Montecito Real Estate Market Snapshot

093681_e25fda25774a4ff9b5070c905

Updated: Sep 29, 2022

Last week, Montecito certainly heated up. 6 New Listings were brought to market, two of which were re-listed properties with an average of over 300 days on market, but three of the new listings were show-stoppers above $8.8M. Among them, the corner property at 1 Miramar Avenue, literally steps to Miramar Beach and the Rosewood Hotel.

4 Listings Went into Escrow last week, one being 838 Knapp Drive, the former grand Music Pavilion of the original Arcady Estate. And, although there were 8 Closed Sales last week, the real buzz was less about what was sold on the market, and more about what sold off-market…

  • 848 Hot Springs sold for $36,000,000 after being purchased for $20,950,000 6 months prior for a 42% price increase at the hands of Ellen DeGeneres and Portia De Rossi,
  • 1650 San Leandro Lane is a 1968 Mid Century Charmer, located in the heart of the Hedgerows and in need of some updating, sold for $4,275,000,
  • 684 Ladera Lane saw quite a bit of time on and off the market leading up to it’s sale for $3,800,000 in March of 2021. After a brief stint on the rental market for $18,500/month, it just sold off market for $5,000,000.

Hungry for more market details? Don’t hesitate to call or text!

I hope you enjoy the rest of this Labor Day Weekend and the Dog-days of Summer ☀️

What happened in Montecito Last Week?

August 28th – September 3rd

6 NEW LISTINGS

4 LISTING WENT INTO ESCROW

8 CLOSED SALES

3 PRICE REDUCTIONS


follow us @montecito_properties

That sums it up for last week!

Click here to view more of our current featured listings.

 

Check out this article next

Facts, Fiction & Inspiration

Facts, Fiction & Inspiration

Summary: Pricing remains strong, inventory remains low Home Equity is the biggest contributor to Net Worth The Economic Symposium is starting and is an important…

Read Article