Activity was strong in February for Montecito, but it was an especially compelling month for large estates owners.
The buzz in Montecito was centered around the auction of 818 Hot Springs Road. With nine bidders registered, it looked like it was going to be a great success. But bidders did not step up to anticipated prices and the estate was sold for $8,275,000 -- and then the successful bidder changed their minds. As of now we are hearing that the property is still available. All in all, luxury estate auctions continue to suffer from a perception that these properties are distressed (which in Montecito is not the case) and are not reaching market prices. For more details and behind the scenes information, give me a call!