The entry level market in Santa Barbara is under $1MM; in Montecito it is under $2MM.
As I write this on April 11, I find that since April 1, there have been 10 sales pending reported on properties priced over $1MM in Santa Barbara as well as in Montecito. This bodes well for the recovery of the higher end market in our area. Many of these properties received multiple offers!
This link will be active for a couple of weeks - click on it to see full profiles of the following properties:
1475 E. Mountain Drive, Montecito - listed at $7,950,000
2112 Santa Barbara Street - listed at $3,500,000
1654 Moore Road, Montecito, listed at $3,395,000
216 Ortega Ridge Road, border of Montecito/Summerland - listed at $2,685,000
3626 San Remo Drive - listed at $2,150,000
620 Randall Road, Montecito - listed at !,750,000
42 Seaveiw, Montecito - listed at $1,300,000
3035 Hermosa Road - listed at $1,250,000 (www.hermosaroad.com)
In the first quarter of 2011, half of the sales reported pending were over $1MM (out of over 110).
Overall, in all price ranges, agents are reporting multiple offers on properties. Once a property hits "value" there are buyers waiting in the wings. Now...we just need the lenders to make it a little easier!
Ps: For you CRS Realtors coming to Santa Barbara for our networking meeting on April 15 - call me for a private tour of property - I'd love to show off my 'hood! And I look forward to seeing you at the Boathouse Restaurant for a little pre-party.
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