Fall-ing Into the New Normal Market
Fewer sales, higher prices, steady as she goes… or is there a sales slowdown ahead?
From this summer’s highest prices, yet slower than recent year’s summer sales volume, to now fall peaks and valleys and Ellen’s new fantasy listing, our market is one thing one month and another the next. What is consistent though, is that in each month for the past three years, our over $10M market is stronger than ever with at least two or three sales per month in this category. Closed escrows in all price categories across Montecito thus far in October show a healthy month of sales and a few pending ahead to finish off strong into November, and yes, already two sales over $10M.
On the, “why is Montecito so talked about” topic, we are two thirds through October and our weather is delivering for the most part, the best of our “local’s special,” September and October with great weather and fewer crowds. Some foggy mornings but otherwise lovely sunsets and sunny weekends. And what better a place to live, within a mile or so of either the beach or the mountains or both. To live where all the basic conveniences, top restaurants, services, shopping, etc… are nearby, usually uncrowded and welcoming.
And real stores, designers, galleries, high-end services, top restaurants, and basics like where to mail a package or get a medical check-up or buy the latest bestseller or try out a new tennis or pickle-ball racket. No need to go all the way three miles into Santa Barbara (a trek some days), we’ve got it all right here in Montecito, just down the street.
Sshhhhh. But I think it’s too late, everyone knows, the secret is out. More than ever, those who can choose to live here, are finally seeing the value in paying the Beverly Hills, Sunset Strip, Brentwood, and Palisades prices to live here, though likely getting more acreage and amenities for the buck, not to mention being a 93108’er.
October thus far, as of October 20 in the 93108, has had 11 home sales in the Multiple Listing Service (MLS). This number is not high or low necessarily, but what is surprising is that there are only three properties currently in escrow in all of Montecito’s 93108 in the MLS. That means very few homes are in the selling pipeline, which will mean very few closings in the coming few weeks. The month-to-month rollercoaster that can be our market here.
Additionally, of note for October thus far is that we have seen a few ultra high-priced listings hit the market in the past weeks. $43+M for a tennis court estate compound on multiple acres on Park Lane, $44+M for a Picacho compound with 14,000+ square feet, tennis court, pool, motor court, etc… and $46M for Ellen’s most recent reimagined dream project on 8+ acres in the heart of Montecito, just behind MUS.
For those considering buying a home in Montecito, here are a few listings to consider, with most falling in that prime, $6 to $7M range and offering location, amenities, and opportunities, each quite different from the other.
1220 Coast Village Road #311 – $2,075,000
Ocean view downtown Montecito, three-bedroom penthouse in the Montecito Union School District. On the quiet side of the building, offering lovely garden setting as well as ocean views, find this private and rarely available unit (most units in the building are two bedrooms). This three-bedroom, two-bathroom top floor corner unit includes an ocean-view balcony shared by all three bedrooms. The kitchen features custom cabinetry, new marble counters, custom backsplash, quality appliances, and a skylight.
A comfortable ‘’great-room’’ style floor plan overlooks beautiful gardens. Prime covered private parking space and recently renovated interior common area spaces/hallways are yours. Live full time or vacation right in the middle of all the action, the shopping and great restaurants along Coast Village Road, not to mention just a few short blocks to Butterfly Beach and the luxurious Rosewood Miramar Resort.
1180 High Road – $6,495,000
Located just two blocks above Coast Village Road, this lot, its orientation, and a recent home renovation are the pillars of this classic Montecito Farmhouse offering. The gated and private .43-acre property offers a variety of living options with three bedrooms and three and a half bathrooms in the main house and an attached two-bedroom, two-bathroom ADU (Additional Dwelling Unit). Enjoy the home as is, or combine the two spaces for a five-bedroom, five-and-a-half-bathroom home.
The main house is single level with an open floor plan and multiple sunny outdoor spaces in the front and back. The ADU offers a separate entrance, open kitchen and living room, peeks of the ocean and a covered balcony. In addition, there is a three-car garage, off-street parking and storage for your water and land toys. Additionally, this home is located within the coastal zone and is in the Montecito Union School District.
839 & 841 Summit Road – $6,900,000
This private, single-level, ranch-style, ocean-view property and opportunity is situated on two parcels totaling nearly two acres of gently rolling and level land, in a central location above the Montecito Club. Parcel one features 1.1+/- acres and includes a four-bedroom, four-and-a-half-bathroom residence that follows an open-concept layout, creating a seamless flow between rooms and embracing an indoor/outdoor lifestyle. Almost every room offers ocean views. The living room features floor-to-ceiling glass walls and ocean views.
The primary bedroom hosts an en suite bath and walk-in closet with direct access to the pool and patio. There are additional guest quarters. The lush grounds feature a pool, spa, and rose gardens. Parcel two, the adjoining land parcel is 0.78+/- acres and affords a tennis court, orchards, and additional parking. This is a rare opportunity to own a single-level home on nearly two acres with a pool and tennis court in a prime, ocean-view location at the end of a cul-de-sac lane.
1138 Hill Road – $7,495,000
Just a block to Butterfly Beach and the Coral Casino is this four-bedroom, four-bathroom Spanish home with grassy, south-facing yard, located in the coveted Butterfly Beach neighborhood of Montecito. Gated and private, this extensively renovated beach home enjoys refreshing ocean breezes, the relaxing sound of the surf and numerous outdoor areas to enjoy the coastal climate. Inside, the kitchen features top-of-the-line appliances and a central island with breakfast bar seating. Relax in the open family room or entertain in the comfortable living room, both with a fireplace and an indoor/outdoor flow.
Your primary bedroom includes a walk-in closet, en suite bathroom with a stand-alone soaking tub, and a private veranda. With three additional bedrooms and situated on a .4-acre, level, and manicured lot, this home is convenient to all the fine dining and shopping that Montecito’s Lower Village and beach area have to offer and is within the Montecito Union School District.
