Weekly Market Snapshot
There was a bit of a shift the last week of April in Montecito real estate. New listings and pending sales dropped slightly, while closed sales increased by a similar margin. Offering a desirable "lock and leave" beachside lifestyle, 47 Seaview Drive sold off market last week for $2,555,000. One year ago, we had just begun adjusting to the Pandemic and the real estate market was on pause…but not for long. In April 2020 there were a total of 11 sales in Montecito, while this year there were an astounding 39 sales - that is a 254% increase! Another dramatic difference, five of April 2021 sales were over $10M, while in 2020 there wasn’t a single sale above $10M for the whole first quarter. Historically the spring and summer tend to be one of the busiest times of year for real estate, with the world starting to open back up,
only time will tell what is in store.
What happened in Montecito Last Week?
April 25th - May 1st
NO PRICE CHANGES LAST WEEK
FUN FACT: The highest sale of April 2021 was 800 Picacho Lane, which sold for $20M - only 6.9% less than asking price.
Offered at $26,500,000
Drawing inspiration from around the globe, this architectural and spiritual estate is a luxurious display of international influences and has a storied history. Known locally as Villa de la Vista, the property was once a part of the San Leandro Ranch and owned by the famed Gould family. An extensive renovation in 2012 was undertaken and through the architectural ingenuity of Thomas Bollay, this prominent residence was brought back to life. The Mediterranean island of Mallorca and the charm of early 1920’s architecture served as inspiration and the resulting product is a work of art, punctuated by architectural intricacies at every turn; from Moorish arches to carved sculptures and colorful accents bringing animation to each space.