Montecito Real Estate Market Snapshot
“The purpose of life is to live it, to taste experience to the utmost, to reach out eagerly and without fear for newer and richer experience.”
- ELEANOR ROOSEVELT
41% of Americans believe the housing market will crash in the next 12 months. But what does “crash” mean -- No more multiple offers? Pricing stabilization? Enough new listings to accommodate demand? Sounds like a balanced market to me!
I love looking at the numbers and wanted to share a couple of graphs showing overall Santa Barbara December Sales and Prices since 2005 — inventory was way down in December across Santa Barbara and especially in Montecito (although we saw these levels in 2006-2010), but prices are at all time highs. Even if prices dip 10%-20% (which is not expected), we will still be looking at a very robust market for sellers.
Last Week in Montecito ended with 2 New Listings and 1 Closed Sale.
48 Alston Place: Located on 1.68 acres at the end of a quiet lane in Montecito's Eucalyptus Hill with explosive ocean views, this 1950 custom home is available for the first time in over 50 years for $4,495,000.
900 Toro Canyon: Situated on 4+ acres in Montecito's Toro Canyon this ocean view estate was on the market last year for $7.5M and has just been re-listed at a much lower price — $5,995,000.
985 Park Lane is a 20 acres private estate, backing up to state land. Extremely private, with massive ocean views it was designed by local architect Bob Easton and inspired by the French Mediterranean coast. It sold off-market last week for $11,000,000 after being on and off the market over the last 18 months.
THERE ARE 27 ACTIVE LISTINGS IN MONTECITO. Below are quick links to luxury listings (+$2M), around town:
And, for a summary of the numbers in Montecito last week, here is our weekly Montecito Market Summary.