Distinctive Santa Barbara Real Estate

Red Hot Montecito Real Estate

Montecito real estate is red hot despite this Washington and Wall Street debacle, otherwise known as the Bailout.  Montecito real estate boasts an impressive 35% rise in the median sales price and the 42% rise in the average sales price year over year.  Pending sales, or Montecito homes for sale that are currently under sales contract are up a whopping 300%  year over year!  Apparently there is just no stopping the demand for Montecito, otherwise referred to as the Crown Jewel of Santa Barbara.   Currently, the median price of a Montecito home for sale is $4,450,000.  Just this month, in the midst of all the economic meltdown talk in Washington and Wall Street, a 2 bedcroom Montecito home of approximately 4,600 square feet on under 2 acres closed escrow at $9.5 million.   

For more statistical information, or for information on homes for sale in Montecito, contact Wendy Elizabeth Gragg, President, Distinctive Real Estate.   You can also log on to our website at www.DistinctiveRealEstateOnline.com

Real Estate Market Recovery Coming Soon

Economists are now predicting the Santa Barbara Real Estate market will be recovering soon.  The Economists state that real estate prices in Santa Barbara will rebound based on pent up buyer demand.  The pent up demand comes from lenders who over the past few months have very tight lending standards, and qualification is very difficult.  Lenders have been requiring high down payments which many buyers are unable or unwilling to provide.  Economists forecast that the lending markets will improve during the final quarter of 2008, and that will make it easier for buyers to purchase real estate in Santa Barbara.

The Economists also showed that Notice of Defaults and Foreclosures in Santa Barbara appear to have peaked or are near their peak signaling that the housing recession is over and selling values are unlikely to decline further.  They state that a rapidly declining rate of foreclosure  is clearly the sign to buyers that the Santa Barbara real estate market has bottomed. 

Real estate is a supply and demand business.  As foreclosures are declining, and buyers are scooping up good deals, the number of homes for sale is declining.  In terms of newly built homes in Santa Barbara less than 300 homes will be built this year in Santa Barbara.    This low number of homes started this year is unprecedented.  Over the 50 year record of new homes prouction in Santa Barbara County,  the rate of new home construction in the first 7 months of 2008 is the lowest in history! 

The growth of the local Santa Barbara economy is still positive.  Commercial real estate occupancy rates are still tight and the market is generally healthy.   Economists predict job creation and population are expected to increase, which will add to the pent up buyer demand for real estate in Santa Barbara.

For more statistical information on real estate in Santa Barbara, visit us at www.DistinctiveRealEstateOnline.com or contact Wendy Elizabeth Gragg, President, Distinctive Real Estate 805.565.0246.

Montecito Real Estate

In the wake of all the bad news about real estate, Montecito real estate continues its decades long good fortune when it comes to Montecito real estate values.    Year over year, Montecito real estate median sales price is up by about +26%.

Montecito offers everything from small condominiums for sale starting at around $1million, to nice single family homes for sale in good locations starting at around $3 million.  Then there is the  Montecito luxury real estate market, generally defined as luxury homes consisting of large main residence, guest quarters, pool & tennis on multiple acres and priced above $10 million.

The Montecito luxury real estate offerings has recently become very private meaning that these luxury homes are not publicly available for sale in the Multiple Listing Service or MLS, or in any other public databases including Realtor.com, Trulia.com, Zillow.com, etc.  As a buyer of Montecito luxury real estate, It is becoming more important than ever before to be sure you are working with a real estate professional who is knowledgeable about private luxury real estate offerings, as well as private luxury real estate comparable sales that have taken place.

Distinctive Real Estate is a luxury real estate firm located in the heart of Downtown Santa Barbara and is the only firm in Santa Barbara that offers VIP Concerge Service.   Distinctive Real Estate specializes in providing exceptional service to our affluent clientele before, during and after the sale.   our in-house team of professionals will coordinate a private tour of all Montecito luxury real estate homes for sale because it is important for your decision making and your negotiating to have as many options as possible to select from.   Once the perfect property is aquired, Distinctive Real Estate offers a customized Conceirge program suited to attending the family needs as well as the property needs.

To learn more, please visit www.DistinctiveRealEstateOnline.com, or contact Wendy Elizabeth Gragg, President of Distinctive Real Estate at 805.565.0246