The Santa Barbara Groups Real Estate Blog

A 3 bed 4 bath home on Picacho Lane in Montecito closed escrow on 3/31 for $5,450,000. It was listed for $5,950,000 and was only available for 12 days before going into escrow. It sold in 2006 for $4,895,000 and then the new owner remodeled it completely. Just another sign that this economy is now fully effecting Montecito and other high end real estate markets. It is as if there is a free fall taking place in the high end real estate market and we don't know where it will land, only that the days of $20M+ estates are all but gone.

On the low end of the market, there was a one bed condo on West Islay that sold for $285,000 in 2001. It just closed escrow for $310,000 not much more than it's 2001 value. It looks like that is where we are right now 2002 values and dropping.