New Listings: 42
Price Improvements: 39
Pending: 32 breaks down to:
Under $600k: 13
$600-800k: 5
$800k-1 million: 2
$1-2 million: 8
$2-4 million: 4
$4-8 million: 0
$8 million+: 0
Closed: 26 breaks down to:
Under $600k: 8
$600-800k: 5
$800k-1 million: 2
$1-2 million: 6
$2-4 million: 4
$4-8 million: 1
$8 million+: 0
Off Market (expired, canceled, withdrawn): 14
Back On Market: 11
Wednesday, May 25, 2011
Saturday, May 21, 2011
Happy Anniversary Village Properties!
Yesterday, which also happens to be my husband's birthday...was also the 15 year anniversary of Village Properties opening its doors.
I am proud to work for such a giving and supportive locally owned company and hope everyone had a great time at the party last night!
Thursday, May 19, 2011
May Santa Barbara Green Team Newsletter
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Wednesday, May 18, 2011
Weekly Real Estate Snapshot 5/9 - 5/15
New Listings: 49
Price Improvements: 41
Pending: 26 breaks down to:
Under $600k: 5
$600-800k: 4
$800k-1 million: 4
$1-2 million: 9
$2-4 million: 4
$4-8 million: 0
$8 million+: 0
Closed: 23 breaks down to:
Under $600k: 8
$600-800k: 5
$800k-1 million: 0
$1-2 million: 4
$2-4 million: 2
$4-8 million: 1
$8 million+: 0
Off Market (expired, canceled, withdrawn): 21
Back On Market: 8
Price Improvements: 41
Pending: 26 breaks down to:
Under $600k: 5
$600-800k: 4
$800k-1 million: 4
$1-2 million: 9
$2-4 million: 4
$4-8 million: 0
$8 million+: 0
Closed: 23 breaks down to:
Under $600k: 8
$600-800k: 5
$800k-1 million: 0
$1-2 million: 4
$2-4 million: 2
$4-8 million: 1
$8 million+: 0
Off Market (expired, canceled, withdrawn): 21
Back On Market: 8
Monday, May 16, 2011
New Listing: 1419 Wyant Road Montecito, CA 93108
MODERN LIVING FEATURING CONTEMPORARY ECO DESIGN
Ideally situated on a private knoll between the upper and lower villages of Montecito, this unique, warm and inviting gated estate boasts 1.3 acres and offers sweeping mountain views. Completed in 2004, with incredible attention to detail and craftsmanship, this property features an exceptionally functional indoor / outdoor floor plan with contemporary styling throughout all of the living spaces, including the four spacious bedrooms all complete with custom closet systems, a home office and a state of the art media room.
The open and sleek kitchen features contemporary styling all throughout.
A dynamic mix of finish materials, including stainless steel, wood and concrete, create a modern living space that is enhanced by ample natural light as well as a gorgeous picture window offering grand views of the mountains.
The spacious formal living room is warmed by a custom created fireplace, and is highlighted by the many sets of french doors leading to both the front entry patio as well as the outdoor verandas, creating an environment that is both comfortable as well as connected to the surrounding outdoor beauty.
Featuring voluminous ceilings throughout the home, expansive windows and doors offering lovely views of the mountains and grounds, this home infuses light and outdoor beauty into every room.
Enriching the outdoor amenities is a salt-water solar heated infinity-style pool and spa, two gracious outdoor verandas that are comforted by radiant heat and a fireplace, a surround sound speaker system and an outdoor kitchen, barbeque and bar area. Punctuating the lush grounds is a dipping pool, outdoor shower, beautiful new fountain as well as a large sport court. Completing this estate is a two car garage, and two additional detached structures; a barn and workshop space that are both fully wired offering ultimate potential for an artist / music studio or home workout space.
This one of a kind estate integrates numerous cost savings as well as environmentally responsible features into its stylish and tranquil 5,600 square feet. A rooftop Solar PV system, substantial insulation, top of the line custom windows, reclaimed Australian Jarah wood doors and a Smart home computer system all assist in monitoring and lowering energy usage and this home’s impact on the environment.
