Tuesday, April 28, 2009

Update on high end and foreclosures

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.

Thursday, April 9, 2009

High End - Holy Camoly

After such a long dry spell, I mean almost completely dead, things are starting to pick up in the +$3M range! Prices have dropped substantially in this range. Montecito and beach properties previously listed for $30+, now selling 30-50% below previous asking. Looks like it has dropped far enough to get some people interested. Have you been looking for that great George Washington Smith? Thought beachfront was out of reach? It may be time to make the move and looks like other folks are feeling the same way. And, it's reflected in the sales. Lots of pick up in this market just in the last month. I'll let you know if it continues... Adieu for now.