Sunday, May 30, 2010

Bolder Boulder Race



It is a Memorial Day tradition for me to be out in Boulder, CO and run in the Bolder Boulder race.  
This year I will be walking in it, below you can see why!



The University of Colorado at Boulder hosts one of the largest Memorial Day tributes as part of the Bolder Boulder 10K race. Some 50,000 participants in the citizens race will cross the finish line at Folsom Field in the nation's largest timed race. Wheelchair racers also cross the line at Folsom Field, and international racers complete on a 10K 5-lap criterium course that laps through the stadium.
The tribute, which follows the citizens race, includes the presentation of the nation's colors, recognition of the men and women who have served America in the Armed Forces, and a dramatic flyover by Navy jets.


Whether you are going our for a PR, stopping at every block to dance to live music, drink beer, go on the various slip and slides to cool down, shimmy with the belly dancers (pictured below) or even eat some bacon (and since it's Boulder there is turkey bacon too) right before finishing, it is guaranteed to make you smile and be a great time!




The People's Republic of Boulder never ceases to amaze!  

Friday, May 28, 2010

CU Boulder College Reunion...here we come!



Tomorrow Nate and I head over to Boulder for our 10 year University of Colorado at Boulder college reunion...actually his 10 year, my 9 since I took a semester off to goof off in Hawaii and then double majored...

We will be staying on Pearl and 2nd Street and can walk everywhere.  It is a very busy weekend being Memorial Day and also the Bolder Boulder race on Monday morning which I always participate in.  This year I will be walking it with Nate and will be able to stop and enjoy all the characters along the course rather than "sprinting" by!  



About 25 friends and their spouses are flying in for the weekend and we will live it up!  The Med for dinner, a tour of CU on Saturday, going out on Pearls Street and visiting our old haunts, brunches, hikes and laughing!

CU Soon!  


Monday, May 24, 2010

Weekly Real Estate Snapshot 5/17 - 5/23

New Listings: 56
Price Improvements: 55
Pending:  breaks down to: 23
     under $1 million: 18
     $1-2 million: 3
     $2-4 million: 2
     $4-8 million: 0
     $8 million+: 0
Closed: 30
Off Market (expired, canceled, withdrawn): 44
Back On Market: 14

Data From Santa Barbara MLS and excludes mobile homes.

Thursday, May 20, 2010

May Santa Barbara EcoBroker Newsletter

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In This Issue:     

LATEST & GREATEST...
  
 SANTA BARBARA REAL ESTATE SNAPSHOT:
 
April 12 - May 16, 2010

New listings: 274
Price Improvements: 193
Pending: 184
(break down:)
Sub $1million: 125
$1-2M: 34
$2-4M: 15
$4-8M: 5
$8M+: 4
Closed: 121
Off Market:  111
Back On market: 55

This is a look at statistics provided through the Santa Barbara Multiple Listing Service over the past month.  They include single family residences and condos, from Carpinteria to Goleta.


INDUSTRY NEWS:

Santa Barbara Market -
Early Spring Update
Two things typically occur every March, the beginning of spring and March Madness in college basketball.  Well, spring has sprung and the real estate market has its own version of March Madness this year.  There has been a sense of the market changing – in a good way.  Two of the most impressive figures regarding this month’s market are the overall months of inventory which came in at 4.7 (see below for explanation) and the number of listings that went into escrow during March (143 listings).  Both of those figures are records that are not surpassed by any other month in at least the last 2 years.

One indicator that economists typically use for watching the real estate market is the median sales price.  This is the price that marks the point that half of all sales are above and half are below.  The median sales price of single family homes and PUDs (planned unit developments) for March was $890,000 which is 8.5% higher than last year’s March median.  That number is also about 17% higher than the median for the month of January.  The year-to-date median is $811,250 compared to a year ago at this time when the median was $825,000.   The difference between the two medians is nominal.
 
As mentioned above, our overall market is averaging a 4.7 months of inventory.  “Months of inventory” refers to the number of months it would take to sell all available listings.  The figure of 4.7 represents a very stable market, and includes single family homes, PUDs and condos.  The figure for just single family homes and PUDs is 5.2 months of inventory while condos come in at 3.5 months of inventory.   The Goleta area is the most active area at 2.9 months.  Montecito is the least active at 13.5 months.  Keep in mind that the numbers utilized to calculate these figures are relatively small.  Large percentage swings can occur with just a few additional transactions.  According to data that goes back to March 2008, this is the lowest months of inventory in the last two years, a sign that the market is gaining strength.