Experience all the comfort and peace and that this modern and sophisticated Montecito estate exudes.
Offered at $5,500,000
Green Features
• Strawbales with earthen plaster scratch coats inside and out and finished of lime (interior) and gypsum (interior).
• All Non-toxic products.
• Blue jean insulation in ceilings and between all rooms.
• Solar PV panels
• Solar hot water system for domestic and radiant floor heating uses.
• Required every sub-contractor to provide the Materials Safety Data Sheet (MSDS), for any proposed material in the house.
• Radiant Floor Heating throughout the entire house. Concrete floors level 1 and repurposed wood on level 2.
• Rain water catchment system that flows into three 1,700 gallon tanks underground, for landscape use.
• Gray water system not in use but installed. Able to bypass.
• Low Voltage lighting throughout.
• Full home automation system to reduce energy usage.
• All wiring run to avoid exposure to EMFs.
• High content flyash concrete floors
• Repurposed Jarrah wood used for floors, windows and doors.
• Repurposed antiques for all bath vanities.
• Feng Shui design
• Edible and native landscaping
Saturday, May 14, 2011
Tuesday, May 10, 2011
Weekly Real Estate Snapshot 5/2 - 5/8
New Listings: 50
Price Improvements: 37
Pending: 38 breaks down to:
Under $600k: 18
$600-800k: 10
$800k-1 million: 3
$1-2 million: 4
$2-4 million: 1
$4-8 million: 2
$8 million+: 0
Closed: 24 breaks down to:
Under $600k: 6
$600-800k: 6
$800k-1 million: 2
$1-2 million: 6
$2-4 million: 4
$4-8 million: 0
$8 million+: 0
Off Market (expired, canceled, withdrawn): 10
Back On Market: 15
Price Improvements: 37
Pending: 38 breaks down to:
Under $600k: 18
$600-800k: 10
$800k-1 million: 3
$1-2 million: 4
$2-4 million: 1
$4-8 million: 2
$8 million+: 0
Closed: 24 breaks down to:
Under $600k: 6
$600-800k: 6
$800k-1 million: 2
$1-2 million: 6
$2-4 million: 4
$4-8 million: 0
$8 million+: 0
Off Market (expired, canceled, withdrawn): 10
Back On Market: 15
Saturday, May 7, 2011
Santa Barbara Real Estate through the end of April 2011
Each month a very generous 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 ’11 for the Home Estate/PUD market in the Santa Barbara area including Montecito, Hope Ranch, Carpinteria/Summerland and Goleta sales dipped to 68 from 86 in March but up from 49 in February. But, while the numbers of sales slid the median sales price rose from $727,000 in March to $870,000 in April. The primary reason the median sales price rose is that sales in the $500,000 to $700,000 went down from 28 in March to 16 in April with sales below $1 million falling from 53 in March to 39 in April. Sales from $1 to $2 million went up however from 17 to 19 while sales from $2 million dropped from 13 to 10 with the primary decline being sales over $5 million which fell from 5 to 3.
Through the month of April ’11 for the Home Estate/PUD market in the Santa Barbara area including Montecito, Hope Ranch, Carpinteria/Summerland and Goleta sales dipped to 68 from 86 in March but up from 49 in February. But, while the numbers of sales slid the median sales price rose from $727,000 in March to $870,000 in April. The primary reason the median sales price rose is that sales in the $500,000 to $700,000 went down from 28 in March to 16 in April with sales below $1 million falling from 53 in March to 39 in April. Sales from $1 to $2 million went up however from 17 to 19 while sales from $2 million dropped from 13 to 10 with the primary decline being sales over $5 million which fell from 5 to 3.
Comparing the 1st 4 months of 2010 with 2011 we see that sales are down by about 8% with 245 through April ’11 and the median sales price for the year has fallen by about 4% to $810,000. The numbers of escrows are up however going from 308 last year to 329 this year for a 6.8% rise. Other important numbers include the sales price to original list price ratio which has gone up from 79% last year to 87% this year and the days on the market which has declined from 97 to 84.
