SITELINE SB: REAL ESTATE UPDATE FROM THOSE WHO KNOW BEST
Curious to get a recap on 2023’s real estate market and as to what’s in store for in 2024? Who better to ask than Riskin Partners, the market leaders and renowned team who have sold more real estate than anyone in town, and coming in #1 again in 2023 with $331M in sales!
The Montecito real estate market has entered a NEW NORMAL. What’s NEW is some welcome price stabilization. The frothy Covid craze is over and pre-pandemic pricing is a thing of the past. What’s NORMAL is that the market is returning to a healthier, more balanced pace and the fundamentals of real estate - location, price, and presentation - matter.
Some time has elapsed since the “height” of the market and there is a lot of current data to show where the market is today. Prices aren’t on the ascent like they were in years past, but they aren’t declining either. Inventory remains tight and there are still more buyers than sellers. Many buyers are still willing to pay a premium for homes that are newly remodeled or in move-in condition while properties with dated finishes tend to find a smaller audience and may need to revisit pricing to appear competitive.
Montecito is on the map! We have more demand today than ever before and think that will remain throughout 2024 and beyond. While there has been a return to the office, people have considerably more flexibility on where they can live, and they want to be here. We haven’t seen a flight of new neighbors returning to primary markets. In fact, in some cases we’re seeing folks that have recently moved here looking for something bigger.
The 1920s are often referred to as the Golden Age of Montecito. The world was emerging from a global pandemic and tycoons from around the country flocked to an idyllic seaside village on the California coast to create their own piece of paradise. Montecito was home to long time residents as well as some new neighbors - the fabled few who could choose to live anywhere in the world. Legacy properties, many of which still stand today, were thoughtfully designed by renowned architects and our sweet little town embarked on an epic growth spurt.
Fast forward a century to today...sound familiar? When it comes to Montecito, we believe the 2020s are 93108’s Golden Age of the modern era and that 2024 will play a strong role! If you’d like to hear a bit more detail directly from Dina, Robert, Sarah and Jasmine, please click the video below.