Another encouraging figure is the number of listings that went into escrow (referred to as “pending sales”).  A total of 143 single family homes, PUDs and condos went pending during March.  This is the highest in the last two years for a single month.  The median for the pending sales of single family homes, is in the $900,000 range.

Condos are a different picture.  The median sales price for condos in March was $417,500 which is almost 18% less than a year ago.  Because many of these properties are considered affordable, 29 more units sold this year than last year in the same time period.  There are 32 fewer new condo listings this year than last year.  As mentioned above, there are currently only 3.5 months of inventory for condos.  Perhaps with the dwindling supply, we may begin to see prices on these units begin to rise.

Economists say that a healthy housing market enforces a healthy economy.  Let’s see if the beginning of our rosy spring continues on through the year!  
 
Written by Carol Kruckenberg of Village Properties


Home Star Energy Retrofit Act of 2010 Passes in House
 
By a vote of 246 to 161 the House of Representatives today voted to approve the Home Star Energy Retrofit Act of 2010 (H.R. 5019), which authorizes creation of a national energy retrofit program for American homeowners. The vote marks a significant milestone in the progress of the bipartisan HOME STAR legislation, although it's important to note that the authorization bill passed today must be matched by the Senate, and followed up with an appropriation bill to allocate funds for the $6 billion program. "We applaud the U.S. House on the [bipartisan] passage of the HOME STAR legislation," Efficiency First chairman Mike Rogers said following the vote. "HOME STAR will create good American jobs in construction, manufacturing and related industries. It will help American homeowners improve the efficiency of their homes and save money. And it will provide a solid foundation for our country's energy policy and energy security. We encourage the Senate to act quickly to get the HOME STAR bill to the President's desk and get our workers back on the job."
 
Efficiency First policy chair Matt Golden added that "Today's bipartisan passage of the HOME STAR bill in the U.S. House of Representatives shows how when industry, labor, business and environmental groups cooperate, we can find solution for America. HOME STAR will create hundreds of thousands of good quality jobs, while saving families money on energy bills. Efficiency First, representing companies in all 50 states employing over 150,000 American works, applauds Congress's leadership and vision on this important issue."
 
CNN recently profiled the Home Star program, see the video here.
 


COMMUNITY:
 
EmPowerSBC:
 
If you want to green your property, but can’t afford the upfront costs, the County of Santa Barbara wants to help. EmPowerSBC provides a convenient financing option to empower residents and businesses to green their property through energy efficiency, water efficiency or renewable improvements. These improvements can save money, enhance your property, create local jobs and, of course, help the environment … a win-win for you and the community.

EmPower SBC financing is available to all eligible residents of the County and each of the incorporated cities. By voluntarily opting to use emPowerSBC, property owners agree to pay back the financing through a property tax assessment over the course of up to 20 years
Santa Barbara County developed emPowerSBC (Elective Municipal Programs to Optimize Water, Energy and Renewables) over the course of the last year with help from local stakeholders. The intent was to create a voluntary, incentive-based strategy to encourage the green retrofits and renewable installations that could boost the local economy, create jobs, and improve county-wide resource efficiency.
 
More details and eligibile projects at


GET INVOLVED:
 
2010 Habitat for Humanity
Tour of Green Homes

This Tour will benefit Habitat for Humanity of Southern Santa Barbara County and supports our mission of eliminating substandard housing in our community.  The Tour will be held on Saturday, October 9, 2010 from 10:00AM to 4:00PM.
You are officially invited to apply to have YOUR green home featured on the Tour!  

What is the Tour of Green Homes?
The 2010 Habitat for Humanity Tour of Green Homes will educate the public about sustainable construction by presenting the latest in green building technologies and materials.  The Tour will include six residential projects-including the Habitat for Humanity San Pascual Project site that will provide four homes for low income families.  The Tour will showcase the latest in green building techniques and materials and will demonstrate ways that environmentally friendly construction methods and materials can be incorporated into any project depending on the goals and budget of the homeowner.   Proceeds from the Tour of Green Homes (TOGH) will benefit Habitat for Humanity of SSBC, a 501(c)(3) non-profit organization.

