How's The Market?
Updated: Feb 12
Montecito real estate was eventful last week thanks to a combination of exceptional new listings, easing interest rates, and a continued desire to live the dream in Montecito!
“The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.”
- Lawrence Yun, Chief Economist, National Association of Realtors
There were 3 New Listings last week, all of which appeal to a different buyer. From a stunning soulful renovation to a coastal zone compound with exceptional rental income potential and finally an extravagant Park Lane estate - we continue to see fresh new properties that piqued our interest.
There were a total of 9 Closed Sales throughout the month of January in Montecito, 4 of which were Off-Market Sales. It continues to benefit to be the first to know and we have our finger on the pulse. Please never hesitate to reach out if you want the inside scoop.
What happened in Montecito Last Week?
January 29th - February 4th
491 PIMIENTO LANE
A soulful restoration is now complete in the heart of Montecito's Upper Village. With privacy and tranquility at your fingertips this property was inspired by the view of the Santa Ynez Mountains and Tulum's bohemian-minimalism, and is a showpiece for indoor-outdoor living. Offered at $9,450,000
126 LOUREYRO ROAD
A Coastal Zone compound with exceptional rental income. Stylish and comfortable, no corner is left unattended, maximizing the potential of this quintessential 100+ year old oasis located in the Coastal Zone. Offered at $4,995,000
900 PARK LANE
This posh Park Lane property was recently renovated - the home enjoys walls of glass, soaring ceilings, and high-end finishes throughout. Offered at $16,900,000
Below are quick links to luxury listings (+$2M), around town:
Montecito (27 Active Listings - 2 Listings Less than Previous Week)
Below is our weekly Montecito Market Summary.
Celebrate the rural pleasures of fresh air, sunlight, open spaces and rolling hillsides at this Kentucky Style Ranch. Tradition, craftsmanship and style are the hallmarks of this Evans Jones designed, custom-built Santa Ynez Valley estate in the community of Rancho Cuerno Largo. Situated in the wine country’s coveted town of Los Olivos on over 19 acres, the property features panoramic mountain, valley, and pastoral views, all just moments from the shops, restaurants and tasting rooms of Los Olivos.
Gently elevated on a plateau with a gated entry this unique residence combines a rural lifestyle, full of adventure and wonder, along with an in-town location that is second to none.