Santa Barbara and Montecito CA. Luxury Real Estate Sales Update - First 6 Months 2009

Santa Barbara and Montecito CA Luxury Real Estate

--For our purposes here, I am going to refer to the luxury market here in our area as anything over $5 million. For the first 6 months of 2009, there were a total of 14 closed sales of luxury single family homes and condos here in Carpinteria, Montecito, Santa Barbara and Goleta CA.  As of July 1st, 2009, there were 3 properties in this luxury market that were pending sale (under contract). The highest sale within this luxury market was a French Country Estate built over 5 years with exceptional grounds and quality throughout, 7.5 acres, pool, spa, tennis court, privacy, views, 5-car garage, gym etc. located in the heart of Montecito on Rockbridge Road.  The sales price was $25,279,000. Overall, the luxury market here in the Santa Barbara area was much slower in comparison to the first 6 months of the last few years.  Also, prices on average have taken a decent hit since the highs of around mid 2008.  There were still many homes out there for sale, but not as many buyers based on all that has happened in the last 12-18 months worldwide.  

For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Berkshire Hathaway.

Thank you for reading.  I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

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