The Santa Barbara luxury real estate market has seen an uptick in sales activity recently. An oceanfront home on famed Padaro Lane has just closed escrow at $12 million. It was listed at $14.5 million less than 6 months ago. Another Santa Barbara sale was not as fortunate with time on the market. This Montecito Estate on 10 acres was listed in 2012 for $12.9 million. It just closed escrow at $9.725 million.