Looking at the districts, Carpinteria/Summerland sales are down from 26 last year to 22 with the median sales price falling from $835,000 to $617,500. The numbers of escrows are way up however going from 19 with a median list price of $679,000 to 31 with a median list price of $737,000. In Montecito, sales are up from 39 last year to 43 with the median sales price dipping a little from $2.45 million to $2.35 million. But, the numbers of escrows are way up going from 44 in ’10 with a $2.625 million list price to 66 with a $2.537 median list price.
The East Side of Santa Barbara has sales down from 69 last year to 61 and the median sales price dropping slightly from $925,000 to $920,000. The numbers of escrows are up a little however going from 87 last year with a median list price of $1.06 million to 89 this year with a $977,500 median list price. For the West Side, sales are down a bit dropping from 58 to 57 with the median sales price down a lot from $800,000 in ’10 to $682,000 in ‘11. The numbers of escrows are also down from 70 to 67 with the median list price on those escrows falling from $824,000 to $745,000.
In Hope Ranch sales have dropped from 9 in ’10 to 7 in ’11 with the median sales price going down by about half from $3.5 million last year to $1,787,500 this year. The numbers of escrows are up however rising from 8 with a median list price of $2.475 million to 11 with a median list price of just under $2 million.
Goleta South sales are way off from 26 in ’10 to 16 in ’11 with the median sales price falling from $625,000 to $602,500. The numbers of escrows are also off, falling from 34 with a $699,000 median list price to 27 with a median list price of $567,000. Goleta North has sales up by 2 from 49 in ’10 to 51 in ’11 but the median sales price dropped from $715,000 to $699,000. The numbers of escrows are down from 65 last year with a $749,500 median list price to 54 with a $682,000 median list price.
Escrows continue to pile up in the greater Santa Barbara area with about 100 showing up in April and the median list price on those escrows has bounced back up to around $870,000 after being below $800,000 in March. The $500,000 to $700,000 market fell off in April due to a lack of inventory in that price range but there is still a substantial amount of activity farther up in the market. The spring time listings are starting to appear with the overall inventory rising about 15% over the March numbers.
For condos in April, sales fell from March when there were 21 ending the month with 17 sales. The median sales price also continued falling to $390,000 down from $399,000 in March. That number represents the second lowest median sales price in the last 12 months falling from a high of $475,000 in October 2010. Through the 1st 4 months of 2011 there have been 70 sales down by about 28% from 2010 and the median sales price of $399,000 is off by about 6.6% from the previous year. The numbers of escrows have also fallen from 116 last year to 99 this year for a 14.7% decline with the median list price on those escrows down by 14%. The sales price to original list price ratio has remained stable however in the 90th percentile but the average days it takes to get an accepted offer rose from 69 in ’10 to 82 in ’11.
The sales that occurred in April are concentrated in the lower end with 12 of the 17 closed escrows below $500,000. There was 1 sale over $1 million however on the East Side close to the beach and then 1 in the $900,000 range for a condo close to Paseo Nuevo.
Unlike single family homes, the inventory for condos did not surge forward significantly in April remaining around 150 units for sale with a $575,000 median list price and an approximately $780,000 average list price.
Looking at the districts, Carpinteria/Summerland sales are down by 1 from 20 last year to 19 this year but the median sales price fell from $386,500 to $350,000. The numbers of escrows are even however with 25 in ‘10 with a $427,000 median list price and 24 in ’11 with a $363,000 median list price. Montecito condo sales are down from 6 to 5 with the median sales price going from $1,087,500 to $645,000. The numbers of escrows is down even further falling from 7 with a $1,075,000 median list price to 4 with a median list price of $998,000.
The East Side of Santa Barbara has sales down from 21 to 11 with the median sales price dropping from $430,000 to $420,000. The numbers of escrows are also down from 20 with a $529,700 median list price to 14 with a $545,000 median list price. On the West Side of town sales are down from 21 to 13 with a median sales price dropping from $464,500 to $425,000. The numbers of escrows are down from 30 with a $497,000 median list price to 24 with a $409,500 median list price.
