37305 Highway 1, Carmel, California 93923, Carmel, 93923 - 1 bed, 1 bath
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37305 Highway 1
Carmel, California 93923
ACTIVE
CONDITION: FAIR
1Beds
1Baths
1,221Sq Ft
676,922Lot Size
Property Price
LIST PRICE$3,499,999
SUMMARY
Analysis of 37305 Highway 1, Carmel, California 93923 is currently available with a list price of $3,499,999. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Carmel Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Fair
TeardownExcellent
Property is moderate renovation needed.
Built in 1938, this historic schoolhouse conversion maintains its rustic charm and appears functional as a rental, but is significantly dated. The interior shows aged hardwood floors and older window units; given the age and 'rustic' description, the kitchen, bathrooms, and core systems likely require modernization to meet current standards.
PROSSTRENGTHS & OPPORTUNITIES
- High Available Lot Utilization
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 676922, living area = 1221.
- Iconic Coastal Location
Situated on over 15 acres of the legendary Big Sur coastline, the property offers unparalleled ocean and mountain views, providing a rare and prestigious 'California dream' setting.
- Historic Rustic Charm
The original 1938 Palo Colorado Canyon schoolhouse features unique architectural elements like open-beamed ceilings and a free-standing fireplace, offering a one-of-a-kind historic character.
CONSRISKS & DEFICIENCIES
- Extended Market Stagnation
With over 860 days on the market and a massive $2 million price reduction from the original listing, the property may face buyer skepticism regarding its valuation or potential site limitations.
- Limited Living Utility
The current 1-bedroom, 1,221-square-foot structure is modest for the multi-million dollar price point, likely requiring substantial additional investment to serve as a primary luxury residence.
About 37305 Highway 1
Just past Palo Colorado Road on Highway 1, sits over 15 acres of iconic Big Sur coastline, pastureland and the old Palo Colorado Canyon schoolhouse. Its a place for cool morning walks along the cliffs and sunset meditation. From the bluff above, the quaint schoolhouse has stunning views that feed the imagination with inspiration and renewal. Inside the one bedroom, one and half bathroom rental, this 1,221 square foot schoolhouse maintains its rustic charm with open beamed ceilings, a free-standing fireplace and the line of windows that frame the unmatched beauty of this wild coast. Big Sur has its way of filling both heart and soul and this is a once in a life time opportunity to own a piece of the ultimate California dream.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1938
- Lot Size
- 676,922 Sq. Ft.
Interior
- Total Bedrooms
- 1
- Total Bathrooms
- 1 (1 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 1.0 | 3.0 |
| Baths | 1.0 | 2.8 |
| Square foot | 1,221 | 2,079.133 |
| Lot Size | 676,922 | 12,775.833 |
| Price | $3.50M | $3.23M |
| Price per sq ft | $2.9K | $1.5K |
| Built year | 1938 | 1976 |
| HOA | $0 | $3.0K |
| Days on market | 897 | 74 |
Pricing History
Listed for Sale
Mar 9, 2026
$3,499,999
Initial Listing
Price Change
Mar 26, 2024
$5,500,000
Initial Listing