Month: January 2014

Gearing Up For A Big Week In Golf & Real Estate

With the annual AT&T  Pebble Beach Pro-Amateur golf tournament coming to town next week, residents of the Monterey Peninsula are bracing themselves for the usual influx of tourism and…….Real Estate buyers! AT&T kicks off Monday, February 3rd with the traditional rush of calls on Carmel & Pebble Beach properties from out of towners. This can be a great time to have your property on the market. By the way, for those of you watching my weekly report, I have gone back to a more easy-read style, leaving the statistics and more concrete numbers for the end of the month reports, by popular request.

2 weeks ago, Carmel experienced a new wave of inventory and a subsequent high number of new sales. There seems to be a lot of would-be buyers waiting in the wings for that perfect Carmel property. Last week we saw some healthy activity in prime Carmel with 2 closed transactions just in the Golden Rectangle, at $2.275M and $2.7M, respectively, and a total of 8 new sales over Carmel as a whole. Pebble Beach had 2 closings; some activity in the high-end on Padre Lane for $4.125M and one on Sand Dunes Road for $2.175M. There were also 4 new sales in Pebble, one of which was on Viscaino on the estate side for a big home at a list price of $2.179M. In other Pebble Beach news, 16 of the 90 planned “Pebble Beach Lots” are now available as of today. These will be the final developed lots for the Pebble Beach Company.

Good numbers and a good sign for what’s to come. Maybe Bill Murray will buy a place this year. See below for the AT&T golf schedule……….

Cheers,

Ryan

Monday
7:00 a.m. – 4:00 p.m. Practice Round
All three courses, MPCC closed to public

Tuesday
7:00 a.m. – 4:00 p.m. Practice Round
1:30 p.m. – Chevron Shoot-Out, Pebble Beach Golf Links – 1st tee

Wednesday
Military Day
7:00 a.m. – 4:00 p.m. Practice Round
11:00 a.m. – 3M Celebrity Challenge, Pebble Beach Golf Links – 1st tee

Thursday
8:00 a.m. – 4:00 p.m.
First round, all three courses

Friday
8:00 a.m. – 4:00 p.m.
Second round, all three courses

Saturday
8:00 a.m. – 4:00 p.m.
Third round, all three courses

Sunday
7:30 a.m. – 3:00 p.m.
Final round, Pebble Beach only

Carmel & Pebble Beach Market Update ~ Week of 1/13 – 1/19

Last week a small wave of new inventory began to hit the market in the Downtown Carmel area. About time, right! While the lower inventory numbers have been great for my seller’s asking prices, many of my buyers have been forced to shelve their purchase goals for the time being. Now with this new wave of inventory, we should see more potential buyers reengage, and a rise in transaction numbers.

Carmel

Housing inventory for Carmel is currently at 113. Last week we saw 2 closed transactions; 1 on Pradera Road in the Carmel Meadows area for $3.999M with commanding views from Point Lobos to Pebble Beach and Pescadero Point, and another on Pescadero Road in the Carmel Woods area for $1.695M for a well remodeled cottage. New sales in Carmel soared to 9 for the week, as we watched a resurgence into the market by buyers not normally seen until later in the year. A large, slightly dated, tudor style home on Ocean View Avenue on the Point was a new sale at an asking of $5.15M, and a modern 2 story, oversized 2 bed, 2 bath just South of the Rectangle with ocean views went under contract at a list of 3.85M. Most of the other action was in the $1M to $1.5M cottage range. No vacant land sales.

Pebble Beach

Housing inventory for Pebble Beach is currently at 61. There was only 1 closed sale last week for Pebble Beach, in the Country Club East area for $1.005M. There were 6 new sales, which is big considering inventory levels here. A large ocean/golf course view home on Bird Rock Road overlooking the 15th tee at MPCC went under contract from an asking of $3.1M. There was also activity on the estate side of Pebble; 1 estate home (no view) was a new sale on Spruance Road at an asking of $2.55M, and another on Rhonda (again no view) fell out of contract and immediately sold again at it’s $1.799M asking price. The rest of the activity was in the Country Club area and the Upper Forrest. No vacant land sales.

Carmel Valley

Housing inventory for Carmel Valley is at 81. There were no closed transactions last week, but there were 5 new sales. One sale of note was in Quail Meadows for a large contemporary home on Valley Knoll Road from an asking of $2.195M. There was some activity in the higher range of the Quail Lodge development, itself, and also 2 new contracts in the Carmel Hacienda 55+ community, which represents the lower end of our local retirement community options. There was 1 closed bank owned vacant land sale in the Santa Lucia Preserve on about 35 acres for $585K.

Carmel Highlands

Housing inventory for the Carmel Highlands is at 23. There were no closed or new sales last week. No vacant land sales.

Current Mortgage Rates

As of last week…

  • 30-yr. fixed: 4.41% fees/points: 0.7%
  • 15-yr. fixed: 3.45% fees/points: 0.7%
  • 1-yr. adjustable: 2.56% Fees/points: 0.5%

Upcoming Local Events

1/21 Ribbon cutting at Marilyn Monroe Spas

1/25 & 1/26 Whalefest Monterey

Cheers,

Ryan

Disclaimer: The numbers and activity represented in this report were drawn directly from the MLS, the California Association Of Realtors, Freddie Mac and other sources, and are generally accepted as correct but are subject to change and/or mistakes.

