Archived Local Real Estate Market Updates for Carmel and Pebble Beach -

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March 25, 2011

We are starting to see some properties that have been on and off the market for a couple if years starting to sell, a positive sign. A couple of Carmel Point homes, listed at $3.295M and $2.95M have gone into escrow after having lingered for a while without a buyer. And a Golden Rectangle property that has been on the market for 8 months finally closed at $2.4M. There was another closed sale in the Golden Rectangle, a tear-down at $805K and a fixer went into escrow at $1.195M. Carmel's inventory went down this week as no new listings entered the market.

The record for persistence in the market goes to a property on Sloat in Pebble Beach that finally closed escrow this week at $1.5M after almost four years on and off the market. This was another case of a spec builder who missed the market and paid the price. I am not sure if a spec builder owns the property on Lopez that went into escrow this week for $1.39M after three years on the market. Also in Pebble beach, a fixer on Spyglass Hill's 16th fairway went into escrow at $910K and another property on Bird Rock went into escrow at $975K after just a week on the market showing how important pricing is in this market. Pebble Beach had several new properties come on the market at $1.095M, $925K, $899K, $699K, $599K and $574K increasing the under $1M market in Pebble Beacg to 29 properties. Interesting to see this lower price range become significant in Pebble Beach.

A sad note - our dear friend and ace photographer, Rachel Short, who was tragically injured in a car accident in Big Sur on Halloween, will be the focus of a benefit at Hidden Valley Music Seminars in Carmel Valley on April 10th from 5-8PM. Featured chefs include all the biggies...Cal Stamenov, Ted Walter, Michael Jones, Chris Caul and Brandon Miller among others. The wines will also be top drawer so do try to come out and support Rachel; call 831-901-7883 for more information.

- Pat

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March 19, 2011

I have the best of reasons for being a day late on updating the Current Market Comments this week. I am extremely pleased to announce my new association with Carmel Realty Company, the oldest real estate company in Carmel (since 1913) which has been steadily recruiting the very top agents in our area, In two short years, this elite group has already seized a huge share of the local market and my decision to join this group was an easy one. The writing is clearly on the wall. This Company is poised to make a huge statement in the high-end real estate markets of Carmel and Pebble Beach so stay tuned for the fun. We have some very, very interesting and exciting offerings coming down the pike.

As for the rest of this past week's news, for the second week in a row, the highest priced sale was another off-market property just off Scenic Road in Carmel that sold for $5.6M. The off-market product is just becoming more and more impressively active. And lest you forget, these transactions are overwhelming guided by real estate professionals who have the local connections to unearth these below-the-radar properties and successfully put the deals together. But I digress....

Casanova street in Carmel saw two closed sales this week at $2.195M and $1.825M and another tear-down sold at lot value in the Golden Rectangle for $925K. Additionally, a Carmel cottage in a good location came on the market at $1.35M and sold immediately after having been on the market for almost all of 2009 at virtually the same price without a buyer. Four new listings came on the market in Carmel at $5.495M, $3.4M, $2.95M and $2.389M. Pebble Beach was quiet with just one closing at $600K for a short sale.

- Pat

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March 11, 2011

The four properties that closed escrow this week in Pebble Beach serve to illustrate the dichotomy of our current market. An off-market sale at $11.25M shows the increasing strength at the high-end while an almost unheard of REO close to the Lodge sold at $4M; another bank-owned property in Pebble Beach sold at $1.5M and the fourth sale was a post-adobe on Ronda at $1.8. Interesting how Pebble Beach attracts both the very top segment of the market while still dealing with a few of the foreclosures and short sales that have plagued many other areas of the country. Two of the properties that came on the market in Pebble Beach this week show the consequences of bad timing in a changing market. Both properties, now at $3.1M and $2.3M, were originally brought on the market in 2007 at prices that reflected values from the peak of the market ($5 and $6M) which had been 18-24 months earlier. This miscalculation caused both of these sellers to chase down the market for a couple of years resulting in a (hoped-for) short sale on the one hand and an REO on the other. A cautionary tale, if ever there was one. Another home in the estate area of Pebble Beach came to the market this week at $8.9M after having been originally offered at $12.9M in 2008 and testing the market on and off since then unsuccessfully. I certainly hope this property does not follow the pattern of the two distressed properties mentioned above; only time will tell. Three properties went into escrow in Pebble Beach this week at $2.79M. $2.19M (a townhouse at the Lodge that I put into escrow) and $798K.

Another quiet week in Carmel with two properties closing escrow at $2.1M and $1M and two new properties coming on the market at $5.495M for an ocean-view listing on San Antonio and a Golden Rectangle cottage at $1.3M.