Who goes on the tour?
We expect over 600 local Santa Barbara residents who are interested in learning about sustainable construction methods and techniques to go on the Tour.  Since tour goers will be paying $25 per ticket, we expect that they will be eager to learn from experts about green building methods and services.

Who should consider applying to be a featured home sponsor?
Builders, contractors or architects who are interested in attracting qualified leads for new or remodel projects and those interested in getting a high amount of visibility during a popular community-wide event should apply.  The featured home sponsors will be recognized as the best and most advanced green building providers in the Santa Barbara and Montecito area.
Please download the:
Tour guidelines Application form
If you have any questions about the application process, please contact Angelique Davis at the Habitat office at angelique@sbhabitat.org
or call 805-692-2226.  www.sbhabitat.org

VOCABULARY LESSON:
 
Forest Stewardship Council
Here are the principles of FSC-certified forests:
* Never harvests more than what grows back
* Protects biodiversity and endangered species
* Saves rare ancient trees
* Guards local streams
* Supports the local people
* Uses narrow skidding trails so as not to disrupt the rest of the forest
* Prohibits replacement by tree plantations
* Bans toxic chemicals
* Bans genetically modified trees (no GMO)
In the first year under FSC, you map and inventory all of the trees and assess the biology and the streams. Then you make a sustainable plan that will do the least harm and mimic the natural life and death cycle of the forest. Trees do fall down naturally which we see while hiking!
 
Sustainable Forestry Initiative
Here is what is allowed under the industry's SFI standard:
* Allows large clearcuts
* Allows logging close to rivers and streams that harms water supplies
* Allows use of toxic chemicals
* Allows conversion of old-growth forests to tree plantations
* Allows use of genetically modified trees
 
 

COOL WEBSITE OF THE MONTH:
 

Use Autodesk Homestyler free* online home design software to create and share home design ideas for your dream kitchen, room addition or interior design project. View floor plans and interior designs in 2D and 3D. Experiment with different styles. Save and share designs with friends. Make decisions with confidence. Create your dream home design then call your favorite local architect and licensed landscape designer to make it a reality!
 
GREEN TEAM WEBSITE:

We are proud to be your Santa Barbara Green Team and ready to help you with all of your real estate needs.
 

Cafe Buenos Aires

Tuesday May 18th 6-8pm  

1316 State Street
 
See you there...

FOR SALE:

Laurel Springs Ranch

2720 Painted Cave Road
Santa Barbara, CA 93117
 
Reduced recently to $10,900,000 

160 acre, 5 parcels
Turn key retreat business, panoramic views
  lodge that sleeps 30,
yoga studio,
main house, multiple
guest houses, spa,
solar heated pool,
barn, riding arena, pond, hiking trails, plentiful water,
organic garden & more. 


Retreat Center Website:
 

PENDING:
 
Listed at $449,000
 
Stylish ground floor 1 bedroom + office, 1 bath condo in the prestigious Upper East!
 
Ocean and city views, fireplace, private patio, and laundry inside unit. Small association. 
 
Terrific cul de sac location and close to several beautiful parks, and the finest of Santa Barbara's restaurants and shops!

 
BUYER NEEDS:
We have several clients looking to buy contemporary, green built homes.  If you know any coming on the market soon please let us know.  Price range $1.1 - $1.4mil.

VACATION RENTAL:

Casa San Miguel

Available to rent by the night/week/ month.

3br/2ba remodeled home with roof top ocean view deck and jacuzzi.

Features non-toxic cleaners, Natura mattresses, organic linens, energy efficient appliances and many more healthy/green details.

Book a stay at:

Your Referrals are always welcomed and appreciated!

  Please forward this informative newsletter to all that are interested in:

Green Homes,
 Real Estate
and a healthy lifestyle.

You can help us grow the green home movement in our community.
 
www.SBGreenTeam.com
Elizabeth Wagner & DeAnn Wilson
Village Properties
4050 Calle Real Suite 120 | Santa Barbara, CA 93110
Elizabeth: 805.895.1467 or DeAnn 805.451.7488
www.SantaBarbaraEcoBroker.com and www.GreenHomesSB.com
SantaBarbaraEcoBrokers@gmail.com

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Tuesday, May 18, 2010

Weekly Real Estate Snapshot 5/10 - 5/16

New Listings: 44
Price Improvements: 45
Pending: 24 breaks down to:
     under $1 million: 19
     $1-2 million: 2
     $2-4 million: 2
     $4-8 million:  0
     $8 million+: 0
Closed: 22
Off Market (expired, canceled, withdrawn): 
Back On Market: 24

Data From Santa Barbara MLS and excludes mobile homes.

