The Montecito condo market in numbers
Condos are a small part of Montecito's housing. Of 4,092 homes in the Montecito census-designated place, 3,106 (75.9%) are detached houses, 518 (12.7%) are attached single-family homes such as townhouses, and 468 (11.4%) are in buildings of two or more units (ACS 2020-2024). Some of the multi-unit housing sits in the coastal strip below U.S. 101, where the county's Community Plan describes several condominium or clustered developments alongside the Biltmore and Miramar hotels.
| Measure (Redfin, three months to September 2026) | ZIP 93108 condos | ZIP 93108 single-family homes |
|---|---|---|
| Median sale price | $3,449,898 | $5,598,588 |
| Change on a year earlier | -5.5% | -9.2% |
| Median price per square foot | $1,921.55 | $1,680.47 |
| Homes sold | 9 | 44 |
| Median days on market | 38 | 77 |
| Months of supply | 1.7 | 5.5 |
Nine sales in three months is a thin sample, so a single beachfront unit can move the median by hundreds of thousands of dollars. The useful signal is the speed: condos in 93108 sold in about half the time of houses, and only five were for sale at the end of September. For the wider ZIP picture see our Montecito ZIP code page.
Best areas to buy a condo in Montecito
Montecito's condos cluster along the beach between Butterfly Beach and Miramar Beach. Listings change weekly, so treat the examples below as a snapshot and check the current MLS with an agent.
Bonnymede, next to the Biltmore
Bonnymede was built in 1965 and has 113 condos beside the Biltmore hotel and Coral Casino, close to Coast Village Road. According to a local agent who tracks the complex, the mix is 10 single-level three-bedroom units, 28 single-level two-bedroom units, 30 two-bedroom townhouses, 30 ground-floor one-bedroom units and 15 studios. Shared amenities include a beachfront area, pool, spa, tennis court, clubhouse and rose garden. The same source puts association fees at $918 a month for the smallest 572-square-foot studio up to $3,378 for the largest 2,164-square-foot three-bedroom.
Montecito Shores, behind the same guarded gate
Montecito Shores shares Bonnymede's guarded entry. It was built in 1974 and has 99 single-level condos in Spanish-style three-story buildings, each split into three towers so units do not share walls. There are 21 three-bedroom units and 78 two-bedroom units, with a subterranean garage and two assigned spaces per condo. Listed HOA fees are $2,014 a month for two-bedroom units and $2,300 for three-bedroom units. Ask the association for its CC&Rs and leasing rules, and read the rental rules before you buy if you plan to let the unit.
What Bonnymede and Montecito Shores cost now
On October 30, 2026, the Santa Barbara MLS feed on the same agent's site showed four active listings across the two complexes, from $2,370,000 for an 813-square-foot one-bedroom to $5,995,000 for a 1,992-square-foot two-bedroom. That is roughly $2,900 to $4,300 a square foot asking, well above Redfin's 93108 condo median of $1,921.55. Asking prices are not sale prices, so ask for closed sales in the complex.
Cottages and duplexes near Virginia and Danielson Roads
The northern part of the coastal sub-area, near Virginia and Danielson Roads, is mostly cottages and duplexes rather than condos. The Community Plan placed an affordable housing overlay on this area. If you want a smaller home near the beach without HOA dues, this is where to look, but check whether a unit is a legal separate parcel or part of a duplex lot.
Condos in neighboring Summerland and Santa Barbara
If Montecito's condo prices are out of range, the nearest alternatives are next door. Redfin's median sale price for all home types was $1,856,954 in Santa Barbara's ZIP 93103 and $1,291,620 in Carpinteria's 93013 over the three months to September 2026. Summerland had only five sales in that period, too few to compare.
Is it wise to buy a condo in Montecito now?
The numbers favor sellers more than the house market does. With 1.7 months of supply in 93108 condos against 5.5 months for houses, buyers have less room to negotiate on a unit they want. Three checks matter more than price.
Balcony and deck inspections (SB 326)
Older coastal buildings such as Bonnymede (1965) and Montecito Shores (1974) are the kind California's balcony law targets. Associations must have exterior elevated elements inspected on a set schedule. Ask for the latest inspection report and any repair plan. Our balcony inspection law guide explains the rules.
Reserves and special assessments
Ask for the association's reserve study and the percentage funded. Oceanfront buildings face salt air, bluff and drainage costs. A low reserve can mean a special assessment soon after you buy. Our California HOA laws guide lists the documents sellers must provide.
Insurance on a beach condo
Ask what the master policy covers, its deductible, and whether the building is in a flood zone. You will still need your own unit policy. Check whether earthquake cover is in place; see our earthquake insurance guide and homeowners insurance guide.
Financing a Montecito condo
Almost every Montecito condo needs a jumbo loan. At Freddie Mac's 30-year average of 7.24% (week of October 29, 2026), 20% down on Redfin's 93108 condo median of $3,449,898 leaves a loan of about $2,759,918 and roughly $18,809 a month in principal and interest. Jumbo lenders price on their own terms, so treat that as a reference only.
Lenders also review the association: its budget, reserves, insurance, the share of units that are rented, and any pending litigation. A building that fails those checks is "non-warrantable" and needs a portfolio lender. Ask your lender to review the HOA documents before you remove the loan contingency.
Fees and taxes on a Montecito condo
Your monthly cost has three parts besides the mortgage. HOA dues run from $918 to $3,378 a month at Bonnymede and $2,014 to $2,300 at Montecito Shores, according to the local agent's site; ask the association for the current budget, since fees change each year. Property tax is about 1.03% of the purchase price in the Montecito Union tax rate area (1.02872% for 2026-27), so a $3,449,898 condo would owe about $35,418 a year after the homeowners' exemption. Fixed sewer and water charges are added to the bill. See our Santa Barbara County property tax guide.
Checklist before you buy a Montecito condo
- Get the HOA's budget, reserve study, minutes for the last 12 months and any pending special assessment.
- Read the CC&Rs and leasing rules, including any minimum rental term.
- Ask for the latest balcony and deck inspection report.
- Get the master insurance declarations and a quote for your own unit policy.
- Check the flood zone and the history of creek flooding near the complex.
- Confirm parking spaces and storage are deeded or assigned to the unit.
- Ask your agent for closed sales in the same complex over the last two years.
For prices across all home types, see our Montecito guide.