March 4, 2011

While last week's action was in the new sales category, this past week, closed sales dominated the scoreboard with Carmel again taking the top position with 4 of the six closed escrows. Two were newly constructed at $2.2M and $2.1M and two were fixers at $1.2M and $915K. My understanding is that the two remodeled properties were specs and, if that is true, we may be seeing the first signs of life in that segment of the market which has been inthe doldrums, understandably so, as builders have been unable or unwilling to take risk in a down market. The other two closed escrows were in Pebble Beach for an oceanfront property just south of Cypress Point at $6.5M and, at the other end of the spectrum, a bank-owned property on the Spyglass Golf Course at $1.9M.

Speaking of specs, a Golden Rectangle fixer that just went into escrow a few days ago at $1.095M appears to have had contingencies removed and is poised to close next week; unusual for a fixer since there is a minefield of regulations and rules that need to be discovered and surmounted in order to create the typical "Carmel Cottage". Fast work, indeed.

Another vintage 1930's cottage in Carmel's Golden Rectangle came on the market this week at $1.59M and two new listings came on the market in Pebble Beach at $3.1M for an Upper Forest short sale with panoramic views and another Upper Forest fixer with no views at $719K.

Apparently, the Big Sur Chantarelle Festival was a screaming success and now the foodies, hungry again, are heading to the Bernardus Lodge in Carmel Valley for an interesting dinner on March 12th focusing on "Edibles from the Wild". One would think this would be a somewhat unappetizing event however, with Chef Cal Stamenov at the helm and the stove, that is highly unlikely. Call Bernardus at (831) 658-3550 for more information.

-Pat

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February 25, 2011

While I am hesitant to stick my neck out and call a bottom to the market, the momentum that has been building in my target areas of Carmel and Pebble Beach seems to be increasing to the degree that I may, sooner rather than later, be willing to do just that. Twelve properties either closed escrow or went into escrow this past week, the most in many weeks. Most of these properties had been on the matket for some time with several having tested the market unsuccessfully previously; now after trying a second or third time, these properties finally attracted buyers. The activity was split with 6 properties in Pebble Beach selling or closing escrow and the same number in Carmel. The 2 closed escrows were both on Carmel at $3.75M and $1.09M. New escrows in Carmel came in at $3.295M, $2.395M, $1.28M and $795K. Pebble Beach's new sales came in at $2.95M, $1.695M, $919K, $910K, $675K and $599K. It appears, this week at least, advantage Carmel. Only one new listing this week in my target areas, on Casanova in Carmel's Golden Rectangle at $2.195M. Again, an indication of a long-awaited shift back towards a more balanced market. Only time will tell......

- Pat

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February 18, 2011

Inventory in Carmel continues the positve trend downward with 7 properties either going into or closing escrow and only one new property entering the market at $795K. Artist Thomas Kinkade's Scenic Road house, listed for $4.9M went into escrow; interesting how his Carmel home is more contemporary in style rather than the cottage style that he represents so successfully in his art. Additionally, three other Golden Rectangle properties went into escrow at $2.5M, $2.195M and $1.89M. Three properties closed escrow at $1.65M, $ $1.64M (both in the Golden Rectangle) and $975K.

Pebble Beach had no closed escrows this week however this is a backward indicator. Any postive spillover effect from last week's AT&T Pro-Am Golf Tournament may not be seen for weeks or even months. Two properties did go into escrow in Pebble Beach this week at $4.95M and $1.45M while 5 new listings come on the market at $6.6M, $5.8M, $2.8M, $1.25M and $675K.

For you foodies, The Big Sur Chantarelle Festival is scheduled for Feb. 26th at the Big Sur Lodge featuring 13 wineries (Bernardus, Morgan, Talbott among them) and some of our top local chefs. Call 831-667-2422 for more information. Great food and Big Sur....doesn't get much better than that!

- Pat

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February 12, 2010

Perhaps the amazing weather has had a hand in the continuation of last week's sales uptick or it may be the annual AT&T Pro-Am fever. Whatever the cause, the result has been another half dozen new escrows in our target areas as well as 17 new listings entering the marjet (although seven of those were returning to the market after a hiatus). Pebble Beach saw the only closed escrow, a grand old Murphy-built estate on Riata at $4.5M. An almost new construction on 17 Mile Drive between Cypress Point and Spanish Bay went into escrow at $6.9M and another property close to the Lodge, a rare short sale in that area, went into escrow at $5.9M. Eight properties came on the market this week in Pebble Beach, ranging from a truly elegant Mediterranean estate on the 2nd green at Pebble for $17.5M to a rare 2.5 acre equestrian property close to the Lodge for $4.9M.