Sunday, May 16, 2010

Reminder: Green Drinks This Tuesday at Cafe Buenos Aires

 
Cafe Buenos Aires

1316 State Street
(805) 963-0242
 
Tuesday May 18, 2010
6-8pm
 

What Is Green Drinks?
Every month people who work in the environmental field meet up at informal sessions known as Green Drinks. 

We have a lively mixture of people from NGOs, academia, government and business. Come along and you'll be made welcome. It's a great way of catching up with people you know and also for making new contacts.  Everyone invites someone else along, so there's always a different crowd, making Green Drinks an organic, self-organizing network.
 
These events are very simple and unstructured, but many people have found employment, made friends, developed new ideas, done deals and had moments of serendipity. It's a force for the good! 
 
WHAT: The world-famous Green Drinks
 
WHEN: 6-8pm
 
RULE: Third Tuesday of every month
 
WHERE: Different each month, join the email list for reminders!
 
HOW: Walk, cycle, bus, or carpool
 
WHO: Anyone interested in the environment
 
WHY: Fun, contacts, info, gossip, inspiration, business and pleasure
 
NEW: Just go up to someone and say "are you green?", and you'll be made welcome.
 
STATUS: Informal, self-organizing network.
Every month in SB since 2006.
Average attendance: 75

GLOBAL: Over 600 Cities!

NEXT MONTH:
 
SB Contractor's Association
Built Green Resource Center

914 A. Santa Barbara Street
(Behind Playa Azul)
805-884-1100
 
June 15, 6-8pm
 
REMIND: To get on this email circulation list, send an email to: SantaBarbara@GreenDrinks.org

FaceBook:
Green Drinks Santa Barbara
www.cafebuenosaires.com

Castel Gandolfo, Italy
Green Drinks

Georgina, Canada
Green Drinks

Ithaca, New York
Green Drinks

Los Angeles
Green Drinks

Birmingham, AL
Green Drinks
Elizabeth Wagner & DeAnn Bauer
The 1st EcoBrokers� & Green Designees Realtors� in Santa Barbara
Village Properties | 4050 Calle Real Suite 120 | Santa Barbara, CA 93110
Email us at: SantaBarbaraEcoBrokers@gmail.com | Contact us at: Elizabeth: 805-895-1467 or DeAnn 805-451-7488
www.SantaBarbaraEcoBroker.com and www.GreenHomesSB.com

Friday, May 14, 2010

Santa Barbara Real Estate through the end of April 2010

Each month a very generous and talented colleague, Gary Woods compiles all the Santa Barbara Multiple Listing and Cort sales data and provides many of us in the real estate industry with a synopsis of the current market.  Thank you Gary, as always your expertise and data is very appreciated! 

