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.
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.
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.
- Montecito Once Again in the Top 10 Most Expensive Zip Codes
- Beachfront Real Estate Sales – First Quarter 2010
- Top 10 Beachfront Real Estate Sales in Santa Barbara
- Santa Barbara Luxury Real Estate Articles
- 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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