Montecito Real Estate Market Snapshot
Location location location. Amidst a typical Summer slow-down and holiday-week chalk full of distractions, last week’s closing sales proved Location in Montecito still reigns King.
1371 Plaza Pacifica, an ocean front, first floor, 2-bedroom condo in Bonnymede in need of updating, sold for $4,000,000 after receiving multiple offers -- which now ranks as second highest price per square foot sale in Bonnymede at $2,389 per square foot!
1530 Lingate Lane, located in the heart of the Hedgerows, closed off market for $8,408,530 adding to the tally of innumerable Hedgerow properties selling off market when packed with charm and authenticity.
Closing out the week were 2 notable Price Reductions; a 10% price drop at 544 Santa Rosa Lane, and a 14% price drop at 798 Chelham, the latter resulting in an opened escrow. And after only 11 days on market, a 1.58 acre single-level ranch in El Cielito Estates went into escrow. When Montecito Pended Sales last week averaged 42 days on market, this served as a good reminder = special properties, priced right, are still moving fast.
What happened in Montecito Last Week?
July 3rd - July 9th
FUN FACT: 502 Picacho Lane re-listed last week at $7,750,000 since withdrawing mid-June after seeing 36 days on the market and a 3% price cut still had not produce an offer.
3923 Laguna Blanca Drive | Hope Ranch