Montecito Real Estate Market Snapshot
Updated: Sep 29, 2022
Summer is off to a strong start and our Montecito luxury market remains robust despite all the rumors of a national real estate slow down. We had a great week of closings, resulting in 2.5 times more properties selling this week than last. Most notably were two jaw dropping sales in Montecito:
167 Pomar Lane, purchased in Spring 2021 for $7,900,000; Just Sold for $9,782,800 = 23.8% increase
810 Buena Vista Drive, purchased in Spring 2021 for $7,600,000; Just Sold for $17,000,000 = 123.7% increase
In addition, we welcomed week-over-week increases in new listings; with 3 new listings in the coveted Coastal Zone Boundary and 2 fixer uppers — all rumored to be negotiating offers! If you are on the hunt for your dream home in Santa Barbara or Montecito reach out to get more of the insider scoop!
What happened in Montecito Last Week?
May 29th - June 4th
This luxurious oceanfront compound on Padaro Lane in Carpinteria
listed for $65,000,000 last week
FUN FACT: 2 of the 3 price reductions in Montecito were listings over $10M, dropping prices $1.3M and $1.495M off their property's original list price.
3923 Laguna Blanca Drive | Hope Ranch
Unparalleled golf course and mountain views are the backdrop for this timeless, Mediterranean residence. Located within the prestigious Hope Ranch enclave, this ultra-private, single-level home sits atop a unique and spectacular site.