With little press attention about this, as doom and gloom continues to remain the media focus, this appreciation rate is a testament to the stability of the Santa Barbara Real Estate Market and the desirability of our area for primary homes, luxury real estate, vacation homes, and investments. While many places in the country saw large decreases in property values, the Montecito Estate Market continues proving to be a solid investment. Any homeowner or investor would be hard pressed to find such an increase in property value for this past year. Santa Barbara Real Estate remains desirable and why wouldn’t it – we have ideal weather, breathtaking scenery, pristine beaches, fine dining, theatre, golf, boating, polo, wine tours, international appeal, and so much more. Whether vacation destination, primary residence, second home or pure investment, Santa Barbara is a proven prime choice for the old real estate adage of location, location, location!
Santa Barbara real estate has yet another reason for sustained demand. Santa Barbara has just received a prestigious award by the National Trust for Historic Preservation. Santa Barbara was selected as one of the 12 most distinctive destinations in America. According to the Trust, they make their choices based on “vacation destinations across the United States that offer an authentic visitor experience by combining dynamic downtown, cultural diversity, attractive architecture, cultural landscapes and a strong commitment to historic preservation and revitalization.” Santa Barbara has a long history of preservation and this is yet another reason why the Santa Barbara Real Estate Market remains attractive as one the most stable real estate markets in the US. As a matter of fact, the sub Santa Barbara real estate market of Montecito Real Estate has shown an appreciation rate of 13% for the 2008 median sale price, setting it at $3,300,000. Yes, a 13% increase in the median sales price! The chart below shows the year long statistics for Montecito homes sold per Santa Barbara area MLS.