The good news is Tiger Woods will be back for the 2012 Pebble Beach AT&T Tournament. I played as an amateur in 1996 and 1997 and my son Grant (my caddie) and I had breakfast one morning with Tiger. He was fun and it was a real treat. The bad news is we need more than Tiger to turn the Pebble Beach market around.
In 2011 the Pebble Beach market was dominated by lower priced sales. Of the 82 total Pebble Beach Single Family Sales 2011, only 22 were above $2,000,000, while 38 sales were under $1,000,000. This disconnect in the market is even more graphic when considering there are 32 homes currently on the market for over $3,000,000. Until the luxury buyer returns to the marketplace, high end homes will continue to be under severe price pressure.
For a complete review of current trends, please see the Pebble Beach Market Action Report – December 2011