Posted August 25, 2011

Live on Cloud 9! This Spanish Hacienda has unobstructed 360 degree views extending from the SB Airport to Pt Mugu. The focal point of the home is the South facing Living/Dining room with walls of glass 18 ft vaulted, tongue groove cedar ceiling. The mountain top retreat is perfect for those looking for a sense of serenity seclusion or a weekend pied-a-terre. Call for an appointment to take a tour of this beautiful home.

Posted September 20, 2011

“Steady resilience” seems to be what the first half of 2011 experienced in the real estate market. The median sales price was $839,950. This compares to $857,500 for 2010 and $850 for 2009 for the same period. This three- year trend in the median price, (down approximately 32% from the high of $1,250,800 in 2007), suggest a steady “foundation” has been established in our local real estate market. “Flat” is good for now, as we have to pass through this phase before we will see any appreciation return in the years to come.

Buyers have returned in steady numbers. Low interest rates and low prices have provided record-breaking affordability levels. This together, with average household sizes at record levels has created a demand for housing. There were 524 sales of houses and PUDs for 2011 through the end of July. This is the highest number of year to date sales since 2007. Pending sales, the most accurate reading of buyer confidence, was at 629 through the end of July. This is also the highest number for the past five years, up 16.3% from the same period in 2010.

Overall on the South Coast, there is only six months of inventory for houses and PUDs. This number is excellent when compared to the number in some inland communities in California who are wading through as much as 40 months of inventory. Goleta and Santa Barbara have only 4 months of inventory while the higher priced homes in Montecito have 13 months of inventory.

With current interest rates at historically low levels, and accompanying low prices, real estate is an excellent long-term investment. With the recent volatility in the stock market and the downgrading of the U.S. credit standing, “steady” and “resilient” sounds pretty appealing.

Posted September 24, 2011

The Boathouse sits right on the beach at Arroyo Burro Beach (better known as Hendry’s Beach to locals).  The atmosphere is wonderful with plenty of outside & inside seating, a great bar, and delicious seafood.  Enjoy a hot bowl of Santa Barbara’s best creamy clam chowder, some “small bites”, or fresh fish favorites such as the Mesquite Grilled Ahi or the local Petrale Sole which is dusted in seasoned flour and pan sautéed in butter, white wine, garlic and capers and served with roasted red potatoes and sautéed spinach.

The best time to go is obviously at sunset, but if you want a more casual dining experience, go for brunch on the weekends.  There is no better way to spend a sunny beautiful Saturday morning than sitting on the beach, drinking a bloody mary and having the Boat House Signature Breakfast- Two poached eggs over Dungeness crab cakes on a bed of roasted potatoes.  Topped with chipotle Hollandaise, pico de gallo and avocado.  A true Santa Barbara local dish that once you try, you will be going back again.

Posted November 21, 2011

With today’s real estate market dramatically changing daily, it is still always better to be a homeowner.  Below are 5 brief reasons why it is so great to own your own home.  Check out the link below for the full article.

1.  Equity:  Even with the high initial costs to buying a home, your monthly mortgage payments go toward your own principle verses to your landlord (which you will never see again).  Even with the recession, experts still feel that the housing market will recover, making an investment in a home a long-term savings.

2. Relationships:  When renting, there is not a lot of opportunity to make lasting relationships with your neighbors.  Homeowners have yards, walking trails, community pools and clubhouses where they can get to know their neighbors and socialize more.

3.  Predictability:  As long as you have a fixed-rate term on your mortgage it’s predictable.  Having a predictable mortgage each month that will be the same amount 15 years from now as it is today lets you plan for the future for other predictable expenses that will arise.

4. Ownership:  This is obvious.  But the perks of owning enables you to make your house a home.  Renovating, updating, painting and decorating allows you to personalize your home to your own tastes.  When renting, you are usually stuck with the basic wall color, carpet, no option for expanding, etc.

5.  Great Deals:  With interest rates at a historic low, now is a great time to buy!  With fixed interest rates 4% and lower means huge savings for today’s buyers.  And with the recession still ongoing means lower house prices as well making it a wonderful opportunity to get your foot in the door with your first home!

