61st Annual Jazz Festival

  • Canning Properties Group
  • 09/21/18

The longest continually running annual jazz-related event worldwide, the Monterey Jazz Festival anticipates drawing a crowd of nearly 40K participants this year. A 3-night celebration featuring over 500 artists on 8 stages, this year’s festivities are sure to be spectacular. If you aren’t listening to Jazz under a star-filled sky, we hope you have an opportunity to enjoy a stunning Indian Summer sunset this weekend. Below please find a recap of our subject regions:

Pebble Beach saw 3 closed escrows and 3 new sales this week with activity across the board in all price brackets. The top of the market had a closing – Canary Cottage, a 2.2-acre oceanfront compound next door to the Lodge, sold for 12.5% off list price at $28M after being on the market for 3 weeks. Canning Properties Group had the honor of representing the buyer of an off-market sale in Pebble; an elegant Contemporary home with tree-lined views backing Spyglass Hill (sale price: $2.7M). The other closed escrow was a Contemporary new build with ocean views in a forest-like setting which sold for $9.45M (3.6% off list price, DOM = 15). New sales in Pebble consisted of a newly constructed and architecturally unique home with ocean views (list price: $7.95M, DOM = 17), a 70’s-built remodel in Country Club West (list price: $1.515M, DOM = 150), and a partially renovated dated Ranch-style home near MPCC on the market for less than 2 weeks (list price: $1.289M).
The market in Carmel also maintained a steady pace this week, reporting 3 closed escrows and 4 new sales. Closings included a restored vintage cottage with guest house 1 block from town on the market for a couple of weeks (sale price: $2.225M, 3.2% off list price), a single-level beach house in Carmel Point which sold for 4.4% off list price at $2.1968M (DOM = 59), and a bohemian cabin on an oversized tree-studded lot for $1.3M (3.63% off list price, DOM = 73). This week a remodeled vintage Mediterranean with guest house 2 blocks from the beach on a 10K sq. ft. lot went into escrow after 2 days on the market (list price: $6.795M). New sales also consisted of a cozy newly constructed cottage listed for $3.1M on the market for just over a week, an English-style home with a list price of $2.595M which went into contract roughly 2 weeks after coming back on the market, and a remodel in Southeast Carmel backing Mission Trail Park near Hwy 1 (list price: $1.995M, DOM = 180).

Canning Properties Group sends best wishes to our clients who purchased the closed escrow in Quail Lodge this week! 7056 Valley Greens Circle is a classic single-level remodeled home with views of the 3rd green which sold for $1.8M; a 7.7% discount off list price (DOM = 33). There were no other closings or new sales to report in Quail or the Preserve this week.

The Highlands rang in 1 closing and 1 new sale: after 8 months on the market, a remodeled Contemporary with filtered ocean views off Yankee Point sold for 4.3% off list price at roughly $1.386M and a dated fixer-upper opportunity on Ribera Road backing the greenbelt and the Carmel River went into contract less than 1 week after it was listed (list price: $1.595M).

Work With A Team. Work With The Best.

With over 30 years of experience in the Pebble Beach and Carmel markets, they know the market – both the openly listed and discreetly available inventory. Together with their associates, they are uniquely qualified to offer the highest level of professionalism and service on the Monterey Peninsula.

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