Carmel was also more active this week with four properties going into escrow at $2.2M, $2.19M, $998K and $889K. Eight new listings came on board ranging from $5.495M for a Golden Rectangle entry with a larger-than-normal house and lot to a total tear-down at $795K.

Clearly sellers are hopeful that the recent combination of great weather and great golf will bring buyers to the table and off the fence. At this juncture, there seems to be some evidence that their optimism is warranted. It is certainly hard to argue that we are truly blessed to live in this glorious area, especially when one watches video of the rest of the country in near-blizzard conditions. And whether you are a fan of golf or not, watching the AT&T Pro-Am under these conditions is undoubtedly a treat for everyone, so do try to get out to Pebble Beach and enjoy.

- Pat

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February 4, 2011

Last week's downward trend reversed itself in Pebble Beach with another couple of quick escrows closing this week at $3.45M and $3M. Not surprisingly, anticipation of the influx of visitors into Pebble Beach and the national media attention that surrounds the AT&T Pro-Am Golf Tournament encouraged a flurry of new listings to enter the market in Pebble Beach at $3.49M,$2.95M, $2.69M, $1.87M,$1.49M, $969K, $924K and $879K. Of these new listings, four had been on the market last year. Sellers are always optimistic that the major events in Pebble Beach will draw buyers and, in some cases, they do.

Carmel had similar results this week, although on a smaller scale. Two new listings came on the market at $1.69M and $1.58M and two listings came back on the market from last year at $3.9M and $1.9M. Additionally, a remodeled 1600 sq. ft. cottage in the Golden Rectangle came on the market for $2.395M and promptly went into escrow. As we have noticed on many occasions in Carmel, charm sells.

For those of you who would like an alternative to the Superbowl, check out the Superbowl Golf Tournament at Bayonet and Black Horse golf courses. The tournament has a 9:30AM shotgun start so you can probably be at the 19th hole in time for the kick-off and enjoy both events. Call 831-899-7271 for more information.

- Pat

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January 28, 2011

While the recent uptick in sales in Pebble Beach continued unabated this past week, the price range trended lower than in the previous couple of weeks. Four properties went into escrow in Pebble Beach at $3.75M, two at $2.19M and another at $669K; two properties closed escrow at $975K and $900K. Not surprisingly, with the AT&T Golf Tournament coming up, six new listings came to market in Pebble Beach with three new listings on the same street, Riata Rd., for $5.95M, $4.95M and $4.39M. Other new listings came on at $3.695M, $2.19M and $599K. Additionally, one of my Pebble Beach offerings that had been "Discretely Available", 3215 Macomber Drive is now on the open market at $9.75K. This exceptional, gated estate of over 13,000 sq. ft. is an exquisite example of the finest craftsmanship and detail with 5 bedroom suites, 9 baths and lushly landscaped gardens on almost 3 acres.

Carmel had two properties go into escrow at $1.3 and $850K and five new properties came on the market including one very unusual "compound" in the Golden Rectangle for $7.8M. Other prices range from $2.39M to $899K.

Hope you?ll be able to enjoy the upcoming AT&T Pro-Am Golf Tournament (Feb. 7-13). Our weather's been almost perfect lately; here's to hoping it continues and we defy the "Crosby weather" this year.

- Pat

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Jan. 14, 2011

The pattern that emerged in 2010 does seem to be repeating itself in 2011 if this week's activity in Pebble Beach is any indication. Six properties went into escrow this past week in Pebble Beach ranging from 2 REO's at $669K and $1.34M to a Cypress Point property at $3.75M, a 17 Mile Dr. listing at $3.85M, a golf course-view home at $2.2M and a property above the Lodge at $3.4M. Last year's sales were in the $10M+ range but this year's results show some much-welcomed activity in a sector that had been somewhat stagnant of late. Eight new properties ranging from $849K to $4.45M hit the market in Pebble Beach in advance of the AT&T Golf Tournament. This uptick in listings is the norm prior to any of the large events in Pebble Beach as sellers look to capitalize on the increased exposure that comes from those events. One property closed escrow in Pebble Beach this week at $1M, for a tear-down in a good location but without views.

Carmel was, by comparison, quiet this past week with two properties going into escrow at $4.25M and $1.1M and 2 new listings entering the market at $2.6M and $1.7M. Always interesting to watch the pendulum swing from Pebble Beach to Carmel and back again.

