A bubble or a permanent shift in consumer behavior?
Updated: Sep 24, 2020
With the strongest real estate market Montecito has ever seen, is now the time to sell or buy? No doubt that consumer behavior has shifted and Montecito is one of the most highly desirable places for the new world order.
"In July there were 48 sold properties in Montecito compared to 24 in July of 2019. By any measure, that is a staggering statistic."
Prices are rising, but not at the same pace as demand, yet.
And, this trend only seems to be accelerating as remote working is the new normal. All of this exodus is a result of COVID, but from my perspective, it was already brewing and the reality of what the internet created more than two decades ago is only now becoming clear — people of all ages are adapting and using the technology that has been available for some time to live the life they want. Companies large and small have adjusted and office workers have been “freed” from the office accelerating a trend that was already underway — a shift to focusing on lifestyle first.
Some of the most notable sales from last month:
854 Rockbridge Road | Montecito
Marc Appleton’s own home sold in multiple offers.
854 Park Lane | Montecito
This legacy 3.5-acre property sold for $6.55M — after last selling
in ’12 for $7.375M (there are still deals in Montecito!)
703 Park Lane | Montecito
A full transformation on this previously unremarkable home
yielded multiple offers and an overusing sale at $6.5M
165 Middle Road | Montecito
Another “deal”, this estate sold in ’16 for $8.19M and closed last month for $6.375M
735 Ashley Road | Santa Barbara
Barely made it through the first showing and was sold over asking!
And the list goes on...
"There is a story behind every sale, and today’s theme is: demand is on the rise and prices will follow. But, there are still great properties at great prices."
Luxury Collection Featured Listings: https://www.montecitoproperties.com/all-featured-listings