How's The Market?
I heard a great real estate story this week — there were these buyers who were crazy in love with a property but just couldn’t get off the fence to buy it. It sold to someone else, after months on the market, and the buyers were devastated (and simultaneously surprised, because they thought it was overpriced and the buyer paid more than they were planning to offer). Then the buyer of the property decided they wanted more land and started looking around — a couple of "tuned in" agents put two and two together and connected everyone and now the heartbroken buyers are getting their dream home and the owner of the property has found a home with more land!
This is what makes everyone smile — agents working together to make dreams come true.
And here is what else I am seeing lately:
1. Bidding Wars are Back
We are seeing an uptick in multiple offer situations. Buyers are willing to compete for what little inventory they can find.
2. High End is Active
The $10M+ market has buyers and sellers and deals are coming together - last month, of the 10 closed sales, 4 of them were over $10M.
3. Supply Remains a Challenge but is Increasing
Even though inventory is lower than previous years, with only 37 Active Listings in Montecito, this is a slight increase from recent months and we continue to see New Listings each week.
Stay in the know - come back here next week for the latest update on Montecito real estate.
What happened in Montecito Last Week?
April 30th - May 6th
1439 IRVINE LANE
Spectacular ocean views and an open floor plan are featured at this classic Mediterranean estate designed by renowned architect Don Nulty. Offered at $11,250,000
301 SAN YSIDRO ROAD
Placing a modern spin on the traditional contemporary style, this architectural beauty echoes with timeless quality. Offered at $8,300,000
265 RAMETTO ROAD
Opportunity awaits at this sprawling 1.38 acre park-like property with understated elegance and a myriad of living options. Offered at $4,750,000
Below is our weekly Montecito Market Summary.
Earlier this week, the Montecito Journal announced some exciting news about our beloved Four Seasons Biltmore. After receiving approval from the Montecito Planning Commission for operational changes at the Coral Casino, Ty Warner's team went before the Montecito Board of Architectural Review to ask for preliminary and final approval for alterations to the exterior of the historic hotel. The alterations are by one of our favorite local architects and friends, the legendary Marc Appleton. 😍