January Market Update
This week is one of the biggest of the year for the Monterey Peninsula, and my personal favorite! As far back as I can remember, I was working the food tent on the 14th fairway with Ron and Tom Faia, braving the gale force winds and rains, letting nothing stop us from serving those delicious ten dollar, nitrate-infused hotdogs and poor boy sandwiches benefiting the Carmel Youth Center. Those things were…..ARE delicious…..There I said it. Amazing memories and great times with even greater people. I think that was my first real work experience which didn’t consist of Terry Melcher rationalizing with Jackie Melcher over why it was O.K. that little Ryan Melcher had decided to have a swim in the pool or shoot one of twelve “Super Soaker Ninety-Nine Thousands” at passing cars, all after only a maximum of five minutes of work. My, how my work ethic has changed over the years! Yes, over time some of us do grow and mature, and even take on a useful skill or two. Times change and people change, but every year this great event comes to town and brings us all together again in the best way possible. I will bring my children to it, and I hope their children bring their children, and their children’s children to this exceptional world-class event.
So, what can this event do for your real estate? Well, for one, it increases values and desirability. Hosting the world’s most popular and exclusive events doesn’t just give us bragging rights, it gives us nest eggs! Anywhere I go in the world, people drop their jaws in awe when I tell them where I am from. This is not hype. We live in THE most dynamic and beautiful area in the world; no other area offers as much as ours. Whether buying or selling here, you should always make a point of doing one thing- always owning real estate here. It’s the best thing you can do for your kids, your life, everything. And secondly, a massive exposure such as the Pro-Am always results in massive buyer interest and often an early start on the real estate selling season, something most areas aren’t lucky enough to experience so early on in the year.
I appreciate your taking the time to stay up to date on our market. Here’s to a record breaking real estate year on the Peninsula, and for Carmel and Pebble Beach real estate. Scroll down to see the monthly market breakdown, and call with any questions. As always, if you or someone you know is thinking of buying or selling, please call! See you on the course this week!
Carmel real estate housing inventory is currently rising at 124 available homes. There were 14 total closed transactions in Carmel for the month of January. Some nice movement in the high-end; a gorgeous new build on the Carmel Point portion of Scenic Drive closed for $6.8M, a big Hugh Comstock with ocean views on the Point closed for $5M and a large, remodeled ocean view home on Pradera Road in the Carmel Meadows area sold for $3.999M. There was some solid action in the Golden Rectangle area of downtown Carmel in the $2M to $3M range, and the Carmel Woods area seemed to be firing in the $1M to $1.5M range. There were a whopping 25 new sales; not quite as much action in the high-end, but a healthy run of the gamut from $429K to $3.85M, spread pretty evenly which is a great sign of new buyer interest as a whole. There were no raw land sales.
Pebble Beach real estate housing inventory is currently at 61 available homes. There were 6 closed transactions and a few of note; a new build on Rodeo Road for $4.7M with MPCC golf course and ocean views, a large home on Padre Lane closed at $4.125M and a beautiful Mediterranean closed on Sand Dunes Road for $2.175M. Huge uptick in the Pebble Beach market for new sales during January, with a total of 16 new sales- strong velocity for this market at this time of year. The Chappellet estate just North of the Lodge (on the market for years now) finally went under contract at a list price of $16.9M. The house is a tear down, but the 2.74 acres with rolling lawns to the ocean are an iconic part of Pebble Beach, and entirely irreplaceable. There were several other new sales of note; one in the Macomber Estates for a newer 10,000 sq ft home at a list price of $5.750M, another on Bird Rock Road overlooking MPCC and the ocean in the distance from a list of $3.1M and a big bomber on Spruance Road with no views for $2.55M. There were 2 closed raw land sales; one on Portola for 1.36 ocean view acres for $2.16M, and another for 2 ocean front acres on 17 Mile Drive from a list of $9.995M, for which the closing price was withheld.
Carmel Valley real estate housing inventory is currently at 81 available homes. There were 12 closed transactions, with much of the action in the condo and 55+ communities (under $1M). Most notable closed sales were in the Quail Lodge area for a really fresh remodel on Valley Greens Circle for $1.84M, a California Cottage style home on La Rancheria in the Miramonte area closed for $1.35M and a remodeled canyon view home on Laurel Drive near the Los Laureles Lodge for $1.150M. There were 13 new sales in Carmel Valley, the most notable of which were on Valley Knoll Road in the Quail Meadows area from a list of $2.195M and a gorgeous new view home on El Caminito in the Village Views area at an asking of $1.5M. There was also a lot of movement on Laureles Grade last month. A 35.6 acres raw land equestrian parcel closed in the Preserve on Chamisal Pass for $585K. These are rare because most of the parcels that come up in the Preserve are either non-equestrian or only part-time equestrian. There were 3 new raw land sales in the Valley; one in Tehama for 15 valley view acres from a list price of $1.575M, 6 acres in Tehama on Alta Madera sold from a list of $1M (great deal for Tehama) and 51 acres sold on Rancho San Carlos Road in the Preserve from an asking of $685K.
Carmel Highlands real estate housing inventory is currently at 29 homes. There were no closed transactions last month, but there were 2 new sales; one from a list price of $6.995M for an amazing, contemporary new build sited perfectly on the water, and another new sale from a list of $1.599M for an older home with some ocean views on Upper Walden Road. There were no raw land sales.
Current Mortgage Rates
|30 year fixed, 0 point||4.24%||0.09||4.33%|
|15 year fixed, 0 point||3.30%||0.08||3.38%|
Upcoming Local Events
8:00 a.m. – 4:00 p.m.
First round, all three courses
8:00 a.m. – 4:00 p.m.
Second round, all three courses
8:00 a.m. – 4:00 p.m.
Third round, all three courses
7:30 a.m. – 3:00 p.m.
Final round, Pebble Beach only
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.