Pebble Beach/Carmel, CA real estate experts Dana Bambace and Mark Peterson give their tips on what to do there during March, as well as the latest on the area's luxury real estate in this Q&A.
Photo Credit: Ron Bird Photography
How has the luxury real estate market in your area been performing so far in 2020?
Carmel-by-the-Sea is performing really well in the $2-$3.5M segment with limited inventory and a lot of homes selling off-market before getting to MLS. The $5M+ market has been a little slow to start. As a second home market, home purchases are discretionary so buyers need to really see the property they love. Pebble Beach has been really strong for the past three years and the start to the year was a little quieter. But we’re seeing it pick back up.
Photo Credit: Ron Bird Photography
What are buyers looking for in their homes in Pebble Beach/Carmel in 2020?
People want finished homes that are move-in ready. Contemporary looks and current finishes. Coastal and airy hues and tones. Especially as a predominantly second-home market; buyers want homes that they can start enjoying right away. They don’t have the time or desire to take on a remodeling project that could take a couple of years. We are counseling sellers and working with them to get their homes as turn-key as possible. Nine out of 10 buyers don’t have the vision for seeing past sellers' personal items or envisioning how a home could be refreshed. We need to get homes ready that speak to buyers upon their first launch and debut.
Which has been a highlight sale for you so far in 2020?
We’re really just getting started with the year, and had a number of closings and a large number of homes in contract. Some fabulous properties. But our highlight thus far hasn’t been the largest sale, but more about how we’ve been able to help both sellers and buyers. One seller, we refreshed her home with Compass Concierge and had a quick sale that “changed her life." She was able to sell her property and move on to the next chapter of her life. We also have had a couple of young families move here from the Bay Area that made a conscious decision to improve their quality of life. Those are the really rewarding highlights thus far.
Photo Credit: Dana Bambace and Mark Peterson
Are there any new restaurants or other spots in your market you’ve been loving lately?
Enjoying a sunset by the firepits at Spanish Bay with the bagpiper is always a great way to wrap up a day and kick off the evening. There are so many great restaurants depending on your cravings. We’re pretty excited about a couple of market/ restaurants still being built out that showcase our region’s farm-fresh leadership for the country. Roughly 70 percent of the country’s leafy greens are grown here. We’re fortunate to have farmers’ markets seven days a week and a bounty of fresh seafood for chefs to always create seasonal menus.
Photo Credit: Dana Bambace and Mark Peterson
It’s time for spring break. What is a fun activity in your market?
We’re all about getting outside and all of the recreational opportunities. Getting out for a hike or stroll on the beach is always available. But with a little more time, we love heading down the coast towards Big Sur. The mountains are lush and green and the sand on the beaches is crystal white. After a hike, it's always fun to wrap up with a snack or drink at Nepenthe Restaurant.
Photo Credit: Dana Bambace and Mark Peterson
