Montecito properties for sale market average continues upward to date into 2008
Montecito properties for the 2008 sold to date offer an extremely attractive appreciation pace even in while other real estate markets flounder. The appeal, mystique and beautiful climate of Santa Barbara and Montecito have seduced people globally for more than 100 years, and homebuyers continue their desire for the “American Riviera.” The Santa Barbara luxury real estate market is strong, particularly in Montecito properties for sale, with inventory relatively scarce and the average sales price continues to out perform last year, which was also a solid performing year in Santa Barbara. Sales in the above $2.5 million segment remain vibrant, with the average price increasing generously.
Recent new Santa Barbara real estate owners include Gov. and Mrs. Arnold Schwarzenegger and Santa Barbara’s most recent high residential sale was $31 million for a new construction Montecito ocean view property on 1.5 acres. This buyer then marketed their Santa Barbara beach home for $32 million. Monty Python comedian John Cleese’s has his Montecito horse ranch listed for $28million and that property now has a pending sale.
Beachfront property continues its hot performance. In the Santa Barbara ocean front for sale market segment; a Forbes 400 entity recently purchased a new beach house and then continued to buy his neighbors’ homes around him for a total purchase of more than $109 million. The latest Santa Barbara beach front home for sale is a stunning residence on the Santa Barbara beach front for $47 million.
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