Update on Montecito Real Estate Market

This is an update on the Montecito Real Estate market from June 24 through July 1. There were 5 new listings. All of them were single family homes. They ranged in price from $2,195,000 for a charming cottage with 3 bdrm 2 bath plus guest suite located in El Montecito Oaks – a great location near Coast Village Road shops and restaurants and Butterfly Beach up to $4,595,000 for a stunning Park Lane 5 bdrm 4.5 bath (including separate guest quarters) home on a beautiful gated acre lot. There were 2 closed escrows during this same period including a 2500 sf home on a tropical paradise with a guest unit and tennis court which sold for $2,650,000. There was also a 7300 sf home in Birnham Wood built in 2008 which closed at $10,700,000 making it the 7th sale of above $10,000,000 year to date in Montecito. This compares to only 2 sales above $10,000,000 in Montecito for the same period in 2014. Montecito sales in the $5,000,000 and up category have been strong this year with 27 closed escrows year to date which is a 63% increase over the same period last year! For more information about any property in Montecito please contact me at patsaraca@gmail.com

 

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