In This Issue:
LATEST & GREATEST...
SANTA BARBARA REAL ESTATE SNAPSHOT:
October 18 - November 14, 2010
New listings: 117
Price Improvements: 174
Pending: 104
Closed: 87
(break down:)
Sub $1 million: 61
$1-2M: 14
$2-4M: 11
$4-8M: 0
$8M+: 1
Off Market: 81
Back On Market: 43
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
Is the SAVE Act the Answer? A piece of legislation being proposed for introduction in Congress called "Sensible Accounting to Value Energy" (SAVE) suggests a relatively simple and potentially effective way to place a value on residential energy savings and factor that value into loan underwriting. The legislation suggests a methodology for placing a value on a specific dollar savings amount for an energy efficient home. As proposed, the act would not mandate any action by a homeowner or buyer, but would create a financial incentive for greater residential energy efficiency in both new and existing homes. Effectively, SAVE would define a method for calculating an Energy Factor (E). The E factor will be based on the square footage of the home and the average energy costs per square foot in the geographic area from Department of Energy data. The database exists and could be refined as the data become broadly used for this purpose. A property with an energy cost lower than the DOE average would have an increment of value calculated as the Net Present Value of the dollar savings over the life of the loan based on a specific formula. This higher collateral value would allow the borrower to qualify for a larger loan by recognizing that they would have lower operating costs for the efficient property. The calculated collateral value of E could be added by an appraiser based on specific calculations, or could be added at the loan underwriting stage if it was not already factored in by the appraiser (a safeguard would prevent double counting). The energy costs for a specific property would be determined by a HERS rating or similar rating standard approved by the DOE. For more on the HERS rating check. Acquiring the rating is not mandatory. A home with no rating would be presumed to have the average E factor for that square footage in that region and there would be no adjustment of the normal appraisal. The HERS rating would allow recognition of superior energy performance as a direct value added to the value estimated by the Comparison Approach without regard to energy efficiency. Since this valuation method would apply to virtually all residential mortgage loans, there would be no need for special loan programs such as the EEM programs available now. The home with no energy rating would get no special treatment and the home with superior energy performance would gain a benefit. Over time, this SAVE program would serve as an incentive for buyers to select new or existing energy efficient homes and for homeowners to retrofit inefficient homes to gain access to the financial benefits. As proposed, the legislation would require HUD to include the E factor valuation in loan underwriting programs within three years of passage of the bill. This seemingly long delay would permit careful implementation and training of underwriters, loan originators, appraisers, and other involved parties such as EcoBrokers! No one can ever predict the actions of Congress, but watch for this proposal to come forward and be sure to participate in the discussion and debate that will occur. Supes Jump-Start Greening LoansHomeowners Given Cash to Make Buildings More Sustainable
Despite holdups at the federal level, Santa Barbara County officials are hoping to jump-start a program that would allow private-property owners to get affordable loans to make their buildings greener.
Known as emPowerSBC, the program has been stalled due to disagreements between federal departments, which leave the future of property-assessed clean energy programs (PACE) uncertain. In these plans, the county would loan money to property owners for their projects, and residents would pay it back via their property-tax bills. The idea was to solve two barriers to achieving energy-efficient goals in the county: access to capital and market complexity. Despite reluctance by some supervisors, the county supported a program here where the county itself would lend the cash. In addition to making more buildings environmentally friendly, officials believe the program could bring in $160 million in contracts and create as many as 900 new jobs over the next 10 years. The strategy is also supported by both environmentalists and the construction industry. Housing and Community Development Director Dave Matson estimates between 500 and 600 people have shown an interest in applying for loans. And that’s why, though PACE is on hold, officials are seeking alternative solutions that include private financing, rather than financing through the county, which would lower the county’s risk. On Tuesday, the county accepted more than $2.4 million in America Reinvestment and Recovery Act money, which will pay for the administrative costs through the initial three years of a pilot program. That money, combined with more than $700,000 from the California Energy Commission, is a good start to getting emPowerSBC off the ground. Housing and Community Development will return in December to present a financing implementation plan proposal for emPowerSBC.
Habitat for Humanity’s program “A Brush with Kindness” provides work that includes exterior painting, landscaping and completing minor fence repairs on homes of low-income homeowners.
Solar water heating (SWH) systems are a mature renewable energy technology which have been accepted in most countries for many years. SWH has been widely used in Israel, Australia, Japan, Austria and China. In a "close-coupled" SWH system the storage tank is horizontally mounted immediately above the solar collectors on the roof. No pumping is required as the hot water naturally rises into the tank through thermosiphon flow. In a "pump-circulated" system the storage tank is ground or floor mounted and is below the level of the collectors; a circulating pump moves water or heat transfer fluid between the tank and the collectors. SWH systems are designed to deliver the optimum amount of hot water for most of the year. However, in winter there sometimes may not be sufficient solar heat gain to deliver sufficient hot water. In this case a gas or electric booster is normally used to heat the water. |  | NO November Green Drinks Special Green Drinks for December is being planned! www.greendrinks.org/CA/Santa Barbara to join email:
NEW LISTING:
748 Dos Hermanos
Priced to Sell $699,000 Spacious detached home in Villa San Marcos. This 3br 2.5 ba cul de sac home boasts a outdoor patio area, vaulted ceilings, fireplace, french doors off dining area and attached two car garage. affordable HOA dues. Priced below the 2 smaller units that sold this year, great deal!
NEW LISTING: 1521 Olive St Offered at: $1,575,000 Beautiful downtown townhouse. Low energy use home includes radiant floor heating, dual paned windows & quality insulation. Watch the fireworks from the oceanview deck. Ideal upper East location. This spacious home is newly built in 2003, quality throughout, 3br/3ba, gourmet kitchen, 2 car gar + guest spot.
Contact DeAnn for a private showing.
 NEW LISTING: 3952 Foothill Road Santa Barbara, CA 93110
Listed at $589,000 Located down a private lane off the main road, this is a great opportunity to buy in the HOPE School district. Approximately 1/5 of an acre in the County of Santa Barbara, the property includes a dozen varieties of fruit trees, a towering redwood, a shaded flagstone patio, a shed/workshop, raised garden beds, chicken coop, and a sense of privacy while just minutes from all that Santa Barbara has to offer. The bright and airy home, built in 1954, has a 3 bedroom, 2 bathroom layout that allows for an extended family or rental income, with a wood burning stove, vaulted ceilings, dual-paned windows, and gorgeous hardwood floors.
Contact Elizabeth for Appointments
 SOLD
601 East Victoria St
Santa Barbara, CA 93103
Sold for $610,000
This sweet little home sits in the middle of “The Bungalow Haven” , an area of Santa Barbara known for its craftsman and bungalow homes and pride of ownership. Perched atop a little hill and on a corner lot, this home boasts a wrap around front porch reminiscent of times past spent enjoying a porch swing while chatting with the neighbors.
With 2 bedrooms, 1 bathroom, an extra room for an office or expansion options for the current kitchen and a 1 car garage, it is all you would ever need for downtown living.
Get ready to have friends over to celebrate before walking over to the County Bowl or downtown for movie night!
 PENDING:
328 Loma Vista
Santa Barbara, CA 93103
Listed at $609,000
This three bedroom Bungalow home is located on a one block long street in the Historical District. Very close to Alice Keck Park, Kids World and downtown. French doors from back bedroom open to deck and backyard. Craftsman fireplace flanked by bookcases and classic built-in China buffet in dining room. Updated plumbing, electrical, central A/C, heating and newer oak floors. |
