Feb. 17, 2012
It's not often that a new listing makes the front page of the local paper but that is exactly what happened this week as the new $79,000,000 Carmel Realty Company listing at 10 Carmel Way garnered mention on the front page of the Carmel Pine Cone. Needless to say, this iconic oceanfront compound is one of the most spectacular residential properties in the United States. Quite an honor for CRC to represent the sellers in this endeavor.
As for the more "normal" real estate market, Carmel had an oceanfront property on Yankee Point Dr. in the Carmel Highlands come on the market at $ 5.9M....sounds like a bargain! Other new listings ranged from $1.9M for a fixer in the Golden Rectangle to $675K for a little cottage on Santa Rita. Couple of interesting closings..part of the La Playa Hotel was sold quickly for $1.9M, over asking; it should be interesting to see what happens with that one in the future. An ocean view fixer on Carmelo also sold quickly at $1.3M, pretty near to lot value. The other closings came in at $1.1M and an REO at $470K in the Mission Fields area. Six properties went into escrow in Carmel this week and 4 of them were distressed; these bank-owned listings certainly grab attention from buyers and we seem to be working through that part of the inventory fairly rapidly. Once this inventory is depleted, pricing should start to move up again.
A fixer with a view of the very iconic Lone Cypress in Pebble Beach was the standout closing in Pebble Beach at $2.6M; the only other closing was a bank-owned home at $1.3M near MPCC. Four properties went into escrow at $1.2M - $510K and yes, that last one was a short sale. Pebble Beach is also working through the distressed market at a steady clip....good news. Four new listings became available in Pebble Beach including a lovely restored Mediterranean probably from the 1930's listed for $1.9M.
If you are exhausted from the hectic AT&T week and would prefer more subdued entertainment this week, one of the Metropolitan Opera's soloists, Ekaterina Semenchuk, will be featured with the Monterey Symphony at the Sunset Center this weekend. Call Sunset Center at (831) 646-8511 for more information.
- Pat
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Feb. 13, 2012
Whew! Another successful, if slightly damp, AT&T Golf Tournament has come and gone, leaving in its wake a few exhausted Realtors and a new batch of listings in both Carmel and Pebble Beach. Always a busy time for us with clients coming in to entertain family and friends and sometimes squeeze in a bit of time to look for their next real estate acquisition. And although we may not see a surge in new sales immediately, residual effects continue to accrue over the year as visitors to the Tournament become intrigued with our beautiful area and explore becoming part or full time residents.
Sellers know that AT&T week starts our selling season so, as predicted, Carmel had 10 new listings come on the market last week, including a Carmel Meadows contemporary with panoramic ocean views at $3.9M, a remodeled Carmel Golden Rectangle cottage on a double lot at $2.9M, another GR ocean cottage at lot value for $1.39M (available again after falling out of escrow a few days earlier) and several other offerings in the $2.3M-$800K range. And 6 properties went into escrow, including a new ocean view Tuscan-style estate in the Highlands at $3.4M and a short sale at $1.69M on Hatton Rd. in town; the others were all under $1 as this segment of the market continues to show strength. All but one of the four properties that closed this past week in Carmel were under $1M, as well.
Pebble Beach again had high-end action this past week with a Classic Comstock 17 Mile Drive property close to the Lodge going into escrow at $7.9M. Another 17 Mile Drive property by Spanish Bay showed the difference in value of this location as it came on at $1.29M (did go into escrow immediately). Two sales closed in Pebble Beach this week at $2.5M and $875K while 10 new listings came on the market just in time for the Tournament, priced at $4.9M-$795K. Pebble Beach is showing definite signs of a floor as buyers pick up some great values with financing at historic lows.
FYI- Carmel Realty currently has some absolutely superb off-market properties that are truly world-class. Some, but not all, are on our "Discretely Available" section of our website. Please contact me if you would like additional information about any of these unique properties.
- Pat
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Feb. 3, 2012
For the first time since 2008, a property in Carmel sold over $6M....a beautifully restored Mediterranean on Scenic Rd. closed this week at $8.1M. While the lower price ranges in Carmel have been bustling with activity for the past 18 months or so, the high end has remained somewhat dormant even while Pebble Beach has seen some sporadic activity in this segment of the market. So this sale is a welcome one indeed, perhaps signalling an awakening in Carmel's high end. The $1M-$3M price range was still robust this week in Carmel: four homes closed escrow in Carmel this week at $1.1M, $1.02M, $1.05, and $700K for a bungalow in the Highlands. Additionally, 5 homes in this range went into escrow at $3.19M, $2.3M, $2.2M, $1.7M and $650K....another strong week. Eight new listings came on the market in Carmel in advance of the AT&T, as expected with price range $7.9M-$399K....there is truly something for everyone in Carmel!
