Montecito

Sales of homes at Montecito continue at prices deeply discounted from new construction pricing. Built in 2005/2006, this community fell victim to the height of the housing boom when investors bought a significant number of units at pre-construction prices, flipped the homes for a sizeable profit and left new owners with heavily mortgaged overpriced properties in a declining market. Buyers have been benefiting from a significant number of short sales and foreclosed properties since 2007. With more than 200 townhomes and single family homes surrounding a large lake, Montecito has very functional floor plans in both single and two story units. Townhomes are all three bedroom, two and a half bath two story units with just over 1700 square feet under air. The single family homes run from more than 2000 SF to over 4000 SF under air with some single story units. In most Montecito homes, the two car garages are detached. Some of the homes face the lake, others back to a large preserve area. The community has a small clubhouse, a swimming pool and a play area for children. Montecito is located on Northlake Boulevard, just west of the Turnpike and east of PGA National, close to shopping, restaurants, and major roadways. At mid-year 2010 there are 15 homes and townhomes on the market with five under contract. Prices range from $159,000 for s three bedroom townhome up to $449,000 for a four bedroom, four bath single family home.

Recent Market Activity -- Home prices fell substantially in 2007 and 2008 as short sales and foreclosure dominated the market. The majority of sales since 2008 have been distressed and prices collapsed. During the first six months of 2010 there were nine sales in Montecito, four short sales and two bank owned properties, averaging $107 per square foot for townhomes and $104/SF for single family homes. In 2009 there were 17 sales, eight short sales and four bank owned, averaging $107/SF for townhomes and $98/SF for single family homes. In 2008 there were 13 sales, seven short sales and three bank owned, averaging $119/SF for townhomes and $104/SF for single family homes.