How's the Market?
Updated: Jun 8, 2023
We have been seeing a steady uptick in new listings. Even with the holiday weekend, all of the Santa Barbara market is showing signs of good activity, mirroring a more typical market where buyers are taking their time and great properties still sell quickly and for impressive prices.
In Montecito, 6 New Listings came on the market at all different price points, the highest being $22,750,000 and the lowest was $2,985,000. There were 7 Closed Sales last week, which is slightly up from the previous week - one of the highlights was 166 Butterfly Lane. This charming Spanish Colonial gem sold in August 2021 for $3.9M and the owner extensively restored the property and just sold it for nearly $1.8M more in less than 2 years - that is a 46% increase. Another notable sale was 1045 Cold Springs Road which sold in late 2020 for $4,795,000 and after a stunning renovation by Marc Appleton, just sold for $15,900,000 - a whopping 231% increase. The message in this is that buyers will pay massive premiums for beautifully renovated homes.
It's hard to believe June is just around the corner. From what I am seeing, it looks like we are in for continued overcast skies and a "slowish" but steady real estate market with occasional bright surprises for the next few months.
What Happened in Montecito Last Week?
May 21st - May 27th
"Bienvenido" - Welcome!
The newest wine tasting destination in Santa Barbara County is actually 50 years in the making. Bien Nacido Vineyard opened this holiday weekend to the public with a stunning new building offering plenty of indoor/outdoor spaces. Explore the grounds while enjoying one of the best and most venerated vino vineyards in the world. Click here to learn more.