BENCHMARK SALE IN PEBBLE BEACH
Sold on October 24, 2014 for $31.25M. 3392 17 Mile Drive, Pebble Beach, California
A new benchmark was set on October 24, 2014 when an estate overlooking the 13th green of the Pebble Beach Golf Links closed for $31.25M. 3392 17 Mile Drive, or "Wit's End" as it was known, is a Spanish Colonial home built in 1929 and meticulously maintained by Richard Mellon Scaife for over 43 years. Previously, the highest price paid in Pebble Beach was for an oceanfront contemporary home three doors down from the Lodge at Pebble Beach, which closed for $28M in 2013. The sale of Wit's End brings the total number of Pebble Beach ocean and golf front sales to six so far in 2014, just below the all-time high in 2000 of seven. However, the prices of these homes has climbed substantially with $89.3M being spent on seven properties in 2000 and $102.6M spent on the six homes this year.
"With a total universe of 88 Pebble Beach ocean and golf front properties, we usually only see one or two sales per year," according to listing agent, Mike Canning, of Carmel Realty Company. "This property combines unparalleled views of Carmel Beach and Bay and Pebble Beach golf holes eight through ten and thirteen with a home that captures the very soul of Pebble Beach. It's as good as it gets."
The buyer of this exceptional home was brought by Mary Bell, also of Carmel Realty Company. Carmel Realty Company has represented the buyer and/or seller on seven of the past nine ocean and golf front sales over the past two years, with Mike Canning representing a client in six of those sales, and Carmel Realty currently represents the sellers of two of the four currently listed on the market.
With just two months left in 2014, it's uncertain whether either record will remain intact. There are currently four ocean or golf front estates actively listed in Pebble Beach, including 10 Carmel Way, which has an asking of $37.5M. The only home in Pebble Beach or Carmel that is both an oceanfront and golf front property, only time will tell if this unique property will break the new watermark and tie 2000 numbers.
About Carmel Realty:
Carmel Realty Company, an Exclusive Affiliate of Christie's International Real Estate and Regent member of LuxuryRealEstate.com is the oldest real estate firm on the Monterey Peninsula. Celebrating 100 years in 2013, the company focuses exclusively on high-end real estate. In addition to being the leader in the luxury real estate market, Carmel Realty is the market leader in luxury vacation rentals, managing short and long-term rental homes. The company leverages the personal insight and skill of its agents with industry-leading technology and a world-class marketing team. Visit our website at www.carmelrealtycompany.com
