
Carmel, California 93923
This Custom Spanish Mediterranean Estate represents a Strong Value Opportunity, listed at $2,985,000—aligned with its $2,985,000 Fair Market Value. Positioned as the lowest-priced home in Carmel at $644 per square foot, the property features a Condition Rating of 4 with well-preserved 1991 architectural details. Set on a 1.3-acre private lot, the residence offers panoramic valley views and high-end finishes like mahogany doors. This property balances immediate livability with immense potential for forced appreciation through modernization. It is perfectly suited for Owner-Occupants or Value-Add Investors.
Property is moderate renovation needed.
Built in 1991, this 33-year-old property is well-maintained but features dated original finishes. The kitchen and bathrooms, while functional, utilize 1990s-era materials such as tile countertops and older cabinetry styles. Per the criteria for homes over 20 years old with dated interiors, it requires cosmetic updates to meet modern luxury standards.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 57499, living area = 4631.
Priced at $644 per square foot following a significant $510,000 reduction, this property represents the lowest-priced home in Carmel, offering substantial value for a 4,631-square-foot estate.
Set on approximately 1.3 acres within the prestigious Rancho Mar Monte enclave, the property provides a rare level of privacy and outdoor space just five minutes from downtown Carmel-by-the-Sea.
The property has undergone six price reductions since its initial listing, which may signal to buyers a struggle to find market equilibrium or underlying buyer hesitation.
While custom-built in 1991, some of the Mediterranean finishes and original styling may require additional capital investment to align with modern luxury design trends.
$510,000 Reduced! $644/ft By far the lowest priced home in Carmel! Watch 2 Videos & 3D Tour. Tucked within the prestigious enclave of Rancho Mar Monte this custom-built Spanish Mediterranean estate offers exceptional privacy just five minutes from the beaches, dining, and boutiques of Carmel-by-the-Sea. Set on approximately 1.3 acres, the residence spans 4,631 square feet of open-concept living with sweeping valley views from most rooms. The five-bedroom, four-bathroom layout balances spacious entertaining areas with comfortable everyday living. Architectural details include Spanish tile, handcrafted mahogany doors, soaring ceilings, and bay windows that fill the home with natural light. Fireplaces anchor the formal living room, family room, and primary suite. The gourmet kitchen is designed for entertaining and daily life, featuring high-end appliances, a butcher-block island, and a large chefs pantry. A formal dining room, breakfast nook, and breakfast bar offer multiple dining options. The expansive primary suite enjoys valley views, a fireplace, and a spa-style bath with jetted tub, separate shower, and an additional fireplace. With generous outdoor space, rare privacy near town, and classic Mediterranean craftsmanship, quiet, private, and minutes from the coast.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 5.0 | 3.0 | 90% |
| Baths | 4.0 | 3.0 | 74% |
| Square foot | 4,631 | 2,327 | 92% |
| Lot Size | 57,499 | 10,840 | 78% |
| Price | $2.98M | $2.94M | 52% |
| Price per sq ft | $645 | $1.1K | 4% |
| Built year | 1991 | 1972 | 78% |
| HOA | $0 | $0 | 50% |
| Days on market | 72 | 187 | 16% |
Apr 10, 2026
$2,985,000
$3,195,500
-7% Price Drop
Initial Listing
Apr 1, 2026
$3,195,500
$3,356,845
-5% Price Drop
Initial Listing
Mar 25, 2026
$3,356,845
$3,390,750
-1% Price Drop
Initial Listing
Mar 16, 2026
$3,390,750
$3,425,000
-1% Price Drop
Initial Listing
Mar 11, 2026
$3,425,000
$3,460,050
-1% Price Drop
Initial Listing
Mar 9, 2026
$3,460,050
Initial Listing
Feb 9, 2026
$3,495,000
Initial Listing