The beauty and grandeur of Santa Barbara and Montecito have seduced people from around the world for more than a century, and homebuyers continue to gravitate to the “American Riviera.” Our high-end market is strong, inventory short and the average sales price continues to climb over last year. Sales in the $4-million-plus category remain vibrant, with the average price increasing by 10 percent.

Recent new buyers include Gov. and Mrs. Arnold Schwarzenegger and our most recent highest residential closed sale is $31 million for a newly built Montecito ocean view home on 1.5 acres. This buyer subsequently turned around and put their beach home on the market for $32 million. The comedian John Cleese’s Montecito horse ranch listed at $28million and has a pending sale.

Beachfront property continues to be the hottest ticket in town; one of the Forbes 400 recently purchased one beach house and then proceeded to buy his neighbors’ homes for a total purchase of more than $80 million. Our newest beach house listing is a stunning residence on the sand for $43 million.

Aside from mild weather, breathtaking mountain and ocean views, our most valued amenities are the relaxed lifestyle in our relatively safe community—a small town with a surprising amount of culture and sophistication only 90 minutes from the big city.

—Steve Slavin, Coldwell Banker Residential Brokerage

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