Real Estate Blog

Santa Barbara and surrounding areas which include Goleta, Hope Ranch, Montecito, Summerland and Carpinteria have overall seen less property sales this year than last. There are however a few areas that have exceeded the number of sales from 2015. Topping the list is Santa Barbara East which has seen a 6% rise in home sales year-to-date over last year. Goleta South comes in a close second with a rise of 5%, followed by Montecito with 2%. A common denominator in all three areas has been an increase in number of listings which can be considered to help sales.

2166 Mission Ridge Road

Santa Barbara East  -  Highest Sale YTD: $5.195M  -  2166 Mission Ridge Road

5225 Austin Road

Goleta South  -  Highest Sale YTD: $4.2M  -  5225 Austin Road

380 Santa Rosa Lane

Montecito  -  Highest Sale YTD: $28.85M 

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Recent attractive interest rates on refinancing have allowed many homeowners affordable funds they’ve needed to update their homes. Currently a higher number of homes in Santa Barbara are undergoing remodeling than in years past. There can be many different motivations for upgrading a home, including the desire to create more equity or to sell in the not too distant future. If return on investment is the main motivation then there are some general guidelines and current style trends that are proving to benefit homeowners more than others.

As pointed out by the HGTV, “keeping the existing structure sound” should be every homeowner’s first priority. To read the full article click here. Taking care of deferred maintenance first makes sense, especially

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Santa Barbara is heading into this summer with 34% more housing inventory than last summer and 11% more inventory than the summer before. Year-to-date sales have trended the opposite way, down 19% from last year and even with the year before. A still rising median price reflects a larger percentage of higher end home sales, which has been aided by the increase of luxury listings as opposed to entry level homes.

In addition to keeping an eye on the real estate market there are many activities to enjoy in and around Santa Barbara this summer. Following are some of the upcoming attractions!

May 26 - Downtown Live Art & Wine Tour, State Street north of Carrillo Street with final party at the Granada Theatre

May 28-30 - I Madonnari Street Painting

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It was announced at the 2016 Santa Barbara County Economic Summit last Thursday that rents in the Santa Barbara area have increased 8.7% over the past year, in addition to there being a staggeringly low rental property vacancy rate of less than 1%. Also echoed at the summit, held at the Granada Theatre on State Street, was that the U.S. economy is currently in a very slow growth mode and will likely stay that way for some time. Along with slow growth are expected to remain low interest rates for the foreseeable future. With the low rates of return currently offered by U.S. bonds and the unpredictability of stocks it makes sense that real estate is now being looked at as a preferred method of investment for retirement.

Condos, low-end houses, and

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Santa Barbara - Home to Longevity

Santa Barbara has many incredible qualities which draw visitors from around the world every year. The county has recently been rated amongst the best places to live in the United States for scenery and climate, and now is being recognized as the best place to live for health and longevity. The following article from talks about some of the reasons that a long life goes hand-in-hand with living in Santa Barbara - read here.

From just visiting to considering making Santa Barbara your home forever there’s no disputing the favorable lifestyle the area offers. Something that becomes even more apparent the longer you live in the area is the abundance of extremely accomplished, happy and easy to converse with people you have the opportunity of

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Availability of newly constructed homes in the Santa Barbara area has been very limited in recent years due to the lack of suitable land left to build on and stiff financial and/or political challenges developers have faced. With more financing options available and a large pent-up demand for new homes in the area there are have been several new developments either completed or in the works with many properties currently being offered for sale. Following is information on those in Santa Barbara County, along with some nice offerings in neighboring Ventura County, an area recently voted as the #1 place to live in the continental United States by the Washington Post, see article.

For assistance with locating and obtaining the best properties in these

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With Q1 (quarter one) of 2016 ending in two days there are plenty of interesting stats to look at in the Santa Barbara real estate market. Following are the most recent year-to-date numbers and trends for the Santa Barbara area that are worth taking notice of, and that will keep you ahead of the curve when reported months from now by slower medias.

Median home sale price: $1,060,000 (up 15% from Q1 2015)

Median condo sale price: $640,000 (up 6% from Q1 2015)

Homes sold: 209 (down 14% from Q1 2015)

Condos sold: 77 (down 33% from Q1 2015)

Homes under contract: 270 (down 2% from Q1 2015)

Condos under contract: 96 (down 36% from Q1 2015)

Homes on the market: 717 (no change from Q1 2015)

Condos on the market: 239 (down 8% from Q1 2015)

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Many prime vacation cities around the country have jumped on the bandwagon to regulate vacation rental properties in their area. Advocates for legislation to diminish the number of short-term rental properties argue that more long-term workforce housing rental opportunities would be created for the community and site the negative impacts vacation rentals have in many residential areas such as additional noise, less parking and more traffic. Opponents to such legislation argue that a reduction in vacation rental transient tax for the city will be greatly felt, along with the revenue to owners who are dependent on the income collected from their vacation rental homes to remain as part or full-time residents.

Last year Santa Barbara’s City Council

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It’s no secret that in areas like Santa Barbara many homebuyers consider “fixer” properties as a way to get into a better location or sized home within their budget. With median home prices typically over five times the national average it’s enticing to look for ways to buy for less in the “American Riviera”. What most buyers come to find out is that purchasing and renovating fixers in more affluent areas like Santa Barbara has more challenges than reality TV shows like “Flip or Flop” and “Property Brothers” can put into actual perspective.

Two of the biggest obstacles when purchasing and renovating fixer properties in Santa Barbara is the extremely tight inventory of available homes along with more expensive remodeling costs. Currently with 354 homes

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Santa Barbara and its immediately surrounding areas have seen 161 pending home and condo sales since the first of the year. Following is the breakdown according to price range and property type.

Under $1M: 42 homes; 35 condos

$1M - $1.5M: 32 homes; 4 condos

$1.5M - $2M: 11 homes; 0 condos

$2M - $4M: 18 homes; 3 condos

Over $4M: 12 homes; 1 condo

With regard to all areas and price ranges Montecito has seen the most pending home sales so far this year with prices ranging from $1.3M to $28.85M, and Santa Barbara’s east side the most condo sales ranging from $390K to $1.499M.

With only 406 currently available homes and condos combined it’s no small feat that 161 have been put into escrow since Jan. 1st. Sales have no doubt been helped by

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