From the desk of Nicole Truszkowski, your Weekly Luxury Market Report for Carmel and Pebble Beach Real Estate for the week of May 28th, 2015.
The Carmel Luxury Real Estate market has a strong pulse this week even with our continued dreary weather, while the Pebble Beach market trended a low BP reading this week. See below for the full details.
Pebble Beach Real Estate
The Pebble Beach Real Estate luxury market took a nosedive in activity last week with only one new luxury listing, three new escrows, and three closed sales. New to the market this week is a large estate situated on Portola road. This home sold in 2007 for 5.55 million and is now currently listed for 9.75 million. The home has had some refreshment and updates but appears to be a tad overpriced, it will be interesting to see if a buyer is willing to pay $4.2 over last sales price. I highly doubt even a Texas or Bay Area buyer will bite.
Three new escrows in Pebble Beach this week with all going into contract in 5 days or less, including a contemporary home in the Country Club West neighborhood that listed and sold in the same day! This beautiful Ocean view home is currently listed for 4.495 million and has not been on the market since 1986 when it sold for 700K, what a difference 20 years makes!! Rounding out the week were three luxury homes that closed escrow, all but one was on the market for less than 30 days.
Click on the link to search the most up-to-date information on available Pebble Beach homes for sale.
Carmel Real Estate
The Carmel luxury real estate market remains robust with ten new listings this week. The most luxurious home to enter the race is located at Carmelo and 13th, steps to the famed Carmel City Beach. This elegant French Tudor, listed at 4.95 million, designed & built by M.J. Murphy is a once in a lifetime opportunity. Sold in 1987 for $321,000 it showcases the value of real estate with a 648% return on investment! As I always tell my buyers in Carmel….”remember this home may only become available once in your lifetime” A very true statement that folks tend to regret if they don’t take serious consideration when looking to by in Carmel-by-the -Sea.
Twelve new homes went into escrows this past week in Carmel, including a Tuscan estate in the Tehama neighborhood. This abode has been on and off the market since 2010, originally listed for 3.45 million, it is now listed for 2.395 million, and is scheduled to close in September. There were six luxury homes that closed escrows last week. The most notable sale is a home in the Carmel Point neighborhood with Ocean views overtop of a schoolyard. The home first hit the market in 2010 listed for 3.295 million, finally selling 5 years later at 1.925 million. This home was situated right across from Carmel River School, thus the old saying goes location, location, location. It took 5 years and three different listing agents to finally sell the home. Obviously the home was overbuilt for the location and way over priced considering it sold almost 50% below asking price. All in all it was a good value for the new buyer, which I predict was a family with children who didn’t mind the fact they could hear the school children’s recess breaks.
Click here to search the latest available Carmel homes for sale.
Interest rates continue to remain lucrative, tourist buzz in town is slower than normal with foggy weather, a good time to shop for a home or capitalize as a seller on low inventory.
That’s all for this week, stay tuned for next week’s luxury report, until then here’s what’s happening around town:
1. 5/29 (ongoing every Friday through Labor Day) – Sunset on the deck at Asilomar Conference Grounds
2. 5/30 – Baum & Blume’s Biergarten Grand Re-Opening in Carmel Valley
3. 5/30 – 5/31 – Artichoke Festival at the Monterey County Fairgrounds
4. 5/31 – Carmel Music Society presents Noel Wan, Harp at the Sunset Center