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.