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Montecito Real Estate Market Snapshot

Updated: Sep 29, 2022

Last week, Montecito certainly heated up. 6 New Listings were brought to market, two of which were re-listed properties with an average of over 300 days on market, but three of the new listings were show-stoppers above $8.8M. Among them, the corner property at 1 Miramar Avenue, literally steps to Miramar Beach and the Rosewood Hotel.


4 Listings Went into Escrow last week, one being 838 Knapp Drive, the former grand Music Pavilion of the original Arcady Estate. And, although there were 8 Closed Sales last week, the real buzz was less about what was sold on the market, and more about what sold off-market

  • 848 Hot Springs sold for $36,000,000 after being purchased for $20,950,000 6 months prior for a 42% price increase at the hands of Ellen DeGeneres and Portia De Rossi,

  • 1650 San Leandro Lane is a 1968 Mid Century Charmer, located in the heart of the Hedgerows and in need of some updating, sold for $4,275,000,

  • 684 Ladera Lane saw quite a bit of time on and off the market leading up to it’s sale for $3,800,000 in March of 2021. After a brief stint on the rental market for $18,500/month, it just sold off market for $5,000,000.

Hungry for more market details? Don’t hesitate to call or text!


I hope you enjoy the rest of this Labor Day Weekend and the Dog-days of Summer ☀️


What happened in Montecito Last Week?

August 28th - September 3rd



 

That sums it up for last week!

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