The Santa Barbara Groups Real Estate Blog

The luxury real estate market got an injection of excitement today with a large estate on Hill Road in Montecito going into escrow. This property hit the market in October of 2007 at a price of $32,800,000 and was reduced several times down to $26,800,000 when it went pending. There has been very little action in the luxury real estate market so it will be very interesting to if, and at what price this closes at.

There is a new listing in Hope Ranch described as a "teardown" on two acres listed for $2,050,000, tough sale. Another Hope Ranch listing on Laguna Blanca hit the market in May of 2008 for $4,150,000. After several price reductions it was listed for $2,975,000 and just went into escrow.

The home we wrote about on the Mesa at Salida Del Sol - a 3/2 priced at $775,000 - received 6 offers and is in escrow. There are several lots on the market that are victims of the Tea Fire. The latest came on today for $695,000. This is 3/4 of an acre and features ocean views.

Please consider The Santa Barbara Group for all of your real estate needs.