- Dec 12, 2022

Montecito Real Estate Market Snapshot

A few months ago, a recession was considered unavoidable. Now, a growing influential crowd is betting on a soft landing. Mutual funds and hedge funds managing roughly $4.8 trillion in assets have been putting money into stocks that stand to benefit from inflation cooling, interest rates going down and the U.S. economy avoiding a recession, according to an analysis by Goldman Sachs Group Inc. There is good news:

The labor market has remained strong, with the unemployment rate clocking in at a historically low 3.7% last month.
Consumer spending is up.
And there are signs that inflation is easing. Consumer prices rose 7.7% last month, a brisk clip but nevertheless the smallest year-over-year gain since January. (WSJ 12.11.22)

The real estate market certainly ramped up last week compared to the past 2 weeks (where Montecito saw only 1 CLOSED SALE). Last week we had 6 CLOSED SALES and 2 PENDED SALES, in addition to 1 NEW LISTING and 1 PRICE REDUCTION. Most notably:

2030 BIRNAM WOOD, a 3 bedroom, 4 bathroom home by Don Nulty and built by Giffin and Crane sold off market after multiple offers for $8,287,000.
The 9,000+ sqft beachfront estate at 3299 PADARO LANE closed last Monday for $29,948,000
This Mediterranean Golden Quadrangle estate at 920 HOT SPRINGS ROAD reduced its price from $12,500,000 to $10,999,999
And Montecito's announced a stunning new listing -- Casa de la Buena Vista, a George Washington Smith estate built in 1930 . 751 BUENA VISTA is 2 parcels on 4.76 acres, offered for $18,900,000.