From the desk of Nicole Truskowski, your Weekly Luxury Market Report for Carmel and Pebble Beach Real Estate for the week of May 14th, 2015.
Much of the same last week in the Pebble Beach & Carmel luxury home market, with the Pebble Beach real estate sales remaining steady, and Carmel home sales continuing to POP!! Trending is smaller numbers of DOM (Days on Market), and increased sales volume each week. See below for the full details.
Pebble Beach Real Estate
The Pebble Beach Real Estate market continues to remain steady with a few new listings, sales and closed escrows each week. The three new listings this week are all over 2 million. Worthy of note, is a beautiful estate on Bonifacio. This home has been on and off the market since 2008, originally listed for $12.950 million and is now on the market for 7.988 million. This gorgeous home, once known as the Firestone Mansion for its original owner Leonard Firestone, showcases a meticulous design and coastline views from every room.
Two new escrows this week with both homes accumulating 100+ days on the market. Four new solds this past week, the properties ranged from 7 to 259 days on market and price ranges from 2.6 million to 9.4 million. A high end notable luxury sale this week was for 3330 17 Mile Dr, originally listed at 10 million, after 259 days on the market this property closed for 9.463 million. There have been 44 home sales YTD in Pebble Beach with the majority of sales closing at a price tag of less than 2 million and an average DOM of 113. On the other side of the price spectrum, there were 14 sales in the 2 million+ price range with an average DOM of 205. This simply shows that the high-end luxury market attracts discerning buyers who are buying for a want and not a need; therefore properties tend to sit on the market a little longer.
Click on the link to search the most up-to-date information on available Pebble Beach homes for sale.
Carmel Real Estate
Carmel’s Real Estate market doesn’t show any signs of slowing down with eleven new listings hitting the market last week. A stunning new luxury home hit the market this week in Carmel situated in Hatton Fields. This estate showcases over 5000 SqFt of living space, some of the unique offerings include solid Mahogany doors, a wine room, four fireplaces, a sauna and a spacious guest apartment. This home last sold in 2007 for 4.5 million and is currently on the market for 5.250 million. Carmel boasted seven pending sales last week with the majority of these homes spending less than 30 days on the market. A home on San Carlos and 10th went into contract after only being on the market for 4 days, it is currently listed for 1.399 million and is scheduled to close June 2nd.
Eleven homes closed this week including Santa Rita and 6th, I mentioned this property a couple weeks back, it was listed and sold on the same day. Originally listed for 3.495 million, this home closed in 15 days for 145 thousand less at 3.350 million. So far this year there have been a total of 87 closed sales in the luxury Carmel market with the majority of those falling in the 1 million to 2 million range with an average 119 DOM. Similar to Pebble Beach, the high end market in Carmel moves slower, with properties 2 million+ averaging 207 days on market. With the recent numbers rising, I predict the summer months will show a decline in the average DOM.
Click here to search the latest available Carmel homes for sale.
If you’ve been following my blog you’ll probably notice that we’re seeing much of the same with the market favoring Carmel over Pebble Beach. Don’t count Pebble Beach out though, summer tends to bring the big guns from Texas, especially with the Pebble Beach Concourse happing in August, we should start to see the activity rise come June. As always, if you’re thinking about selling your home and wish to get it on the market for the summer season, please don’t hesitate to contact me for a free market analysis and to discuss how I can get you the best price in the least amount of time!
Stay tuned for next week’s luxury market update, until then here are a few activities happening around town this weekend.
1. 5/14/15 – 5/17/15 – Carmel Art Festival in downtown Carmel-by-the-Sea
2. 5/15/15 – 5/16/15 – Monterey Rock N’ Rod Festival at the Monterey Fairgrounds and downtown Monterey
3. 5/16/15 – Carmel Plaza Ciao Bella Fashion Show at the Carmel Plaza
4. 5/17/15 – Monterey Symphony VI: Invitation to Dance at the Sunset Center