Through the month of April ’09 for the Home Estate/PUD market in the Santa Barbara area including Montecito, Hope Ranch, Carpinteria/Summerland and Goleta sales were in the mid 80’s with the median sales price remaining steady around $880,000. For contrast in April ’09 there were 68 sales with an $840,000 median sales price. So, even with the increased activity in the marketplace the median sales price is remaining at around the $860,000 level. But, the average sales price for April ’10 was over $2 million compared to April ’09 when the average sales price was about $1.3 million signifying a substantial increase in the sales of more pricey homes.
The escrows continued to pile up in April with about 120 new escrows opening which is up from about 100 in March and 62 in February. But, the median list price on those escrows remained around $890,000. What took a tumble in April was the Sales Price to Original List Price Ratio which again dipped to about 77%. This decline in the ratio is due primarily to higher priced properties that have started to sell but at a significant reduction from their original list price.
The inventory went up substantially in April with more than 200 new listings showing up with the overall inventory rising by more than 100 homes from the month of March. We ended April with about 580 properties available for purchase. The new listings median list price of just over $1 million continues to get closer to the median sold price for the month which means that sales should continue to surge forward. Also, the median list price on the overall inventory continues to fall and is currently hovering around $1.7 million down from about $1.8 million for most of ’09.
Looking at the Districts, Carpinteria/Summerland Home Estate/PUD sales remain about double where they were last year with the median sales price rising about $200,000 to $835,000. Montecito home sales are approximately 20% ahead of where they were last year ending the month with 36 but the median sales price is locked at right around $2.4 million for both years. The pending sales are up about 50% from where they were last year with 46 escrows opened this year but the median list price on those escrows is down from $2.8 million in ’09 to $2.4 million in ‘10
East of State St home sales are about a third ahead of where they were last year with 65 closed escrows but the median sales price has dropped about $25,000 to approximately $925,000. The average sales price has remained steady however at about $1.1 million. Over on the West Side of Santa Barbara home sales are about 10% ahead of where they were last year with 53 purchases so far and the median sales price has come up about $50,000 to $800,000. The average sales price is remaining steady however at around $890,000,
In Hope Ranch sales are more than double the numbers of sales from where they were last year with 9 sold properties this year and the median sales price has risen from $2.55 million last year to $3.5 million this year. The average sales price is also up by more than $1.5 million with some big sales in the area and is currently at around $4 million.
Goleta South sales are a couple behind where they were last year with 24 through April and the median sales price has declined to $625,000 down from $695,000 last year. The average sales price has also fallen from just under $800,000 last year to about $720,000. For Goleta North, sales are up by 10% with 50 completed transactions but the median sales price is stable at $715,000 for both years. The average sales price fell however from $820,000 in ’09 to $775,000 in ’10.
The overall median sales price continues to hover at around $860,000 for the area with prices going up in Carpinteria/Summerland, West of State St and Hope Ranch. Montecito and Goleta North prices seem to have stabilized at least compared to ’09 with median sales prices falling for East of State St and Goleta South.
 For condos in April sales moved up from March ending in the low 30s but the median sales price bounced back up to around $455,000. For most of last year condo median sales prices have hovered right around $450,000 with some months falling into the high $300,000 range and others at just over $500,000.
The Sales Price to Original List Price Ratio remains at about 90% which is illustrated by the median list price of the new listings coming on at about $490,000 and the median sales price at around $450,000. There were about 50 new listings that come on the market in April raising the total inventory to approximately 160 condos for sales from Carpinteria to Goleta.
The escrows did not continue to surge however with just over 40 new transactions starting, which is up slightly from March. The median list price on those escrows did come up however rising from about $430,000 last month to approximately $475,000 this month.
Looking at the Districts, in Carpinteria/Summerland sales are up by almost double to 20 but the median sales price has fallen about $25,000 to approximately $385,000. In Montecito there have been 6 sales this year compared to 1 last year with the median sales price right around $1.1 million and the average sales price at $1.4 million.
For East of State St condo sales are up more than double to 21 but the median sales price is down more than $100,000 to $430,000. The average sales price has also declined from about $630,000 last year to approximately $520,000 this year. Over on the West Side sales are up with 20 closed escrows so far but the median sales price is down by more than $55,000 to $464,500.
In Goleta South there have been 4 more sales this year with a total of 16 compared to last year but the median sales price is down about $125,000 to approximately $275,000. The average sales price has also come down from about $460,000 last year to about $360,000 this year. Finally, for Goleta North we see 13 sales this year compared to 12 last year the median sales price went up about $80,000 to approximately $410,000. The average sales price is a lot closer together however rising from $365,000 in ’09 to $380,000 in ’10.
With condo sales up everywhere except Goleta South the overall median sales price continues to gravitate around $450,000. But, when you look at the period from the beginning of the year the median sales price is down from $470,000 in ’09 to about $430,000 in ’10. Prices have declined in Carpinteria/Summerland, East of State St, West of State St and Goleta South with prices rising in Montecito and Goleta North.
With the first time buyer tax credit coming to a close at the end of April we’ll have to see whether it will affect the condo buyer who would be impacted most significantly. The Home Estate/PUD market continues to be strong however with some upward pressure on prices in the below $1 million market.
Gary Woods

Tuesday, May 11, 2010

Weekly Real Estate Snapshot 5/3 - 5/9

New Listings: 42
Price Improvements: 29
Pending:  41 breaks down to:
     under $1 million: 28
     $1-2 million: 9
     $2-4 million: 2
     $4-8 million: 1
     $8 million+: 1
Closed: 20
Off Market (expired, canceled, withdrawn): 17
Back On Market: 8

Data From Santa Barbara MLS and excludes mobile homes.

