Santa Barbara Real Estate Voice

Santa Barbara CORT Reports – Santa Barbara Real Estate April 2012

kevinschmidtchen — Thu, 10 May 2012 16:14:24 +0000

Here are the latest CORT report statistics for real estate here in Carpinteria, Goleta, Santa Barbara, Montecito and Summerland. All of the red “x” delineate REO or distressed sales. As you will notice, the vast majority of our foreclosures and short sales continue to be in the lower end price points.

The overall market also continues to be very strong with most well priced homes selling within a few days to a few weeks. Buyers continue to be very comfortable with prices and are taking advantage of incredibly low interest rates. 2 other strong signs for the market is that many investors are now buying again as well as cash investors.

Santa Barbara Cort Reports April 2012

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

For more information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in the Santa Barbara area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.

New Listing – 4 Bedroom 2 Bath Single Level Mountain View Ranch Goleta CA.

kevinschmidtchen — Sun, 06 May 2012 18:03:04 +0000

Brand New Listing in Goleta CA.

Price: $669,000

Address: 155 Kalley Drive

Wonderful 4 bedroom / 2 bath single level home in Mountain View Ranch neighborhood. Extremely well maintained, vaulted ceilings, great natural light, spacious open floor plan and family room w/ fire place. Grounds include gated greenbelt, playground and pool.

Mountain View Ranch - Goleta Real Estate

Goleta Real Estate - Mountain View Ranch

Goleta Real Estate - 155 Kalley Dr

View: More Pictures

View: Goleta Real Estate $250,000 to $700,000

View: Goleta Real Estate $700,000 to $1 Million

View: Goleta Real Estate $1 million and above

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

A Few Popular Expensive Home Remodels That Will Not Pay You Back When You Sell Your Home

kevinschmidtchen — Wed, 18 Apr 2012 21:28:03 +0000

Are looking to do a few nice upgrades on your home, but potentially plan to sell in the coming few years? If so, pay attention to how much and where you invest your $$. Don’t get bitten by the magic phrase…”We’ll for sure get it back when we sell.”

Santa Barbara Remodel

Many studies come out each year in various publications about good and bad remodels, what percentage you might get back from dollars invested etc. These also vary depending on what part of the country you live in.

Below are a list of several improvements ranked by Remodeling Magazine that come in dead last nationally when it comes to getting those renovation dollars back at resale. Most of these apply to Santa Barbara as well.

Home Office Remodel - If you are looking for the average home office these days, just go to your local coffee shop or relaxed restaurant/cafe hang – out. More and more people are not liking the idea that a part of their home is referenced as a work space. Average stats show that sellers are getting less than 50% back upon resale from a home office investment. There are a lot of places in our homes that can be used at multipurpose spaces…but do not lock yourself into creating an office. The caveat is that if your home is big enough to have a legitimate office in addition to all the other great spaces. This is very common in Santa Barbara. Or if you simply are using a current bedroom as an office that can easily be made to look like a bedroom once again upon resale.
Sun-room Addition – Here in the Santa Barbara area, sun-room does not go a long way. We live outdoors and fortunately deal with very little to no outdoor pests. Expect to reap less than 50% of your dollars spent on anything resembling a Sun-room.
Upscale Master Suite Addition - In the last 10-15 years, the average homeowner loves the concept of an open floor plan as well as a master suite that resembles the stay at a nice 4 start hotel if not better. A remodeled master suite is a good answer…an Addition to add a master suite onto an original floor plan seems to once again recoup less than 50% of money invested. Original floor plans are often sited the best on a lot and additions tend to take away from this ideal spacing.
Bathroom Addition - Same thing that applies to the master suite. Normally speaking original floor plans are the best and if they can be tweaked a little to instead do a solid remodel, sellers tend to get most of their invested $$ back. The key here is anything that seems to be an “addition” to the original house is not getting much more than 50% back on the dollar.

Further Reading:

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

Santa Barbara Real Estate Market Update March 2012

kevinschmidtchen — Wed, 11 Apr 2012 17:07:05 +0000

Here are some of the latest Santa Barbara real estate market statistics with regards to inventory, listings, sales, prices etc. for March 2012.

As the statistics show, the real estate market here in Santa Barbara, Goleta and Carpinteria is very strong and active. With the combination of fewer listings (inventory), great interest rates and buyers that are comfortable with the market….homes are selling quickly across all price points in the last 6-8 months.

The graph below depicts this overall lack of inventory in general…one of the obvious factors leading to a fairly quick market.

Santa Barbara Real Estate Market Update March 2012

March 2012 Santa Barbara real estate update

The immediate graph above shows a very clear picture that buyers are buying most everything on the market. Sales are up drastically pretty much across all price points. In our own office overall, we have had twice as many pending files as normal over the last 2-3 months.