- Pat

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December 24, 2010

Although most people are caught in the holiday blur, activity in the real estate market continues, although at a much slower pace. A $4.9 M property on Riata Rd. in Pebble Beach went into escrow this week (for the second time) just a week behind the closing of my listing on Riata for $4.5 M. A short sale beside the 15th hole of the Pebble Beach Golf Links has come back on the market at $5.9 M, a relative bargain at this prime location. Another distressed property in Pebble Beach, on Oasis Rd., has come back on the market as an REO for $1.3 M, definitely a great opportunity in the MPCC area for a property originally listed for $3.2 M.

Carmel had one new listing of a fixer at $1.095 M and a new escrow for a tear-down in the Golden Rectangle at $1.15 M. Carmel also had one property close escrow in the Carmel Point area for $1.8 M. Another home in the Carmel Point area, 26345 Scenic Rd., returned to the market this week at $11.5 M. This brings the available listings on Scenic Rd. to eight, an historic high. With the high-end market gaining some momentum of late, these properties, at the pinnacle of the Carmel market, may start to get offers if/when buyers sense the pendulum beginning to swing in the other direction towards the sellers. This is going to be an interesting new year, no doubt.

- Pat
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December 17, 2010

Had another successful week with the closing of my $4.9M ocean view listing in Pebble Beach, especially gratifying since this part of the market in Pebble Beach has been so sluggish this year. Pebble Beach also saw a $9.9M property go into escrow this week; it appears we may be seeing a wave of activity in Pebble Beach similar to the first quarter ? market seems to be now moving in random waves of demand, historically an indicator of a bottoming in the cycle. The lower price range in Pebble Beach also had a boost this week with 3 other properties going into escrow at $1.15M, $995K and $949K. Two new listings hit the market in Pebble Beach this week, one an ocean-view fixer at $1.6M and a REO at $519K.

Carmel was in the back seat this week with only one closed escrow in the Carmel Point area at $1.6M and one new listing in the Golden Rectangle at $1.9M. While this week saw momentum shifting back to Pebble Beach, the relative demand between those two markets also ebbs and flows. It'll be interesting to keep an eye on any emerging patterns going into the new year.

- Pat

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December 10, 2010

This week's entry was delayed for the best of reasons, the whirlwind sale of my $12.5M beachfront listing in Carmel; start to finish, a record-breaking 5 days. To add to the fun, the property received a second offer within hours of the first, surprisingly, a not uncommon phenomenon. Because this sale is, by far, the highest price garnered by a property in Carmel since April 2008, the average sale price for Carmel properties will be getting a substantial adjustment upward for a time.

There were two other closed sales in Carmel, a well-priced Golden Rectangle cottage that sold quickly for $1.2M and another Carmel Point sale at $1.65M. Only one new property came on the market in Carmel at $999K, lot value in the Golden Rectangle.

Pebble Beach had one closed sale this past week, at $2.085M. Two new listings hit the market in Pebble Beach at $1.795M and $995K. Two other properties returned to the market at reduced prices, a $9.95M estate originally priced two years ago at $16.75M and another large property back on the market at $3.75M, down from $6.3M earlier in the year.

All things considered, I?m encouraged by the increasingly steady demand at the top of the Carmel and Pebble Beach markets. It seems clear that when quality properties reach what?s perceived to be a value-price, the market will now react. With many other irons in the fire, this is shaping up to be an interesting New Year.

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November 29

Interest remains more consistent in Carmel than Pebble Beach with three more properties in Carmel going into escrow this past week at $4.5M (on Scenic Rd.), $2.395M and $1.75M. The $2.395M property was one that went into escrow soon after listing and had sold rather quickly the last time it was on the market in mid-2009. The combination of prime Golden Rectangle location, a bit larger than normal lot size and that ?Carmel charm? factor seems to have enticed buyers to jump although this house is a remodeled older home with the standard 3BD/2BA and similar size (1600 sq. ft.) as many other Golden Rectangle listings. The new sale is a fixer at lot value. No properties closed escrow in Carmel this week and there were no new listings. The inventory of listings in our target area of Carmel has dropped to 48, the lowest since last February. This is a not only due to the uptick in sales but also a seasonal trend as sellers become more reluctant to have their homes on the market during the holidays.

Pebble Beach had three new properties come on the market at $2.695 M, $1.795M and $739K, an REO. There were no new or closed sales in Pebble Beach and this area is also experiencing a drop in inventory (to 100 active listings) for likely the same reasons as Carmel.

Interestingly enough, although seller interest is getting sluggish, buyers seem to be increasingly interested with many visitors coming to enjoy Carmel and Pebble Beach for the holidays. It will be very interesting to see if Pebble Beach has the uptick in sales in the first quarter of 2011 as it experienced in first quarter 2010.

