For the first time since 2008, a property in Carmel sold over $6M….a beautifully restored Mediterranean on Scenic Rd. closed this week at $8.1M. While the lower price ranges in Carmel have been bustling with activity for the past 18 months or so, the high end has remained somewhat dormant even while Pebble Beach has seen some sporadic activity in this segment of the market. So this sale is a welcome one indeed, perhaps signalling an awakening in Carmel’s high end.  The $1M-$3M price range was still robust this week in Carmel:  four homes closed escrow in Carmel this week at $1.1M, $1.02M, $1.05, and $700K for a bungalow in the Highlands.  Additionally, 5 homes in this range went into escrow at $3.19M, $2.3M, $2.2M, $1.7M and $650K….another strong week. Eight new listings came on the market in Carmel in advance of the AT&T, as expected with price range $7.9M-$399K….there is truly something for everyone in Carmel!

Pebble Beach is in full tilt mode preparing for the annual onslaught known as the AT&T Golf Tournament. Five new listings came on the market with price tags ranging from $5.9M – $949K, so all those potential buyers showing up for the golf will also have quite a range of homes available to see, should they be so inclined. Only one property went into escrow this week in PB at $4.5M but it had only been on the market a few days; this was another Carmel Realty offering.  Two escrows closed at $1.2M and $1.07M, both in the Country Club area (I was happy to rep one of the buyers).

Word to the wise if you are going to the AT&T this coming week…wear comfortable shoes!  And you should probably bring sun block….no “Crosby weather” this year!!

- Pat

Carmel activity surged this week with 7 new sales and 3 properties closing escrow while only 4 new listings came on the market.  2012 is certainly starting  off well with vigorous demand from buyers apparently eager to take advantage of some historic opportunities in pricing and financing. One of the more interesting new sales was on Camino Real as the La Playa Hotel sold one of its several residence buildings as a single-family home….listed and found a buyer immediately at $1.89M.  It is interesting to note that 3 of the 4 new listings in Carmel are short sales although the prices are $2.2M, $1.69M and $979K; although not the normal short sale price range, distress can happen across a broad spectrum of the market.

Pebble Beach has not yet had the surge of new listings that often comes in advance of the AT&T Golf Tournament but 3 new properties did appear including a beautiful ocean and golf course view property on Rodeo at $4.5M and two others at $3.1M and $1.4M.  There were two new sales at $3.1M and $1.1M.

Speaking of new listings, I had the opportunity to view one of Carmel Realty’s new listings on Spindrift Rd. in the Carmel Highlands ($13.5M) and, really, this has to be one of the most magnificent oceanfront settings I have ever seen…and I have seen some of the best! The Brits have a good term for it….gob-smacked, and I was.  Wow!

Did you know Tiger Woods was playing the AT&T again this year for the first time since 2002?  Always adds some extra buzz to the event, not that it needs it.  Perhaps he or some of the other pros will attend the Third Annual Clambake for a Cure at Gilbert’s on Fisherman’s Wharf following the second round on Friday, Feb. 10th.  Famous chefs, PGA pros, fine food and wines, all to benefit brain tumor research. Go to www.clambakeforacure.com for details.

- Pat

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Carmel Realty Company agents dominated the high-end real estate market in Pebble Beach this past week again by selling two elegant estates near the Lodge for $6.4M and $5.6M and also by bringing to market a classic Pebble Beach Mediterranean on Riata at $4.9M. CRC is also representing the seller of the stunning 17 Mile Drive Villa, Casa Robro, on the 2nd green of the PB Golf Links, offered at $17.5M.  Additionally, we are representing the seller of a 3-acre Cypress Point compound with its own 18-hole mini-golf course offered at $5.2M. Last but not least, one of our agents listed and sold a $2.3M MPCC property this past week. Two other properties in Pebble Beach went into escrow at $1.2M and $598K and there was one other closing at $1.3M. All in all, a very busy week in Pebble Beach and for Carmel Realty Company.

Carmel was by no means slow; ten new properties came on the market in Carmel including a Spanish-style compound with 30 bedrooms on over 3 acres north of town which had been a clinic in years past and is now being offered at $6.5M. Another Carmel Classic in the Golden Rectangle with ocean views and 2400 sq. ft. came on at $5.3M illustrating the premium in per sq. ft. price of GR property. The other 8 new listings ranged from $2.9M to $945K; a few of these listings have been active previously and are coming back to market, one could assume, to take advantage of the upcoming AT&T Golf Tournament. Four properties in Carmel went into escrow this week, all under $1M and 3 homes closed escrow also all under $1M. So this segment of the market continues to be on fire as buyers who had been priced out of the market in the past are now finding themselves able to realize their Carmel and Pebble Beach aspirations.

If you are in town for the Big Game on Sunday (49er’s and Giants, in case you have been living in a cave and didn’t know), there are several great sports bars to watch with fellow fans including Brophy’s in Carmel, Edgar’s and Baja Cantina in Carmel Valley and Knuckles and Hula’s in Monterey. Go Niners!!

