Weekly Recap
This week saw 20 new listings brought to market. The average listing price of the new listings is $1,455,495 or $611.49 a sqft. Of the new listings, there is a good deal of investor rentals and fix and flip properties. Standouts include an estate off 17 Mile Dr in Pebble Beach. Which has come back to the market with it’s previous asking of 8.9million. Another property on Kimball Ave represents a good starter home. With a host of recent improvements and a spacious park like backyard.
We saw 8 properties go under contract. Again all priced at entry levels. Continuing to show that those with means are holding out. Perhaps in hopes for better pricing in the near future. Or because they’re still feeling the pains of the stock market roller coaster. The peninsula has always had a considerable Texas contingent. Most all hailing from Houston and many having involvement in the oil & gas industry. As optimism begins to reappear in those markets and with summer around the corner, we anticipate a potential blip in sales. That’s if our Texas visitors come out for their summer stays and choose to explore the real estate market when they do.
We saw 15 closed sales. A standout being a home we recently mentioned on Casanova near 10th. This newly constructed cottage hit the market at an aspirational 3.595million. Though it quickly went into escrow after only 24 days on market. Then closed shortly after to an all cash buyer for 3.2million or 89% of it’s asking price. $95,000 less than what the previous owners purchased it for just 12 months prior. The seller was motivated and the buyer was quick to negotiate a good deal.
