There are officially 18 properties which have closed escrow since June 1st. Of those, two were condominiums in Montecito Shores which closed at $1,400,000 and $2,650,000. There were also two closings at Birnam Wood for $2,160,000 on Crocker Sperry and $2,800,000 on Forge Road. The lowest priced sale was a 3 bedroom home on Santa Clara Way that sold without benefit of MLS for $1,050,000. The highest priced closing was a home needing a great deal of updating on Mountain Drive for an even $7,000,000. We’ve also had a sale close at $16 million on Mountain and a beach property close for $27 million, without MLS. The equally exciting statistic is that there are currently 18 officially pending escrows ranging from a condo on Coast Village Road listed at $559,900 up to a home that’s been on the market for over 2 years on Glenview, last listed at $6,950,000. At least 4 or 5 additional listings are in escrow but haven’t been reported yet as “Pending.” Many agents and their sellers are choosing to bend the rules a bit and wait to show their status as ”in escrow” until contingencies have been released. This practice is frustrating for realtors working to set up showings, but eliminates the need to show as “Back on the market” if a sale cancels while in the contingency period. The ones that fall into this unofficial category at present range from another Montecito Shores condo to at least a couple of homes listed between $2,300,000 and $4 million.
The inference can be drawn that our inventory, somewhat stagnant for so long, is starting to be absorbed and others just coming on the market, but well-priced, are selling within days or weeks of being listed. In addition, these sales are, in large part, properties needing work. It means contractors and their subs will be back in higher demand than they have been over the last 18 to 24 months. The quietest segment of the market during this same period has been empty lots. When there is so much finished inventory, the incentive to build diminishes. But there are currently some great lots, many with approved plans, which would allow a buyer to build a dream home, often with the ability to break ground the day escrow closes.
These recent statistics seem to reflect a combination of objectives that bode well for a healthier market. Buyers seem willing to once again invest in updating and renovation in a good location as opposed to only buying properties that were completely done.
Of particular interest is Birnam Wood, which charges a Corporate membership fee of over $75,000 to anyone buying a home who isn’t already a member. This Club has seen a resurgence in the last couple of months. There is a younger demographic of current or soon to be empty nesters looking for and buying homes here that they plan to either rent out for the next couple of years, or use full time while they travel and start a new phase of their lives. Both Birnam and Ennisbrook have also attracted some well-known individuals hoping to live here under the radar in locations providing an added layer of anonymity.
Birnam Wood, being the only true golf and home community in Montecito, has always appealed to a very specific set of buyers. In general, buyers looking in Montecito are not here looking for a gated community and, those who are, have tended to be an older group of retirees, often buying as a second or third home. Although there are no age restrictions, the lack of a community pool and the higher age group has made Birnam less desireable to young families with children. Recently, a great many local residents who have sold their homes and who are opting for an easier, more scaled down lifestyle, have chosen to buy at Birnam. The food at Birnam Wood has long been considered some of the best in town, and the recently renovated dining facility lends itself to a more casual lifestyle than the Club presented in years past. Not quite the recent radical change of the rules seen at Montecito Country Club, allowing denim to be worn, but more relaxed than ever before. Another of the subtle changes happening within Montecito as people buy and sell their homes, while at the same time choosing to maintain a local presence, just in a little bit different location.
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