Pebble Beach is in full tilt mode preparing for the annual onslaught known as the AT&T Golf Tournament. Five new listings came on the market with price tags ranging from $5.9M - $949K, so all those potential buyers showing up for the golf will also have quite a range of homes available to see, should they be so inclined. Only one property went into escrow this week in PB at $4.5M but it had only been on the market a few days; this was another Carmel Realty offering. Two escrows closed at $1.2M and $1.07M, both in the Country Club area (I was happy to rep one of the buyers).
Word to the wise if you are going to the AT&T this coming week...wear comfortable shoes! And you should probably bring sun block....no "Crosby weather" this year!!
- Pat
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Jan. 27, 2012
Carmel activity surged this week with 7 new sales and 3 properties closing escrow while only 4 new listings came on the market. 2012 is certainly starting off well with vigorous demand from buyers apparently eager to take advantage of some historic opportunities in pricing and financing. One of the more interesting new sales was on Camino Real as the La Playa Hotel sold one of its several residence buildings as a single-family home....listed and found a buyer immediately at $1.89M. It is interesting to note that 3 of the 4 new listings in Carmel are short sales although the prices are $2.2M, $1.69M and $979K; not the normal short sale price range but distress can happen across a broad spectrum of the market.
Pebble Beach has not yet had the surge of new listings that often comes in advance of the AT&T Golf Tournament but 3 new properties did appear including a beautiful ocean and golf course view property on Rodeo at $4.5M and two others at $3.1M and $1.4M. There were two new sales at $3.1M and $1.1M.
Speaking of new listings, I had the opportunity to view one of Carmel Realty's new listings on Spindrift in the Carmel Highlands ($13.5M) and, really, this has to be one of the most magnificent oceanfront settings I have ever seen...and I have seen some of the best! The Brits have a good term for it....gob-smacked, and I was. Wow!
Did you know Tiger Woods was playing the AT&T again this year for the first time since 2002? Always adds some extra buzz to the event, not that it needs it. Perhaps he or some of the other pros will attend the Third Annual Clambake for a Cure at Gilbert's on Fisherman's Wharf following the second round on Friday, Feb. 10th. Famous chefs, PGA pros, fine food and wines, all to benefit brain tumor research. Go to www.clambakeforacure.com for details.
- Pat
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Jan. 20, 2012
Carmel Realty Company agents dominated the high-end real estate market in Pebble Beach this past week again by selling two elegant estates near the Lodge for $6.4M and $5.6M and also by bringing to market a classic Pebble Beach Mediterranean on Riata at $4.9M. CRC is also representing the seller of the stunning 17 Mile Drive Villa, Casa Robro, on the 2nd green of the PB Golf Links, offered at $17.5M. Additionally, we are representing the seller of a 3-acre Cypress Point compound with its own 18-hole mini-golf course offered at $5.2M. Last but not least, one of our agents listed and sold a $2.3M MPCC property this past week. Two other properties in Pebble Beach went into escrow at $1.2M and $598K and there was one other closing at $1.3M. All in all, a very busy week in Pebble Beach and for Carmel Realty Company.
Carmel was by no means slow; ten new properties came on the market in Carmel including a Spanish-style compound with 30 bedrooms on over 3 acres north of town which had been a clinic in years past and is now being offered at $6.5M. Another Carmel Classic in the Golden Rectangle with ocean views and 2400 sq. ft. came on at $5.3M illustrating the premium in per sq. ft. price of GR property. The other 8 new listings ranged from $2.9M to $945K; a few of these listings have been active previously and are coming back to market, one could assume, to take advantage of the upcoming AT&T Golf Tournament. Four properties in Carmel went into escrow this week, all under $1M and 3 homes closed escrow also all under $1M. So this segment of the market continues to be on fire as buyers who had been priced out of the market in the past are now finding themselves able to realize their Carmel and Pebble Beach aspirations.
If you are in town for the Big Game on Sunday (49er's and Giants, in case you have been living in a cave and didn't know), there are several great sports bars to watch with fellow fans including Brophy's in Carmel, Edgar's and Baja Cantina in Carmel Valley and Knuckles and Hula's in Monterey. Go Niners!!
