Santa Barbara Luxury Real Estate Market is Rebounding

The Wall Street Journal has stated that Greenwich, Connecticut had a phenomenal end to 2009 with huge increases in sales volume in the luxury real estate market.  The west coast has also seen some large sales with a recent  Beverly Hills property selling to the tune of $35,000,000.  More specifically, in the Santa Barbara luxury real estate market we have seen 4 major estates go into escrow in the past month. The first property in Montecito is a recently built 8500 sf. Tuscan Villa with dramatic ocean, city, harbor, island and mountain views. Located at the end of a private lane off Hot Springs Road this luxury home on a 3 acre site also boasts a pool, spa, and guest house. This Montecito view home was offered at $11,900,000 when it went into escrow. The next Montecito estate to go under contract is an impressive Mediterranean in Ennisbrook with 6 bdrms and 11 baths in the main house. In addition to all the amenities of the previously mentioned estate this Montecito property also has a tennis court with pavilion and a garage for 9 cars. This luxury estate was offered at $14,750,000.The 3rd Montecito estate that has just gone into escrow is a knoll top Tuscan Villa with captivating views and over 10,000 square feet of luxury. It offers the utmost in privacy being on approx. 40 acres. This estate’s current list price is $8,750,000. The 4th estate is a 1929 Reginald Johnson on the Riviera which was listed at $8,900,000. It is the quintessential  old world charmer on 3 acres with gently rolling lawns overlooking the fabulous ocean, city, and mountain views. Yes, there is a pool and guest house, too! Quoted in the fore mentioned Wall Street Journal article a representative for residential real estate at U.S.Trust Bank of America Private Wealth Management commented that they have experienced an increase in buying over the past few months. It seems that the luxury real estate market overall may be starting to rebound! We will keep you posted on the Santa Barbara, Montecito, and Hope Ranch estate market. Watch for the closed sales prices in a future blog.

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