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

Interest Rates Still Hovering Around All Time Lows

kevinschmidtchen — Tue, 10 Apr 2012 16:12:59 +0000

Interest rates for home purchase as well as re-financing continue to hover around historic lows. Below is a average interest rate table based on a survey of several national leading lenders for the end or March 2012.

To take advantage of these great rates here in Santa Barbara, I am hearing from both lenders and clients that these rates are based on good credit scores, 20-25% down payment and loan amounts up to the conforming $625,000. Up to the older conforming amount of $417,000, rates are tending to be .25 point less.

As far as being able to access these rates if you are doing a refinance, the caveat is that you have to have an appraisal done and show that you already have / still have at least 30% equity in your home. If you only have 20% equity in your home for example, the refinance rates tend to be higher besides the difficulty of simply being able to refinance now if you have less than 30% equity.

Interest Rate Summary April 2012 - Santa Barbara

Further Reading:

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

Santa Barbara Real Estate – What is the Early Pulse of The 2012 Real Estate Market?

kevinschmidtchen — Wed, 21 Mar 2012 16:59:32 +0000

Often as a Realtor I am asked…for obvious reasons:

Where is the real estate market these days?
How is the real estate market these days?
Are homes selling fast, slow etc.?

Basically all of these questions mean “What is happening in Real Estate right now?”

Across the board from the lower starting end at around $200,000 to $600,000, to the middle of the market from $700,000 to $1.5 million all the way to the luxury high end of $5 million and above, homes are selling.

In the lower end from around $200,000 to $600,000, most all homes are selling within days to a few weeks. Additionally, if a home is priced at market price, it is also selling at right around asking price. For the buyer and seller, it is almost luck of the draw on how good of price they can get. If your buyer is the only buyer they tend to get a little below asking on the price. If there are a few buyers (which is much more common), then the home is most always selling at asking price or even just above asking price.

In the $600,000 to $1.5 million price point, we are also seeing a very good amount of activity and often homes do have 2-3 offers on them. I would say that in the last 2-4 months, 8 out of 10 homes in this price point are tending to sell within the first 2-4 weeks and again some within days. Homes that are sitting these days tend to simply have had back luck, need a lot of work and/or are just overpriced.

In the $1.5 million and above price point, the market is also very strong with the main issue here being the lack of inventory. There seems to be a decent amount of buyers waiting and willing, but can not find the right home…price not being the issue. When a good home does come on the market it is usually gone quickly.

Santa Barbara Beach Front Real Estate

The Pulse

Most people (buyers, sellers, Realtors etc.) that I have talked with in the last several months seem to have a definite feel that prices are pretty close to the bottom here in Santa Barbara, or at least close enough that they are comfortable with where the market is at. Combining this with the historical low interest rates and we are seeing a lot of activity with purchases for both primary residences and investments. On top of this, we are also seeing a lot of cash buyers out there across all price points.

Further Reading:

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

Montecito Real Estate – Luxury Market Update First 10 weeks in 2012

kevinschmidtchen — Mon, 19 Mar 2012 20:47:21 +0000

After a relatively slower luxury high end real estate market here in 2011 in the Santa Barbara area, 2012 has started out with a fair amount of activity in our luxury high end market. For purposes of this post, I will be referring to the luxury high end real estate market as home values of $7,500,000 and above.

In the Santa Barbara area, the areas in which we find these higher values tend to be pretty much centralized in Montecito, Hope Ranch, along the coastline / beach front or on a larger Ranch. Additionally, most of the sales and activity tend to occur in Montecito simply because of the available inventory.

So far in the first 10 weeks for 2012 we have seen:

Fourteen new listings come on the market above $7.5 million, ranging in price from $7.65 million to $22 million
Two listings that are currently pending sale…asking prices of $12.5 million and $22 million respectively
Three closed sales ranging in price from $9.5 million to $19.5 million

Here below are a sample of some wonderful photos of these luxury high end real estate sales so far here in the first 10 weeks.

Montecito Luxury Real Estate

Most of these luxury homes offer numerous amenities including acreage, ocean views, solid privacy, high end neighbors, newer construction or well kept historical estate and much much more. If you are looking to get set up with private showings and listings sent to you that meet just your needs, please feel free to call at anytime.

View: Current Real Estate Listings $5 to 10 Million

View: Current Real Estate Listings $10 Million and above

Further Reading:

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

What Does $1 Million Buy You Today in Santa Barbara’s Real Estate Market?

kevinschmidtchen — Tue, 13 Mar 2012 21:19:12 +0000

Where is the Santa Barbara real estate market today with prices and what can you purchase for $1 million today? Over the last 12 months, different sets of statistics will show slightly different views of where our prices are at. Many statistics that I have read tend to say prices are down around 4-6%. Others have even stated that we are relatively flat and stable. As far as the pulse of the market here in Santa Barbara, there is a lot of activity out there across all price points and for many, lack of inventory is the biggest obstacle. Certain homes are even seeing multiple offers of 5-7 buyers.