Goleta South sales are up from 17 to 19 and median sales price is up from $295,000 to $369,000. The numbers of escrows are also up from 21 with a $296,800 median list price to 23 with a $350,000 median list price. Goleta North has sales down by half from 14 to 8 with the median sales price down from $405,000 to $370,000. The numbers of escrows is also down from 18 with a $419,000 median list price to 13 with a $379,000 median list price.
The condo market continues to sputter with both the numbers of sales and the median sales price dropping for the month. The median sales price through the end of April 2011 continues to hover right around the 2002 level with no signs that it’s going to be moving up any time soon.
On the other side of the coin, the single family home market, despite being behind last year’s numbers of sales looks like it is stabilizing and may even be moving forward. The median sales price after dropping significantly in March rebounded nicely to the mid $800,000 level and with the numbers of escrows piling up the housing market should start moving forward.
Gary Woods
Thursday, May 5, 2011
Solarize Santa Barbara Has Launched! Sign up Now!
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Tuesday, May 3, 2011
Weekly Real Estate Snapshot 4/25 - 5/1
New Listings: 72
Price Improvements: 45
Pending: 34 breaks down to:
Under $600k: 16
$600-800k: 3
$800k-1 million: 6
$1-2 million: 3
$2-4 million: 5
$4-8 million: 1
$8 million+: 0
Closed: 15 breaks down to:
Under $600k: 5
$600-800k: 4
$800k-1 million: 1
$1-2 million: 4
$2-4 million: 0
$4-8 million: 1
$8 million+: 0
Off Market (expired, canceled, withdrawn): 52
Back On Market: 11
Price Improvements: 45
Pending: 34 breaks down to:
Under $600k: 16
$600-800k: 3
$800k-1 million: 6
$1-2 million: 3
$2-4 million: 5
$4-8 million: 1
$8 million+: 0
Closed: 15 breaks down to:
Under $600k: 5
$600-800k: 4
$800k-1 million: 1
$1-2 million: 4
$2-4 million: 0
$4-8 million: 1
$8 million+: 0
Off Market (expired, canceled, withdrawn): 52
Back On Market: 11
Sunday, May 1, 2011
First Quarter 2011 Santa Barbara Real Estate Market Update
Spring is here and March has brought a welcome sense of renewal to the local real estate market, following a sluggish January and February. 135 residential buyers entered escrow in March, compared to 104 in February and 86 in January. The 135 pending sales in March represent four to five South Coast buyers per day writing deposit checks, signing contracts and showing continued confidence in investing in real estate. There were 143 pending sales one year ago, in March 2010, a difference of only 5.9% from last month's number, illustrating the fact that the market has now stabilized and the pace of sales activity is steady and sustained. Even our old friend appreciation is beginning to show its face in certain local entry-level sub-markets.
Let's do a little thumbnail retrospective on the local real estate market over the past several years. The pinnacle of residential real estate values, generally speaking, was in 2005. Most of us wistfully remember what our homes were worth at the "high-tide mark". It is said that "all real estate is local", in fact, as you will see, neighborhoods within a broader market can be on very different courses. Entry-level housing in Goleta and Carpinteria was the first market segment to stall in 2005. Foreclosures followed and bank-owned homes languished unsold month after month. The Santa Barbara market held its own from 2005 through the end of 2007 with a steady median price of around $1.2 million.
Montecito area values defied faltering neighboring markets and enjoyed an almost clockwork annual appreciation of 10% in its median and average price right through the end of 2007. 2008 saw a slow down in sales in the 93108 zip code and a plateauing in values. Following the financial meltdown, 2009 saw drastically reduced sales numbers in the high-end and a steep decline in prices. This was at the same time as sales in entry level homes, in Goleta, Carpinteria and certain Santa Barbara neighborhoods surged back to life absorbing the swollen inventory of distressed homes. Eager buyers took advantage of several government-backed incentive programs, as well as historically low interest rates. Enthusiasm for entry-level housing remains strong today both among cash investors and excited first time buyers. According to the California Association of Realtors, affordability, (the number of households in a community who can afford to buy an entry-level home), is at an amazing 58% -- up from a mere 14% in 2007.
