Montecito Real Estate Market Snapshot

Last week was steady, duplicating much of what we saw the week prior, with 3 New Listings and 3 Pended Sales. Although, behind the scenes, we are hearing from several escrow companies that they are seeing a noticeable uptick in new escrows in all price ranges, it’s likely those haven’t been reported yet! Here are the back stories on last week’s deals:

• 723 Via Manana, beautifully located at the end of a quiet lane and nestled comfortably beneath countless oak trees, is rumored to already be entertaining multiple offers;
• 290 Sheffield Drive, a Tuscan inspired-villa off of Sheffield Drive across from Ennisbrook’s main gates is already in escrow after just 4 days on market; and,
• 1027 Cima Linda Lane accepted an offer after 205 days on market and a $2M price reduction.

The market slowed slightly in closings (3 Closed Sales) with 3 properties responding to growing days on market (3 Price Reductions). There was:

• 544 Santa Rosa Lane, which closed for $3,940,000, just $55K shy of their last listed price of $3,995,000;
• 525 Hot Springs, a 2 acre lot in the Golden Quadrangle closed after spending 15 months on the market, resulting in the highest Montecito land sale since March of this year; and,
• 2211 Lillie Ave. sold for $3,250,000, a 41% premium since last selling in May 2022 for $2,300,000

I’m available to catch up whenever you need me. Call or text!