High-end homes and multi-million dollar estates are now thick in the middle of the housing crisis.
Lower property assessments in Montecito mean less funds for county coffers.
But the county isn't hurting.
County officials say the fact that multi-million dollar homes are still selling is keeping Santa Barbara County
positive.
However, for the first time, one premiere real estate agent says she's seeing owners who need to sell their
mansions or estates.
Realtor Rebecca Riskin says, "properties that were listed for 29 million are now listed for 18 million dollars...
and they're not selling."
Many homes in Montecito are selling at 40 to 50-percent less than their original asking price.
And, we're told that some are staying on the market for years.
Real estate experts say it's impossible to determine when this downward trend will end....MORE
Lower property assessments in Montecito mean less funds for county coffers.
But the county isn't hurting.
County officials say the fact that multi-million dollar homes are still selling is keeping Santa Barbara County
positive.
However, for the first time, one premiere real estate agent says she's seeing owners who need to sell their
mansions or estates.
Realtor Rebecca Riskin says, "properties that were listed for 29 million are now listed for 18 million dollars...
and they're not selling."
Many homes in Montecito are selling at 40 to 50-percent less than their original asking price.
And, we're told that some are staying on the market for years.
Real estate experts say it's impossible to determine when this downward trend will end....MORE
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