Dear Friends,
We’ve just finished redoing our branding and style guide with the incredible help of Jeff Ratto. I try to do this about every 5 years to stay on par with the best. We’ve also created a new job description for Ryan Willis, which is “Client Services”. Ryan will be supporting me in the field from now on, and helping with buyers and listing coordination. We’re really excited to grow our team.
A few thoughts on our market – it is white hot. What that means is, we have a ton of demand and fewer and fewer listings. It isn’t great for listing agents this year but it is great for the market. We have so much velocity in the high-end, the average sale price we’re getting is coming down because of a growing lack of high priced inventory. For comparison, the top guys in town had one residential listing in all of Carmel proper at the time I wrote this blog. I am seeing inventory reduce further every quarter, with lots of buyers looking to get their cash into hard assets more and more. This trend has exacerbated even more with the Ukraine crisis. People are choosing real estate. The Fed is still keeping rates hovering around mid-3’s which isn’t hurting demand, either.. Our team is also starting to look again for flip-level development opportunities to take advantage of the market momentum. If you are thinking at all about doing something, give me a ring directly and lets talk about it.
We’ve also changed the format of our newsletter. There is a section of some of our recent sales highlights, and some significant sales around the area, which will now link back to the website, as will the statistics by area category, which now update on a daily basis. We want you to have current, up to date information on whichever particular sub-market is important to you.
As always, thank you for your continued support and a special thanks to those friends of ours that have gone out of their way to send us your friends and family as new clients already this year. Please click below to see February market data and reports on any areas of interest.
Warmly,
Ryan & Team
Some of our Recent Sales
CARMEL
Casanova & 13th | $4,605,000
Represented Buyer
PEBBLE BEACH
3141 Hacienda Drive | $1,550,000
Represented Seller
MONTEREY
640 Martin Street | $1,350,000
Represented Buyer
Significant Local Sales
For February, there were a couple of significant local sales worth delving into. I will share some background on a few of them that I think you’ll find interesting.
3184 17 MILE DRIVE
Pebble Beach | $36,283,701
This oceanfront property of 15,000 + square feet sold in just 24 days, setting the new record for a single family residential sale on the Peninsula. There are only 28 truly oceanfront properties in Pebble Beach.
3188 17 MILE DRIVE
Pebble Beach | $29,750,000
This home was a 7,650 square foot spec house on the same lot size a bit over an acre as the sale above. I was a bit surprised by the sale number, but more square footage doesn’t also equal more money in this particular top-end market.
3406 17 MILE DRIVE
Pebble Beach | $14,933,333
This 7,732 square foot home, on the 13th tee box of the main Pebble Beach course, is in need of full reconstruction. This was on and off the market since Fall 2020, likely due to the time and pain involved with the permit and build process in recent history.
12 RING LANE
Carmel Valley | $5,700,000
Bringing up the pack in Carmel Valley for the month, as the highest sale out that way, this home was a somewhat recent 1996 estate property ready for a remodel. 8,968 square feet in the prestigious Miramonte area.
CASANOVA 3 NE OF 7TH
Carmel | $3,000,000
This was a 1,892 square foot remodel opportunity with good bones and starting point for someone who didn’t want to go completely down to the studs. This was a 6,000 sq ft (over-sized) lot in the Golden Rectangle, so I’d call this the best buy of the month in that area.