Just Sold: 917 Paseo Ferrelo Santa Barbara, CA 93103

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Weekly Real Estate Snapshot 10/18 - 11/28 **Multiple Weeks

October 18 - November 28, 2010 ** Multiple Weeks

New listings: 170

Price Improvements: 237

Pending: 154

Closed: 133
(break down:)
Sub $1 million: 95
$1-2M: 20
$2-4M: 15
$4-8M: 1
$8M+: 2

Off Market: 134 


Back On Market: 62

November Santa Barbara EcoBroker Newsletter

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In This Issue:   Santa Barbara Real Estate Snapshot Industry News:  Is the SAVE Act the answer? Community: Supes Jump Start Greening Loans   Get Involved:  A brush with kindness    Vocab Lesson:  Solar hot water heating   Cool Website: www.thedailygreen.com 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?   Reach John Stovall, EcoBroker International, V.P. of Business Development at jstovall@ecobroker.com 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. COMMUNITY:   Supes Jump-Start Greening Loans Homeowners Given Cash to Make Buildings More Sustainable   By Chris Meagher     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.     GET INVOLVED: 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. http://sbhabitat.org/apr2005.php   VOCABULARY LESSON:   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.   COOL WEBSITE:   www.thedailygreen.com   The Daily Green has this information on solar water heater options. Also check out these reviews of the most efficient and affordable home solar panels.     NO November Green Drinks    Special Green Drinks for December is being planned!    www.greendrinks.org/CA/Santa Barbara   to join email:   santabarbara@greendrinks.org   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. www.1521OliveSt.com 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. 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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Just Sold: 917 Paseo Ferrelo Santa Barbara, CA 93103

This one was interesting...a bank owned (REO) that required an "E-Bay" type of bidding process to get it under contract.  

 

This was not something that I had (or anyone in my company) had done before, but it worked out and my buyer was able to obtain a property previously listed at around $1,700,000 for under $1,000,000 on the lower Riviera!  

 

This is just one more reason why I love what I do! 

Santa Barbara Real Estate through the end of October 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!

For the Home Estate/PUD market in October ’10 for Santa Barbara, Montecito, Hope Ranch, Carpinteria/Summerland and Goleta the number sales again declined marking 6 out of the last 7 months that they dropped from the previous month. Starting in August there were 81 sales followed by September when there were 78 and in October sales dipped again to 64 and the median sales price went up from $775,000 in August to $879,750 in September but again dropped to $864,000 in October.

The number of homes sold below $1 million continues to fall going from 53 in August to 47 in September and down to 38 in October. The price range from $1 to $2 million also saw sales decline from September when there were 25 down to 14 in October. What didn’t decline was the $2 million and up market which had 12 sales in October exactly where it was the previous month and the over $5 million market remained strong with 3 sales. But, it must be pointed out that all 3 of those over $5 million sales saw significant drops in price from their original asking price. One property slid from about an $8.9 million original list price to a $6.9 million sale, another declined from a $15.9 million original list price to a $10.7 million sale and the highest priced sale of the month declined from a $28.5 million original list price to an $18.44 million sale. These huge drops are the reason that the Sales Price to Original List Price Ratio in October fell to just below 80%.

Looking at the Districts, starting in Carpinteria/Summerland we see 60 last year and 62 sales this year with the median sales price remaining basically flat dropping slightly from $675,000 in ’09 to $665,000 in ’10.  In Montecito sales are also basically flat dropping from 120 last year to 119 this year. The median sales price did decline however dropping from $2.5 million last year to $2.375 million this year.  The average sales price has gone up however going from $3,478,614 last year to $3,623, 021 this year.

On the East Side of Santa Barbara Sales are up by 8% from last year going from 183 in ’09 to 200 in ’10 and the median sales price has also gone up from $900,000 last year to $942,500 this year.  The West Side of Santa Barbara has seen sales rise by 20% over last year going from 130 in ’09 to 159 in ’10 and the median sales price also went up from $735,500 last year to $795,000 this year.

Hope Ranch has seen 16 sales this year which is exactly what they had last year through October, but this year the median sales price went up to $2.675 million from $2.262 million last year and the average sales price has risen almost $1 million from $3.413 in ’09 to $4.352  in ’10.

Goleta South sales are up by 28% from 64 last year to 81 this year while the median sales price dipped a little from $700,000 last year to $675,500 this year. What fell further however was the Sales Price to Original List Price ratio which went from 90% last year down to 80% this year. Sales are also up in Goleta North going from 125 last year to 135 this year but the median sales price is basically flat going from $703,000 last year to $707,500 this year.

For the condo market in October ’10 unlike the Home/Estate market, sales rose from the previous month when there were 23 up to 33 in October. The median sales price has also been going up from $436,000 in August to $460,000 in September to $475,000 in October. But, while the sales went up in October the escrows went down, dropping from 35 in September to 29 in October and the median list price on the escrows fell from $459,000 in September to $415,000 in October.