- Pat

It is no “Friday the 13th” stunt when I tell you that this past week was the busiest one in our target areas of Carmel and Pebble Beach in quite some time….no joke!   We had 6 properties go into escrow in Carmel and 5 in Pebble Beach; while 3 of those sales were distressed, the rest were not.  That said, all of these new sales were in the under $1.5M range and 9 were under $1M.  Three of the sales were of note because they went into escrow within days of hitting the market; one fixer/tear-down in the Golden Rectangle with some ocean views was a sure thing to sell quickly when it came on at $1.39M and another on Carpenter St. was such a “Carmel Charmer” that it too sold quickly at $850k.  The quick sale in Pebble Beach was a short sale priced at $695K, probably quite a bit below it’s value; it will be interesting to see if the bank accepts the offer.

As I predicted last week, a larger-than-normal number of properties came on the market this week possibly in hopes of taking advantage of the upcoming AT&T Golf Tournament activity.  Eight new listings came on the market in Carmel ranging from $2.9M for a fixer on the lagoon in the Carmel Point area to an interesting contemporary in the Golden Rectangle at $1.79M and the rest in other areas of Carmel under the $1.5M range.  All but one of the 4 closed escrows in Carmel were under $1M; coming in above that price range was a Carmel Cottage north of Ocean Ave. that closed at $1.56M.

Pebble Beach had much more activity in the higher-end with 3 properties closing escrow at $3.5M, $2.6M and $2.3M. All of these properties were relative bargains due to their good locations and their spacious 4000+ sq. ft. floor plans.  Could it be that some buyers may be looking down the road at retiring into something larger other than a Carmel cottage?  H-m-m-m….something to watch this year.  Three new listings came on the market this past week in Pebble Beach including a tear-down with potentially great views on Sunridge at $1.9M and 2 Country Club ranchers at $1.6M and $1.29M.  Expect more new Pebble Beach listings as we get closer to the AT&T Golf Tournament.

Have you heard about the new dinner series at Aubergine in Carmel (Zagat’s fifth best restaurant in SF and Central Coast areas)?  The next one will be Jan. 24th although they typically are the first and third Tuesday of the month.  At $75, including wine, this is a steal compared to the more usual $300+ or so dinner tab at this fine restaurant.  Call (831) 624-8578  to reserve.

- Pat

It’s always significantly more enjoyable to compile the annual real estate sales stats when they are positive and, indeed, the numbers are looking up for both the Carmel and Pebble Beach markets.  Both markets appear to be trending steadily upward with the number of transactions up in both markets.  Carmel has not had as many houses sell since the heady days of 2005 when 223 homes sold.  This year, 212 properties sold up from 173 in 2010.  Dollar volume was also up in Carmel at $299M up from $219M in 2010.

Pebble Beach showed similar results with the number of transactions at 93 in 2011 up from 75 in 2010.  Dollar volume was about the same as in 2010, however, likely due to the purging of distressed properties which has hit Pebble Beach a bit harder than Carmel.  Buyers in both markets clearly have been responding to lower pricing as they perceive value and also as they become more anxious to take advantage before prices are moving up again.

This past week kept some momentum going into 2012 with 3 properties going into escrow in Carmel including a classic Scenic Rd. villa at $8.7M as well as two others at $3.4M and $2.8M.  An almost new cottage on Torres closed at $1.2M, full asking price, and 4 new listings came on the market in Carmel: $1.3M for a fixer in the Golden Rectangle with ocean views that should get snapped up quickly and 3 others outside the GR at $1.2M, $1.1M and $850K.  Pebble Beach also had a property close at full asking, $2M, as well as another property close over asking at $1.1M.  Another short sale come on at $695K and a bank-owned property went into escrow at 599K.

Overall, the market feels increasingly stable and even vigorous in some price ranges and areas.  There are indications that some pent-up demand is starting to drive some of the activity and we here at Carmel Realty Company say….bring it on!  Please contact me directly if you would like more specific market information about Carmel and Pebble Beach or other areas.

- Pat

As we close out 2011, the Carmel and Pebble Beach real estate markets are showing some seasonal slowing to cap off a quite busy year.  Really looking forward to compiling the end-of-year stats next week…should look good.  As for this past week, Carmel had 4 properties close escrow including a Carmel Point home with guest house at $2.1M and a triple-lot tear-down on Santa Rita for $900K that had gone into escrow right away. Two others closed at $800K and $576K. A fixer in the Golden Rectangle went into escrow at $1.1M and an REO by the Mission went at $507K.  An  REO came on the market on Ribera Rd. at $899K; Ribera Rd. is a great illustration of how views impact property values in our area.  The larger, ocean view and beachfront properties on Ribera Rd. can command upwards of $5-10M while the smaller properties, just a few hundred yards away, have a fraction of the value.  Really confuses websites such as Zillow, for sure. But I digress….

Pebble Beach had one bank-owned property on Sunridge close at $1.9M and one property also in the Upper Forest area go into escrow at $598K.  As prices have dropped in the Upper Forest, that area has really started to pick up steam; prices should begin to stabilize there as inventory drops.

Here’s wishing you a Happy New Year!

