Recent Uptick in Pending Sales of High End Santa Barbara Real Estate

There has been an uptick in Santa Barbara luxury real estate entering escrow recently.  Currently, the most expensive among them is a beautiful oceanfront home in Hope Ranch. Situated on nearly 8 acres, this oceanfront jewel has been on the market over 200 days.  It was originally listed at $28 million, and then reduced to its current price of $23.5 million before finding its buyer.  Another recent high end escrow is a Montecito home on over 2 ocean view acres with guest house and pool.  It is listed at $15.3 million and has been on the market for just under a year before finding the buyer.   Following that is another Montecito ocean view home with pool and guest house, very near the famed San Ysidro Ranch. It is currently listed just under $15 million.  It was listed in 2008 for about a year with an original asking price of $19.5 million.  It was reduced to $16 million and then to its current asking price of just under $15 million before it found the buyer. The next piece of Santa Barbara luxury real estate in escrow is an oceanfront property at Sand Point in Carpinteria.  Its original asking price was $15.9 million, before being reduced to its current list price of $13.8 million.  Next in the line of high end Santa Barbara real estate in escrow is a bit of a fixer with ocean views, pool & tennis court in Montecito.  This property was originally listed at $10 million about a year ago.  Its current list price is just under $9 million.  This Montecito home went into escrow very quickly following the $1 million price change and fell out.  It has just gone back into escrow again.  Last in the long list of high end Santa Barbara real estate escrows recently is an ocean view Hope Ranch home with pool & tennis court.  Originally listed in 2008 at $10.750 million, it is currently listed at just under $6.5 million.

This significant uptick in Santa Barbara luxury real estate demonstrates that high end buyers feel this is a good buying opportunity.   As you see here, sellers of high end Santa Barbara luxury real estate have made substantial price consessions in their asking prices, and it is highly likely the final sales price will show even more consession on price as well. Recent comparable sales show the Santa Barbara real estate market is in a strong buyers market.   Timing is everything... 

To view Santa Barbara luxury homes for sale, Montecito Estate for sale and Hope Ranch oceanfront homes for sale visit www.DistinctiveRealEstateOnline.com or contact Wendy Gragg at 805.453.3371   

Comments

[house for sale Philippines]

I agree with this Santa Barbara luxury real estate have made substantial price concessions in their asking prices, and it is highly likely the final sales price will show even more concession on price as well. Recent comparable sales show the Santa Barbara real estate market is in a strong buyers market. thanks for sharing this.

Mitch

[Josh]

Good to see the higher end markets picking up a little.