If you are looking to buy or sell your home in Santa Barbara, CA call to find out what your options are and how we can help you find the home of your dreams!

Read the full article “5 Great Things about Home ownership by Carla Hill” at Realty Times.

Posted March 5, 2012

This article was posted about what to expect in the following year for the housing market.

Housing Crisis to End in 2012 as Banks Loosen Credit Standards

By: Krista Franks Brock

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.

The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.

Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.

However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”

In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.

While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.

Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generate actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.

Source

Posted May 30, 2012

Local real estate market appears to reflect positive conditions. Sales are up strongly and inventory is down. Months of inventory for Santa Barbra’s South Coast, from Carpinteria to Goleta is at 2.6 months; 2.8 months for houses and Planned United Development (PUDs) and 2.3 Months for condos. Currently, buyers are signing offers, writing deposit checks negotiating great prices, and entering escrow at increasing rates. Essentially, these positive indicators along with current house and condo prices, has contributed to an increase in the number of qualified buyers in the market place. For instance, the number of house and PUDS entering escrow through the end of April 2012 was up 46% over the first four months of 2011, while closed escrows for houses and PUDS totaled 340.

However, buyers in the under-$800,000 market and in other higher price ranges are now having to cope with the multiple offer process. This in effect has led to a situation in which buyers who have been waiting on an appropriate time to enter the market, find that two, four or six other prospective buyers are bidding on the same property. The only way to ease this problem is for buyers to work closely with their Realtor, who in turn will let them know when a property does become available.

In terms of prices, the median price for house and PUDs through the end of April is $785,000, which is down 3.1% for the same period reported a year ago.  By removing both Montecito and Hope Ranch, the median is down 0.8%. These statistics represent a decrease of 33.5% from 2008’s first quarter median price of $1,180,000. Additionally, from 2005-2008, the South Coast median price for houses and PUDs was around $1,200,000; 2009 the median fell to $827,500. In 2010, the median increased slightly to $840,000, while in 2011 the median dropped to $810,000. For condos, there were 102 closed escrows with a median price of $3999,995.

Furthermore, the effect in recent years of distressed sales on the local market has been notable. Consequently, sellers have had to price their homes in the same range as the new level set by both neighborhood sales of bank-owned properties and short sales. The percentage of these sales in Santa Barbara County has persisted around 30% while cities such as Fresno have experienced 70% of distressed sales closings. Additionally, the short sale process has been improved, with most closing in 3-5 months.

Table  1 reflect months of inventory separated by each community. For instance, Goleta has only 1.3 months of inventory, while Montecito, which has a larger proportion of higher-priced homes has 5.6 months of inventory. This statistic appears to illustrate both an active and varied market between buyers and sellers.

Table 2 demonstrates how much stronger sales have been ompared to the 5-year averages for houses, PUDs, and condos. As you can see, sales have increased each month since November 2011. Furthermore, the line above the bar graph shows current pending sales on an upward trend, thus providing further indication of strong market activity. Lastly, Table 3 illustrates the distribution of market activity across a wide spectrum of prices. Clearly, the largest number of sales for houses and PUDs is occurring in the $500,000 to $700,000 price range, while for condos, the most dynamic range is from $300,000 to $500,000.

In conclusion, it appears that environmental conditions for Santa Barbara and its surrounding communities reflect attractive opportunities for expansion. However, the supply of current homes remains sparse while the demand to live in our community continues to increase. Ultimately, by analyzing current real estate market signals along with an increase in buyer’s confidence may indicate the fact that current prices have reached the bottom.

