Low 'Good Inventory' in The Heart of The Montecito Real Estate Market
Where is all the "Good Inventory" in Montecito?
This is what a lot of agents and their clients are asking themselves with regards to the guts of the Montecito Real Estate market right now. These days the entry level price for getting into Montecito real estate is around $1.1 to $1.6 million. There are a few lower priced homes that come on the market, but only here and there and often these are almost "tear downs" or smaller older homes on or right next to a busy section on East Valley Road etc. For most people, the heart of the real estate market for Montecito is now around the $2 to $4 million price point. This is now the "standard good home" and for most of us there is a true lack of "good inventory" right now in this price range...not a lack of buyers. What I mean by "good" is homes that are done and finished and priced well in the price range...not a fixer or dated or priced high etc. I myself am working with 2 clients right now that are searching hard in these parameters and are ready to buy a "done home" in this price range and simply can not find it. The options are very limited and I personally know of several other agents that are working with buyers that are expressing the same thoughts. Currently there are 76 listings in Montecito from $2 to 4 million and of these, 61 have been on longer than 50 days. What this means is that all of these homes have had enough time for all buyers to see them, yet they are not in escrow. This essentially means that these homes are not resonating with buyers either on price or quality of home or both. Of these homes, there are only about 7 in my mind that are priced well and "good homes". The others are simply too high priced for the market for what a buyer would be getting. Contrary to this, almost any home that has been priced well in this price point is going into escrow within 3-4 weeks. There are seemingly always buyers in Montecito and if you are priced well and a "good home" you will not need to worry these days...buyers are waiting. Further Reading:
- Sotheby's Int'l Realty - Santa Barbara and Montecito
- Is My Realtor a Santa Barbara Neighborhood Specialist?
- Articles on Luxury Real Estate
- Articles on The Oceanfront Areas
- Articles for Foreign Buyers/Sellers
- Sotheby's Int'l Realty Tops in Sales 2010
- Most Significant Montecito Real Estate Sales in 2011...so far
Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts. For more information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in the Santa Barbara area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty. Subscribe: To Receive Personal Listings of Santa Barbara Real Estate Search: The Santa Barbara Area MLS