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November 15

Happy to report that a greater number of properties in our target areas week sold or went into escrow last week as came on the market. In Carmel, the Carmel Point area continued its hot streak with one house closing escrow at $1.2 M and another going into escrow at $2.59M. Two older homes came on the market in Carmel at $2.395M and $3.495M and a newer house was listed for $2.195. This pricing differential illustrates how views, lot size and that indefinable ?charm? factor can trump newer construction, at least in Carmel.

I am very pleased to report that my $4.95M listing in the estate area of Pebble Beach had an accepted offer as did a smaller property on Stevenson at $925K. The buyers continue to show willingness to enter the market when they perceive real value. Several sellers in Pebble Beach have gotten this message and recently reduced their asking prices significantly. Perhaps the glut of high-end properties in Pebble Beach will diminish as more sellers respond to this trend.

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November 7

An off-market ocean view property in Carmel?s Golden Rectangle closed escrow this past week at $4.25 M, the second property to close over the $4 M mark in just over a month. Only one other home in that price range, or higher, closed escrow since the beginning of the year in Carmel, so this is an encouraging development in an otherwise fairly uneventful week. This particular property had been on the market at $5.9 M and withdrawn after 3 months. Three observations: first, the summer is not the only period of the year when Carmel attracts buyers, secondly, ocean views in a quality location can still command excellent prices and, last but perhaps most importantly, the off-market arena continues to be very active locally with savvy agents connecting buyers with properties that are not being shown as available.

Another Golden Rectangle property without ocean views came on the market this week at $2.175 M. Pebble Beach was quiet this week with three new listings between $830K - $1.195 M and no new sales.

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October 31

Two new escrows this past week appear to illustrate the strength of the Carmel market relative to the Pebble Beach market. An older, quite small cottage in Carmel came on the market at $1.295 M and received an offer almost immediately and a much larger, much more recently constructed property in Pebble Beach went into escrow (for the second time) at $2.19 M after almost 3 years of chasing the market down. There is a back story, however; the property in Carmel was located on a prime lot whereas the Pebble Beach listing was in an area that is not generally considered as prime. The under $1.5 M market with its value-oriented buyers seem ready to jump as soon as they see optimum location at prices that were, until just recently, improbable. So, while the overall market in Carmel seems to be the hand?s down winner currently, the real story may be one of price range and perceived value.

Two properties closed escrow this past week; one in Carmel that, again, was new on the market and sold quickly for $1.6 M and another in Pebble Beach, a bank-owned property in a less desirable area that closed at $678 K. Just one new property came on the market in Carmel, in a prime area, at $2.199 M and 7 new listings came on the market in Pebble Beach in a range from $850 K - $4.25 M further diluting the Pebble Beach market.

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October 4

The fourth quarter opened with a house on Scenic in Carmel closing at $4.8 million, the first sale over $4 million this year in Carmel. The larger question remains whether the over $4 million sector in Carmel will begin to wake up before the end of the year.

Two more properties closed escrow in Carmel this week at $1.15 million and $935K; this last property went into escrow the day it went on the market showing that the demand in this price sector continues unabated in Carmel.

Pebble Beach had a $3.95 million property close to the Lodge go into escrow this week and another Country Club area property closed escrow at $740K. As in Carmel, the under $2 million market continues to be active but in Pebble Beach, the activity in the $4 + million market has somewhat more momentum.

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September 13, 2010

Carmel continues to defy the conventional thinking of market weakness with yet another quick sale in the Golden Rectangle of a $2.6 million fixer with great ocean views that went into escrow within a couple of days of hitting the market. I am not ready to call this a pattern by any means, but it does indicate that there is strength in the market for a well-located, well-priced property with great ocean views. One other Golden Rectangle property went into escrow at $1.95; even though this was a considerably larger house and almost new construction, the price differential is indicative of the greater value placed on ocean views and close proximity to the ocean in Carmel. Only one property came on the market in Carmel, a short sale without ocean views at $1.1 million.

Pebble Beach had one significant property come on the market this week at $9.9, close to the Lodge. Other new listings come on at $3.795 and $2.95 million and 4 additional listings ranging from $1.695 million to $895K. One property went into escrow at $995K and one closed escrow at $1.245 million. Overall, another relatively uneventful week in Pebble Beach.

