Home sales down in Montecito, but no lasting impacts from mudslide expected

The mudslide did millions of dollars in damage to Montecito properties, but no lasting impacts on the real estate market are expected, according to one realtor and an economic expert.

On a recent drive in Montecito over the weekend, for sale and open house signs were visible on nearly every street corner.

Sotheby’s realtor Frank Abatemarco said it’s not atypical.

“In Montecito, we have about the same number of listings as we did this time last year,” Abatemarco said.

An estimated 140 homes are currently for sale.

One difference from this year compared to last is that fewer higher end homes, over $10 million, are for sale.

“We have approximately 20% fewer listings,” he said. But, Abatemarco believes that decrease is not correlated with the Jan. 9 disaster.

Abatemarco said it’s really too soon to know what kind of short term impacts the event will have on the real estate market.

But, in the long term, he believes people will always want to live in Montecito.

There is evidence that some residents packed up and moved in the wake of the disaster. But, Abatemarco said there is no sign of a “mass exodus” or “panic selling”.

“The prices are about the same. We don’t see any signs of people who are selling,” he said. “There are no great price drops. We are not seeing anything of that nature.”

There are concerns and uncertainty when it comes to rebuilding. Abatemarco said the community is waiting for new FEMA maps, and the process will remain a “work in progress”.

Local economic expert Dr. Mark Schniepp agreed with Abatemarco’s assessment of the real estate market in Montecito. When reached over the phone, Schniepp said, “Sales are down so far this year, but there will not be any lingering impacts on the real estate market in Montecito going forward.”