The market is as hot as a pizza oven! Prices are climbing and buyers are competing to buy homes. I put a home on the market for sale on Thursday at 4 pm and by 8 pm there were 6 appointments to show it. Through the weekend there were 20 showings and it sold for over full price by Tuesday.
For the six months since May 2020, the market has been rising more rapidly than I have ever seen in my 43 years of selling local homes. If you area homeowner, these months of equity increases will make you smile. Your home is zooming up in value while you sit back and relax.
My $3.9M listing at 1150 Oriole Road entered escrow for full price and sold within a week of going on the market. It is gratifying to report that all Montecito locations have finally passed the peaks of 2008.
A Montecito home worth $3.1M in May was worth $3.7M in November. That’s a $600,000 increase in 6 months! Even when you are wealthy, a 20% increase in equity is worth noting.
The sky – high end of the market is booming, with 8 sales of $25M+ homes since summer. Talk show hostess Ellen DeGeneres sold her East Valley Road home for $33.3M, and radio show host Dennis Miller sold his Picacho Lane 3 – parcel compound for $49M. The most expensive Montecito sale of all time, Rancho San Carlos with 237 acres and 10 parcels at 2500 East Valley Road, closed for $63.25M to the heir of the Bechtel Construction Company. Montecito’s lure still draws high – end buyers.
Montecito Market Report
If you’re thinking of getting in on this wave, please give me a call for a hassle – free, zero pressure Value Market Analysis of your home.
Condos
While condos are not accelerating as much as houses, median prices have risen 9 percent from May to November. In addition, they have experienced a 19 percent jump in sales volume. There is plenty of pressure on buyers to compete in this section of the market. A well-priced condo is just as likely to get multiple offers as a house. A $650,000 condo in May became a $720,000 one in November. That is $12,000 per month or $400 per day you are getting paid to live in your condo.
Condo Law Change
If you own a condo in California or want to buy one, a new law goes into effect January 1, 2021. Currently, Home Owner Associations (HOAs) can restrict the number of units rented and some HOAs do not allow rentals at all. This new law (AB 3182) ends the prohibition of rentals. There will be many fewer restrictions on renting out a condominium. If you’d like to discuss the impacts of this, please give me a call.
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