The coastal strip around Santa Barbara has become the most expensive area in California to buy a home. With median prices at $825,000 and rising, the town is losing its middle class, Bill Overend reports in the Column One story in today's L.A. Times.
"Numbers don't easily capture the social changes taking place in Santa Barbara, where prices have almost tripled in 10 years. What could be starter homes in many cities 1,800 square feet, three bedrooms, small yard can now cost up to $1 million. And if your pocketbook is larger, there's almost no limit. At the moment, you could pick up a two-acre oceanfront Montecito home for $25 million, dozens of smallish estates in the $10-million range and virtual palaces advertised locally with 'price upon request' notations.'"