Montecito Market Update: February 2020

Activity was strong in February for Montecito, but it was an especially compelling month for large estates owners. The buzz in Montecito was centered around the auction of 818 Hot Springs Road. With nine bidders registered, it looked like it was going to be a great success. But bidders did not step up to anticipated prices and the estate was sold for $8,275,000 -- and then the successful bidder changed their minds. As of now we are hearing that the property is still available. All in all, luxury estate auctions continue to suffer from a perception that these properties are distressed (which in Montecito is not the case) and are not reaching market prices. For more details and behind the scenes information, give me a call! Click Here to view our current Featured Listings

Nancy Kogevinas

Luxury Collection Director


DRE: 01209514

Berkshire Hathaway

HomeServices California Properties

1255 Coast Village Road 102C

Montecito, CA 93108

DRE: 01317331

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©2021 Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH Affiliates LLC. BHH Affiliates LLC and BHHSCP do not guarantee accuracy of all data including measurements, conditions, and features of property. Information is obtained from various sources and will not be verified by broker or MLS. Buyer is advised to independently verify the accuracy of that information.