Scenic Road Q2 2015

Scenic Road Q2 2015

Scenic Road Market Comments

The strengthening market continued to build momentum in 2015, bringing higher sales prices and more activity along the coveted Scenic Road. The most sought-after street in Carmel, these properties typically don’t turn over often but we’re enjoying the longest stretch of recordbreaking sales volume in the past 15 years. Perhaps most importantly, the sales this year were all in updated homes and subsequently closing above $6.5M which is a direct contrast to the 3 fixers that sold at the end of 2014 for $3.8M-4.025M. As you’ll observe in our market summaries there were some interesting and important trends worth noting. For the true real estate aficionados, this data is updated each Friday on our website, including interactive maps with historical sales trends.

Mike Canning

Jessica Canning

Nic Canning

About Scenic

Of the 155 properties on Scenic Road, 5 are truly considered to be ocean front, the rest are separated by this iconic drive or are beach front. Scenic Road runs through two main areas of Carmel, the Golden Rectangle and Carmel Point. There are 87 properties on Scenic within the Golden Rectangle – the average building and lot sizes are 2,212 square feet and 5,851 square feet respectively. In Carmel Point, there are 68 properties (8 homes have adjacent vacant lots) with average building and lot sizes of 2,838 and 8,506 square feet respectively.

Within the 155 properties on Scenic, 17% are owned by primary residents and 83% are secondary residents. Nearly 68% of the secondary residents are from California: 56% are from the Bay Area with the highest concentrations in San Francisco, Saratoga, Santa Clara and Palo Alto; 11% come from Southern California; 1% are from Sacramento and Tahoe areas. The remaining 15% of owners come from across the US and globe with large concentrations in the western region – specifically Texas and Nevada. There are a few that make their international commute to Carmel, including places such as Italy, the United Kingdom and Canada.

Annual Scenic Sales 9 8 1 7 # Property Sales

3

1

6

2

2 3

5

2 1

1

1

1

4 1 3

2 5

2

3

3

2

3

4 1

3

1

1 4

1

1

1

2

1

2 1

1

1

1

1

2 1

1

1

1

1

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Close of Escrow Year $2.5M-$3.0M

$3.0M-$4.0M

$4.0M-$6.0M

$6.0M-$8.0M

$8M+

Average Days on Market for Scenic Sales Sales Price Range $2.5M-$3.0M $3.0M-$4.0M $4.0M-$6.0M $6.0M-$8.0M $8M+ Average

2005

192 230 136 181

2006

2007

74 576 166 371

74

2008

165 48 281 141

2009

2010

2011

2012

2013

156 176

259 97

387 48

962 146

133

588 397

323 294 4 771 296

166

178

2014 171 47 17 501 0 183

2015

2014 -7% -2% -6% -9% 0% -5%

2015

170 0 113

Average % of Sales Price Off of List Price Sales Price Range $2.5M-$3.0M $3.0M-$4.0M $4.0M-$6.0M $6.0M-$8.0M $8M+ Average

2005

-6% -10% -12% -8%

2006

2007

-18% -16% -11% -13%

-18%

2008

-9% -8% -22% -11%

2009

2010

2011

2012

2013

-19% -23%

-37% -13%

-12% -3%

-18% -14%

-7% -9% -2% -14% -7%

-21%

-25%

-5%

-7% -14%

-4% -3% -4%

Price per Square Foot Sales Price Range <$1.0M

Scenic

$1.0M-$1.5M $1.5M-$2.0M $2.0M-$2.5M

Rest of Carmel $622.15 $787.86 $927.71 $1,797.12

$2.5M-$3.0M $3.0M-$4.0M $4.0M-$6.0M

$1,650.37 $2,111.08 $1,892.41

$1,219.71 $1,290.84 $1,634.09

$6.0M-$8.0M

$2,396.86

$2,443.97

$8M+ Average

$3,474.33 $2,298.34

$2,521.76 $954.25

GOLDEN RECTANGLE SCENIC ROAD MARKET SUMMARY Sales Price

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

$2.5 M-$3.0M

1

$3.0 M-$4.0M

3

$4.0 M-$6.0M

3

$6.0 M-$8.0M

Active Listings

1 2 1

1

Totals

6

1

1 4

1

1

$8.0 M +

Sold Properties

1

2

3

1 1

2

1

3

6

2

1

1

1

1

1

3 1

1

2

2

1

2

2

2

2

2

12

1

1 1

Total

1

5

17

1

2

9

1

1

7

6

3

47

Recent Sales 2005 Sale Price $5.65M 2007 Sale Price $4.3M 2013 Sale Price $6.3M 2003 2000 Sale Price $3.55M Sale Price $2.975M