Friday, May 7, 2010

Village Properties Spring Newsetter



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Village Properties named "The Best Real Estate Company" by the Santa Barbara News Press Readers Poll
Spring has sprung!

After a good rainy season that was almost exactly our average annual amount of rain, everything is green and growing. It is beautiful whether you are in the Santa Ynez Valley looking at the new growth on the grape vines, in Lompoc seeing the wildflowers, or on the South Coast looking at the Channel Islands. We have much to appreciate here in our little paradise.

Speaking of growth, we are so proud of our now 140 plus Realtors, a very talented and dedicated marketing department, and our administrative staff. Their combined efforts have not been lost on our loyal clients as we were once again named “The Best Real Estate Company” by the Santa Barbara News Press Readers Poll.

We also celebrated two milestones this Spring. First was the 14th anniversary of the formation of Village Properties in May of 1996. Second, we are excited to announce that the Village Properties Teachers Fund has passed over $750,000 in donations to local classrooms! Much of this money is due to the generosity of our wonderful agents, the Orfalea Foundation, and donations from members of the local community. We do accept tax deductible donations of any size (the Fund is a 501C3 corporation). In addition to receiving a tax deduction, you benefit from knowing that you have contributed to one of the most important aspects of our community, the education of our young people.  Perhaps the best part is receiving a thank you note from 20 happy school children and one VERY appreciative teacher.

Happy Spring to all of our friends and Thank You once again for doing business with Village Properties.
Written by Ed Edick and Renee Grubb, Owners of Village Properties
Lending Update - Exciting News

There is some very exciting news for California buyers right now.  The State of California has stepped in to fill the gap created by the expiration of the Federal First Time Buyer tax credit.  The State bill has two provisions, one for newly constructed homes and one for first time buyers (anyone who hasn’t owned a primary residence within the past three years).  The credit(s) are for the lesser of 5% of the purchase price up to a maximum of $10,000 which is allocated over three years.  There are no income restrictions and, most importantly, buyers can reserve the credit in advance of their escrow closing.  But, the funds are limited, so getting into an escrow sooner rather than later and making a reservation will be critical to securing the credit.  Check out www.ftb.ca.gov for more details.
As anticipated, FHA has become a bit more restrictive and costly with the up front mortgage insurance premium being raised from 1.75% to 2.25%.  However, with the ability to purchase with only 3.5% down up to loan amounts of $729,750 and a historically low rate, this is still an unprecedented opportunity for many borrowers.  FHA has hinted about more restrictions to come, so time is of the essence here as well.
Recently, 30-year fixed mortgage rates entered an uncertain world.  While some expect these rates to rise 0.5-1.0% by year’s end, others think that the rates will stabilize a bit over historic lows.  However it turns out, there promises to be much more volatility in these rates.  Locking in an interest rate early in a purchase transaction may save a lot of stress and heartache.   Trying to determine the perfect day to do this, instead of being happy with a rate that would have been inconceivable a generation ago is not a wise idea.  If you can lock in a good rate, do it.
ARM and Jumbo rates and products continue to lessen.  Coast Village Lending/Prospect Mortgage is perfectly situated to help you in these areas.  As a direct mortgage lender we offer pricing and control to suit your transaction.  Because we have the ability to broker loans we often have products that are unavailable elsewhere.  Our latest offering is a 5-year ARM in the low fours with loan amounts up to $4,000,000 with some extremely attractive additional features.  Contact one of our in-house lenders, Maddox Rees, Tim Taylor or Adam Black for more information.
Written by Maddox Rees of Coast Village Lending

Santa Barbara Market - Early Spring Update

Two things typically occur every March, the beginning of spring and March Madness in college basketball.  Well, spring has sprung and the real estate market has its own version of March Madness this year.  There has been a sense of the market changing – in a good way.  Two of the most impressive figures regarding this month’s market are the overall months of inventory which came in at 4.7 (see below for explanation) and the number of listings that went into escrow during March (143 listings).  Both of those figures are records that are not surpassed by any other month in at least the last 2 years.

One indicator that economists typically use for watching the real estate market is the median sales price.  This is the price that marks the point that half of all sales are above and half are below.  The median sales price of single family homes and PUDs (planned unit developments) for March was $890,000 which is 8.5% higher than last year’s March median.  That number is also about 17% higher than the median for the month of January.  The year-to-date median is $811,250 compared to a year ago at this time when the median was $825,000.   The difference between the two medians is nominal.

