We have been seeing a steady uptick in new listings. Even with the holiday weekend, all of the Santa Barbara market is showing signs of good activity, mirroring a more typical market where buyers are taking their time and great properties still sell quickly and for impressive prices.
In Montecito, 6 New Listings came on the market at all different price points, the highest being $22,750,000 and the lowest was $2,985,000. There were 7 Closed Sales last week, which is slightly up from the previous week – one of the highlights was 166 Butterfly Lane. This charming Spanish Colonial gem sold in August 2021 for $3.9M and the owner extensively restored the property and just sold it for nearly $1.8M more in less than 2 years – that is a 46% increase. Another notable sale was 1045 Cold Springs Road which sold in late 2020 for $4,795,000 and after a stunning renovation by Marc Appleton, just sold for $15,900,000 – a whopping 231% increase. The message in this is that buyers will pay massive premiums for beautifully renovated homes.
It’s hard to believe June is just around the corner. From what I am seeing, it looks like we are in for continued overcast skies and a “slowish” but steady real estate market with occasional bright surprises for the next few months.
What Happened in Montecito Last Week?
May 21st – May 27th
weekly spotlight
“Bienvenido” – Welcome!
The newest wine tasting destination in Santa Barbara County is actually 50 years in the making. Bien Nacido Vineyard opened this holiday weekend to the public with a stunning new building offering plenty of indoor/outdoor spaces. Explore the grounds while enjoying one of the best and most venerated vino vineyards in the world. Click here to learn more.
That sums it up for last week!