 

And The Race Is On ~ Week of 1/6/ – 1/12

Carmel

January is historically our slowest month for Carmel & Pebble Beach real estate. Last week Carmel gave us 3 closed sales, albeit all but one were in our lower price points. We did see a remodeled 3 bed, 3 bath cottage with a well manicured English garden close escrow on Guadalupe Street, just outside of city limits in the Carmel Woods area near Carpenter and Highway 1 for $1.26M. Carmel started to move again with a total of 3 new sales, 2 of which were in prime Carmel; one gorgeous remodeled offering on 12th & Monte Verde from a list of $1.995M, and another slightly smaller remodeled cottage on Carmelo & 12th, with a peek of the ocean, from an asking of $1.895M. There were no vacant land sales of any kind.

Pebble Beach

There was 1 closed transaction in Pebble Beach, on Viscaino Road, for a 3 bed, 3 bath home with no views for $1.661M. Pebble pulled ahead of Carmel last week with a total of 4 new pending sales, one of which was in the high-end in the Macomber Estates for a 10,000 sq ft newer home, equipped with 14 car garage, at an asking of $5.75M. A perfect palace for one of the many car enthusiasts we see here on the Peninsula each August. There were no vacant land sales.

Carmel Valley

There was only 1 closed transaction in Carmel Valley last week, on Laurel Drive for $1.15M, for a 3 bed, 3 bath remodeled California Cottage style home with a lovely greenbelt view. There were 2 new sales in Carmel Valley; one condo at Carmel Valley Ranch from an asking of $745K, and a condo at the 55+ community, Hacienda Carmel, from an asking of $359K. There were no vacant land sales.

Carmel Highlands

There were no closed transactions in the Highlands last week, but there was 1 new sale on Yankee Point from an asking of $6.995M for a 5,000 sq ft new, architecturally-notable home on the water. No vacant land sales.

Upcoming Local Events

1/17 Stories on Stage at the Forrest Theater

1/17 Big Sur Foragers Festival

1/18 Sunset Center Presents Chef Robert Irvine, Live!

1/19 Meet The Artists at the Carmel Art Association

Here’s to what’s ahead.

Cheers,

Ryan

The High-End Makes Some Noise Amidst New Year Celebrations

Even with Carmel’s velocity reduced due to many people bringing in the New Year with Friends and family, we still had 2 whopper closings last week; one on Shafter Way in the Hatton Fields estate area for $4.475M, and another on Isabella Ave on Carmel Point for $4.625M. Both homes were over sized for their respective areas, and each was meticulous in detail and repair. There were also 2 new pending sales; one on Pico Ave in Carmel Woods from a list of $1.199M, and a condo sale in High Meadows, on the East side of Highway 1, from an asking of $459K.

Pebble Beach had only 1 closing on Rancho Road in the Country Club area at $851K, for a modestly sized home. There were no new pending transactions during this period.

Wishing you a most productive week.

Cheers,

Ryan

As We Bid Farewell To A Stellar Year In Real Estate

2013 marked an incredible turnaround in our Carmel and Pebble Beach real estate markets, and over the greater Monterey Peninsula and Central Coast as a whole. Price increases averaging around 15% to 30% were not uncommon, with parts of Silicon Valley and the Bay Area actually at values higher than 2006. For the most part, I didn’t see the luxury market in Carmel and Pebble Beach hit quite those same high’s- the lower end of the market grabbed some serious upward velocity-  but I also noticed some strong  activity in the high-end, as well as the disappearance of the proverbial “deal”.  Bank owned and short sale listings in Carmel and Pebble Beach nearly evaporated, which is fantastic. Realtor.com and the California Association of Realtors all seem to forecast another big year on the horizon. My personal feeling is that, save for any unforeseen catastrophes, next year is the year we will finally see the high end not only gain momentum, but also some sufficient price increases. Anyway, enough speculative banter from me! On to the monthly market recap………

Carmel finished off the month with a total of 18 closed transactions, the high mark of the market being a sale on Shafter Way in downtown Carmel’s estate area for $4.475M. This was a large 1920’s, exquisitely restored home on over half an acre, and suffice to say my favorite trade of the month. On Carmel Point a large 4 bedroom home on Valley View traded at $3.8M. This home was more of a large family style property, rather than the quaint “getaway” homes typically seen on Valley View. There was strong activity in the $2M to $3M range, and even a couple trades close to $2M in the Carmel Woods area. As of tonight, there were 9 new sales during the month of December, the highest of which was at 2717 Pradera Road from an asking of $4.15M, for a large 4 bedroom house with a remodel fit for entertaining. While not the best view on the street, it did have a very open floor plan and commanding views of Point Lobos, Misson Beach and even Pebble Beach’s “Ghost Tree”, and offered amazing perspective of the area from within. There was also a beautiful spec on 17th Avenue of Carmel Point that went under contract from an asking of $3.9M. I wrote about this house earlier in the month, as it’s a favorite of mine and reminded me of the movie “Midnight in Paris”. Will be interesting to see where it closes. The Golden Rectangle also had some activity, the most notable of sales being a new sale on Camino Real & 8th, from a list price of $2.95M for a nice Chris Tescher remodel of 2,000 square feet.

Pebble Beach didn’t quite keep pace with Carmel, but had a couple final trades of note- the most significant closed transaction being about a 5000 sq ft home on Padre Lane for $5.9M. This was a remodeled home with a commanding presence on the upper side of the street, with some partial ocean views. A nice 4 bed home on Viscaino also traded for $3.25M with a few partial views of the ocean. As far as new sales, there were 8 in Pebble, the most significant of which was on Rodeo Road with views overlooking MPCC golf course and onto the ocean in the distance. This went under contract from an asking price of $4.995M. There was also an interesting new sale of a home on 17 Mile Drive from a list of $1.2M for a dated 3 bedroom house with a peek of the ocean and Spanish Bay golf course.

I hope everyone enjoyed their New Years celebrations with friends and loved ones. 2014 will be a big year of health, happiness and prosperity for us all. Signing off until next week.

Cheers,

Ryan

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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