How's the Market?
When I think about what is driving the market, one thing stands out above all the others — demographics. Baby boomers, who account for 53% of the wealth in the US, continue to move here in high percentages and also are transferring wealth to their children (Gen X and Millennials) who are buying homes here. Despite the staggering costs for home owner’s insurance and high interest rates, demographics plays the key role in driving the pace of sales and it shows no signs of letting up.
The first week of March was lively with activity, especially for the right properties. This week, we saw 5 New Listings, 1 Closed Sale, and 4 Pending Sales. What stood out was the speed at which newly listed properties found buyers. Three out of the five new pending sales entered escrow within 17 days of hitting the market. Highlighting the continued desire for luxury and convenience to the beach and lower villages, a Spanish Colonial estate in the Hedgerow's neighborhood sold for its full price of $16.5M within just 26 days on the market (1530 Mimosa Lane). Notably, it previously sold in 2021 for $11.7M - that is a 41% increase.
What Happened in Montecito Last Week?
March 3rd - March 9th
RESTAURANT HIGHLIGHT
We are so excited to welcome Lilac Montecito, the latest addition to our culinary scene on Coast Village Road. After nearly a decade of success in downtown Santa Barbara, the team behind Lilac Pâtisserie have brought their expertise to our neighborhood. This fine-dining establishment offers an elevated experience, blending European and Californian cuisine with locally-sourced ingredients. What sets Lilac apart is its dedication to gluten-free dining without compromising on flavor. From carefully curated wine selections to familiar desserts, every aspect of the menu reflects their commitment to quality. Lilac Montecito promises to be a sophisticated destination, adding another layer of culinary excellence to our vibrant community. Join us for a taste of what's to come and indulge in the culinary delights that await at Lilac Montecito.
