Why the 2014 Luxury Market Offers the Best Opportunities to Buyers

Posted on Feb 10, 2014

As the housing market in Santa Barbara, Montecito and surrounding areas continues to recover, it can be a great time to purchase a luxury home. Prior to 2013, the market was depressed enough that many luxury homeowners were holding on to their homes in hopes of reclaiming their values in an up market. Now, these homes are entering the market again and offering fantastic opportunities. An ocean view estate in Montecito that is for sale at $10-$15,000,000 would likely cost a buyer more like $20,000,000 or more in Los Angeles’ best neighborhoods… but in Montecito one also gets multiple acres and those close in ocean views usually reserved for Malibu and Pacific Palisades.

Another reason this is a good time to look at the luxury home market is that there are many homes on the market over $5 and $10,000,000 in the area that have been on the market for some time now and sellers are anxious to receive offers. A recent area sale saw a home listed at over $17,000,000 close escrow in under a month for $14,400,000. This home in 2006 would have likely been listed at closer to $25-$30,000,000 so would seem like a great bargain now.

Luxury homes are not just those in the $10,000,000 range, Montecito and Santa Barbara have homes available offering an opulent lifestyle beginning more in the $2,750,000 range and for $5,000,000 or so there are many options for home with multiple bedrooms, pools, views, privacy and more… the Santa Barbara lifestyle that others just dream about.

For more information about the luxury housing market in Santa Barbara and Montecito, contact the local real estate experts Mark & Sheela Hunt.