-date on all things luxury real estate on the Monterey Peninsula, and if you or someone you know might be looking to take advantage of this market please don’t hesitate to contact me, Nicole Truszkowski at 831.238.7449. I would be more than delighted to help you find the perfect home! See you next week, until then here’s what’s going on around town this weekend: