Weekly Market Snapshot
It was a welcome sight last week to see 7 new listings come on the market. On the other hand, only 2 homes went into escrow, which is the lowest we have seen in some time. As far as the price point, the sweet spot for both the pending and closed sales seemed to be $3.5-$4.5M. This is a lower average than we have seen in the last few weeks.
What happened in Montecito Last Week?
October 17th - October 23rd
Pending sales were down last week.
New listings more than doubled last week...finally!
848 Hot Springs Road dropped from $24,850,000 to $19,995,000!
FUN FACT: 1453 Bonnymede Drive is back on the market for $28M - an ocean-front estate located in Sea Meadow.
2150 Ortega Ranch Lane
Newly Listed at $16,850,000
Majestically positioned at the end of a private lane, Ventana de Paraiso commands the most coveted location on Ortega Ridge. With intoxicating 180 degree views of the Pacific, explosive mountain views and 5 acres as your playground, this legacy property is a unique residential compound on the Central Coast. Embracing bold lines, multiple structures and exceptional living spaces, this gated, architectural statement is both subtle and versatile complementing the land and location with a sense of ease and permanence. Along the coast and at the intersection of Summerland and Montecito, the massive views and exceptional privacy are a rarity for such a close-in location.