- Pat
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Jan. 13, 2012
It is no "Friday the 13th" stunt when I tell you that this past week was the busiest one in our target areas of Carmel and Pebble Beach in quite some time....no joke! We had 6 properties go into escrow in Carmel and 5 in Pebble Beach; while 3 of those sales were distressed, the rest were not. That said, all of these new sales were in the under $1.5M range and 9 were under $1M. Three of the sales were of note because they went into escrow within days of hitting the market; one fixer/tear-down in the Golden Rectangle with some ocean views was a sure thing to sell quickly when it came on at $1.39M and another on Carpenter St. was such a "Carmel Charmer" that it too sold quickly at $850k. The quick sale in Pebble Beach was a short sale priced at $695K, probably quite a bit below it's value; it will be interesting to see if the bank accepts the offer.
As I predicted last week, a larger-than-normal number of properties came on the market this week possibly in hopes of taking advantage of the upcoming AT&T Golf Tournament activity. Eight new listings came on the market in Carmel ranging from $2.9M for a fixer on the lagoon in the Carmel Point area to an interesting contemporary in the Golden Rectangle at $1.79M and the rest in other areas of Carmel under the $1.5M range. All but one of the 4 closed escrows in Carmel were under $1M; coming in above that price range was a Carmel Cottage north of Ocean Ave. that closed at $1.56M.
Pebble Beach had much more activity in the higher-end with 3 properties closing escrow at $3.5M, $2.6M and $2.3M. All of these properties were relative bargains due to their good locations and their spacious 4000+ sq. ft. floor plans. Could it be that some buyers may be looking down the road at retiring into something larger other than a Carmel cottage? H-m-m-m....something to watch this year. Three new listings came on the market this past week in Pebble Beach including a tear-down with potentially great views on Sunridge at $1.9M and 2 Country Club ranchers at $1.6M and $1.29M. Expect more new Pebble Beach listings as we get closer to the AT&T Golf Tournament.
Have you heard about the new dinner series at Aubergine in Carmel (Zagat's fifth best restaurant in SF and Central Coast areas)? The next one will be Jan. 24th although they typically are the first and third Tuesday of the month. At $75, including wine, this is a steal compared to the more usual $300+ or so dinner tab at this fine restaurant. Call (831) 624-8578 to reserve.
- Pat
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Jan. 06, 2012
It's always significantly more enjoyable to compile the annual real estate sales stats when they are positive and, indeed, the numbers are looking up for both the Carmel and Pebble Beach markets. Both markets appear to be trending steadily upward with the number of transactions up in both markets. Carmel has not had as many houses sell since the heady days of 2005 when 223 homes sold. This year, 212 properties sold up from 173 in 2010. Dollar volume was also up in Carmel at $299M up from $219M in 2010.
Pebble Beach showed similar results with the number of transactions at 93 in 2011 up from 75 in 2010. Dollar volume was about the same as in 2010, however, likely due to the purging of distressed properties which has hit Pebble Beach a bit harder than Carmel. Buyers in both markets clearly have been responding to lower pricing as they perceive value and also as they become more anxious to take advantage before prices are moving up again.
This past week kept some momentum going into 2012 with 3 properties going into escrow in Carmel including a classic Scenic Rd. villa at $8.7M as well as two others at $3.4M and $2.8M. An almost new cottage on Torres closed at $1.2M, full asking price, and 4 new listings came on the market in Carmel: $1.3M for a fixer in the Golden Rectangle with ocean views that should get snapped up quickly and 3 others outside the GR at $1.2M, $1.1M and $850K. Pebble Beach also had a property close at full asking, $2M, as well as another property close over asking at $1.1M. Another short sale come on at $695K and a bank-owned property went into escrow at 599K.
Overall, the market feels increasingly stable and even vigorous in some price ranges and areas. There are indications that some pent-up demand is starting to drive some of the activity and we here at Carmel Realty Company say....bring it on! Please contact me directly if you would like more specific market information about Carmel and Pebble Beach or other areas.
- Pat
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Dec. 30, 2011
As we close out 2011, the Carmel and Pebble Beach real estate markets are showing some seasonal slowing to cap off a quite busy year. Really looking forward to compiling the end-of-year stats next week...should look good. As for this past week, Carmel had 4 properties close escrow including a Carmel Point home with guest house at $2.1M and a triple-lot tear-down on Santa Rita for $900K that had gone into escrow right away. Two others closed at $800K and $576K. A fixer in the Golden Rectangle went into escrow at $1.1M and an REO by the Mission went at $507K. An REO came on the market on Ribera Rd. at $899K; Ribera Rd. is a great illustration of how views impact property values in our area. The larger, ocean view and beachfront properties on Ribera Rd. can command upwards of $5-10M while the smaller properties, just a few hundred yards away, have a fraction of the value. Really confuses websites such as Zillow, for sure. But I digress....
