From the desk of Nicole Truszkowski, your Weekly Luxury Market Report for Carmel and Pebble Beach Real Estate for the week of October 29th, 2015.
Low inventory levels across the Monterey Peninsula coupled with an end to our tourist season has a cooling affect on our Carmel and Pebble Beach luxury real estate sales. See below for more details
Pebble Beach Real Estate
The Pebble Beach luxury real estate market featured 3 new listings this past week, including a property located in central Pebble Beach that jumped on to the market with a price tag of 2.395 million. This home has remained in the same hands since 1997 when it last sold for 892K. While some renovations have taken place, this Mid Century home really needs a face lift, fortunately it does come with 20 units of extra water credits, perfect for the soon to be new owners remodel plans. Two Pebble Beach homes went in to contract this past week, one 3.28 million remodeled ocean view home went pending after 13 days on the market, this home is scheduled to close December 4th. There were no homes sold or that closed escrow this past week in Pebble Beach.
Click on the link to search the most up-to-date information on available Pebble Beach homes for sale.
Carmel Real Estate
The Carmel market continues to remain strong, however we’re still seeing low inventory levels in the desirable Golden Rectangle and Carmel Point neighborhoods. 10 new luxury listings hit the market this past week, one of note, a pretty ocean view home overlooking the sought-after wildcat cove in Carmel Highlands. This abode last sold in 2003 for 5.75 million and now features a hefty price tag of 12 million. This home has not had any major improvements or upgrades, it is hard to justify a more than double list price 12 years later, considering it is in original condition from the last sale in 2003. The listing agent is an out of town Realtor who is obviously unfamiliar with our market, the home is significantly overpriced and most likely will sit on the market with no offers. It is NOT uncommon for unrealistic sellers to hire an out of town agent, especially when the local agents give them sales numbers they don’t like or want to believe. Carmel Highlands is a unique area to live and it takes a special buyer to purchase a home here. Luxury homes take a long time to sell in this community; currently there are 7 homes, with a list price of 5+ million, sitting on the market with an average DOM of 429. Year-to-date, only 4 homes have sold in this price range with an average of 346 days on the market. If you actually want to sell your home in Carmel Highlands you are committing real estate suicide if you hit the market way off reality! These sellers need to wake up and smell the coffee beans or they might never sell. Check out our blog for future updates on this real estate drama.
8 homes went pending this past week, one major luxury sale to highlight is a gorgeous home on Carmel Point with dramatic ocean views that went pending in 40 days, at a list price of 10.9 million. Carmel Point is a local’s secret location that many tourists don’t even know exists. I can’t tell you how many times I have taken potential buyers on home tours in this area and they are amazed because they never step out of the Golden Rectangle during their visits! In many ways this area is far superior to the Golden Rectangle, an area that every out of town buyer usually states is the ONLY location they want to buy their Carmel home in. Rounding out the week were 3 solds, including a home on Guadalupe (north of Ocean Ave) that spent numerous days on the market (based on actually listing history,) luckily it finally sold with a “wallet-friendly” sales price of 925K!
Click here to search the latest available Carmel homes for sale.
That’s all for this week! Stay tuned for next weeks luxury market update, until then, here’s what’s going on around town this weekend:
- 10/30 – Nightmare Run 5K at the Monterey County Fairgrounds
- 10/30 – Paws & Pinot at Carmel Road Winery
- 10/31 – 99th City Birthday Party & Parade, downtown Carmel-by-the-Sea
- 10/31 – Spooky Halloween Events, Monterey County 2015