Downloadable PDF: Santa Barbara South Coast 2012 MLS Market Activity

Posted May 31, 2012

Dozens of images come up when our mind sweetly wanders to the historic mission town of Santa Barbara: palm tress and pleasantries, organic eats, Oprah’s mega-mase, suntans and sand beneath our toes, majestic mountain peaks… the list goes on and on. Our city plays host to upscale urbanites, mavens of mellow, and even on-the-fly overnighters. It’s really the ultimate territory to explore for any kind of escape artist. With summer just around the corner, now is the perfect time to discover some of Santa Barbara’s best-kept secrets for enjoying everything our beautiful beach town has to offer. Whether you’re a spa junkie or a culinary enthusiast, here’s a to-do list spanning from State Street to Montecito that grants the best quest in the West.

EAT

Opal Restaurant & Bar

Where: 1325 State St
What: A local’s favorite, opal restaurant and bar infuses an eclectic California cuisine with creative influences from around the world.
The Dish:The expansive menu offers a vast array of options that not only reflect the local flavors of Santa Barbara, but also incorporates unique dishes with exotic flavors. From Chili-Encrusted Filet Mignon, to lemon grass crusted Salmon, homemade pastas, gourmet pizzas, fresh baked breaks, deliciously imaginative salads and homemade desserts, the options are endless. Opal radiates a warm and friendly atmosphere, which reflects the very character of our friendly beach town itself. A full bar also serves innovative martinis and the Wine Spectator award-winning wine list has 40 wines by the glass to pair with each course.

Jane

Where: 1311 State St
What: A sister restaurant to Montecito Café, this delightful family owned and operated establishment serves both lunch and dinner in a spacious and warm dining room, which includes features such as a two-story fireplace and natural wood settings.
The Dish: Jane offers several delicious dishes that are sure to satisfy any craving. From creative and flavorful salads to juicy burgers, fresh seafood, to tantalizing desserts such as homemade coconut cake. Patrons can enjoy a romantic meal on the tiny second story patio or share a flat iron steak or a daily fish special at the bohemian communal dining table. Ultimately, this exceptional dining spot represents Santa Barbara’s local flare with its friendly service and innovative cuisine.

EXPLORE

Santa Barbara Hikes

Santa Barbara offers some of the best hiking trails in all of Southern California. From mountain hikes, beach hikes, to inland hikes, Santa Barbara has a vast array of trails that are sure so meet the needs of any hiking enthusiast. Popular hikes among locals include: E. Camino Cielo, Ellwood Butterfly Grove, Tunnel Trail, Rattlesnake Trail, Gold Spring Trail, Inspiration Point, and Sand Ysidro Trail.

RELAX

Float Luxury Spa

When looking for the ultimate Santa Barbara spa experience, look no further than Float Luxury Day Spa. Located downtown on 18 E. Canon Perdido St, this quaint and inviting spa offers everything from massages, facials, body treatments, and waxing in a peaceful and tranquil setting. Featuring a coastal modern design, Float is light and airy, modern and comfortable. You can also enjoy all the facilities form the beautifully appointed locker rooms, to the sky lounge or private garden with reflecting pool and fountain. Whether you are looking for a quick pick me up or a long day of relaxation, this local day spa is sure to inspire rejuvenation and renewal.

EXPERIENCE

Santa Barbara Art Museum

In a city so rich with striking artifacts, a trip to the Santa Barbara Museum of Art is definitely in order. Home to world-class art and exquisite exhibitions, this museum showcases a breathtaking collection of artistic treasures from American, Asian, European and more, and is sure to satisfy anyone’s yearning for cultural enrichment. Not only does this intimate space feel more like a teensy gallery than an actual museum, but it also is a lovely way to brush up on the history of the city. You’ll want to check out the pretty pieces that populate this quaint spot. The museum is located downtown on 1130 State Street.

Farmer’s Market

Who doesn’t love shopping around for fresh foodie finds — especially on a cool, coastal afternoon? The Santa Barbara Farmers Market located on 232 Anacapa Street, hosts an array of color-soaked produce every Tuesday and Saturday. It’s a collaborative market with a diverse atmosphere, and supplies eco-conscious customers with tasty, locally grown produce and homemade goodies. This favorite local tradition reflects Santa Barbara’s mantra of living a healthy lifestyle by eating locally grown, organic food while supporting sustainability and environmental preservation.