Here are the week’s top price adjustments….
Many of the Montecito Mediterranean Mansions that came onto the market with eight-figure prices have been dropping into seven-digit territory, no doubt to woo people looking to escape city life during the pandemic. One of the more appealing MonteMediMansions is 956 Mariposa Lane (↓$500K to $9.95M); you might want to change the carpet, but beyond that, it’s turnkey.
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610 Cima Vista Lane (↓$545K to $8.45M), on the other hand, has that rustic tile that has fallen out of favor in recent years. Then again, it’s a buck and a half cheaper than 956 Mariposa….
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416 Meadowbrook Drive (↓$500K to $9.495M) in Ennisbrook is bigger, but without the ocean views the two properties above can boast of. Fresher decor might bring out the craftsmanship.
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Properties around $5 million, which have been flying off the shelves, continue to see an opportunity to raise prices. To wit, the newly renovated 3030 Hidden Valley Lane (↑$175K to $5M) is now $175K more than it was a year ago.
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And 650 Stoddard Lane (↑$131K to $5.129M) jacked up its price, too; in 2017, you could’ve bought it for $4.795 million. The house has charms, but being next door to an elementary school isn’t among them.
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The spec renovation at 607 Stone Meadow Lane (↓$200K to $4.795M) is inching toward a more realistic price. It started at $5.2 million in May, and I’d wager it has another $500K to go.
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