How's the Market?
I have been hearing from a lot of you that you are reading on Zillow, Redfin and in the media that real estate is down 10% - 30%. Let me clarify — YES, volume of sales are down, especially compared to the unprecedented “Covid” years. However, prices are holding steady and in many cases we are still seeing strong appreciation on many properties. Zillow reported that through June, home values increased 4.8% so far this year nationally and also forecasts that values will continue to rise 6.3% over the next 12 months, and, that 48 of the largest markets in the United States will see an increase of 7% or more!
Some recent sales in Montecito give us a picture of our local market:
808 San Ysidro Lane last sold in 2020 for $5,596,500, it was renovated and refreshed by Mike Moser of M Studio and sold for over 2 ½ times its previous price!
1556 Miramar Beach previously sold in 2021 for $7,950,000 - it just sold two years later for $8,740,000.
1800 East Mountain Road, which we highlighted last week, closed for $3,795,000 in June 2020. We just sold this property for $6,125,000. This is a 61.3% increase in value.
There were a total of 11 Closed Sales in the month of July. This is nearly the same number of Closed Sales we saw in July 2022 (12). The under $10M price point was very active last month with 9 closed sales, 4 of those being below $5M. The high end ( above $10M) had 2 closed sales and the highest sale of the month was 808 San Ysidro Lane.
What Happened in Montecito Last Week?
July 30th - August 5th
The Four Seasons is Coming Back...
As seen on Siteline this last week, the Four Seasons Hotels and Resorts posted a press release a few days ago that implies it has reached an agreement with Ty Warner on the Biltmore and the New York City flagship. Here is what it says...
Ty Warner Hotels and Resorts and Four Seasons Hotels and Resorts have been working together to prepare for the highly anticipated reopening of both the Four Seasons Resort The Biltmore Santa Barbara and Four Seasons Hotel New York. Both iconic properties are expected to reopen in fall 2024. Renovations and enhancements are planned throughout and the owner and operator look forward to ushering in a new era for both celebrated properties. In preparation for reopening, recalling furloughed employees will be a priority.
Furthermore, during its temporary closure the Coral Casino Beach and Cabana Club in Santa Barbara underwent a transformation, the details of which we look forward to sharing closer to reopening, and is scheduled to reopen in September 2023. The process of recalling furloughed employees will commence in the near future.