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September 6, 2010

The last week of summer, traditionally a busy week in Carmel and Pebble Beach, did not disappoint as we finally had something of a break from the fog and from the lull in sales activity. Four properties went into escrow in Carmel ranging from $1.09 million to $5.5 million; we may finally be seeing a sale in the $4 million plus market in Carmel for 2010, the first given that the $15 million sale that went into escrow on Scenic in Carmel a few weeks ago recently fell apart. Four new listings came on the market in Carmel this week with two properties in the Golden Rectangle at $1.2 and $2.6 million and two in the active Carmel Point area at $1.895 million and $3.695 million. All but the last are fixers, no surprise. Will be interesting to see if any of these fixers come back to market within the year as flips.

Pebble Beach was again a quieter market with only two properties going into escrow, both below $1.7 million and one new active listing coming on the market also in this price range. The pattern we have been seeing all year continues with Pebble Beach being more active above $5 million and Carmel being more active below $5 million.

There were no closed escrows this week, a lagging indicator reflecting the previously mentioned lulls of June and July. We may have turned a corner now and that would be welcome news indeed

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November 7

Another Golden Rectangle property without ocean views came on the market this week at $2.175 M. Pebble Beach was quiet this week with three new listings between $830K - $1.195 M and no new sales.

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October 31

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October 4

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September 13, 2010

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Sept. 6, 2010

There were no closed escrows this week, a lagging indicator reflecting the previously mentioned lulls of June and July. We may have turned a corner now and that would be welcome news indeed.

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Aug. 17, 2010

The majority of the activity was concentrated on automobiles this past week, during the Concours d?Elegance and other events taking place all over the Monterey Peninsula. Only one property went into escrow, in Pebble Beach, for $1.245 million. Two new listings came on the market, also in Pebble Beach, at $1.335 and $3.65 million. Three properties in Pebble Beach closed escrow this past week at $655K, $825K and $1.495 million. Carmel was completely quiet this week.

There was a very interesting sale in the South Coast area this past week. An oceanfront property which had been on the market for a few years, on and off, and was currently off the market, sold for $8.5 million. Originally listed for $12.45 million, this property was on over 4 acres at Abalone Cove, not far from Rocky Point. It may have been that a car enthusiast had a few moments to make a non-automotive purchase or perhaps this was a buyer who had seen the property some time in the past and finally decided to make the leap. At any rate, this still is a significant sale and perhaps more activity will result from the Classic Car Week in the weeks to come.

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August 8, 2010

Although real estate activity continues to be somewhat sluggish in Carmel and Pebble Beach this week, there have been a few interesting highlights. Another Carmel Point property sold at $3.298 million before it hit the market, continuing the streak. A lot on Santa Lucia that has been on the market for a couple of years finally went into escrow. And, most interesting of all, a classic Carmel ocean view property on Scenic, listed at $15 million, went into escrow and that is definitely noteworthy, in any market. This sale bodes especially well for the Butterfly House, which I am bringing on the market at $22 million in approximately two weeks, given that the Butterfly House is one of only five true oceanfront properties in Carmel. As for the rest of the activity in Carmel, a small tear-down closed escrow at $715K and a beautiful property overlooking the Carmel Mission has come back on the market for $3.795.

Pebble Beach took a back seat to Carmel again this week with limited activity. One property went into escrow at $799K and two new listings came on the market at $1.245 and $3.65 million. With the Concours d?Elegance coming up this Sunday and the focus turning to Pebble Beach again, it will be very interesting to see if the sales activity turns away from Carmel and back to Pebble where it was earlier in the year. Stay tuned.

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August 3, 2010

Whether it has been a result of the pre-Concours lull or the effect of the mostly foggy weather, this past week saw less activity in the Carmel and Pebble Beach markets. Two properties went into escrow in Pebble Beach (at $599K and $1.4 million) and two in Carmel (at $950K and $2.199 million). Five properties closed escrow, one in Pebble Beach at $705K, 3 in Carmel at $414K, $975K, and $1.1 million and one on Carmel Point at $1.85 million. This home also sold immediately at full asking price so the Carmel Point area seems to be holding its lead in terms of activity. And although this period just before the Concours usually sees an upswing in new listings, especially in Pebble Beach, this year we only see one new home coming on the market in Pebble Beach at $799K.

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July 26, 2010

Buyers are certainly looking and a few have jumped in the game this past week. A $5.48 million property in Pebble Beach that had been on the market for over 5 months received an offer almost immediately when the asking price was reduced $500K. Additionally, a property on Carmel Point went into escrow at $2.199 million and three others in Carmel at $650K, $850K and $1.195K. Another property on the Point closed at $1.975 million and a Golden Rectangle property closed at $1.475 this past week. Three properties closed escrow in Pebble Beach at $925K, $960K and $2.4 million (this last property had only been on the market 9 days indicating that they likely received their offer almost immediately upon hitting the market). Five new properties came on the market in Carmel for $875K, $895K, $950K, $2.4 and $2.495 million and only one in Pebble Beach at

3350 17 Mile Dr.

