Weekly Luxury Market Report for Carmel and Pebble Beach Real Estate for the week of October 2nd

The Pebble Beach real estate market stalled again this week with no new listings. Good news though, 6 listed homes went pending sale, and 1 off market listing went pending. A grand Pebble Beach estate situated on Bonifacio, which has been on and off the market for seven years finally snagged a local buyer. Currently listed at 7.988 million rumor has it that it will close near list price, the buyers currently live in Pebble Beach and are looking to move up to a larger home. Another notable pending sale is 3353 17 Mile drive which was listed for 8.95 million, however, if you check the MLS records it shows as a withdrawn listing. You got the facts here; the home is actually pending sale. That’s 2 significant properties that have gone pending in Pebble Beach this week! Finishing out the week with 1 home sold, a Pebble Beach fixer upper in the Country Club West neighborhood. Originally listed for 1.125 million and selling for 1.025 million, this home sold in 9 days.

 

Exciting news my listing at 1508 Bonifacio enjoyed a 1 million dollar price reduction, with a new list price of 9.98 million. An incredible buy considering the sellers have well over 12 million dollars in the project. This home is by far one of the BEST homes on the market in Pebble Beach and is now an incredible value!

 

Click on the link to search the most up-to-date information on available Pebble Beach homes for sale.

The luxury real estate market in Carmel slowed down this week with 5 new listings. An Ocean view cottage on Carmel Point hit the market this past week with a price tag of 2.398 million. This home last sold in 2010 for 1.85 million. As you can see our Carmel market remains healthy with a steady increase in value since 2010. I wonder how quickly this home will sell and where the final price will land. 5 homes went pending, one of note, a dramatic and intimate Oceanfront home in Carmel Highlands situated at Cypress Cove. This listing sat on the market for 714 days!!! Originally listed for 4.795 million and currently listed for 3.975 million this house is scheduled to close October 15th. It will be interesting to see what it sells for, considering the house itself was a tear down and the lot had serious erosion issues. I hope the buyer knows what they are getting into with this property. Closing out the week were 8 homes that closed escrow.

 

Click here to search the latest available Carmel homes for sale.

 

Quick Recap: What the FED is going on? Meaning will interest rates rise? It looks like things will remain stable for a while, that is good news for both buyers and sellers. Here on the Peninsula our summer momentum is slowing down in the luxury home market. We should have a push of a few more high -end sales before the year closes out. The National Association of Realtors statistics reports that after 10 showings you should get one offer and if you don’t, a price adjustment is needed.

 

On a social note, don’t forget Taste of Carmel starts today but if that’s not your cup tea, here are a few other options to enjoy this weekend!