Ultra-Luxury Real Estate: National Surge, Local Signal

In recent blogs, we’ve highlighted the sharp acceleration of ultra-luxury real estate (sales above $10M) across the U.S. in 2025, reinforcing sustained confidence among high-net-worth buyers — especially in lifestyle-driven markets.

National Snapshot
• Over 1,600 ultra-luxury transactions closed in 2025
• +32% year-over-year growth in sales volume
• $28.6B total dollar volume, up nearly 24%
• Leading markets included Manhattan, Los Angeles, Palm Beach County, Miami, and Orange County
• Manhattan alone recorded 398 sales above $10M

What This Means for Montecito
While Montecito is smaller in scale, its performance mirrors the national strength at the top tier.

Recent Montecito Indicators
• Multiple $12M-range sales closed quickly
• Several properties attracted multiple offers
• Continued buyer emphasis on:
            • Privacy and estate-style settings
            • Turn-key condition and design cohesion
            • Proximity to village amenities and coastline

Montecito Market in Motion
• Launched last Monday for $12,900,000, 1465 E Mountain Drive debuted this week and quickly saw multiple showings and had two offers.
• Priced at $12,250,000, 869 Knollwood Drive captured immediate attention; 20+ showings and multiple offers in just two weeks.

Key Takeaway
The ultra-luxury market is not driven by volume alone — it is driven by intentional buyers seeking quality locations and limited inventory. In Montecito, speed of sale and competitive bidding at eight-figure price points signal that well-positioned properties continue to command strong attention, even in a selective market.

What Happened in Montecito Last Week?

February 8th – February 14th

weekly spotlight

Beneath the Oaks

Relax and connect with nature in this Montecito hideaway, set on just under an acre beneath a canopy of mature oak trees. Sunny and serene, the setting offers rare privacy and a sense of retreat, yet remains moments from the Upper Village, Coast Village Road, Summerland, beaches, and nearby trails.

2795 East Valley Road | Montecito | $3,800,000

That sums it up for last week!

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