How’s the Market?

February 19, 2024

“It ain’t over til it’s over” — Yogi Berra

American baseball legend Yogi Berra first uttered the phrase about baseball’s 1973 National League pennant race. His team was a long way behind when he said it and they did eventually rally to win the division title.

I have been humming Lenny Kravitz’s version of Yogi Berra’s famous quote all weekend as we had several deals in the works that seemed dead and then…poof were back! It’s definitely a market to keep hope alive and emotions at bay to help buyers and sellers get where they really want to be.

Last week in Montecito there were 2 New Listings, 2 Closed Sales and 1 Pending Sale.

The market never lies and the 2 Closed Sales were a perfect example of this.

172 Santa Elena Lane sold after 19 days on the market for $8,470,000, which was just $25k under its list price. The quick sale and high price underscores its well-calculated pricing strategy and the market demand.
In contrast, 303 Meadowbrook Drive closed at $9,650,000 after a prolonged 455 days on the market, marked by five price reductions. Despite an initial listing at $13,000,000, the property ultimately settled at just above $9,500,000, revealing the journey to discover its true market value.

As we head into the last half of February, stay tuned for the latest market knowledge each week.