Montecito Real Estate Market Snapshot
Last week as Fall arrived it felt more like Spring with all the fog (and even a few drops of rain!) and with it, a continued cooling of the market. It’s true - the market is definitely s-l-o-w-e-r, there, I said it! But is that such a bad thing? Prices are up year over year, although no longer appreciating by double digits and despite the rapid rise in interest rates, properties continue to sell for great prices and without the mania.
Closings outpaced New Listings in Montecito and as a result, anxious Buyers are ready and waiting to strike when they find the right property.
303 Meadowbrook Drive is new on the market (after being a “pocket” for several months) available for $13,000,000. This contemporary Ennisbrook estate was built in 2010, has panoramic ocean views, 5 bedroom and 6.5 bathrooms on 1.38 acres with a swimming pool and spa.
1776 Eucalyptus Hill Road was listed for $4,750,000. Another property that has been “quietly available” off and on for years, this original 1979 multi-level contemporary sits on the cusp of Eucalyptus Hill and Alameda Padre Sierra, just minutes to downtown Santa Barbara. Situated on 4 acres, the property features ocean and mountain views, multiple decks, and extra large living spaces.
With fewer Active Listings to track, I invite you to reach out to me directly as my list of off market properties, continues to grow!
What happened in Montecito Last Week?
October 9th - October 15th
Mortgage demand dropped again last week as rates climbed higher, but one type of loan is attracting borrowers. Adjustable-rate mortgages, or ARMs, which offer lower rates, are seeing renewed demand after getting very little interest over the last decade. ARMs made up 12% of transactions last week per the Mortgage Bankers Association Application Data. When rates were lower at the start of this year, that share was barely 3%. (CNBC 10/12/22)