As we embark on a new year, it is important to look back in gratitude for all that we have. Some are dealing with financial hardships or stressors, but many around the world have always been without food, water or basic civil rights. We’ve got it pretty darn good.
2022 was a heck of a year. The war in Ukraine has put economic stress on much of the world, ourselves included, as we’ve massively increased our own inflation levels sending them money we frankly don’t have. We will hope for a peace deal there in 2023.
We watched the stock market flush, and cryptocurrency become obliterated with margin calls and due to it’s lack of monetizable utility.
While much of the housing across the country has taken a hit, most of our area is still about the same value, year over year. Downtown Carmel itself, specifically the prime areas like the Golden Rectangle and Carmel Point, have continued to go up and set new benchmarks with many new sales, as have certain product types in Pebble Beach. As we monitor the year going into Spring, we should be able to form a better picture of what is happening, locally. One thing is for sure- demand has fallen considerably but still strongly outpaces inventory levels.
Real estate seems one of the few asset classes that have been more reliable in times like these. As things slow down, it is true it will be increasingly more important to work with a real estate team that understands marketing and positioning.
I wish you all a happy and healthy 2023. We look forward to what challenges it may bring us, and to assisting you with all your real estate needs over the year.
Happy New Year!
Warmly,
Ryan Melcher & Team
PS: As always, please scroll down for access to updated data and statistics.
       2022 Significant Local Sales
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A quick look at a few of the year’s most notable sales…
1691 Crespi
Pebble Beach | $28,000,000
An end-user buildout, the sellers of this property grew tired of the development process and decided to sell prior to completion. Adorned with floor to ceiling glass, this home was a heavy nod towards the modern for Pebble Beach estate side.
171 Spindrift Road
Carmel Highlands | $26,000,000
In the Carmel Highlands, arguably the most iconic property went under contract after 28 days on market and sold at $26,000,000 including over 7 acres and private hiking trails, all on the water.
3184 17 Mile Drive
Pebble Beach | $36,283,701
The highest residential sale of 2022, 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.
Scenic 6 SE of Ocean
Carmel-by-the-Sea | $13,025,000
A bit overpriced, in my opinion, but this sale represents a well-kept, however unremodeled, 3,777 sq ft home. This was a double lot of 8,000 feet, albeit terraced. The elevations, however, were the reason for the bay views available from both stories. This property was one row back from front-line.
3188 17 Mile Drive
Pebble Beach | $29,750,000
The second highest residential sale of 2022, this home was a 7,650 square foot spec house with a lot size of just over an acre. 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.
