Blog

This week we saw 17 new listings brought to the Monterey Peninsula. With an equal distribution amongst the peninsula communities. The average listing price for new listings is $1,963,364 with an average price per sqft of $803.35. Of the new listings, the highest asking price is for a newly constructed home in Pebble Beach. Located off Viscaino, this home is Mediterranean in style, with contemporary elements throughout. It rests on the 13th Fairway of the Poppy Hills Golf Course and is adjacent to another newly built spec house listed earlier this month for $4,195,000. The story of these two homes is consistent with many of the lots we’ve seen sold in Pebble Beach recently.  In which The Lots, a final release by Pebble Beach Co., of their last developable parcels within Del Monte Forest, are being purchased on a speculative nature. With the intent of being developed and resold.

Sales activity this week was again in the entry level price points and occurred within the communities of Pacific Grove, Monterey, Seaside & Del Rey Oaks. One sale of note was a nicely appointed Craftsman Style home located in Pasadera. Located on Pasadera Ct, this home consisted of a 3,700sqft main house and a 1,400sqft guest house, all on a 22,800sqft lot. Asking price for this home was $2,895,000 and the home went into escrow after only 33 days on market. 

Of the closed sales, 80% of the homes were priced below a million dollars. Each of which were residing in either Seaside or Monterey. Three were fixers in need of improvements. The 4th was an already fixed investor flip. There was one closed sale over a million dollars in the Los Tulares community of Carmel Valley.  Located off Via La Gitana, this home sold for 1,365,000 or $978.00 a sqft. A 22% discount off it’s original asking of $1,749,000 when listed in June of last year.,