Low Housing Inventory in Montecito; Good Deals Still Out There

Posted on May 13, 2013

Low inventory, not to be redundant but keep everyone on same page, means there are not many homes on the market for sale in a given area at a given time. While some homes sell quickly, others remain on the market and are often overlooked when they might be the best deal out there when considering square footage rates and factoring in location and lot size, etc . . . It becomes evident after reviewing the current inventory of homes for sale, that good opportunities abound in Montecito!

In some price ranges, you might only find a few homes that might fit your needs, to choose from. This lack of supply tends to create greater demand. Other times it can create simply slow activity. In general, the theory is, more listings offers more diverse choices for buyers which often leads to more buyers buzzing and thus more sales.

There may be 10 listings in a price range, but once you remove the features you are NOT looking for, (condos, small home, no garage, not enough bathrooms, that kind of thing) . . . now you are looking at 5 homes. If one or two stand out as best buys, that increases demand for that home and those are the properties that usually sell.

Because of this low home inventory and low interest rates and a rise in home prices/sales this past year or more, a home in Montecito that might have sold for $1.1 million two or so years ago might be able to fetch as much as $1.6 or more now… I am thinking at this moment of a few homes in that category. But there are still great opportunities out there.

Here are a number of listings that are held with various brokers/agents in town, that I feel are great opportunities in the market right now. Some based on value per bedroom and school district, others for historical significance and grandeur, another for a commanding hill top ocean and island view estate…

Montecito Foothills with expansive mountain views and privacy on Freehaven, $2,100,000

Montecito Foothills with expansive mountain views and privacy on Freehaven, $2,100,000

Cold Springs School District estate on Arcady. Main home, pool, pool house, $3,295,000

Cold Springs School District estate on Arcady. Main home, pool, pool house, $3,295,000

East Mountain Drive king of the hill spot. enjoy, remodel or rebuild 5+/- acres, $3,975,000

East Mountain Drive king of the hill spot. enjoy, remodel or rebuild 5+/- acres, $3,975,000

Summit Road near the Lower Village – Remodeled historic estate, spacious – $5,975,000

Summit Road near the Lower Village – Remodeled historic estate, spacious – $5,975,000

Picacho Lane – Tremendous formal estate on 3+ acres, pool, tennis, etc . . . – $17,900,000

Picacho Lane – Tremendous formal estate on 3+ acres, pool, tennis, etc . . . – $17,900,000

Fernald Point – How is this still on the market? 3 ocean front acres. Boom! $28,000,000

Fernald Point – How is this still on the market? 3 ocean front acres. Boom! $28,000,000

 

See more on www.MontecitoBestBuys.com and if you are not working with an agent already or would like more information on any of these listings, contact me directly at 805-698-2174 (call or text) or email – mark@villagesite.com