Hi Everyone,
Well, it's been a roller coaster ride with the high end. A spring rush, then the lull. There's a few more sales on the horizon, but this market has been more fits and starts. If there's ever a time to negotiate and get a great deal in Montecito, Hope Ranch, and beach-front, the time is now. I was particularly impressed with a new listing on Tiburon Bay in the Hedgerow district of Montecito. Priced at $3.2M, and seems like a great value! I expect this one to sell quickly, but who knows as the activity in this price range has taken the biggest hit.
On the other hand, there is lots of competition with single family homes under $600,000. Most recently, a house in Goleta (85 Placer Drive), priced at $499,000, had 15 offers and finally sold to an all cash buyer for over $580,000! We were all surprised at the final price. There is some talk that there will be another wave of foreclosures, but the banks have been a bit capricious. So, at this point, I say let's wait and see.
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