Luxury Market Report Spring 2016 with Commentary

Presented by Coldwell Banker Internation Previews with Commentary by Scott Westlotorn

Santa Barbara’s Hot Luxury Housing Market, which has mostly been confined to Hope Ranch and Montecito, is spreading to other areas not typically associated with luxury. As noted in previous posts we’ve written, Santa Barbara is a tertiary market to Los Angeles and San Francisco. Both these cities have clocked double digit growth in prices since 2010 pushing them well into the luxury market category of homes that sell above $1,000,000. As money chases value, this trend is spreading into Santa Barbara from these primary market cities.

It has long been said the cheapest house in Beverly Hills is in Montecito. The accompanying Coldwell Banker 2016 Luxury Market Report ranks Santa Barbara 20^th in the nation for sales over $1,000,000, 8^th in sales over $5,000,000 and 6^th in sales over $10,000,000. These rankings include New York, Miami, Aspen and Beverly Hills, well known areas for luxury homes.

Santa Barbara has several neighborhoods such as the Mesa and San Roque where homes are now selling above peak 2007 prices. We expect this trend to continue because these are desirable lifestyle neighborhoods where buyers are seeing value. They don’t mind spending a $1,000,000 plus for a basic 1950’s track home because of the location and when re-built can sell for well over $2,000,000.

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