The $10M+ luxury home market in Montecito has appreciated 10%-25%+ over the last 18 months.
Although we don’t have a lot of data showing year on year sales of the same houses, we know from 2019 prices to 2021 prices that depending on the condition, location and price point even though the appreciation varies, it is substantial. And quality properties in Montecito are frequently selling for 10%+ over their asking prices.
Here are three examples:
700 Park Lane
Sold three times in 2021 for a 25.5% increase:
March, 2021: $22,700,000
June, 2021: $28,500,000 (off market sale)
August, 2021: $28,500,000 (off market sale)
788 San Ysidro Lane
Sold twice in 2021 — the first time for 13% over the asking price and then the second time for a 5% increase over the last sales price!
March, 2021: $12,600,000 (asking price was $10,900,000)
September, 2021: $13,250,000
1445 E Mountain Drive
Sold twice in 2021 for a 45% increase
Jan, 2021: $6,070,000
July, 2021: $8,800,000
Overall, homes under $10M are selling 25%-45% higher than before the pandemic; the over $10M market has appreciated on average 10%-25% depending on the property. The below graph shows the price rise for all prices in Montecito — indicating a staggering average price increase of 32% over the last 24 months.
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