March Market Report
Things are looking strong for the selling season this year. I’m expecting some nice price increases over the course of the Summer, as well as some heavy buying volume. Quite a few of you are headed to town after the April 15th tax filing deadline to look at properties with me. Normally, I see a strong influx around this time, as people have a better idea of how much they can afford to spend on a new home or vacation property. You are the ones that drive the prices up and keep our market healthy and a great place to invest, so thank you!
March carried over the nice momentum we had going in January, with a slight increase in trade activity. Most of the higher-end outside activity I am seeing in the market continues to come from the Bay Area (San Francisco, Silicon Valley, Marin, etc), Southern California (Los Angeles, San Diego, Santa Barbara, Montecito), Central Valley (agriculture), Texas and the Northeast Coast (Boston, NY, etc). We’re also experiencing a lot of new offshore activity from China, predominately focused on the Pebble Beach golf course areas. Much of the new inventory has been coming to Carmel and Carmel Valley, rather than Pebble Beach, as I can personally attest to with my next two upcoming listings in Carmel and Carmel Valley, respectively. I am also in the process of implementing some very targeted marketing to the aforementioned West Coast and East Coast areas, in an effort to greatly increase my qualified buyer pool for the benefit of my higher end sellers. I’m expecting this to bring my client’s properties maximum exposure to those more qualified buyers, versus the typical way of advertising only to the general, local public (which we also do).
I wish you all the best, and a stellar 2014 real estate season. Don’t forget to buy your tickets to the annual Pebble Beach Food & Wine next week. Below please view my March Carmel & Pebble Beach Market Report.
Carmel Real Estate
Carmel real estate inventory is up from 116 to 125 available homes. Closed transactions ticked up from 23 to 24, with about half concentrated in the Prime areas of the Golden Rectangle and Carmel Point from about $1M to $1.5M. The Rectangle, the Point and Carmel Meadows picked up best in show last month with the top 3 highest prices. An enchanting European cottage sold on the Northeast Corner of Casanova & 12th for $3.5M, a sophisticated, if not eccentric, reversed floor plan with ocean views sold at 2465 Bay View Avenue for $3.4M and a dramatic, large ocean view craftsman sold on the East side of Highway 1 in the Carmel Meadows for $2.9M. Other closings of note were a charming Carmel pied-a-terre cottage just North of Ocean Ave at Monte Verde & 5th for $1.9M, a Carmel Point fixer-upper for $1.485M at 2479 17th Avenue and a vintage Carmel cottage in excellent repair on San Carlos & 13th for $1.2M. There are 24 new and currently pending sales from the month of March, most notably a home at Scenic 7 SW of Ocean from an asking price of $2.895M for a quirky 2 story floor plan but ocean views from a prime area not usually accessible in this range. Other new pending sales of note were a beautiful, over-sized Carmel Point cottage with Carmel Valley Views from an asking of $2.295M and a new construction, ocean view Tescher home on the corner of Lincoln & 5th from an asking of $1.95M.
Pebble Beach Real Estate
Pebble Beach real estate inventory is down from 61 to 58 available homes. Closed transactions fell here to a total of 10 for the month, with the most notable an excellent ocean view value at 1271 Padre Lane, just North of the Lodge for $3.33M. Also notable were a gracious but dated home sold at 3189 Bird Rock Road overlooking the 15th and 14th tees of MPCC for $2.5M and a big but slightly unfinished Viscaino Road estate with no views for $2.01M. New sales came roaring back last month from 7 during the previous month to 13 new sales and one in the very high-end in the Macomber Estates by world-renowned architect Cesar Pelli at 3235 Macomber Estates from an asking of $12.8M. A great value at 2877 17 Mile Drive for a beautiful home overlooking the white water and the Spanish Bay golf links was a new sale at an asking of $2.895M. Also of note were a new sale at 1545 Venadero in Central Pebble Beach for a very interesting 60’s contemporary made of thick concrete and sheets of glass from an asking of $2.85M and one at 2930 Bird Rock Road overlooking the 3rd fairway of MPCC course for a modestly-sized French country home from an asking of $2.595M.
Carmel Valley Real Estate
Carmel Valley real estate inventory numbers stayed the same at 83 available homes for the month. Slight rise in closed transactions from 14 for the previous month to a total of 15 for March. Most notable of the closings were an elegant remodel in the Quail Lodge development for $1.8M at 7032 Valley Greens Circle, a large remodeled Mediterranean styled to the 9’s just passed the Los Laureles Lodge and Bernardus Lodge at 43 Middle Canyon for $1.647M and an impressive new-build Mediterranean overlooking the Carmel Valley Village at 198 El Caminito Road for $1.45M. New Sales skyrocketed this month from 12 to 29 in Carmel Valley. This time of year I tend to see the Valley’s velocity pull way ahead of the other higher-end areas. Most notable new sales were a sale in the Preserve community for a gorgeously done Hacienda estate at 6 Rumsen Trice from an asking of $3.995M, a stately French country home in the River Meadows community at 8680 River Meadows Road at an asking of $3.195M and a Spanish style compound with never-ending pool and soaring views of Monterey just outside of the Bay Ridge community from an asking of $1.848M.
Carmel Highlands Real Estate
Carmel Highlands real estate inventory fell to 23 available homes. There was just 1 closed transaction at 98 Yankee Point for $6.7M which was an oceanfront architectural masterpiece cascading into the whitewater. There were 3 new sales in the Highlands, all of which were quite notable; a sale at 71 Highway 1 for a large, all-stone home above Gibson Beach (some Rock n’ Roll history to this property) at an asking of $4.5M, a sale at 42 Yankee Point Drive for an older, smaller and dated but uniquely positioned ocean front home from an asking of $3.495M and a Carmel Highlands estate home on the East side of the highway with ocean views and supreme privacy from an asking of $2.488M.
Monterey Highway 68 Corridor
Inventory here is at 57 available homes. There were 14 closed transactions for March, most notably a very large Mediterranean new-build in the Bay Ridge Community for $2.15M. Activity was up with 17 new pending sales, most notably a beautiful Bay Ridge home with South facing views at 11430 Saddle Road from an asking of $1.549M and a well appointed Pasadera Villa at 119 Las Brisas Drive from an asking of $1.149M.
Monterey Real Estate
Monterey real estate inventory is currently at 57 available homes. There were 14 closed transactions here last month, most notable of which were a mid-century modern home, freshly renovated with views of the bay at 5 Sierra Vista Drive for $949K and a estate home in Peter’s Gate at 750 Colton Street for $1.08M. Increase in activity here for the month with 21 new sales, most notably a sale at 11 White Tail Lane in the coveted Deer Flats area from an asking of $895K.
Pacific Grove Real Estate
Pacific Grove real estate inventory is currently at 45 available homes. There were 14 closed sales last month, most notable of which was perhaps a classic Pacific Grove cottage in excellent repair at 422 Pine Ave for $915K. 19 new pending sales for PG, the best of which was at 1142 Del Monte Boulevard for a custom stone home done to the highest quality and overlooking the Pacific Grove golf course and parts of the ocean from an asking of $2.695.