warning
Your browser is out of date!

This website uses the latest web technologies so it requires an up-to-date, fast browser!
Try Firefox or Chrome!

February Newsletter ~ Carmel & Pebble Beach Real Estate

Dear Friends,

One of my two favorite event weeks is upon us! Next week kicks off the AT&T Pro-Amateur Celebrity Golf Tournament. Since I was a kid, my parents and I would help Ron Faia and the gang in the Carmel Youth Center Tent out on the 14th Fairway at Pebble Beach. The wind would be blowing the tent over, heavy showers prompting everyone on the course to seek shelter under our 2 foot overhangs, and yet there we would be serving up hot dogs and poor boys, Heinekens and cigars, oblivious to the torrential downpour and violent storm on the verge of yanking our tent out of the ground and disposing of it in the sea below. We were living! This has far and wide been the story for many an AT&T, and something that makes it unique, drawing people from around the world to want to brave the elements with us in style. We hope to see you there again this year. We will be!

The Carmel and Pebble Beach real estate markets have kicked off again in the last couple of weeks.  More listings, more properties going into contract and more buyers entering the market and engaging again. After a couple of sleepy months, it is nice to see things pick back up again from their seasonal lull. As many know, we have had low inventory levels, which make it a good time to be a seller and harder to be a buyer. Interest rates have dropped, yet again, to 3.66% for 30 year fixed (Freddie Mac). And to that point, any of our friends and clients that are thinking about a refi, or who have not refi’d and have a higher rate, you ought to initiate that right now while the window is open. Feel free to call me and I can recommend someone good based on your situation.

Last week Ryan Melcher Properties won a David Lyng Real Estate President’s Club Champion Award for having top sales numbers. David Lyng Real Estate is the #1 brokerage in the greater Monterey and Santa Cruz County, with a total of 5 offices, specializing in luxury real estate and marketing.  Today we closed a really neat, mid-century, quintessential Carmel Valley rancher home, complete with pool and overhanging Royal Palm, out by the Los Laureles Lodge for $1.255M…a real treat. The market is moving!

Thank you to all our friends for your continued support, and as always, if you or someone you know is thinking of buying or selling a property, please refer them to us and we will make sure they are well take care of.  Please scroll down for the January numbers…. Note: blog.ryanmelcher.com will be down sometime tomorrow, probably in the evening, for a full site conversion. We have an all-new design and active Google advertising platform going live this month.

Cheers,

Ryan & Team

Carmel Real Estate

Carmel real estate inventory is currently at 133 available homes, with 18 completed single family residence transactions during the month of January.

Carmel-by-the-Sea Real Estate

Our local MLS has recently added a “Carmel-by-the-Sea” city location. Some homes in this location are still populating in “Carmel” and visa versa.  MLS Carmel-by-the-Sea real estate inventory is currently at 24 available homes, with 3 completed single family residence transactions during the month of January.

Pebble Beach Real Estate

Pebble Beach real estate inventory is currently at 67 available homes, with 7 completed single family residence transactions during the month of January.

Carmel Valley Real Estate

Some areas of Carmel Valley that have historically been considered the Valley, are now populating in our MLS as “Carmel”. We will see if they stick with this but for now…. Carmel Valley real estate inventory is currently at 37 available homes, with 6 completed single family residence transactions during the month of January. What you and I think of as the “Valley” is a bit more active than that. Apologies for the variance.

Carmel Highlands

Carmel Highlands real estate inventory is currently at 8 available homes, with 1 completed single family residence transaction during the month of January.

Disclaimer: The numbers and activity represented in this report were drawn directly from the MLS, the California Association Of Realtors, Freddie Mac and other sources, and are generally accepted as correct but are subject to change and/or mistakes.

 

Life here on the Monterey Peninsula slowly got back to normal last week. AT&T golf week brought the usual crowds and excitement, and with it a healthy spike in activity after a quieter January.

There were a total of 3 closed transactions in Carmel, none of which were in the Golden Rectangle, an area where we’re seeing a firmer market and a severe lack of inventory. Two, 2 bed/2 bath cottages sold just under a million, and one 1 bed/ 1 bath condo closed for $525K. There were 5 new pending transactions- again none in the Rectangle, not for lack of prospective buyers. The Casa Paraiso compound on Mission and Santa Lucia went under contract from a list price of $5.1M. With a 12,632 sq ft lot, the newly renovated 2,892 sq ft house sits on a triple sized lot surrounded by high walls and gates. Quite the in-town treasure.

There was only a single closed sale in Pebble Beach last week, on El Bosque Drive for $1,070,000, which was a good sized house for the price, and sold 2 weeks after coming to market. It was a busy week with 5 new pending sales. A fairly good sized home with sweeping views sold on Sunridge on the estate side of Pebble from a list of $3,250,000. A 4,600 sq ft fairway home on Quarry Road by MPCC sold from a list price of $1,995,000. An interesting Spanish style hacienda also went pending on Trappers Trails at $1.7M.

