MONTECITO MARKET MOVING AGAIN

Posted on Nov 8, 2014
MONTECITO MARKET MOVING AGAIN

Honestly, I have not had much to write about lately because of the severe lack of housing inventory in the Montecito Real Estate market. I’ve featured so many properties over the past year and some even twice. In recent months, there have been only about 125 homes on the market day over day, when past levels of recent years had more like 160 or 180 on the market at any given moment.

Also, only 1 or 2 new listings a week, have been coming on the market in the past few months prior to recent weeks, and very few sales of recent had sent chills of a slowing market down my spine. In fact, throughout most of October there were only about 10 properties pending (in escrow) at any given time in Montecito, in all of the 93108 zip code, where there are usually in most recent months/years, more like 20+/- in escrow at any moment.

What inspired me recently was that about a dozen properties went into escrow in the past two weeks in Montecito. Many of the properties (about 85%) that went into escrow were from my www.montecitobestbuys.com list of properties. Additionally, there were about 10 new listings in the same 2-week time period, which is fabulous news on both fronts.

While we have this recent sign of movement in the market, there are still many buyers looking for a property, who cannot find the home of their dreams. This lack of available inventory I feel also leads to the higher than usual number of “off market” sales we are seeing. These are sales of homes that are not actively on the market, rather homes that someone finds through word of mouth between buyers, agents, sellers, friends, etc…

While the hard working Real Estate agents of Montecito have put a dozen or so properties into escrow in the past 14 days (as of the writing of this article), there are still many great opportunities out there ready to be snatched up. Here are a few that I am surprised are still on the market.

TORITO ROAD – (Country home on 2+ acre lot) – $2,195,000

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This home is down a shared, private Montecito Country Lane off of lower Toro Canyon Road and offers a new owner the peaceful rural feel of East Montecito. The inviting, comfortable interior boasts a flexible floor plan with many amenities sought by today’s buyers including GFA heating and cooling system. There is a light and open gourmet kitchen that expands to the dining area, spacious living room with high ceilings and stone fireplace. Both the living and dining rooms enjoy ocean view patios. The property encompasses over 2 acres with beautiful ocean and mountain views and there is private, (off street) parking in addition to the 2 car garage.

BUENA VISTA AVENUE – (Privacy & Guest House) – $3,495,000

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Not far from Montecito’s upper village, above East Valley Road, is this very private home on a one acre lot with shared water well. Soaring ceilings and huge windows provide sunlit rooms. A storybook guesthouse is surrounded by mature gardens and wonderful views of the private setting. Other features include a spacious kitchen, three fireplaces, two master bath areas, separate studio and several outdoor patios for entertaining. Truly designed for indoor/outdoor living, this home offers 3,880 square feet of living space and is in the Montecito Union School District.

EL BOSQUE ROAD – (Spanish hacienda) – $4,925,000

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This Spanish-style hacienda home has a classic presidio floorplan and includes four bedrooms plus a den. Three of the bedroom suites are on main level with an upstairs that includes a balcony and stunning mountain views. There is a separate, 2-level guest/pool house with fireplace and full bath on each level, overlooking the pool, pergola and gardens. Conveniently located close to the Upper Village of Montecito and the San Ysidro Ranch, this home on El Bosque is in the Montecito Union School District.

ALSTON ROAD ESTATE – (7+ acre compound) – $25,000,000

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A long, gated drive leads visitors to this magnificent example of old world Montecito Opulence. The recent remodel of this important architectural estate features incredible craftsmanship. The home rests on 7.4 majestic acres overlooking Santa Barbara, Montecito, and the Pacific Ocean. Graholm (as the estate is named), is one of the great original hilltop estates of Santa Barbara & Montecito, and offers a 12,000+ square foot main home that gives one the feeling of a private version of the Four Seasons Biltmore hotel. This early 1920’s Spanish Revival estate comes complete with ocean and mountain views, huge beam ceilings, stone and ironwork from of the last centuries great craftsmen, gorgeous park like grounds, privacy, and a feeling of space and grandeur rarely available. The grand main residence includes incredible ocean views, seven bedrooms & baths, and grand social rooms with spectacular beams, fireplaces and attention to detail at every level. Also included in this purchase is a private, three bedroom, three bath guest house, on a separate parcel.

If you would like more information on any of these listings please contact your Real Estate agent. If you are not working with anyone I would be happy to answer any questions or arrange a showing. To see more of my best buy picks, visit, www.MontecitoBestBuys.com. I can be reached by email – Mark@villagesite.com or call/text 805-698-2174.