Overall it seems to be that we are down to around 2001 to 2002 prices on average. For the buyer, this obviously means that they can get much more house for $1 million than in the previous years. So what are we starting to see sell at around this price point. Below are a few examples of wonderful homes that have sold in the last few months.

Montecito Entry Level Home $1 Million

Montecito Real Estate for $1 million

Montecito

Here above is an example of a dated, but well taken care of, light filled single level home with OK ocean views from the dining room, master bedroom and living room. The living room opens to a lovely patio with outdoor brick BBQ. Other features include vaulted ceilings, wood floors, fireplace and nice gardens. Easy access to Montecito and Santa Barbara and perfect as a weekend getaway or condo alternative. This home started at $1,095,000 and sold for $955,000 and is located at 802 Alston Lane in Montecito CA.

Santa Barbara Real Estate $ 1 million

Santa Barbara Real Estate

Santa Barbara

The home above is a beautifully appointed 4 bed, 2.5 bath, 2,499 sqft Cathedral Pointe home. Great interior location surrounded by beautiful oak trees. Modern construction includes: large kitchen that opens to family room, cathedral ceilings, living room with fireplace that opens to formal dining room, & huge private upstairs master. This home just closed for $950,000.

View: Current Santa Barbara Real Estate $800,000 to $1,250,000.

Further Reading:

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

New High End Mesa Townhome Development with Impressive Ocean Views – Mira Las Olas

kevinschmidtchen — Mon, 05 Mar 2012 21:35:30 +0000

Looking for a new higher end construction home with style and ocean/island views?

Mira Las Olas is a wonderful, brand new, smaller development of town homes located here on The Mesa in Santa Barbara. Construction is scheduled to be finished sometime in May – July 2012, although pre sales are already taking place.

The look so far of the town homes is impressive, with beautiful “Santa Barbara-style” architecture that includes a nice blend of Spanish, Mediterranean, and Moorish influences. Rich finishes, warm colors and panoramic ocean and island views from many of the units.

Santa Barbara Mesa Tonwhomes - Mira Las Olas

Santa Barbara Ocean Views

Other amenities are the traditional Spanish red tile roofs, terracotta tiles and wood beams, arched entries, solid wood paneled doors, handcrafted iron works etc.

2,000 to 2,300 square feet per home
3 Bedroom /3 Bath or 4 Bedroom/4 Bath
Open and casual living spaces
Hardwood flooring in living room, dining room, and stairs
Gas fireplace
Custom cabinetry – solid wood, stained or painted
French slider doors
Carpeted bedrooms and closets
Custom iron work handrails and stair railings
Arched entries, halls and walkways
Walk-in closets with shelving
Built-in wiring for cable
Wood beams in master bedroom
2 car garages
Laundry room

The starting market rate prices currently range from roughly $1 to $1.6 million. A portion of the units will be sold as affordable houses and do not include all of the above amenities.

Further Reading:

For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.

Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

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8 New Luxury Homes on The Mesa, Santa Barbara Lighthouse Point

kevinschmidtchen — Wed, 29 Feb 2012 18:47:05 +0000

Looking for a spacious, single family home, new construction on The Mesa?

A new development consisting of 8 luxury single family homes is well under way with the model home already open to view. Lighthouse Point on The Mesa looks to be a very nice beach community near Lighthouse Point just behind Lazy Acres. Eight new contemporary spanish homes are almost complete with each having their own individual characteristics, ocean views (some better than others) and pleasant garden areas and patios. Each home varies in size, but seem to be around the 2100 to 2300 sqft. range sitting on lots of around 10,000 sqft. on average.

Santa Barbara Real Estate The Mesa New Construction

Each house has the opportunity to have an upgraded package and custom touches from handcrafted wrought iron fixtures, to custom cabinetry, to granite counter tops and over-sized gourmet kitchens.

The Mesa, for many people here in Santa Barbara is one of the ideal places to live and call home with outdoor recreation abound everywhere…beaches, surfing, hiking, sailing, kayaking, stand up paddle boarding, tennis, cycling, mountain biking and more.

Santa Barbara The Mesa Real Estate New Construction

The Mesa stretches 2.5 miles from roughly Santa Barbara City College on the east to Arroyo Burro County Beach (“Hendry’s / or The Pit” to many locals) on the west. Residential development began on The Mesa in the 1920s. The majority of The Mesa development started just after the Second World War with lots selling then for $5,000 to $10,000. One of the many allures for locals is the fairly common onshore breezes that significantly moderate temperatures, resulting in warmer winters and cooler summers compared with many of our other communities in Santa Barbara.

Lighthouse New Construction Santa Barbara The Mesa

Lighthouse The Mesa New Construction Santa Barbara

Santa Barbara Real Estate The Mesa

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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.

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