First Quarter - Montecito Market Newsletter
Updated: Apr 20, 2020
What’s next? Now that we are all used to so much time at home, are we going to enter a new world of “upsizing” and “multi-generational” homes post COVID? Maybe.
For the last several years, the over-riding trend has been away from large estates and into smaller luxury properties that had all the amenities of grand estates without the upkeep. I believe that this trend will continue although it will be complemented by a re-purposing of larger estates into more modern, smart homes. A life of health, ease and security is what is trending now for affluent buyers and Montecito offers a plethora of housing options that are able to host extended family and friends for short and longer periods.
I am staying out of the prediction business, but based on the calls and emails I am receiving, buyers are still planning to make a move to Montecito when they find the right property. If you’re interested in getting a current “pulse” on Montecito real estate, please get in touch - I have lots of inside information to share about the who, what and where in Montecito.
Q1 2020 - Montecito Sales
There was a total of 53 sales in the first quarter of 2020.
Q1 2020 sales are 38% higher than the Q1 2019 which only had 33 sales. However, the largest sale in Q1 2019, 2955 East Valley Road, sold for $27,000,000 - 3.5 x larger than Q1 2020's largest sale, 1237 E Mountain Drive, which sold for $7,550,000.
Keep your eye out for the Q2 2020 update in July.