Santa Barbara estates ranch property on Ortega Ridge in the Montecito Estates market place has sold for $21 million. It was listed for $20 million and sold for over the asking price. That’s correct, over asking in todays market! The 80-acres of pristine ranch land, ocean view ranch home, pool and tennis court, sold for over 10 times it’s 1993 purchase price of $2.05 million. That’s about 17% per year appreciation. A very strong return, but not an outlandish expectation when broken down annually for the Montecito Estates market place. This beautiful Santa Barbara estates parcel can probably be partially divided. Santa Barbara properties in this market segment continue strong long term investment performance with the upper end market segments of Montecito estates and Hope Ranch estates home prices up over 18% for 2007.
The strong appreciation again shows that the slump in the residential market is more apparent in other parts of California and elsewhere. However, property value appreciation in strong local markets such as the Santa Barbara estate market, Montecito estate market and the Hope Ranch estate market locations are still experiencing reliable annual appreciation for the last 15 years.
The Santa Barbara estate and signature property market is one which requires well informed local knowledge that is crucial to successful acquisition and sale of these rare estate properties. Custom searches of Santa Barbara properties on the beach, estates, Montecito properties for sale or Hope Ranch real estate information are available at http://www.RareEstates.com, a fine home sale transaction network, having specialized local resources and knowledge of unadvertised luxury properties and qualified estate property investors searching for properties. For exclusive information about privately offered Montecito estates in the Montecito, Santa Barbara or Hope Ranch Marketplace, direct your inquiries here.