Montecito Real Estate Market Snapshot
After week over week increases in new Listings & Closed sales, we can report that the momentum is continuing with motivated Sellers bringing new listings to the market and Buyers writing offers, keeping the available inventory low. We are hearing about several listings in the works and are anticipating more choices through the fall and into next year. All in all, though, prices are holding steady so for Buyers looking for a deal, those days seem to be in the past.
Last week in Montecito we saw 6 NEW LISTINGS, 4 CLOSED SALES and 3 PRICE REDUCTIONS.
Most notably was…
1308 Plaza de Sonadores sold after 5 days on market for $2,307/square foot (!) - a 800 sqft, ground floor, single level, 1 bedroom/1 bathroom. This continues to prove Bonnymede, the premier gated community of condominiums on Montecito’s lower village beachfront, is one of the most desirable locations in Montecito.
The multiple lots listed at 465 Hot Spring Road – offered as separate 1 acre lots ($2.250 & $2.750) or together as one contiguous 2-acre lot ($5.000) – is ideal for Buyers looking to build in Lower Montecito. Moments to upper and lower village within a fairytale Montecito setting of main oaks and towering eucalyptus, a builders paradise awaits.
The new listing at 1564 Ramona Lane is a charming Harriet Moody storybook cottage on nearly an acre, was listed as a “pocket” for several months and is being sold with a lease in place through November of next year. The price at $2,017/square foot, is reminiscent of the frenzy from the beginning of the year, but, it is in the Hedgerows, a very desirable neighborhood where homes have continued to sustain huge premiums despite the shift in market activity.
The ultra-private, immaculately designed estate on 491 Pimiento Lane reduced the purchase price to $9,975,000. Every inch of this famed designer-curated property evokes emotion. It was renovated with organic, all natural materials, includes high-style finishes and exudes quintessential California indoor-outdoor living.
Today there are 36 ACTIVE LISTINGS in Montecito - and look no further for quick links to view luxury listings (+$2,000,000) in:
What happened in Montecito Last Week?
November 6th - November 12th
Did you know that in California home prices have increased 319% since 1991?