Santa Barbara Luxury Real Estate Activity Update. The Santa Barbara luxury real estate market remains strong. Recent closed sales include an oceanfront cottage on half an acre with about 84 feet of ocean frontage. It was listed at $14.9 million and closed escrow at $13 million. It sold in 34 days! This oceanfront cottage is just a couple oceanfront doors away from a celebrity owned beach house which was listed at $22.5 million and sold at $19 million in 5 days! This beach house was over 6,000 square feet of exquisite finish. It is on half an acre with about 63 feet of ocean frontage.
Also among the most recent sales is a magnificent Mediterranean Estate on 21 acres in Montecito. It was originally listed at $17.75 million and sold for just over $14 million. It was on the market for about a year and a half.
Total revenue year to date for the Santa Barbara luxury real estate market – above $10 million – is just over $221 million. Total revenue for the entire year of 2014 was just over $161 million. Santa Barbara luxury real estate buyers are taking action.
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To discuss your real estate needs, call Wendy Gragg at 805.453.3371 or email WGragg@DistinctiveRealEstateOnline.com