Today's entry-level home buyers need to be prepared for what can be an emotionally draining process. Strong-willed buyers, however, are finding a pot of gold at the end of their journey. One local buyer shopped for over a year putting in various offers on short sales, foreclosures as well as regular sales. For various reasons, often due multiple offers or unrealistic sellers, his offers were never accepted. At times he would sit on the fence for weeks to "catch his breath". Just when he was about to give up on his dream, his Realtor found him a foreclosure property just as it was hitting the market for $417,000. He made an offer of $450,000 and it was accepted. (The very next day someone else made an offer of $500,000 but it was too late.) He has achieved his dream and couldn't be happier. Another couple, after being unsuccessful on 14 different properties, were finally the successful bidders in their 9th multiple offer situation.
The first quarter of 2010 saw a resurrection of the high-end market, with several significant closings in the first quarter over $8 million. Buyers are seeing alluring values everywhere along the South Coast buyers. While activity remains focused in the under $1 million price range, we are seeing an increasing percentage of sales in the over $1 million market and throughout the upper price ranges. Motivated sellers with well-presented and well-priced homes, in all price ranges, will garner buyer attention and possibly even multiple offers. A chic and spacious downtown penthouse, listed for sale for $5,250,000, as unfinished space, just closed.
Table 1 shows a first quarter 2011 median price of $787,500 for houses and PUDs and $399,000 for condos. This is compared to $811,250 and $420,000 respectively for the same period 2010. There were 174 closed escrows for houses and PUDs in the first quarter, the same number as the first quarter of 2010. 66 condos sold in the first quarter of 2010 as compared to 53 condo sales for the first quarter of 2011. Contrary to the widespread notion that inventory numbers are bloated, the current inventory of active residential listings is down to 660 from 677 one year ago.
Table 1 also shows months-of-inventory, often referred to as "market velocity". This statistic illustrates how many months it would take to sell the existing inventory of homes, in a particular market segment, at the current pace of sales. Under 3 months of inventory is indicative of a seller's market; 3-6 months-of-inventory could be viewed as a balanced market; 6-9 months-of-inventory is a buyers' market and in excess of 9 months of inventory is a weak or soft market. Months-of-inventory market-wide for all price ranges and all neighborhoods, for condos, houses and PUDs, is 4.9 for March 2011. March 2010 had 4.7 months of inventory.
This month's headline is certainly in the months-of-inventory numbers for Santa Barbara and Montecito. Santa Barbara's 3.5 months-of-inventory for March 2011 is on the threshold of a sellers' market. 49 homes and PUDs entered escrow last month. Montecito's number of 7.7 months-of-inventory is close to half of the number of 13.5 for March 2010. 21 Montecito homes went into escrow last months vs. 13 for March 2010.
Table 2 compares the past years closed escrow numbers by month to the 5 year average. An upswing in closings for the last two months of 2010 depleted results for January and February 2011; March has seen a nice recovery with 104 residential closings beating the 5-year average of 99 for the month. Sales pending for January through March remained strongly above the month's closed escrow numbers.
Table 3 illustrates the spread of closings by price range. While the bulk of the sales activity remains solidly in the $500,000 to $700,000 price range, you will also see a nice spread of activity in the upper ranges.
With the recession officially over in the summer of 2009, the first quarter of 2011 finds the South Coast real estate market in bloom. In her recent local presentation, Leslie Appleton-Young, chief economist for the California Association of Realtors, declared that "the worst is over" and "we are in recovery". She predicts a rise of approximately 2% in California's median price for 2011 and that coastal communities will lead the way. In our beloved Santa Barbara and surrounding areas, where one of the leading industries is the business of "residential living" the real estate market seems to reflect the promise of spring!
by Jackie Walters of Village Properties
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