Market Update Events Around Town

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home with fantastic views of Point Lobos which closed escrow at $6.1M. The other closed escrows this quarter included 26
Volume 5, Issue 4

Market Update

Market insight, local flavors, and notable events on Carmel Point

Carmel sales continued to roll this quarter with 38 sales so far in 4Q, on target to surpass 4Q16 (40) and have the most sales in over 7 years. Carmel Point had a strong start to 4Q with 7 closed escrows, already surpassing all of 3Q and on track to match the 10 deals that closed in the second quarter of this year. Of particular note is the fact that days on market has fallen to just 49 days this quarter, down from 92 last year and a high of 272 in 2013. The top sale on Carmel Point this quarter was a brand new spec deal at 26324 Valley View which closed just 1.5% off list price at $6.75M. We were honored to represent the buyers of 26263 Scenic, an oversized home with fantastic views of Point Lobos which closed escrow at $6.1M. The other closed escrows this quarter included 26255 Ocean View, a three story cottage with some ocean views closed at $3.525M, 26264 Valley View, a renovated, single story cottage closed at $2.75M, 26351 Camino Real, an older post-adobe by the River School closed at $2M, 26226 Camino Real, an older, two story home on an oversized lot closed at $1.85M and 2989 Lasuen Drive closed at $1.05M. Supply continues to be tight in Carmel Point and the Golden Rectangle, so we do anticipate prices continuing to climb into 2018 and more deals closing off market. 10% of the sales in Carmel so far this year have closed off market, representing a 58% jump over 2016.

Events Around Town 12/1-12/17: Christmas on the Wharf at Old Fisherman’s Wharf Fridays 5:00-9:00pm, Saturdays/Sundays 11:00am-9:00pm

12/15: Jazz in the Gallery at Folktale Winery 4:30pm-7:30pm

12/1: Carmel by-the-Sea Tree Lighting at Devendorf Park 3:00-7:00pm

12/28-1/7: Holiday Rock Tribute Concert at Pacific Repertory Theatre Thursday, Friday, and Saturday: 7:30pm, Sunday: 2:00pm, New Year’s Eve Performance: 8:30pm

12/1-12/2: Smuin Ballet’s the Christmas Ballet at Sunset Center Friday 8pm, Saturday 2pm 12/2: James Beard Foundation Celebrity Chef Tour at Carmel Valley Ranch 6:00pm 12/3: Brighten the Harbor Boat Parade at Monterey Yacht Club 5:30-8pm 12/3: Inns of Distinction Tour in Carmel by-the-Sea 2:00-5:00pm 12/8-12/9: Christmas in the Adobes at Monterey State Historic Park, 20 Custom House Plaza 5:00-9:00pm 12/9: Jingle Bell Run for the Arthritis Foundation of Northern California, Lover’s Point Park, 17th Street & Ocean View Boulevard

12/31: First Night Monterey – Celebrating 25 Years of Magic in Downtown Monterey 3:00pm-12:00am 1/1: Rio Grill’s Resolution Run 9:00am 1/11-1/14: Monterey Swingfest at the Hyatt Regency Monterey Hotel & Spa 1/27: The Half Marathon at Pebble Beach 7:00am 2/5-2/11: AT&T Pebble Beach Pro-Am Every Saturday: Yoga in the Vines at Folktale Winery 10:00-11:30am

12/9 & 12/16: Community Planting Day at Point Lobos 8:30am-12:30pm

Jessica Canning

[email protected] www.CanningProperties.com

CanningProperties.com Sotheby’s International Realty CalBRE# 00899496

831.238.5535 CalBRE#01920034

Quarter 4 2017

Volume 5, Issue 4

A Taste of the Town Although 7D has only been open for a few months, this new addition to Carmel has fast become a favorite. Featuring naturally farmed and humanely raised dishes that blend a contemporary and friendly approach to classic steakhouse dishes in a light, bright dining room in the heart of downtown Carmel. Gregory Ahn and his team at the acclaimed Folktale Winery in Carmel Valley have created an environment that combines a social setting with perfectly executed dishes. A few spotlights include the Niman Ranch burger that blends filet mignon and brisket with bone barrow and Cognac roasted onions or the Niman Ranch Pork Chop served with crispy horseradish and parsley potatoes, red wine braised cabbage and whole grain mustard cream. Lunch has officially been launched with a larger selection of salads and sandwiches to choose from, including the Roasted Acorn Squash & Burrata salad bowl and a Harvest Bowl featuring quinoa and black rice with seasonal veggies and a house made herb vinaigrette. Take some time to enjoy a cocktail at their bar – we recommend the Smoked “Old Fashioned”, in addition to being a well-balanced drink, it’s served with a certain amount of theatre. One thing to note though, is the portions are large, so plan on enjoying your meal for lunch the next day as well.

www.7dsteakhouse.com Corner of 7th Ave & Dolores Street, Carmel-by-the-Sea, CA 93950 Dinner Service: Daily from 5:00pm to 10:00pm Lunch Service: Daily from 11:30am to 3:00pm Bar Menu: Daily from 3:00am to 5:00pm

Featured Property Charming Beach Cottage This charming 2 bedroom, 2 bathroom cottage located on a street to street lot on Carmel Point. Enjoy the sounds of the surf and views back to Fish Ranch from this perfect beach getaway. A large private enclosed garden wraps around the house with stone pathways and beautiful succulent gardens, one car garage and updated kitchen. All just a short stroll to both Carmel Beach and River Beach. 

Now offered at $1,790,000 26355ValleyView.com

26355 Valley View Avenue, Carmel

2 Bedrooms | 2 Full Baths | 925 sq.ft. | 3,900 sq.ft. lot

News from the Team Canning Properties Group is proud to announce the addition of two new licensed agents who have joined the team - Natalie Pitschke and Ellen Krausse. Natalie brings nearly ten years of industry-related experience to the team and is a native to the Monterey Peninsula. Ellen Krausse has been a member of the team since 2015 managing the print and digital marketing and is looking forward to expanding her role as a buyers agent. We are excited for the upcoming success of this team.

Wishing you all Happy Holidays! -Canning Properties Group

Jessica Canning

[email protected] www.CanningProperties.com

CanningProperties.com Sotheby’s International Realty CalBRE# 00899496

831.238.5535 CalBRE#01920034