Updated Sep 9, 2024
Monterey County's Biggest Residential Deal Of 2023: Butterfly House Sells For $29M
26320 Scenic Rd Carmel By The Sea, Ca 93923, Usa
$29,000,000
$7,837/SF
Building Size
3,700 SF
Asset Type
Single Family Residence
Closing
Jul 17, 2023
About this deal
AI
A significant residential property in Monterey County, known as the "Butterfly House," has recently been sold for $29 million. The property, located at 26320 Scenic Road in Carmel, features an architecturally distinctive design with a winged roofline and direct ocean frontage. With a total square footage of 3,700, the property was sold at a substantial discount from its original asking price of $40 million.
Summary of transaction details
- Property Type: SFR
- Transaction Amount: $29,000,000
- Address: 26320 Scenic Road, Carmel
- Market: Carmel
The buyer's representative in this deal was Tim Allen from Coldwell Banker, while the seller's representative was Shelly Lynch from Carmel Realty Company. Their expertise and negotiation skills played a crucial role in finalizing the transaction. This sale represents the largest residential deal in Monterey County so far this year.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93