Through the first 10 months of ’10 the numbers of sales, 271, is almost exactly what they were last year when there were 262 closings. The median sales price is down however dropping from $465,000 in ’09 to $445,000 in ’10 but the average sales price is almost exactly where it was last year, rising just slightly from $525,945 in ’09 to $526,785 in ’10.

While the sales are up, the numbers of escrows is declining from 301 at this time last year to 281 this year, and the median list price is also falling slightly from $469,900 last year to $459,000.  With sales flat and escrows falling, the inventory has basically been rising since May up to the current approximately 160 condos for sale from Carpinteria to Goleta.

Looking at the Districts, we see that in Carpinteria/Summerland sales are up 15% from 44 last year to 52 this year. But, the median sales price has dropped from $420,000 in ’09 to $386,500 in ’10. Montecito has more than tripled the numbers of sales that it experienced last year going from 6 to 19 and the median sales price has gone up from $830,000 last year to $1,025,000 this year.

On the East Side of Santa Barbara condo sales are up 18% going from 50 last year to 59 this year, but the median sales price has gone down from $529,900 last year to $475,000 this year. The West Side has also seen a rise in sales going from 62 to 69, but the median sales price has dipped slightly from $510,000 last year to $499,000 this year.

Goleta South condo sales have dropped dramatically by 30% going from 60 to 42 and the median sales price has gone down from $455,000 last year to $365,000 this year. Goleta North sales have also declined dropping from 47 last year to 33 this year but the median sales price has gone up slightly from $395,000 last year to $408,000 this year.

While the numbers of homes sold declined markedly in October the numbers of opened escrows continued moving forward. More than 90 escrows were opened in the month which means 2 out of the last 3 months have seen that many, but while the numbers of escrows went up the median list price on those escrows remained at about $850,000.  With the surge in Home escrows, sales for the rest of 2010 should remain strong but the median sales price should remain at around $850,000 for the foreseeable future which is approximately where we ended 2009.

Condo sales on the other hand are going up while the escrows are falling. The median sales price while surging for the past 3 months will still be slightly below where it was last year when it was $465,000 through October. This year the median sales price is at $446,000 through October and will mark the 5^th year in a row that it has fallen. The decline in condo price is easing however and should start leveling off shortly

Gary Woods

Just Listed: 748 Dos Hermanos Goleta, CA 93117

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Just Sold: 601 East Victoria Street Santa Barbara, CA 93103

Taking A Blog Stats Break...Updates after Thansgiving!

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Prop 23 Fails in Resounding Victory!!

Proposition 23 Fails in Resounding Victory for California Economy and Clean Energy Future

SAN FRANCISCO – Voters in California soundly defeated Proposition 23 today, delivering a decisive and historic victory for the state’s clean energy economy, clean air and climate policy.

The defeat of the Dirty Energy Proposition signifies the first and largest public referendum in history on clean energy policy. With today’s election, California voters cemented their state’s role as a trailblazer for clean energy policy across the country and worldwide. Today’s results also signal an important triumph for the broad coalition that stood up to out-of-state oil refiners who sought to unravel California’s groundbreaking clean air law to protect their own profits.

“In the midst of a major economic downturn, and with a barrage of fear mongering and scare tactics, voters still said they want a clean energy future,” said Tom Steyer, co-chairman of the No on 23 campaign.

The campaign brought together leaders from the environmental, health, labor, business, clean technology and national security sectors, along with community groups, faith-based organizations and more. The co-chairmen of the Stop Dirty Energy Proposition effort, Steyer and former Reagan-era Secretary of State George Shultz, are leaders within their parties and are emblematic of the unlikely allies that banded together to defeat Proposition 23.

Shultz said this sweeping coalition must continue to work together to urge California’s newly elected officials to carry out voters’ wishes to continue to invest in the clean energy economy. “This is the new face of the clean energy economy. This broad coalition will continue to push for California to be on the cutting edge in building the new energy economy,” Shultz said.

Economists say California’s leadership in curbing pollution already has attracted jobs to the state and will lead to hundreds of thousands more in the clean energy sector, one of the few growing areas of the sputtering economy.

“Voters understand clean energy jobs already exist and offer the best promise for economic growth. They recognize that we can have a clean environment and a healthy economy,” Steyer said.

# # #

For the latest campaign news and developments, please visit www.StopDirtyEnergyProp.com and friend us on Facebook (www.facebook.com/StopDirtyEnergyProp), Twitter (www.twitter.com/StopProp_23) and YouTube (www.youtube.com/StopDirtyEnergyProp). To access press materials, visit http://www.stopdirtyenergyprop.com/press-releases.php.