- Pat

Happy Holidays!  Along with Christmas presents, some Buyers were busy snapping up Carmel homes as 7 properties went into escrow this week, quite a robust showing.  Prices ranged from $1.7M to $475K with most neighborhoods in Carmel represented.  The notable exception was the Golden Rectangle but this is likely an anomaly rather than a trend as the Golden Rectangle is typically a very active neighborhood for sales.  A short sale in the Carmel Point area closed escrow at $1.8M and 2 fixers in other areas of Carmel closed at $1.2M and $1.1M.  No new properties came on the market in Carmel this week as sellers tend to be waiting out the holidays to list (a questionable strategy given the activity).

Pebble Beach again showed activity is the higher price ranges with an ocean view property above Cypress Point closing escrow at $3.3M (Carmel Realty represented both sides of this sale).  Four other properties closed escrow in PB this week: a Classic 1920′s Mediterranean fixer on Rodeo Road at $1.8M and 2 distress sales in the Upper Forest area at $555K and $525K.  A fixer across from MPCC’s Shore Course sold for full list at $1.395M after only being on the market a few days.  It’s been a very active year in the MPCC area as prices have softened and buyers saw value.  Only one new property came on the market this week in Pebble Beach, an older Craftsman-style home above the Lodge listed at $3.7M.

If you are going to be around for the New Year’s weekend and want to celebrate in an out-of-the-ordinary way, how about attending the family-friendly sleepover at the Monterey Bay Aquarium?  Can you imagine sleeping next to the Outer Bay Exhibit with its dramatic swirling schools of fish?  You might not get much sleep but what a memorable way to start the New Year; call (831) 647-6886 for more information.

Have a great time with your family and friends this holiday weekend!

- Pat

One of those quintessential Carmel cottages that appears in virtually every book about Carmel came on the market for the first time ever this past week at $1.5M.  Located directly across from the Carmel Mission, this cottage is renowned for its thatched roof and lush gardens.  Can’t wait to see the interior this coming week.  Also new on the market in Carmel was a more conventional cottage north of Ocean Ave. also listed at $1.5M and 3 bank-owned properties listed under $500K.  A rare Golden Rectangle REO went into escrow quickly with multiple back-up offers as buyers jumped on the lot value at $765K. Four more properties went into escrow in Carmel at $1.6M and $1M while 2 distressed offerings went into escrow at $742K and $739K.  Rounding out a busy real estate week in Carmel were 5 closings: $1.79M for a Golden Rectangle cottage, $1.3M for a property on Hatton Rd. with a separate guest house, $825K for a property right on Highway 1 and a tiny cottage north of Ocean Ave. at $650K.  Lastly, an off-market property closed this past week on Ridgewood at $1.2M.

Pebble Beach was a rather quiet tale of two markets this week with an ocean view fixer above the Lodge closing at $4.5M and 2 bank-owned properties closing at just over $500K.  A lovely 17 Mile Drive estate close to the Lodge entered the short sale arena when it had a price reduction to $4.49M. The only new sale was an MPCC-area home at $1.39M. 

So many events coming up this week!  But I highly recommend that you make the time to attend the Chanticleer Christmas concert at the Carmel Mission; just the candlelight entrance of this internationally celebrated choir is worth the price of admission….simply transcendent!  Call 800-407-1400 for tickets.

- Pat

Selling your Home over The Holidays – Good Idea?

The initial thought would be  “BAD IDEA.”   Simply give you home a rest from the market over the holidays.  And that is quite an understandable thought.   The list of justifications is long.  If you are too busy, buyers may be also, and you may find your efforts unrewarded by not enough showings.   The thought is, you can give your house a rest, and it will have better momentum after the holidays.   Then what if you do get an offer? You may be faced with the possibility of packing and moving during the busiest time of the year.    Better to just pack it in and start fresh in January?   For some properties and their sellers, this may be a good option, but it’s not a black and white answer.   This notoriously slow time of year for home sales may be just the right time to sell your house. 

Before you take your home off the market, consider the following points:

1) Serious Buyers:  Although buyer activity may appear to slow down, the buyers who are actively looking during the holidays are that much more serious.  You may not have as many showings, but the showings you do have will be from Buyers that are ready to buy.

2) Buyers actually have time off to look:  They typically take some time off work  during the season.  The husband and wife are more flexible to look at homes together.

3) When is your home ever more beautiful and inviting?  You have cleaned and decorated, and your home looks like a picture postcard. If the results are good enough for family and friends, they will surely be good enough to impress your buyers.  

4)  Less Competition:  With reduced inventories and motivated buyers, you will have all the members of the MLS on your team. You may find you have more showings than you would if your marketed your home during a busier time of the year.

5) Vacation Home Buyers: For destination, 2nd home markets such as Carmel & Pebble Beach, potential Buyers have planned a visit to the those “vacation” spot over the holiday season.  If you house is taking a rest from the market for the holidays, you may have missed your opportunity to share your home with those potential buyers.  

There is no wrong decision, but if you need to sell your house, keep it on the market.  You never know when the buyer for your home may be ready to buy.