- Dec 19, 2022

Montecito Real Estate Market Snapshot

As we close in on the end of the year, holidays and celebrations are causing the usual distractions and that, coupled with all the market predictions, recaps and speculation about where the market is heading is keeping us on our toes! Still, our market continues to chug along with several closings reporting both officially in MLS and off market (I am always happy to share our inside scoops with you, reach out for behind the scenes news). As I have been saying all month, I expect to see opportunities and new listings across the board next year.

Last week in Montecito we saw a continuation of growing market activity. There were 3 CLOSED SALES, 5 PENDED SALES, 3 NEW LISTINGS and 1 PRICE REDUCTION. Most notably:

The recently renovated beach bungalow on Montecito's Miramar Beach at 1556 Miramar Beach Lane lists for $9,995,000. A picture perfect renovation with toes in the sand access and high-tech amenities, it's an ideal Beach property for short or long stays.
The charming 125 Santa Isabel in the desirable Lower Village Montecito Oaks neighborhood reported it's off market sale from earlier this year for $4,400,000.
4 of the 5 properties Pended Last Week are Vacant Lots on Hot Springs Road. The .89 acres at 361 Hot Springs Road, and the three vacant lots, all once apart of the larger Monte Arroyo estate at 465 Hot Springs Road, have all gone into escrow.
Only 7 days on Market and nearly 3 months under contract, 620 Stone Meadow Lane located in the Upper Village, closed last week for $5,800,000.