What Does $2M-3M Offer a Buyer in Carmel?
The Carmel market is so interesting! It’s a small market with little inventory, and each neighborhood brings different features and values. We wanted to share a popular price point in the Carmel market and how it differs in various neighborhoods.
Below is a live carousel of these listings in the following Carmel neighborhoods: Southwest Carmel(Golden Rectangle), Southeast Carmel, Northwest Carmel, Northeast Carmel, Carmel Woods, Hatton Fields, and Carmel Point.
We’ll start with a map. This shows Northwest, Southwest, Southeast, and Northeast Carmel.
The famous Golden Rectangle is located in Southwest Carmel, and the borders forming the rectangle are Dolores, Santa Lucia, Scenic, and Ocean. These properties are generally the most expensive per foot due to the prestige and central location walking distance to town and the beach. Most of the lots are 4,000 square feet with 1,600 square foot homes and a single car garage. New construction homes of this size in the Golden Rectangle when built with premium finishes have been selling between $2,850,000-$3,300,000, and it’s common to see properties renovated in the last 10 years sell in the mid $2,000,000’s.
Properties in certain locations of Southeast Carmel offer excellent value. Streets like Crespi, Vizcaino, and Guadalupe are located in what we lovingly refer to as the Emerald Forest. This neighborhood is quiet, private, and still walking distance to town and the beach with less foot traffic than the Golden Rectangle. This area, along with Northwest Carmel, offer a great bang for your buck for the for $2-3M Carmel buyer. A new construction 1,600 square foot home closed in the Golden Rectangle recently for $3,295,000, but just a few months earlier we represent the seller of a beautiful new construction on Vizcaino for $2,550,000.
Streets like 4th Ave, Lopez, and Palou offer great value for Carmel buyers with less cars and foot traffic than the Golden Rectangle while still being close to town. This neighborhood is also known for ocean views – sometimes even down as far as Point Lobos. The lot sizes can get a bit larger than your standard 4,000 square foot Carmel lot in this neighborhood, and it is an incredibly quiet part of town.
Northeast Carmel carries many listings in the $1,000,000-1,500,000 range, as it is further from town than the more expensive neighborhoods mentioned above, so $2,000,000-3,000,000 goes a long way in this area. A $2,500,000 home in Northeast Carmel would have top of the line appliances and finishes, excellent craftsmanship, possibly a larger lot with greater square footage in the home, and ocean views.
Carmel Woods homes sit higher than the rest of Carmel, and they are known for their stunning ocean views. We recently sold a home in the mid-high $2M’s with views down to Point Lobos. There have only been a couple of sales over $3,000,000 in Carmel Woods and they were very large homes over 3,000 square feet. Carmel Woods buyers appreciate the larger lot sizes where you can find 8-10,000 square feet and the better price per square foot.
Carmel Point is one of the most amazing places to walk your dog or go for a morning run. It’s close to the beach with breathtaking views and gets a lot of sun! The lots are a little larger at around 6,000 feet and it’s common to find fixer uppers a little under $2,000,000, and move-in-ready homes in the high $2M- low $3M range. Prices per foot can range from $800 for fixers up to $1,800 for beautifully renovated properties.
Hatton Fields is great for families with kids due to the great square footage of the homes and larger lots. Hatton Fields gives you a chance to really customize and have fun with a backyard, which is tough to find in most other parts of Carmel. $2,000,000-3,000,000 can be a large 3-4,000 square foot dated home, or a smaller 2-3,000 square foot nicely renovated property. Buying a house in Hatton Fields that needs cosmetic updates can be a great way to add value and build equity in a very popular neighborhood.
We hope this walkthrough of the Carmel $2-3M market has been helpful! Let us know if you have any questions.