Santa Barbara Luxury Property Sales Continue to Set Records Year After Year
One market that has not been effected by all the negative national news with regards to the credit crisis and sub-prime fallout is the high-end homes and luxury estates in Montecito and Santa Barbara CA, particularly along the coastline.
Santa Barbara Luxury Real Estate
This high-end real estate market is referred to as property sales in excess of $10 Million.
To illustrate the pace and volume of these sales, I have included some statistics below that show the year over year increase in sales.
- 2002 reported in the MLS approximately $42 Million in sales
- 2003 reported in the MLS approximately $65 Million in sales
- 2004 reported in the MLS approximately $72 Million in sales
- 2005 reported in the MLS approximately $94 Million in sales
- 2006 reported in the MLS approximately $219 Million in sales
- 2007 reported in the MLS approximately $255 Million in sales
In my humble opinion, having traveled much of the world, Santa Barbara will always rank as one of the most beautiful places to live. Once you arrive here it is not hard to understand this conviction. Seemingly encapsulated in a relatively perfect maritime climate, Santa Barbara is an oceanfront resort like community with wonderful architecture, clean air and limited traffic, long stretches of gorgeous and accessible coastline and an abundance of outdoor activity including surfing, golfing, hiking, rock climbing, sailing, mountain biking, fishing, kayaking and much more. For people wanting more than just an active community, Santa Barbara also boasts a wonderful mix of art, culture, live performances and dining. On the real estate side of the equation, this quality of life that Santa Barbara and Montecito offers will continue to drive high-end property values. What the above statistics simply show is that the wealthy have located Santa Barbara and Montecito as a desirable place to both live and own property. Movie stars, industry titans and the newly rich circulate around Santa Barbara without attracting much attention and without dressing up. Multi-millionaires are able to maintain a relatively private existence here that can often allude them in other areas. This along with Santa Barbara and Montecito resident's casualness to this vast wealth is part of the allure for the wealthy.