February Market Update
February continued what is starting to seem like a tradition of low inventory here on the Peninsula. Buyer demand is high as we edge closer to the Spring selling season, and Washington’s fabled Sequester appears to have had little impact on the desirability of Carmel and Pebble Beach real estate. Lucky us! Most of our hardest hit, high-end areas have either firmed or ticked up in value over the last year. Please read on for your February Ryan Melcher Properties Market Update.
Carmel saw 14 closed transactions, only one of which (and the highest of which) was in the Golden Rectangle at Camino Real 3 SE 10th. This was a gracious 3 bed, 4 bath home of 2,725 sq ft on an 8,000 sq ft double lot on prime Golden Rectangle real estate, previously used mainly as a popular vacation rental home. Another partial ocean view home on Carmel Point closed at $2.25M for about 1600 feet on a 4000 sq ft lot. There were no closed land transactions. As of the date of publication of this report, there were 22 pending February transactions, so one can see activity taking quite a step again for the Spring season. The highest of the pending saless was the “Casa Paraiso” compound on Mission and Santa Lucia, which is listed at $5.1M. This was a 2892 sq ft, 5 bed, 5 bath home on a 12,000 sq ft triple sized lot. There were 2 pending land transactions; one at Casanova & 13th for a 4000 sq ft lot listed at $995K, and another very small 2000 sq ft lot at 8th & Junipero from a list of $550K.
Pebble Beach had 7 closed transactions, all of which were below the $1.5M mark. A nicely done home about 2700 sq ft on Birdrock road sold for asking at $1.449 in under a month, with partial views of the course at MPCC. None of the sales were in the estate area of Pebble. There were no closed land transactions. There are currently 14 new pending transactions from February in Pebble, showing that activity has doubled from January. 3340 Ondulado Road went pending near the Lodge at a list of $6.695M This was a 4 bed, 5 bath, very nice estate home of 7,900 sq ft on about an acre and a half. An interesting new sale was a single bedroom, 7000 sq ft home at 1495 Padre Lane from a list of $4.6M. A large, 1 bed, 1 bath guest house was also included in the sale.
Carmel Valley yielded 13 closed transaction, the highest of which was in the Quail Lodge area on Valley Greens Circle for a somewhat recently renovated 2,553 sq ft 3 bed, 2.5 bath home, and a total of 2 closed sales in Quail Lodge. We also saw the usual movement in the Carmel Valley Ranch condo area, as well as the Miramonte area by the Grade and of course our own native “Napa”, the Carmel Valley village area. A 55 acre lot sold on Vista Cielo in the Preserve for $1.75M. Existing pending sales from February total 19, and range from list prices of about $700K up to $2.295M, spread fairly evenly throughout that Spectrum. The Valley has been the strongest seller of my four main markets over the past year, and we see a slight uptick yet again for February. A nice ranch style home of about 3300 sq ft on an acre with a pool went into pending status from a list of $1.875M after about 4 months on the market. We also saw a lot of the older inventory go into escrow. One 109 acre parcel out past the Village went pending from a list price of $1.295M, after sitting on the market several years. Good signs!
The Carmel Highlands saw the highest dollar sale for Carmel and Pebble for February, on Aurora Del Mar, just a few minutes past the main Yankee Point / Spindrift areas, for $3.6M after only 50 days on market, and from a list price of $4.3M. This was a 4 bed, 4 bath, about 3,500 sq ft home on an acre hanging over the ocean at almost water level! The Highlands continue once again to be Carmel and Pebble’s best bang for your buck in ocean front real estate. There was also a small, dated fixer for $1.2M up in the hills with great views. There was one ocean view lot of about an acre sold over looking Otter cove and Yankee Point and on the East side of the highway. Activity appears to have doubled in the Highlands from January, as there are currently a total of 4 pending transactions originated during February. A nice 5700 sq ft home on 2 acres on Spruce Way went into escrow at a list of $4.5M and a bank owned home with about 6700 sq ft on 6 acres and sprawling ocean views above highway 1, and just a bit South of the Highlands, went pending from a list of $4.25M. There are no pending land sales.