 
In the graph provided, it indicates the quarterly median prices over the last three years for single family homes and PUDs.  Even though this past quarter appears slightly less than the previous two quarters, note the Trend Line is an “upward” projectery.

Another interesting fact is that year-to-date there were 13 less new listings than last year but 30 more homes sold than the same time last year. 

As mentioned above, our overall market is averaging a 4.7 months of inventory.  “Months of inventory” refers to the number of months it would take to sell all available listings.  The figure of 4.7 represents a very stable market, and includes single family homes, PUDs and condos.  The figure for just single family homes and PUDs is 5.2 months of inventory while condos come in at 3.5 months of inventory.   The Goleta area is the most active area at 2.9 months.  Montecito is the least active at 13.5 months.  Keep in mind that the numbers utilized to calculate these figures are relatively small.  Large percentage swings can occur with just a few additional transactions.  According to data that goes back to March 2008, this is the lowest months of inventory in the last two years, a sign that the market is gaining strength.

Another encouraging figure is the number of listings that went into escrow (referred to as “pending sales”).  A total of 143 single family homes, PUDs and condos went pending during March.  This is the highest in the last two years for a single month.  The median for the pending sales of single family homes, is in the $900,000 range.

Condos are a different picture.  The median sales price for condos in March was $417,500 which is almost 18% less than a year ago.  Because many of these properties are considered affordable, 29 more units sold this year than last year in the same time period.  There are 32 fewer new condo listings this year than last year.  As mentioned above, there are currently only 3.5 months of inventory for condos.  Perhaps with the dwindling supply, we may begin to see prices on these units begin to rise.

Economists say that a healthy housing market enforces a healthy economy.  Let’s see if the beginning of our rosy spring continues on through the year! 
Written by Carol Kruckenberg of Village Properties

Santa Ynez Valley Market Update

They say if you want three different opinions about the economy ask three economists. However, two of the most respected economists in the Santa Ynez Valley area both projected the real estate market to start getting back on tract in 2010. Based on the sales figures for the first quarter 2010 compared to 2009 they were both right. A surprise to many, the number of residential sales increased by 68%, average priced home increased by 9%, median priced increased by 3% and dollar volume increased by a whopping 84%.

The latter is a hopeful indicator the high end of the market is also picking up. In both quarters the over one million dollars grew proportionately (12% of sales), but with 2009’s highest sale at $2,255,000 and 2010’s at $4,000,000. It is anticipated with the combination of bargain prices, low interest rates and most likely an increase in capital gains tax in 2011 there will be additional interest and activity in the above one million dollar range for the balance of 2010. In the under one million dollar homes we expect the market to be status quo as prices are starting to increase due to very obvious limited inventory.
Written by Wayne Natale of Village Properties
Newsletter coordinated by Sylvia Stallings & edited by Patty Tunnicliffe of Village Properties

 

Village Properties and Christie’s Fine Art Auction House Present…
An Opportunity for Our Clients, to Auction
Fine Paintings, Furnishings, and other Decorative Arts.
Christie’s, the world’s leading art business, established in London in 1766 by James Christie, conducts some of
the most important auctions in the world, selling paintings, furnishings, and other decorative arts.  They
offer their clients the opportunity to place items to be considered for auction in over 80 categories,
including fine paintings, sculpture, silver, jewelry, photography, wine, furniture, ceramics, porcelain,
watches, musical instruments, memorabilia, and collectibles.
If you have a desire to submit any items as described above, or if you have general questions about placing
items for auction, please feel free to contact your Village Agent.
Village Properties is an affiliate of Christie’s Great Estates, a wholly owned subsidiary of Christie’s that
was established in 1995.  Christie’s Great Estates is the leading network of real estate brokers dedicated to
the marketing and sale of important properties.  The network comprises more than 800 real estate offices and
nearly 35,000 sales associates in more than 40 countries.

With offices in 
Montecito, 
Santa Barbara 
and Santa Ynez;
Village is here to offer you our Real Estate expertise for all of the Central Coast.



CALL:
888.681.8821
and speak with an Agent in any of our offices.


VISIT:
for up-to-date
real estate offerings.
VILLAGE PROPERTIES

www.villagesite.com
*|1250 Coast Village Road, California 93108|*
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Wednesday, May 5, 2010

Regulators Approve First Offshore Wind Farm in U.S.

