Nancy's Notes - Montecito and Santa Barbara Real Estate Newsletter
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.”
-William Arthur Ward
Today as we adjust our sails, I see many opportunities in the market. We have more listings and fewer sales which bodes well for buyers. Now is the time to make offers - sellers in all price ranges are ready to hear from you.
Montecito had a total of 14 sales in October 2023, with an average sales price of $7,249,231. October sales are up nearly 75% compared to October 2022 which had 8 sales, and the average sales price is nearly $2.5M higher than last year. However, with the exception of 2022, the number of October sales are lower than they have been in the last 7 years, as the last time there were only 14 transactions was 2015. Cash transactions remain prevalent, with 71% of all October sales being all-cash deals (10 sales).
A few notable sales from the past month include:
550 Freehaven Drive, an iconic estate with panoramic views, was sold for $20,350,000 after 135 days on the market.
551 Crocker Sperry Drive, the only off-market sale last month, closed at $7,500,829 - quite a robust sale for Birnam Wood at $1,990 per square foot for a fixer.
1274 Eleven Oaks, a stunner in the Coastal Zone (which allows short term rentals) sold for a whopping $6,500,000 or $3,389 per square foot after selling for $2,680,000 in 2021 prior to being renovated.
In the current market, we recommend proactivity. Stay informed and take initiative. Don't wait for opportunities to come knocking; allow us to help you discover doors worth knocking on.