February saw a nice uptick in deal flow across Pebble Beach and Carmel regions, with 22 sales that ranged from a lot in the Preserve at selling at $185K to a landmark estate in Pebble for $25.75M.

Carmel was particularly strong with 6 closed escrows tightly bunched around the $4.5-4.7M price point - a threshold you should anticipate meeting for a slightly dated, but well located, property in downtown Carmel. For those properties that are oversized and potentially with views, you’re going to have to continue to pay a premium. The large house on the NW Corner of San Antonio & 9th closed at $8.6M - a full $1.4M above list price. There were also 2 new escrows of houses that were larger than 2,000 sq.ft. that immediately went into escrow and will close later this month. There were two sales on Carmel Point, including our listing at 26167 Valley View which closed at $9.75M - a high-water mark for the Point in several years. 

Pebble Beach had 5 sales, including 2959 Lake Road, a very well located home by MPCC that ended up closing at $3.4M with 6 offers and the winning bid coming in over $900K over list price. As the saying goes - location, location, location. With membership continuing to be strong over at MPCC, people continue to place that spot at a premium. The residences at the Lodge had another strong sale with Unit #3 closing at $5.5M. Demand for walkability to the Lodge and the Beach Club is particularly strong right now. The top sale in Pebble Beach was 1463 Oleada Road which closed just 10% off list price. This is one of the highest price sales off the golf course or water in Pebble Beach history. 

Inventory levels continue to be tight, and we anticipate that continuing for the next several years as we’re seeing demand pick up significantly right now. There are 26 properties in escrow set to close over the next month or so, so we are seeing buyers pounce if the property is a fit. We have our listing at 3426 17 Mile Drive on the 11th hole of Pebble Beach in escrow and are happy for both buyers and sellers as this landmark estate begins its next chapter.