Considered an international "Best Place On Earth T
-
1/18/2008
Know as the American Riviera, Santa Barbara California is viewed by most that live here and visit here as the finest place in the world. With annual average temperatures between 55 and 75 degrees F. a pristine beach front coast line, a diverse culture with universities, international film festivals, a sophisticated art and business community, and abounding social and recreational activities year round, it’s no secret that those who can live here, do. No place “has it all” like Santa Barbara does.
As such, the housing market here has enjoyed great appreciating growth, and has been and continues to be one of the most reliable and solid financial investments. Even through the recent national housing down turn, Santa Barbara properties have maintained a positive annual appreciation.
The median single family home price in Santa Barbara is right around $1 million. The condominium median price is about $ 650,000. While these medians are more than double the national average, the annual appreciation of these homes has maintained a positive movement between 4% and 17% consistently for the last 20 years and now looks to continue that trend because of increasing demand and local government slow growth platforms. Fact is, most of what is developable in Santa Barbara is already completed and done so in an extremely conscientious way, with strong architectural standards to maintain neighborhood integrity. With little of Santa Barbara left to build, and with what’s existing increasingly more desirable, the future value of Santa Barbara real estate and housing looks most promising for the “Best Place On Earth” to live.
In the high end market of Santa Barbara, the entertainment industry has arrived in Santa Barbara some time ago, culminating with the record Oprah Winfrey home purchase in 2001 of $52 million (now estimated to be worth $90 million) in Montecito, a small high end Santa Barbara sub section,. Many entertainment “who’s who” live here as well as an affluent international community. The Santa Barbara real estate market had numerous record sales recorded in 2007, including a $25 million historic downtown office building and a $109 million coastal ranch property, even while the rest of the country’s real estate market flattened, demonstrating Santa Barbara’s market strength.
For select slide shows of some of the most beautiful properties in the world located in Santa Barbara California, visit www.RareEstates.com for more information.
Stephen | Santa Barbara, CA