March 2011

Found 3 blog entries for March 2011.

California’s real estate market continues to be heavily influenced by foreclosures, short sales, and REOs. In the month of February 56% of all sales in California involved some form of distress. In comparison Santa Barbara saw 29% of all their sales in February involving distress and in March the number has dropped to 19%. 

Depending on where you live the number of distress vs. non-distress sales can vary drastically. Many buyers end up missing the mark by targeting only short sales, REOs and foreclosures to get the best deal. The majority of sales in Santa Barbara have shown that non-distressed sellers are pricing their properties well enough to outperform the number of distress sales they compete with.

Check with me on where the best values lie in

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With the housing affordability index at an all-time high, home prices down 30%, and interest rates holding at historic lows, a perfect storm has brewed for buyers entering the real estate market.

In January the National Housing Affordability Index rose to an all-time record high of 191. This means that a family earning the median income has 191% of the income needed to qualify for a mortgage on a median-priced home. Interest rates for 30-year fixed-rate mortgages have averaged at or below 5 percent in every week but one this year, contributing to the record home affordability.

So how much longer can a buyer’s market last in Santa Barbara? In the last 30 days the number of properties sold is up 38% and total sales dollar volume is up 73% over the same

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A record sale happened in Santa Barbara this week with the closing of a luxury downtown condominium in the Granada Tower for $5.25 million. The two story penthouse with roof top terrace sold for full asking price. It’s the highest priced condominium ever sold in Santa Barbara. Village Properties Realtors represented both buyer and seller in the transaction. The other condominium for sale at the Granada is located on the seventh floor. It’s a bit smaller, 3,200 square feet, with 2 bedrooms and 3 bathrooms. The asking price is $4 million. For more details contact John Bahura.

Sales like this are showing that Santa Barbara is attracting the rich and famous more strongly than ever. With prices down 30% from the top of the market buyers are seeing windows of

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