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
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