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May 28, 2010 - The demand pendulum seems to be swinging from Carmel

to Pebble Beach lately; clearly premature to declare a trend but, the activity in Pebble Beach has clearly surged and Carmel has, at least relatively, quieted a bit. Carmel saw one property close last week (at $1.973) and had no properties go into escrow. My associate, Mike Canning, closed the sale of a property near The Beach Club at $18.75M, the highest sale price in Pebble Beach in 5 years; Pebble also had properties listed at $8M and $2.998M go into escrow ? continuing encouraging signs for the upper-end of the Pebble Beach marketplace. The inventory climb that likely surrounded the upcoming US Open also seems to be slowing, which is helpful; we clearly do not need more inventory in a few highly imbalanced brackets ($4-$8 in Pebble particularly).

May 21, 2010 - Casa Ladera in Pebble Beach closed at over $10 million...nice! Click the link below for this week's Carmel Pine Cone and check all the current sales:

http://www.pineconearchive.com/downloads100521.htm

May 12, 2010 - Two more $8 million listings went into escrow this week in Pebble Beach. Here is a link to the Monterey Herald: Monterey County Herald

May 5, 2010 - Happy Cinco de Mayo! We have much to celebrate here on the Monterey Peninsula, especially in real estate! The numbers say it all: in the month April 5, 2009 - May 5, 2009 as compared to the same month this year, The number of home sales has doubled in Pebble Beach, almost tripled Carmel and Pacific Grove and has increased tenfold in Carmel Valley going from 2 sales to 22 sales! Next month, I will report on the changes in the average sales prices....cheers!

April 28, 2010 - A house on Lincoln in Carmel-by-the-Sea just came on the market at $2.2 million and immediately went into escrow! It does my heart good to see that this area of the market is starting to pick up a good head of steam!

April 27, 2010 - Watch this video from Leslie-Appleton Young of the California Association of Realtor:

http://videos.car.org/mediavault.html?menuID=1&flvID=5

April 9, 2010 - Download this week's Carmel Pine Cone for all of the latest home sales on the Monterey Peninsula as well info on local events:

http://www.pineconearchive.com/downloads100409.htm

April 7, 2010 - Another landmark sale in Pebble Beach....a $25 million house in Pebble Beach went into escrow a couple of days ago. The current activity is really something that we haven't seen for years, literally. Very encouraging.

April 1, 2010 - I know you won't believe me if I tell you that a property in Pebble Beach closed escrow today at $17.4 million but it is no April Fool's Joke! This was an off-market deal that flew under the radar. Pretty significant, don't you think?

March 28, 2010 - check out the latest issue of "Carmel Magazine" here

http://www.gogreendps.com/CarmelMag-1-10.htm

March 23, 2010 - Another $5.9 million property went into escrow in Carmel today! This is VERY encouraging!!

March 20, 2010 - There is really some strong activity in the upper end with 7 properties in the $4-6 million price range going into escrow in the past 10 days. Four are in Carmel, two in Pebble Beach and 1 in the Preserve area of Carmel Valley. Very exciting!!

March 19, 2010 - From the WSJ:

MAKING SENSE OF THE STORY FOR CONSUMERS

Interest rates have hovered at or near historic lows for much of the past 18 months, resulting in lower payments for many borrowers. With the Fed discontinuing its purchase program, some analysts believe a rise in interest rates could range from 0.25 percent to as much as 1 percent by the end of 2010.
The federal tax credit for home buyers also is scheduled to end April 30. The tax credit combined with the expectation interest rates will increase has created a sense of urgency for many home buyers. In fact, 23 percent of California home buyers purchased a home in 2009 due to the perception that interest rates will rise and they would be priced out of the market, according to C.A.R.?s 2009 Survey of California Home Buyers.
Rising interest rates will have an effect on home buyers. For example, a qualified couple with a combined pretax income of $100,000 per year and debt obligations (excluding mortgage) of $500 who receive a mortgage rate of 5 percent could qualify for a loan of up to $590,000, assuming a 20 percent down payment. If the interest rate were to rise to 6 percent, as analysts at Barclays Capital predict, the same couple could only qualify for a mortgage of $540,000.

March 19, 2010 - March 15, 2010 - 38 homes closed escrow the first week of March and that amounts to surge by our standards! There were 13 homes under $500K, 14 homes between $500K and $1 million and 9 homes over $1 million with the top selling price being $2,675,000 for one of the Spanish Bay condos in pebble Beach. With the U.S. Open coming in June, Pebble Beach is poised for a rebound. We are probably seeing the start of that rebound with the recent activity in the $10 million plus category there.

