Chicago Title Company has been tracking the Bank/Mortgagee Real Estate Owned properties (properties taken back in foreclosure) in the three marketing areas of north Santa Barbara County. The results quantify that real estate markets are localized. What is happening in the Lompoc Valley and Santa Maria Valley troubled real estate markets is not happening in the Santa Ynez Valley market.

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Two of the old ranches, formally known as The Bargo Ranch and Corrales Ranch, sold last June in the prestigious Santa Ynez Valley as one. The over 3200 acres which was comprised of 18 legal parcels and sold for approximately $25 million with each parcel being recorded under separate LLC’s. This was reportedly the largest single real estate transaction ever for the area. There was a $24 million sale in 2006 and previous to that was Michael Jackson’s purchase of his 2800 acre Neverland Ranch, in the late 1980’s, which is believed to have been purchased for a sum closer to $20 million.

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