All work and no play makes Jack a dull boy. To get away from it all, I joined my men’s group retreat at Forest Home in Ojai. You see me in the photo on one of their zip lines. To compensate for the 104 degree weather we played water volleyball, had a bocce ball tournament and participated in other fun activities. It was a great escape, with a bunch of good guys, and the fun more than compensated for the hot weather.
Mesa and Santa Barbara
What gives? The market is up 25 percent for the median priced home, but I’m telling you that prices have flattened off. Really? How can both be true?
Median prices are up, but it is the mix of homes that are selling that has changed. There are 200 fewer sales this year below $1 million and many more sales in the upper tiers. That raises the median price statistically, but prices, including those of Mesa homes, haven’t risen since summer.
Property sales in Southern California went up at double-digit rates for 22 months in a row. But for the last four months, the pace has slowed to only eight percent above last year. A big slowdown in appreciation has occurred The trend is statewide and national.
Market Update
Biggest Estate Sells
One of Montecito’s largest estates, located at 2500 East Valley Road was recently listed for $125 million. It received five offers during the first month on the market, and is now in escrow. The main home has over 29,000 square feet—bigger than a supermarket—and needs ‘fixing-up.’
Known as Rancho San Carlos, the Palmer Jackson estate has 237 acres with 30 parcels and ten additional residences. With five offers they probably got their full price!
Client Talk
“Everything went very smoothly. Scott showed us around the area we’d eventually like to buy in. We found the property we were looking for in one day.”
– Max and Tammy Darnell
“ Full price offer and 15 day escrow! Certainly there are elements of luck which played into this excellent result. However, I know your knowledge, preparation and hard work influenced our “luck.”
– Laurence Reider
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