March 9, 2010 - Today, a 2 bedroom house on Scenic Rd. in Carmel that was listed for $5.9 million has gone into escrow! Additionally, a tear-down in Pebble Beach that was listed for $13.9 million has also gone into escrow and I have heard through the grapevine that another $20+ million property in Pebble Beach has gone into escrow although my understanding is that the principals want this to be hush-hush so there has not been any confirmation of this deal. All this activity tells me two things: there are people with a lot of money still out there and, two, these people must believe that real estate is still a great investment, at least in our area!

March 2, 2010 - An almost new, 3000 sq. ft.home in the Carmel Highlands closed escrow yesterday at $1,030,000. Although this house did not have ocean views (a critical factor in property values in the Highlands), this sale may drive down the prices in this area. Also, an eight-acre, 6 bedroom property in Carmel Valley has gone into escrow after coming on the market for half of what it sold for in 2004, $1.2 million. This is a short sale, so no guarantees that the property will be approved by the bank at this price but....who knows?

Feb. 24, 2010 - Here's something we haven't seen for many months.....a $3.9 million house in Carmel sold at over the asking price! Only slightly, mind you, at $4 million but it may be that there were multiple offers on this house, that is the usual reason for sales prices over the asking. Bodes well for the high-end which has not been performing well lately, in general. Carmel and Pebble Beach both seem to be picking up some steam in the high-end although both areas have seen significant in their lower price ranges.

Feb. 19, 2010- Perspective is a good thing and an analysis of the Monterey Peninsula real estate markets shows that, over a ten year period from 1999-2009, prices in Carmel and the Carmel Highlands have nearly doubled and are up by almost 50% in Pebble Beach. No markets are down over this period. And while foreclosure activity has decimated many markets, Carmel only has 8 properties in foreclsoure or pre-foreclosure as of this week. More analysis to follow next week but feel free to call me for more detailed information.

Feb. 15, 2010- The start of February has seen an uptick in sales activity in the $700,000 to $1,500,000 price range with 7 properties going into escrow in Carmel, 4 in Pebble Beach, 7 on the Salinas-Monterey Highway corridor, 3 in Pacific Grove, 6 in Carmel Valley and 5 in Monterey. There have been two high-end sales so far in February, a $3,999,000 oceanview house in Carmel and, more significantly, a $13,950,000 property on 17 Mile Drive in Pebble Beach. The beautiful weather this past week was broadcast all over the country via the AT&T Pro-Am Golf Tournament and this may lead to additional activity from people escaping the snow and cold!

Aug. 17, 2010- The majority of the activity was concentrated on automobiles this past week, during the Concours d?Elegance and other events taking place all over the Monterey Peninsula. Only one property went into escrow, in Pebble Beach, for $1.245 million. Two new listings came on the market, also in Pebble Beach, at $1.335 and $3.65 million. Three properties in Pebble Beach closed escrow this past week at $655K, $825K and $1.495 million. Carmel was completely quiet this week.

Aug. 8, 2010- Although real estate activity continues to be somewhat sluggish in Carmel and Pebble Beach this week, there have been a few interesting highlights. Another Carmel Point property sold at $3.298 million before it hit the market, continuing the streak. A lot on Santa Lucia that has been on the market for a couple of years finally went into escrow. And, most interesting of all, a classic Carmel ocean view property on Scenic, listed at $15 million, went into escrow and that is definitely noteworthy, in any market. This sale bodes especially well for the Butterfly House, which I am bringing on the market at $22 million in approximately two weeks, given that the Butterfly House is one of only five true oceanfront properties in Carmel. As for the rest of the activity in Carmel, a small tear-down closed escrow at $715K and a beautiful property overlooking the Carmel Mission has come back on the market for $3.795.

Aug. 3, 2010 -Whether it has been a result of the pre-Concours lull or the effect of the mostly foggy weather, this past week saw less activity in the Carmel and Pebble Beach markets. Two properties went into escrow in Pebble Beach (at $599K and $1.4 million) and two in Carmel (at $950K and $2.199 million). Five properties closed escrow, one in Pebble Beach at $705K, 3 in Carmel at $414K, $975K, and $1.1 million and one on Carmel Point at $1.85 million. This home also sold immediately at full asking price so the Carmel Point area seems to be holding its lead in terms of activity. And although this period just before the Concours usually sees an upswing in new listings, especially in Pebble Beach, this year we only see one new home coming on the market in Pebble Beach at $799K.