Montecito Beachfront Town Homes and Condos at Bargain Prices!! Bonnymede & Montecito Shores

As the run up in real estate values continued through early 2008 here in the Montecito area, the exclusive condominium enclaves of Bonnymede and Montecito Shores (the only 2 oceanfront condo / town home complexes we have in the Montecito area) saw prices comfortably in the $2.5 – 5 Million range.  Many of these units seemed to be selling to either 2nd home buyers or Montecito residents downsizing from larger estates. 

As the market has changed over the last 2 years, values here within both the Bonnymede and Montecito Shores complexes have been hit very hard.  It is difficult to put an exact number on a percentage drop since location means a lot within the comlex, but most would agree that values have dropped within both these exclusive complexes around 35-40%.  Some of the most recent sales have really stood out simply for their closing price of under $1 Million.

Montecito Shores

Within Montecito Shores in 2010, there have now been 2 sales of less than $1 million.

• 29 Seaview Drive, 2 bed 2 bath closed in June 2010 for $891,000 
• 35 Seaview Drive, 2 bed 2 bath closed in July for $975,000

So far there have been a total of 10 sales in Montecito Shores this year, all under $1,610,000.  Contrast this to 2007 when the market was very strong and a total of 9 units closed ranging in price from $1.2 Million to $3.5 Million.

Currently there are 4 units Active for Sale in Montecito Shores ranging in price from $1 – 2 Million.

Bonnymede

Within Bonnymede, there have only been a total of 3 sales this year.

• 1300 Plaza Pacifica closed at $3 Million in February 2010
• 1311 Plaza Pacifica closed at $1.225 Million in May 2010
• 1330 Plaza Pacifica closed at $1.2 Million in August 2010

Compare this to 2007 where there were also 3 Closed Sales with price points of $1.8 Million, 3.7 Million and $5 Million.

Currently there are 3 units on the market in Bonnymede ranging in prices from $2.1 to $2.9 Million.

View: Montecito Oceanfront Condos For Sale

Further Reading:

1. Montecito Once Again in the Top 10 Most Expensive Zip Codes
2. Beachfront Real Estate Sales – First Quarter 2010
3. Top 10 Beachfront Real Estate Sales in Santa Barbara
4. Santa Barbara Luxury Real Estate Articles
5. The Secret of Santa Barbara and Montecito Oceanfront Property

For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.

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.

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This entry was posted on Thursday, October 21st, 2010 at 9:41 am and is filed under Luxury Real Estate, Montecito, The Oceanfront Areas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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