Montecito Luxury Real Estate Update

Montecito Ocean View

The following is a Montecito Luxury Real Estate update: There are currently 59 properties for sale in Montecito at the $5,000,000 and above price point with 28 of those Montecito luxury estates being at the $10,000,000 and above price.  At the $10,000,000 and above range there have been 11 Montecito Luxury Estate sales this year. The most recent being a spectacular property on Cima del Mundo. This amazing Montecito estate compound closed escrow at $21,500,000.  It is essentially a new home as it was a vacation home and rarely used by the previous owner who purchased it brand new in 2009 for $18,500,000. This truly remarkable Montecito estate property has dramatic ocean, harbor, and mountain views, 5 private acres, and of course all the amenities one would expect in a luxury estate such as pool, tennis court, guest house, and main home of 12,000+ square feet. Last year for the same time period of January 1 – August 4 there was only 1 sale in the $10,000,000 and above Montecito Luxury home market and that home closed escrow on August 4 for $10,750,000. That was a Montecito Oceanfront beach property with 1/2 acre, pool, and beach cottage – a rare offering! For the $5,000,000 up to the $10,000,000 price range there have been 8 sales to date this year compared to 12 for the same time period last year. Year to date totals for Montecito at $5,000,000 plus is 19 this year vs 13 last year – a dramatic 47% increase. To search for properties for sale in Montecito click here or go to www.SantaBarbaraRE.com to create a custom search with your particular specifications. You may also call Pat Saraca at 805-886-7426 to confidentially discuss your real estate needs.

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