INTRODUCTION

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Specializing in ocean and golf view properties in Carmel and Pebble Beach and premier properties in The Preserve, Mike Canning represents buyers and sellers of the best these areas have to offer. With 20 years of experience in the upper-end market and by limiting his clientele, Mike is able to provide the highest level of professionalism on behalf of his clients. Sotheby's proudly just recognized Mike as their #1 agent for the 10th consecutive year.

Current Market Comments

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August 30, 2010

Market conditions in Carmel and Pebble Beach remain somewhat complex – there is activity but patterns have become more difficult to discern. Carmel saw two properties close last week, one which sold instantly at $2.925M and another in the price sweetspot at $1.55M (demand remains healthy in Carmel between $1.5-$2.5). I also brought the Butterfly House to the mls at an asking price of $22M; a strong price for a strong property – of course, it’s an icon and one-of-a-kind – stunning setting and renovation – we’ve already had 4 showings – will be interesting to see the market process that type of product.

Pebble Beach had one property close at $1.38M. Several price reductions and two new listings. Nothing earthshaking.

Interesting to note that in Carmel (the prime parts) and in Pebble Beach there were no new pending sales reported; the pending sales being a forward market indicator. We’ve clearly hit a lull, which is not atypical for this time of year as families transition back to school, etc. Now, as we move into our best weather, it’ll be interesting to see if there’s an uptick before the holiday season is upon us. Stay tuned. For the market junkies, we do update our Market Data stats pages daily – it’s interesting studying supply/demand/inventory patterns.

-Mike

August 24, 2010

Funny market out there in Carmel and Pebble Beach. It does seem that we’ve hit a lull in the past 4-6 weeks but there are still deals happening. As has been the case all year in Carmel, demand is in the $1-2.5 range; last week two properties closed ($2M and $870,000) and two deals went into escrow (one at 1.695 and one at 1.275). Four properties had price reductions and the drought continues north of $4M.

Pebble Beach saw one closing (at 1.499) and two properties go into escrow (1.195 and 5.995); interestingly, the $5.995 pending sale is a major fixer ‘short sale’ adjoining the 15th hole at Pebble. Only one new listing in Pebble Beach and two price reductions.

Again, overall, a slowing in the marketplace. Probably some distraction with families going back to school. The fog has finally lifted and our best weather lies ahead. Will be interesting to track the market’s behavior as we head into the holidays.

-Mike

August 18, 2010

The majority of the activity was concentrated on automobiles this past week, with the Concours d’Elegance and other events taking place all over the Monterey Peninsula. Only one property went into escrow, in Pebble Beach, for $1.245 million. Two new listings came on the market, also in Pebble Beach, at $1.335 and $3.65 million. Three properties in Pebble Beach closed escrow this past week at $655K, $825K and $1.495 million. Carmel was completely quiet this week.

Although I don’t normally include all real estate activity in the South Coast/Big Sur area, there was a very interesting sale there this past week. An oceanfront property which had been on the market for a few years, on and off, and was currently off the market, sold for $8.5 million. Originally listed for $12.45 million, this property was on over 4 acres at Abalone Cove, not far from Rocky Point. It may have been that a car enthusiast had a few moments to make a non-automotive purchase or perhaps this was a buyer who had seen the property some time in the past and finally decided to make the leap. At any rate, this still is a significant sale and perhaps more activity will result from the Classic Car Week in the weeks to come.

-Mike

August 10, 2010

Although real estate activity continues to be somewhat sluggish in Carmel and Pebble Beach this week, there have been a few interesting highlights. Another Carmel Point property sold at $3.298 million before it hit the market, continuing the streak. A lot on Santa Lucia that has been on the market for a couple of years finally went into escrow. And, most interesting of all, a classic Carmel ocean view property on Scenic, listed at $15 million, went into escrow and that is definitely noteworthy, in any market. This sale bodes especially well for the Butterfly House, which I am bringing on the market at $22 million in approximately two weeks, given that the Butterfly House is one of only five true oceanfront properties in Carmel. As for the rest of the activity in Carmel, a small tear-down closed escrow at $715K and a beautiful property overlooking the Carmel Mission has come back on the market for $3.795.

Pebble Beach took a back seat to Carmel again this week with limited activity. One property went into escrow at $799K and two new listings came on the market at $1.245 and $3.65 million. With the Concours d’Elegance coming up this Sunday and the focus turning to Pebble Beach again, it will be very interesting to see if the sales activity turns away from Carmel and back to Pebble where it was earlier in the year. Stay tuned.

-Mike

August 3, 2010

Whether it has been a result of the post- US Open pre-Concours lull or the persistently foggy weather, this past week saw less activity in the Carmel and Pebble Beach markets. Two properties went into escrow in Pebble Beach (at $599K and $1.4 million) and two in Carmel (at $950K and $2.199 million). Only 2 properties closed escrow, one in Pebble Beach at $705K and one on Carmel Point at $1.85 million. This home also sold immediately at full asking price so the Carmel Point area seems to be holding its lead in terms of activity. And although this period just before the Concours usually sees an upswing in new listings, especially in Pebble Beach, this year we only see one new home coming on the market in Pebble Beach at $799K.

Interestingly enough, despite this seeming lull in activity, I’ve been very busy on the high-end with consistent showings of $5+ million properties and receipt of two offers on an $11.85 million Carmel Highlands oceanfront property that has not even officially hit the market. Unique upper-end product continues to generate demand this year in Carmel and Pebble Beach.

Demand for finished homes continues to rise in The Santa Lucia Preserve, with another home now in escrow and set to close in a month; that said, most of the sale have been at or near the cost to construct. Inventory of vacant lots continues to rise, further exacerbating the supply/demand imbalance for lots in The Preserve – a condition which will certainly persist for a couple of years.

-Mike