Multiples in Santa Barbara? Who’s Getting Them And Other Quickies for 2008.

Yes – South Coast properties are still receiving multiple offers, even in today’s market!  And they aren’t located just in Montecito.  Santa Barbara is faring equally well in attracting Buyers looking for value and upside potential.

The big news is that 526 Sea Ranch Drive - a 4 bedroom fixer with ocean views on approximately one acre in Yankee Farm – received 8 offers to purchase and is rumored to be in escrow for more than $100,000 over the asking price of $1,960,000.  For those who aren’t familiar with the Yankee Farm area, it lies between toney Hope Ranch and the suburban Mesa.  Yankee Farms is coveted for its large, rural lots so close to the ocean, and its relative affordability.

Over in Montecito, 734 Coyote Road - a 2 bedroom/2 bath, Sam Holroyd designed home with a lovely, detached casitas - received 5, over-asking offers to purchase after only 3 days on the market.  It is rumored to be in escrow for considerably more than the list price of $2,850,000.

Other notable “quick” sales starting off 2008 are:

1564 Cantera Avenue in Hope Ranch, listed for $4,395,000.  This 6 bedroom, 5 bath ocean view home went into escrow after only 3 days on the market.

2011 Edgewater Way on the Mesa bluffs, asking $2,695,000.  This 1 bedroom/ 1 bath Bungalow style home on almost ½ acre received an acceptable offer in only 3 days.

835 W. Mission Street, asking $869,000.  This remodeled, 4 bedroom, 2 bath Tudor style home located on Santa Barbara’s Westside, went into escrow after only 2 days on the market.

1050 Cima Linda Lane in Montecito, listed for $3,625,000.  This 4 bedroom, 4 bath custom home built in 2002 went into escrow in less than 9 days and reportedly received a back-up offer at over-asking.

245 Oak Road in Montecito, listed for $2,100,000.  This charming Hacienda located off of Hot Springs Road went into escrow after only 4 days on the market.

162 Rincon Point in Carpinteria, asking $8,500,000.  Proving that the beach is still hot, this 5 bedroom, 4 bath home received an acceptable offer in only 15 days on the market.

With all the negative real estate hype in the media today, these sales may come as a surprise to most readers.  But I believe it’s a testament to the unwavering desirability of the South Coast, and particularly the unique attributes that each of the properties on the “Quickie List” possess (either location, potential or quality).  Let me know what you think!

*Each of these properties entered the Santa Barbara MLS during January 2008 and are “pending” at the time of this writing.  The values reported above are asking prices and do not reflect the final sales price at closing.