Pebble Beach had one bank-owned property on Sunridge close at $1.9M and one property also in the Upper Forest area go into escrow at $598K. As prices have dropped in the Upper Forest, that area has really started to pick up steam; prices should begin to stabilize there as inventory drops.
Here's wishing you a Happy New Year!
- Pat
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Dec. 23, 2011
Happy Holidays! Along with Christmas presents, some Buyers were busy snapping up Carmel homes as 7 properties went into escrow this week, quite a robust showing. Prices ranged from $1.7M to $475K with most neighborhoods in Carmel represented. The notable exception was the Golden Rectangle but this is likely an anomaly rather than a trend as the Golden Rectangle is typically a very active neighborhood for sales. A short sale in the Carmel Point area closed escrow at $1.8M and 2 fixers in other areas of Carmel closed at $1.2M and $1.1M. No new properties came on the market in Carmel this week as sellers tend to be waiting out the holidays to list (a questionable strategy given the activity).
Pebble Beach again showed activity is the higher price ranges with an ocean view property above Cypress Point closing escrow at $3.3M (Carmel Realty represented both sides of this sale). Four other properties closed escrow in PB this week: a Classic 1920's Mediterranean fixer on Rodeo Road at $1.8M and 2 distress sales in the Upper Forest area at $555K and $525K. A fixer across from MPCC's Shore Course sold for full list at $1.395M after only being on the market a few days. It's been a very active year in the MPCC area as prices have softened and buyers saw value. Only one new property came on the market this week in Pebble Beach, an older Craftsman-style home above the Lodge listed at $3.7M.
If you are going to be around for the New Year's weekend and want to celebrate in an out-of-the-ordinary way, how about attending the family-friendly sleepover at the Monterey Bay Aquarium? Can you imagine sleeping next to the Outer Bay Exhibit with its dramatic swirling schools of fish? You might not get much sleep but what a memorable way to start the New Year; call (831) 647-6886 for more information.
Have a great time with your family and friends this holiday weekend!
- Pat
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Dec. 16, 2011
One of those quintessential Carmel cottages that appears in virtually every book about Carmel came on the market for the first time ever this past week at $1.5M. Located directly across from the Carmel Mission, this cottage is renowned for its thatched roof and lush gardens. Can't wait to see the interior this coming week. Also new on the market in Carmel was a more conventional cottage north of Ocean Ave. also listed at $1.5M and 3 bank-owned properties listed under $500K. A rare Golden Rectangle REO went into escrow quickly with multiple back-up offers as buyers jumped on the lot value at $765K. Four more properties went into escrow in Carmel at $1.6M and $1M while 2 distressed offerings went into escrow at $742K and $739K. Rounding out a busy real estate week in Carmel were 5 closings: $1.79M for a Golden Rectangle cottage, $1.3M for a property on Hatton Rd. with a separate guest house, $825K for a property right on Highway 1 and a tiny cottage north of Ocean Ave. at $650K. Lastly, an off-market property closed this past week on Ridgewood at $1.2M.
Pebble Beach was a rather quiet tale of two markets this week with an ocean view fixer above the Lodge closing at $4.5M and 2 bank-owned properties closing at just over $500K. A lovely 17 Mile Drive estate close to the Lodge entered the short sale arena when it had a price reduction to $4.49M. The only new sale was an MPCC-area home at $1.39M.
My family and I make it an annual tradition to attend the Chanticleer Christmas concert at the Mission; just the candlelight entrance of this internationally celebrated choir is worth the price of admission....simply transcendent! Call 800-407-1400 for tickets.
- Pat
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Dec. 9, 2011
The Carmel Point area had the most interesting offering this week with a very sophisticated contemporary home with ocean views coming on the market at a somewhat aggressive list price of $5.2M. Will keep you posted on how the market reacts. Another Carmel Point cottage-style home on a large lot came on at $1.9M and a fixer on Lincoln north of the Golden Rectangle was new to the market at $1.39M. Another major fixer (scraper, we call them) north of the Golden Rectangle on a triple lot went into escrow immediately when it came on at $1M and a small rancher on a busy block went into escrow at $624K. The only closed escrow in Carmel was just at the edge of the Golden Rectangle, another fixer from the 1930's, that sold at $875K.
Pebble Beach continues to work through its distressed inventory with one bank-owned property in the Upper Forest area finally going into escrow at $1.9M after chasing down the market since early 2007 with an original offering price of $4.9M. Ouch! Two short sales attracted offers at $1.2M and $595K while two more MPCC area properties went into escrow at $912K and I brought one in at $1.1M. There were three closed escrows in Pebble Beach this week: two in the MPCC area at $950K and $815K and an Upper Forest sale at $610K. Clearly, value continues to drive this market.
