February Market Update ~ Carmel Real Estate / Pebble Beach Real Estate
We’re fast approaching the home stretch for tax filing dates, and we here in the real estate industry are starting to see things pick up as a result. More would-be buyers now know how much they can spend on real estate, and they’re ready to take advantage of the upward momentum of the Carmel and Pebble Beach markets. As we saw towards the end of last year, the high end finally began to take off, and we’re now seeing what may be the continuation of that trend as we move into the 2014 Spring selling season.
Below is my February Carmel real estate and Pebble Beach real estate market update. As always, if you or someone you know are thinking about buying or selling, please contact me. Here’s to getting a little more rain this month! We need it. And don’t forget, next month is the Pebble Beach Food & Wine!
Carmel Real Estate
Carmel real estate housing inventory dropped a little this month from 124 to 116 available homes. Closed transactions jumped from 14 to 23. Depicting a trend I’ve been seeing more and more of, the high end of the Carmel real estate market was represented by Carmel Point in the top 3 highest sales of the month; a new Mediterranean on Valley View Avenue for $3.1M, a contemporary ocean view home on Bay View Avenue for $3.685M and a gorgeous, new French chateau-style home on 17th Avenue for $3.575M. Only 2 closed sales in the Golden Rectangle last month, both on Carmelo & 12th for $2.395M and $1.797M, respectively, but plenty of action around the $1M to $2M range to keep us moving healthily along. There were 22 new Carmel real estate pending sales last month, 5 of which were in the Golden Rectangle, and the highest of which was on Casanova & 12th from an asking of $3.65M, for an oversized European cottage. Other sales of note were a sophisticated new build with an upstairs ocean view on Bay View Avenue from an asking of $3.5M, a 2bedroom New England cottage on San Antonio & 11th with an ocean peek from an asking of $2.195M and a 1929 Craftsman-style cottage on Monte Verde & 5th that sold from an asking of $1.995M in 20 days. There were no raw land sales of any kind.
Pebble Beach Real Estate
Pebble Beach real estate housing inventory stayed exactly at the previous month’s number at 61 available homes. Closed transactions more than doubled to a total of 14, with a whopper closing of the Chappellet oceanfront estate just North of the Lodge for $16.5M- a property that had been on the market for about a decade. Closings of note were on Kingsley Court in the Macomber Estates for a 10,000 sq ft home of architectural note on 10 acres with no views for $4.5M, a beautiful 4 bedroom ocean view home on 17 Mile Drive on the North side of MPCC’s shore course for $4.442M and a dated but large home on the prestigious Riata Road just up from the Lodge for $2.35M. Pebble Beach Real Estate cooled off a bit last month with 7 new sales, the most notable of which were a view home on Padre Lane from an asking of $3.975M and a moderately sized French Provincial home on Don Lane from an asking of $1.986M. There were no raw land sales of any kind.
Carmel Valley Real Estate
Carmel Valley real estate housing inventory rose ever so slightly to 83 available homes. Closed transactions also rose slightly to 14 for the month of February. Sales of note were on Valley Knoll Road, just outside of the Quail Meadows area, for a captivating Charles Rose contemporary for $1.847M, an exquisite golf club-style contemporary on River Place on the Quail Lodge golf course for $1.899M and a gracious home on Prado Del Sol for $1.524M. New Carmel Valley real estate sales dropped by just 1 this month, to a total of 12. Most notable was a large, sophisticated European heritage home on Quail Meadows Drive from an asking of $3.695M, a Quail Lodge course home on Valley Greens Circle from an asking of $1.825M and a newly renovated Mediterranean compound on Middle Canyon Road from an asking of $1.695M. There was also some good movement in the Village and the 55+ and over condo communities. There were no closed raw land sales, however there were 4 new land sales, most notable of which was a 40 acre equestrian property at the back of the Santa Lucia Preserve that went under contract from an asking of $425K.
Carmel Highlands Real Estate
Carmel Highlands real estate housing inventory fell by 1 to a total of 28 available homes. While there were “0” closed transactions in February, there were 2 new pending sales; one on Highway 1 for a dated Spanish style home with dramatic ocean views, hanging over the cliff on the ocean side of the highway, from an asking of $5.9M, and the other on Yankee Point Drive for a beautiful, single level oceanfront home of some size, from an asking of $5.495M. There were no raw land sales of any kind.
Current Mortgage Rates
|30-Yr FRM||15-Yr FRM||5/1-Yr ARM||1-Yr ARM|
|Average Rates||4.37 %||3.39 %||3.05 %||2.52 %|
|Fees & Points||0.7||0.7||0.5||0.4|
Upcoming Local Events
|3/1/2014||Carmel Jewish Film Festival|
|3/7/2014||Sunset Center Presents AIley II Dance Company|
|3/8/2014||The Once and Future Landscape|
|3/13/2014||Keller Williams Green Vendor Fair|
|3/15/2014||An Evening with Albert Paley|
|3/15/2014||Traditional Celtic Music by Reel Deal|
|3/20/2014||Paninting Demonstration with Erin Lee Gafill|
|3/20/2014||Meet the Artist: Erin Lee Gafill Talk and Slideshow|
|3/21/2014||Dr. Dolittle, Jr|
|3/21/2014||Monterey Symphony presents “Insight”|
|3/21/2014||Monterey Symphony presents “Insight”|
|3/22/2014||Monterey Symphony presents “Insight”|
|3/23/2014||Monterey Symphony presents “Insight”|
|3/23/2014||Central Coast Fly Fishing to Teach Fly Fishing Essentials Demonstration at the Historic Holman Ranch|
|3/27/2014||Relais & Châteaux GourmetFest|
|3/28/2014||Smuin Ballet: XXTREMES|
|3/29/2014||Smuin Ballet: XXTREMES|
|3/29/2014||Comics for Kids|
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.