By KATHARINE Q. SEELYE NEW YORK TIMES
BOSTON — After nine years of regulatory review, the federal government gave the green light Wednesday to the nation’s first offshore wind farm, a highly contested project off the coast of Cape Cod.

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The approval of the 130-turbine farm gives a significant boost to the nascent offshore wind industry in the United States, which has lagged far behind Europe and China in harnessing the strong and steady power of ocean breezes to provide electricity to homes and businesses.
With Gov. Deval Patrick standing beside him, Interior Secretary Ken Salazar announced at a news conference at the Massachusetts Statehouse that the government had approved a permit for Cape Wind Associates, a private venture, to build the farm.
“I am approving the Cape Wind project,” Mr. Salazar said. “This will be the first of many projects up and down the Atlantic coast.”
The Cape Wind turbines would lie in Nantucket Sound, about five miles from the nearest shoreline, and cover 24 square miles, roughly the size of Manhattan. The tip of the highest blade of each turbine would reach 440 feet above the water.
But the project is hardly shovel ready. Several regulatory hurdles remain, and opponents of the wind farm have vowed to go to court, potentially stalling Cape Wind for several more years.
For years the Cape Wind project has been the focusof pitched battles splitting politicians and environmental groups. While some environmentalists are prepared to go to court to stop the project, other major groups, including the Sierra Club and Greenpeace, support it.
Senator Edward M. Kennedy of Massachusetts, whose family compound overlooks Nantucket Sound and who died last year, had opposed the project, saying it was a giveaway to a private developer.
Senator Scott Brown, Republican of Massachusetts, issued a statement opposing the decision immediately after it was announced, saying it would hinder tourism and boating in the area.
But Mr. Patrick, also a Democrat, has supported it.
“America needs offshore wind power, and with this project, Massachusetts will lead the nation,” Mr. Patrick declared at the Statehouse on Wednesday. While there are differences of opinion, he said, “on balance, Cape Wind is good for our environment and good for our energy needs.”
He added that construction could begin within a year. “We are on our way,” he said. “If we get clean energy right, the whole world will be our customer.”
Ian Bowles, secretary of the Massachusetts executive office of environmental affairs, called the announcement “the shot heard ’round the world for American clean energy.”
At least half a dozen offshore wind farms have been proposed along the East Coast and the Great Lakes. Their relatively shallow waters make wind energy more feasible than off the West Coast, where the ocean floor drops off precipitously.
Supporters say the $1 billion Cape Wind project would provide a clean, renewable source of energy that could meet up to 75 percent of the power needs on Cape Cod, Martha’s Vineyard and Nantucket. They also say it would provide hundreds of construction jobs, decrease the region’s reliance on fossil fuels and benefit the environment by lowering emissions of greenhouse gases.
Opponents say it would be an industrial blot in an area of pristine beauty and change the region’s historic character. They also warn that the costs to consumers are likely to be double or triple the costs for conventional power. Improvements to the region’s electrical grid and transmission lines could cost $10 billion.
Audra Parker, president and chief executive of the Alliance to Protect Nantucket Sound, said that several groups would go to court to halt the project. While the permit is “a significant piece of the puzzle,” she warned, other pieces must still be put in place to get the project under way.
The Federal Aviation Administration has yet to make a final determination on the project, which it has rated “a presumed hazard” because of potential interference with airplane radar, she said. And Cape Wind has yet to sign a contract with the local utility, National Grid, to carry the wind power, she noted.
She said that nine state and local permits were still being appealed in the courts. And nearly a dozen parties have filed notices of intention to sue, saying the project violates various environmental rules and regulations.
Asked about future hurdles, Mr. Salazar said, “This is the final decision of the United States of America.” While delays could result from challenges, he said, he was “confident” that the courts would uphold his decision.
Officials said the official record of the decision, to be made available later, would spell out ways in which the government could mitigate any negative effects on coastal views by adjusting he number, orientation and color of the turbines.
The coastal Wampanoag tribe, which requires unobstructed views of the sunrise for sacred ceremonies, said Monday that it was preparing to challenge the project for violations of tribal rights.
“We will not stand by and allow our treasured public lands to be marred forever by a corporate giveaway to private industrial energy developers,” Ms. Parker said.