Two high end Montecito Estate Homes went into escrow this week. One priced at $11.9 million is an 8,500 square foot Tuscan Estate on 3 acres in Montecito. The other, priced at $14.7 million is a large Mediterranean Estate on nearly 3 acres in the guard gated community of Ennisbrook in Montecito.
These high end Montecito Estates in escrow add to the other Montecito high end real estate activity that has just recently been reported here. It seems the high end real estate market in Montecito may be picking up.
Just last week, the LA Times reported that the jumbo mortgage market was beginning to open back up and "return to normal" again. The article reported that jumbo loan rates dropped to a near five year low and banks were slightly relaxing some of their requirements, including the percentage of down payment required.
Many believe that the jumbo loan problems have been a large cause of the housing crisis, particularly on the high end real estate markets like Santa Barbara, Montecito and Hope Ranch. Good news on the jumbo loan market front is welcome.
Please keep coming back to the blog for the latest Santa Barbara Real Estate news and visit our website to view homes for sale in Santa Barbara, Montecito and Hope Ranch at your leisure. Go to www.DistinctiveRealEstateOnline.com
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