Montecito Real Estate Market Snapshot
Updated: Sep 29, 2022
Last week was certainly the most notable week of sales in recent memory, with 9 Closed Sales in Montecito and not one was Off-Market! Closings last week ranged from...
the controversial Pacaso fractional-sale on 2084 E Valley Road, which sold 1/8th ownership for $1,294,000;
to 838 Knapp Drive, the luxuriously grand, once former Music Pavillion of the original Arcady Estate, selling for $18,250,000, $4.25M under the original listing price of $22,500,000 after 42 days on market;
and, 290 Sheffield Road, the 1.3 acre custom Mediterranean selling $50,000 over asking after only 4 days on market for $9,000,000.
All 3 Pended Sales this week were under $5M, most notably 105 Coronada Circle accepting an offer after only 9 days on market. And 1 day after the 3 bedroom, 3 bathroom Bonnymede Condo at 1300 Plaza Pacifica reduced their price by $300,000, they went into Escrow.
Last week we had the same number of new listings as the previous week — 2 New Listings, at this rate it’s going to be very slow going for all the pent up demand. The good news is that we are launching a stunning new listing on Wednesday that is sure to be the talk of the week!
Call or text me for the details!
What happened in Montecito Last Week?
September 11th - September 17th
For a healthy dose of Monday inspiration …
No one is as much of an inspiration for their commitment to nature and the environment as Yvon Chouinard, the founder of Patagonia. Yvon, a rock climber who became a billionaire, gave his company away. “He, his wife and two adult children, have transferred their ownership of Patagonia, valued at $3 billion, to a specifically designed trust and non-profit organization. They were created to preserve the company’s independence and ensure that all of its profits --- some $100 million a year --- are used to combat climate change and protect undeveloped land around the globe.” (NY Times 09/14/22)