2013 Sale 2014 Sale Price Price $3.2M $4.025M 2007 Sale Price $7.5M

2000 Sale Price $5.5M 2013 Sale Price $3.75M

2012 Sale Price $8.1M

2008 Sale Price $7.5M 2003 Sale List Price $12.95M Price $4.375M 2005 Sale Price $8.3M 2004 Sale Price $5M List Price $3.82M 2014 Sale Price $2.7M 2015 Sale Price $7.5M 2000 Sale Price $4.8M 2009 Sale Price $3.725M

2012 Sale Price $4.025M 2014 Sale Price $11.6M

2015 Sale Price $9M 2005 Sale Price $5.75M 2010 Sale Price $3.7M

2014 Sale Price $3.8M

2013 Sale Price $4.9M

2010 Sale Price $4.8M 2011 Sale Price $3.5M

2005 Sale Price $5M

2013 Sale Price $6.3M 2001 Sale Price $3.5M

www.CanningProperties.com

2005 Sale Price $8M 2005 Sale Price $5.75M

2000 Sale Price $3.02M 2015 Sale Price $6.5M 2006 Sale Price $6.74M

2013 Sale Price $3.5M

2014 Sale Price $6.175M

2014 Sale Price $3.8M

2000 Sale Price $4.75M 2003 Sale 2011 Sale Price $6.95M Price $5.7M

2011 Sale Price $6.632M 2006 Sale Price $8.5M 2004 Sale Price $8.15M 2001 Sale Price $6.15M

2004 Sale Price $3.525M 2008 Sale Price $4.85M

CARMEL POINT SCENIC ROAD MARKET SUMMARY Sales Price $3.0M-$4.0M

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

2

1

$4.0 M-$6.0M

1

2

$6.0 M-$8.0M

Active Listings

1

2 1

$8.0 M + Grand Total

1

1

4

1

2

1

5

2

1

10

1

1

1

1 2

1

1

0

0

5

1

3

1

0

2

3

3

3 1

0

Sold Properties Recent Sales

2008 Sale Price $7M 2014 Sale Price $6.8M

2000 Sale Price $7.5M

2011 Sale Price $5.64M

2013 Sale Price $3.7M

2012 Sale Price $3.675M

2003 Sale Price $5.51M 2000 Sale Price $3.9M 2012 Sale Price $5.175M

2013 Sale Price $4.975M 2005 Sale Price $7.M 2004 Sale Price $11.95M 2003 Sale Price $7.1M 2012 Sale Price $5.15M 2003 Sale Price $4.875M

www.CanningProperties.com

2002 Sale Price $4.325M List Price $7.85M 2009 Sale Price $5.9M List Price $15M 2008 Sale Price $5.75M

2013 Sale Price $16.5M

2001 Sale Price $3.35M 2003 Sale Price $6.05M

Total

1

23

C a n n i n g

P r o p e r t i e s

Butterfly House Sold: May 2013 $16,500,000

Stone House 26183 Scenic Road Sold: June 2004 $11,950,000

Scenic 2SW of Ocean Sold: June 2015 $7,500,000

H i s t o r i c

S c e n i c

S a l e s

Rocks House 26330 Scenic Road Sold: December 2003 $6,050,000

3NE of Santa Lucia Sold: June 2011 $5,700,000

Scenic 2NW of 8th Sold: October 2014 $4,025,000

Canning Properties Group has represented buyers and sellers of the best properties on the Monterey Peninsula for over 25 years.

With Jessica and Nic coming on board, the business has selectively expanded markets of expertise, including a specific focus on the unique Scenic Road sub-market. Our goal is simple: To be the best. We look forward to the opportunity to provide that level of professionalism and service.

To receive additional market detail, a comparable market analysis for your home or custom alerts on activity near you, please feel free to call or email us.

Jessica Canning CalBRE # 01920034 831 238 5535 jessica@canningproperties.com

Mike Canning CalBRE # 01004964 831 596 1171 mike@mikecanning.com

www.CanningProperties.com

Nic Canning CalBRE # 01959355 831 241 4458 nic@canningproperties.com