Montecito Real Estate: Luxury Home Market

This year has seen a surge in the Montecito real estate luxury home market for sales in the $5,000,000 and above category. There have been 15 closed sales with one additional Montecito estate in escrow. Last year at this time, year to date (ytd), there had been only 8 sales thus showing a 87% increase in sales in the Montecito estate market. It seems the affluent buyers are putting their money back in the luxury home market. The highest sale ytd for 2011 was $7,900,000 while this year’s high is $19,500,000 – this is a spectacular 1920’s Reginald Johnson estate on 5 ocean and mountain view acres in a prime Montecito location . The average sales price for this year is $12,400,000 – a whooping 100% increase over 2011’s average of $6,200,000. 7 Montecito estates have closed escrow since May 1 of this year with sales prices at $5,000,000 or more. The most recent Montecito estate sale was an 11,000 s.f. Mediterranean newly completed in 2008. It was on 12.8 acres with breathtaking, panoramic ocean and mountain views. It sold for $13,975,000 and had previously been listed at $35,000,000 – quite a price cut for that luxury home buyer!  Perhaps now is the time to purchase a Montecito estate at a highly reduced price.T o view Montecito luxury homes for sale click here.  To create a custom search of Santa Barbara real estate for sale go to www.SantaBarbaraRE.com  or contact me at 805-560-9951 to learn more about luxury homes for sale in the Montecito and

Montecito sunset

Santa Barbara area.

 

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