The Peninsula is enjoying a much needed rain shower this weekend with more in the forecast through Monday. The local market keeps chugging along with consistent activity in the Carmel and Pebble markets. The Highlands area picked up while the Quail area remained quiet. As always, a few highlights from the week below:
Most of the activity for Pebble’s market this week was below the $2M threshold with one exception at the top of the market. The top closed escrow came from the prized Padre Ln – a sprawling Mediterranean style home with expansive ocean views and a guest house that closed at $8.6M (12% off of List Price),. The other closed escrows included a custom spec-play in the Upper Forest that sold for $1.168M (3% off of List Price) and a condo – also in the Upper Forest – that closed at $633K (2% off of List Price). The top new sale came from the Country Club East area on Patio Dr – a 70’s ranch style home that has extensively updated since with an ask of $1.595M. The other new sales include a two-story traditional style home with filtered ocean views in the Country Club West area near Spanish Bay, offered at $1.495M and an oversized major fixer near Highway 68, listed at $1.125M.
Carmel’s market gained momentum from the previous week with 5 closed escrows and 1 new sale. The top closed escrow came from the often-overlooked NW area of Carmel – a charming cottage with ocean views on the West side of Carmelo that sold off-market at $3.2M (3% off of List Price). The other closed escrows included a Mediterranean style spec-play in the heart of the Golden Rectangle that sold for an impressive $2.965M (1% off of List Price); a condo in downtown Carmel-By-The-Sea that closed at $1.5M (12% off of List Price) and tear fixers on Carpenter Rd in NE Carmel that sold for $1.225M (1% off of List Price) and $860K (Full Price) respectively. The lone new sale came from the outskirts of Carmel’s NE area – a 40’s cottage fixer with an ask of $1.095M.
The Highlands area saw an uptick in activity with 2 closed escrows and 2 new sales, which is a robust week for that area by any standards. The top closed escrow was a Yankee Point frontlines property with expansive SW ocean views that closed at $4.25M (10% off of List Price). The other closed escrow was a Midcentury Modern style home near Highway 1 that closed at the full list price of $1.395M. The top new sale went into escrow after only 4 days on market – a rustic 80’s contemporary style home with ocean views and an ask of $1.795M. The other new sale comes from Cypress Way, which is on the East side of Highway 1 – a dated 60’s ranch style home with distant ocean ocean views and an ask of $1.37M.
No news to report in the Quail area.