Month: June 2012

Beach Boy, Mike Love, Reduces Pebble Beach Home by 12%

Mike Love and my Dad, Terry Melcher, wrote and produced “Kokomo” together in 1989, among several other records. Article on his available Pebble Beach Property below.

Mike Love, a member of the Beach Boys, has cut the price of his 8,995-square-foot Pebble Beach real estate near Monterey, Calif., by 12% to $6 million. The property was first listed in 2009 for $7.9 million.

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Mike Love, a member of The Beach Boys, has cut the price of his 8,995-square-foot Pebble Beach estate near Monterey, Calif. by 12% to $6 million.

Built around 2003, the Tuscan-style house has seven bedrooms and seven bathrooms and sits on an acre in Pebble Beach, the coastal community known for its golf courses. An elevator services all four levels of the home. A lower basement level has a wine cellar and tasting room, a game room, a gym and a screening room. A guest apartment attached to the home has a separate kitchen.

Mr. Love says he and his wife, Jacqueline, are selling because their children are grown and aren’t going to school in Pebble Beach anymore. “It is a lifestyle change,” says Mr. Love’s wife. The couple’s primary residence is in Incline Village, near Lake Tahoe, and in recent years they used this house as a vacation home.

Current shortage of inventory creates fierce competition for Carmel Real Estate

Shortage of homes for sale creates fierce competition

The newest problem for the slowly improving Carmel real estate and Carmel Valley real estate housing markets isn’t a shortage of serious buyers, it’s a shortage of good homes.

Would-be buyers are packing open houses and downtown Carmel-by-the-Sea real estate and scrambling to make offers on properties before they are even listed. Bidding wars are erupting and driving prices higher and higher. Potential sellers and /or investors looking to trade up or down of Carmel homes , Carmel Valley homes  or Pebble Beach homes , should start thinking about taking advantage of the growing demand on the Monterey Peninsula.

Carmel & Pebble Beach Market Update for the month of May

Summer is upon us! The crowds have returned and tourism is up again. I waited 2 minutes at the corner of Dolores and Ocean today, just to take a left turn! I suppose that is a good sign.. As I write this, I’m sitting an open house at the corner of 8th and Casanova in downtown Carmel-by-the-Sea, getting plenty of activity from local renters looking to buy, and a lot of Silicon Valley, tech types looking to finally make the move.  Our Carmel real estate market has slowed just a bit against the rush of buyers we experienced this Spring, which is normal as we break into Summertime. Still, activity is well up from this time last year, and buyers continue to take advantage of the deals and record breaking, low interest rates. Below is your May real estate market report for Carmel, Carmel Valley and Pebble Beach.

Carmel
A total of 33 Carmel homes sold last month, between 581K and 3.2M. There were a handful of homes sold on the South side of Carpenter, hovering right around 1M. The Golden Rectangle, which draws it’s borders between Santa Lucia and Ocean Ave, and everything from Lincoln down to Scenic Dr, was firing around the 1.5M range. Carmel Point is starting to pick up a bit, offering the best dollar value for ocean views and proximity to the beach in downtown Carmel. Carmel-by-the-Sea real estate remains the highest going price per sq ft in the area.
Carmel Highlands
Only one home sold in the Highlands during May, on Mount Deon Rd, for $2,350,00, off abut 15% from a list of $2,775,000. This area continues to offer one of the better values of Carmel and Pebble Beach real estate for the best of both square footage and ocean views.
Carmel Valley
23 homes closed in Carmel Valley, from 130K out past Carmel Valley Village, to 2.7M in Sleepy Hollow. A great majority of sales closed were in or around the Village area. There was one sale in Quail Meadows, and one also at Quail Lodge. The Brookdale Dr area and Tierra Grande near the Mid-Valley Shopping Center also had one closed sale, each. The 55 and over condos, Hacienda Carmel, near Rancho Canada, experienced a high level of activity, as they are often the lowest priced condos in the Valley. Carmel Valley Real Estate continues to be one of the best “bang for your buck” buys right now.
Pebble Beach
A total of 12 Pebble Beach homes sold in May, most not on what is known as the “estate side”, which for the most part is the Southern side of Pebble. These sales ranged from 720K to 1.8M. I believe buyers are getting ready to start pulling the trigger more in this area very soon. Think Texas this Summer….
Please Note: While delighted to respond to real estate related inquiries, Ryan is not particularly interested in being contacted by persons with a specific interest in any “celebrity” affiliations.
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