In yet another testament to the strength of the Montecito Real Estate Market, two properties across from Butterfly Beach have just entered escrow. One is a gorgeous Montecito Estate on Hill Road with 4 bedrooms, 6 baths and ocean, mountain and harbor views. The asking price was $18,800,000.
Also in escrow are the adjacent 2 lots that front Channel Drive – asking price of $8,000,000 for both lots together. This property (the house and lots) previously sold for $5,900,000 in 2003 prior to an extensive remodel. Overall about a 450% increase. Not bad for a 6 year holding period! Montecito Oceanfront real estate remains a rare and desirable commodity.
A brief analysis of the sales activity in Montecito shows twice as many pendings & solds for February as there were in January. March seems to be right on track with February in number of pendings and solds thus far however the average sold price for March is at $4,483,333 up from an average sold price of $3,035,714 for February! This positive Montecito Real Estate data is in line with the impressive statistics of 2008 where there was a substantial increase with the average sales price being 16% higher than in 2007.
Montecito remains a desirable destination for people from all over the world. Due to the geography of our area with it being bordered by the mountains on one side and the ocean on the other the number of properties are quite limited. Add to that the slow growth philosophy of the powers that be and one sees that Montecito Real Estate is a rare offering with ocean view and ocean front in even less supply. The desirability of our area for primary homes, luxury real estate, vacation homes, and investments remains stable. While many places in the country saw large decreases in property values, the Montecito Estate Market continues proving to be a solid investment. Santa Barbara Real Estate remains desirable and why wouldn’t it – we have ideal weather, breathtaking scenery, pristine beaches, fine dining, theatre, golf, boating, polo, wine tours, international appeal, and so much more. Whether vacation destination, primary residence, second home or pure investment, Montecito is a proven prime choice for the old real estate adage of location, location, location!