Last week’s sales….
790 AYALA LANE (ABOVE)
Funky 1970s architecture in Montecito; the seller paid $2.532 million in January 2020.
Listed: $6.2 million in February 2023.
Closed: $6.1 million.
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1410 SCHOOL HOUSE ROAD
Midcentury three-bedroom.
Listed: $4.995 million in April 2023.
Closed: $4.995 million.
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1480 MISSION CANYON ROAD
Three-bedroom on 6.51 acres above the Botanic Garden; the seller paid $3.5 million in August 2021.
Listed: $4.4 million in June 2022, raised to $4.425 million in April 2023.
Closed: $4.425 million.
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1530 MIRAMAR LANE
1938 Hedgerow three-bedroom with an outbuilding.
Listed: $4.295 million in April 2023.
Closed: $4.328 million.
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673 COLD SPRING ROAD
Fixer on 1.17 acres near Cold Spring School.
Listed: $3.395 million in April 2023.
Closed: $3.736 million.
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2631 FREESIA DRIVE
Summerland Cottages three-bedroom.
Listed: $3.35 million in April 2023.
Closed: $3.5 million.
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And a few others worth checking out:
••• 143 San Rafael Avenue: $2.6 million.
••• 1460 Twinridge Road: $2.575 million.
••• 201 Palisades Drive: $2.5 million.
••• 603 Foxen Drive: $2.15 million.
••• 729 Fellowship Road: $2.1 million.
••• 5629 W. Camino Cielo: $2.04 million.
••• 1705 Glen Oaks Drive: $1.55 million.
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Watching with interest the feeding frenzy of grossly overpriced properties being snapped up by out of t owners, often for all cash in the many millions. When the projected economic downturn , expected to be severe and prolonged, hits these peoples’ cash will be all tied up and they will be stuck with property that will not sell for the inflated prices paid Zits a cycle here No sympathy
Kim, if people are buying the properties for a particular price, then that is what they are worth. Hoping that the economy will crash so you can “feel” right, is a truly sad and pathetic take on the free market and life at large…
Collective misery is not going to help you overcome all of your life’s poor choices. Hoping that people suffer because you were too meek or weak to make the right choices in your life is pitiful.
As the brilliant John Keynes said “Markets will remain irrational far longer than you can remain solvent”.
Not what I wish for at all Your snark is misplaced It is simply the repeated pattern here and in my profession I witnessed a lot of bankruptcies foreclosures and sad wreckage