Any Luxury Homes in Foreclosure in Montecito CA?
A few times a month for the last year or so I have been asked by someone about the state of foreclosures in Montecito and our other luxury areas here in Santa Barbara CA. Being that there is so much doom and gloom across the U.S. with the housing market and lately a lot of this effecting the high end neighborhoods, this is a very normal question. So what is the state of foreclosures in Montecito and our luxury areas?
Not too dramatic if you ask me. I have talked with many title reps, lenders and searched myself on several "foreclosure sites" to try and get an insight as to where we are at. If you look at these sites as well as talk to "informed" people, it is hard not to think that a lot more bank owned properties would/should be coming on the market. These sites track everything from 1st payment missed, to notice of default, to imminent disaster and the list goes on. Yet, inevitability we are not seeing this "information" translate into numerous bank owned homes hitting our luxury market and the local MLS.
Here are the numbers from the MLS - 8 Bank Owned homes in Montecito since January 1, 2009. This translates into only roughly 1 bank-owned property per 5-6 weeks. Here is the list: 157 Loureyo Road, Montecito CA 93108 - Asking Price $1,150,000 sold for $825,000 after 240 days on the market. 2166 East Valley Road, Montecito CA 93108 - Asking Price $967,900 sold for $939,000 after 50 days on the market. 601 Alston Road, Montecito CA 93108 - Asking Price $1,200,000 sold for $1,167,250 after 7 days on the market. 502 Hodges, Montecito CA 93108 - Asking Price $1,299,000 sold for $1,250,000 after 65 days on the market. 300 North Sierra Vista Road, Montecito CA 93108 - Asking Price $1,425,000 sold for $1,095,000 after 228 days on the market. 250 Bonnie Lane, Montecito CA 93108 - Asking Price $1,587,400 sold for $1,800,000 after 9 days on the market. 940 Channel Drive, Montecito CA 93108 - Asking Price $1,980,000 sold for $2,450,000 after 9 days on the market. 3060 Hidden Valley Lane, Montecito CA 93108 - Asking Price $1,504,800 still Active on the market...
The obvious thing about these statistics above is that none of these properties are in what we would call the luxury market ($3 million and above). It seems to be that owners that are in trouble in these price points are somehow finding out a way to avoid letting their homes go into default...which is great news for them and everyone.