If you haven't attended the Annual Christmas in the Adobes Tour in downtown Monterey (on Dec. 8th and 10th), it is certainly worth the trek over the hill with a candle-lit walking tour of 23 historic adobes decorated with period ornaments. Bet you didn't know there were 23 historic adobes in downtown Monterey! Really quite fascinating and fun for the whole family. Call 831-649-7120 for details.
- Pat
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Dec 2, 2011
The Carmel and Pebble Beach markets took something of a breather this past week after the very hectic Thanksgiving Day week; still plenty of activity, though most of it was in the under $1.5 price ranges. The Carmel Point area continues to deliver with another property essentially selling off-market on Isabella close to the beach, offered at $1.49M. Over in the Golden Rectangle, a bank-owned property across from the La Playa Hotel came back on the market at $765K after having remained unsold last year when offered at $1.3M. May generate a bidding war at this price. There is a similar situation with a lovely home on Hatton which came on the market 2 years ago at $3.8M and now is bank-owned and being offered for $1.8M. The moral here....a heavy price can be paid in this market by over-pricing a property. There were two closed escrows in Carmel, both under $700K.
Pebble Beach also had more activity in the lower price ranges this week with 3 properties going into escrow in the Country Club and Upper Forest areas at $1.2M, $890K and $699K. There was one new listing in Pebble Beach at $599K for a property offered at lot value overlooking the Country Club's 18th Hole.
The Annual Christmas Tree Lighting will be held Friday night in Devendorf Park at 4:30 so you better hurry! If you can't make that, I Cantori di Carmel choral group will be having its annual holiday concert at the Carmel Mission this weekend; call (831) 644-8012 for details. It's always amazing to experience a concert at the Mission so, if you haven't, you must go. For you foodies, Bernardus will be having its 15th Annual Truffle Dinner on Dec. 9th and that is sure to be delicious (starts with a Black truffle Martini!); call (831) 658-3550 for more information.
Lastly, if you are "of a certain age", you may remember (or not) the Monterey Pop Festival and the Summer of Love. One of our top local photographers, Tom O'Neal, documented the legends of the era and his photography show is opening Saturday, Dec. 3rd at the Mountainsong Galleries on Ocean Ave. between Mission and San Carlos. Maybe it will jog my memories....cheers!
- Pat
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Nov. 25, 2011
In spite of the doom and gloom that is currently ubiquitous in the media, the real estate markets of both Carmel and Pebble Beach were quite active this past week with 5 properties going into escrow in Carmel and 4 in Pebble Beach, including a gated 1.5 acre gated estate close to the Lodge (represented by Carmel Realty) for $8.6M and a fixer on 17 Mile Drive across from the famed Lone Cypress at $2.79M. The other two new sales were For 2 bank-owned properties in the Upper Forest area both in the $600K price range. Looks like a donut hole to me. The only new listing in Pebble Beach was another bank-owned property in the Upper Forest at$699K.
Carmel was a veritable cauldron of activity with 5 new sales including a Carmel Point property on a large lot with a separate guest house reasonably priced T $2.3M (represented by Carmel Realty) and a newer Golden Rectangle cottage T $1.89M. Torres Street saw 3 sales this week at $1.2M (just came on the market last week), $1.2M and $1M. A teeny fixer cottage on Santa Rita closed escrow at $614K and a short sale in the Carmel Woods area closed at $522K. The old axiom, "location, location, location", was never truer in Carmel. Properties in good locations that are well priced are selling while those near heavily-traveled streets are sometimes joining the ranks of foreclosures or short sales. Four new listings came on the market in Carmel this past week including a very interesting contemporary home on 8 acres with panoramic ocean views at $3.9M (in the Carmel Views area off Carmel Valley Road) a Carmel Point cottage with ocean views at $1.9M, a fixer in the Golden Rectangle at $1.1M (prime candidate for a remodel) and a rancher by the High School for $725K.
Strikes me that the sales in Pebble Beach and Carmel this past 12 months resemble the Bixby Creek Bridge, if one were to graph them out (I have). A good amount of activity in the $600K-$1M and the $2M-$5M price ranges with a dip in the middle. Very interesting.
There are so many events coming to Carmel....how about the "Carmel Inns of Distinction Tour" on Dec 4th from 2-5PM? Tour some of Carmel's charming and historic inns, drink some local wine and sample food from local restaurants. Call 831-624-4447 or go to www.carmelheritage.org for more info.
- Pat
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