Again, we saw only one closed sale in Carmel Valley on Paso Hondo Road for $715K. This was about 2400 sq ft on an 11,000 sq ft lot. We can see the spike in activity again, as we get closer to March, with a total of 4 new sales in the Valley. An exceptionally built view home on Via Milpitas in the Village area sold from a list of $2.295M, with 6,300 sq ft on about 5 acres. The valley continues to be in high demand with it’s increasing prices.

There was one closed transaction in the Highlands on Mal Paso Road for $1,212,000. This home was about 3,500 sq ft on an acre, and dated but with nice views offering some potential as to a remodel. Again new sales spiked in the Highlands last week with 4 new sales, which says a lot considering the small area it comprises. Buyers are still rushing to take advantage of some of the most affordable waterfront and ocean view deals in Carmel. A big home on Spruce Way went pending at $4,500,000 list price, and a bank owned property in the hills above highway 1, again with big ocean views, went under contract from a list of $4,250,000.

So far this week, crisp weather and clear skies. We can feel the market gearing up for a strong selling season.

For anyone driving down the street in Carmel-by-the-Sea, it is difficult not to acknowledge the incredible increase in activity; restaurants packed on weekday nights, crowded sidewalks and people splurging in our many retail shops. The Fourth of July holiday weekend we just had was a success and clearly indicative of a economic rebound. We’re expecting the Pebble Beach Concours in August to bring yet another healthy spike in tourism and buyer activity.
Carmel
There were 19 closed sales and 13 pending transactions of homes in Carmel, so activity is looking healthy. All of the sales fell between $355K to $4.8M, spread evenly throughout that spectrum. Downtown Carmel-by-the-Sea continues to get major activity even as we get into what are historically our slower months.
Carmel Highlands
No closed sales in the Highlands this month, however June had 3 pending sales which continue to be pending. 2 of the homes are pending at a list price of right around $1M, both with ocean views. Spindrift Road had a pending sale at a list of $11.5M- quite a remarkable home. This is still a fantastic area for value when considering big ocean views combined with square footage.
Carmel Valley
11 closed homes and 22 pending sales in Carmel Valley, with the areas from Laureles Grade to the Carmel Valley village retaining the highest activity, and the Carmel Hacienda condos by Rancho Canada golf course continuing to get heavy activity as well. A 6 bedroom home on 5 acres sold in Sleepy Hollow at $3M, and one home in Quail Lodge at around $1M. The Quail Lodge area has some great golf course fairway view deals right now.
Pebble Beach
Pebble Beach is starting to pick up with 7 closed sales and 14 pendings sales. 4 of the solds were under $1M, while the other 3 were in the $3.5M to $5.5M range. This is great to see, as the high end market in Pebble Beach had been struggling, and I think a positive result of the heavy activity from vacationing Texas buyers. They always tell me how much they love the cool weather there versus the 110 degree temperatures they’re used to.




The Monterey Peninsula, specifically Carmel and Pebble Beach, has reached a very consistent level of real estate activity. Homes that have been sitting on our market for one and two years, have been selling steadily over the last quarter, leaving some hot areas with very little inventory. Carmel Valley and Carmel-by-the-Sea are two such examples, with property under $2M, remaining very popular. Pebble Beach continues to trail a little behind, with high dollar estates still experiencing low activity.

On a national level, 71 percent of people surveyed by Fannie Mae say it is a good time to buy. Prices for single-family homes climbed in half of U.S. cities in the first quarter as real estate markets stabilized. The median sales price increased from a year earlier in 74 of 146 metropolitan areas measured, the National Association of Realtors said in a report.

The U.S. housing market is showing signs of bottoming as improving employment and record-low mortgage rates boost demand while inventories of available properties tighten. At the end of March, 2.37 million previously owned homes were available for sale, 22 percent fewer than a year earlier.

All in all, I remain confident that we are seeing the beginnings of a turn around in our local market. We personally closed 2 sales in Carmel Valley this month in the $1M to $2M range, with a couple others in escrow in that same price range. Buyers are really taking advantage of the amazing opportunities out there, while sellers seem to be showing greater signs of willingness to be realistic on their prices. Normal sales are lining up with foreclosure prices as a means to compete (which we are happy to see), and short sales are becoming easier to complete in a timely manner.

We hope everyone had a wonderful Mother’s day, and are looking forward to an amazing Summer and Fall selling season! Please let us know if we can be of any assistance to you or your friends.

[optima_express_search_results cityId=136 propertyType=SFR,CND bed='' bath='' minPrice='' maxPrice='']