Giving pause to Santa Barbara real estate one can take a look at the positive headlines, creating a much more optimistic feel for the state of home sales and the economy in general.  It has been stated over and over in recent years that economic recovery is tightly connected with real estate recovery.  The economy has been recovering slowly, and often real estate recovery has seemed even slower. It does look like that is starting to change in the Santa Barbara area.

Seems that the fear factor is gone and that consumer confidence is back in many market segments in  Montecito and Santa Barbara. Numbers are showing that there were 15% more sales in March with about 20% less inventory than a year ago. This is creating bidding wars on some properties in the Santa Barbara real estate market. As I mentioned in a previous blog the high end luxury market in the Montecito/Santa Barbara area is much stronger than it has been in the past few years. Looking at the $7,000,000 and above price range there were 75% more sales in the past 2 months than the same time frame in 2011. It appears high net worth buyers are now ready to put their money back into the luxury real estate market particularly in Montecito. To view currently available luxury homes for sale in Montecito click here.

It is important to remember, however, that not too long ago headlines were 99.9% bleak, offering little hope, and when there was hope it seemed months, if not years, in the future.  Today’s headlines on the other hand are far more optimistic, showing signs of life in retail, residential, new construction, and real estate investment. This is holding true in the Santa Barbara real estate market.

Recent Wall Street Journal headlines related to real estate include: “Drop in Store Vacancies Signals Possible Mall Rebound”, “Owning Regains Appeal”, and  “Foreclosure Starts ‘Fall’ in February”.  Likewise, recent headlines at Realty Times include: “Real Estate Outlook: Vacation Sales Surge”, and “Banks Upbeat About Mortgage Performance, Looser Credit Looms”.

While certainly real estate recovery is not in full bloom everywhere but it certainly is looking up.  The general sentiment appears to be that owning real estate is a good investment and that now is a great time to be a buyer. Whether you are looking for a primary residence, a vacation home, a luxury estate, or an investment property in a resort area Santa Barbara and Montecito offer a diverse selection of properties – to view Santa Barbara homes for sale click here or go to www.SantaBarbaraRE.com

 Sourced from: Internal Kinetic Real Estate Library

Recent headlines suggest that the elusive bottom for the nation’s real estate market as a whole is in sight, but what does that really mean?  If the bottom is here, near, or simply bumping along is that good news?  Is the bottom in sight for Santa Barbara Real Estate prices? The reality of the current realty situation is that no one really knows what is going to happen and how quickly that “what” will happen. To view currently available properties for sale in Santa Barbara and Montecito go to www.SantaBarbaraRE.com

Here are the facts:

• Employment news is brighter.
• Mortgage rates have recently risen above 4%
• Lending is still tight
• Foreclosures are still occurring

The news with real estate is brighter because home values are no longer plummeting.  While there are a few areas that are seeing mild increases, most are seeing a leveling of values if not a slight decline.  While economic news is brighter the two facts that are keeping droves of buyers back into real estate are 1) lending is still tight and 2) most consumers are still approaching their finances very cautiously. For now, if rates continue to edge up more buyers may start looking so as not to miss an opportunity.

The majority of today’s buyers are still looking for real estate deals and while foreclosures continue to invade real estate markets investors will swoop in for bargains.  Santa Barbara is sure seeing signs of this as multiple offers are appearing again with lots of cash buyers.  Many of these cash buyers are investors who have been waiting to see a turn in the market. One recent Santa Barbara bank owned property came on the market at an asking price of $1,010,000 and had 10 offers. It closed for $1,203,000 – almost 20% over the asking price. Another ocean view home in Santa Barbara which was a Mediterranean in fixer condition had 10 offers with 7 of them being all cash. It closed for at $1,075,000 which was $80,000 over asking price! Seems maybe it is now the time to get back into the Santa Barbara Real Estate market!  Click here to search for Santa Barbara homes for sale.

 Sourced from: Internal Kinetic Real Estate Library

Santa Barbara was named as a top Vacation Home Market in a recent Reuters article.  Santa Barbara is truly a wonderful resort area with everything from Art Galleries to a Zoo! A real plus of Santa Barbara is its fantastic climate averaging 300 sunny days a year. It is known as “The American Riviera” and Santa Barbara boasts beautiful beaches, gorgeous mountains and hiking trails, vineyards and wineries, fine dining, wonderful shops & boutiques, an impressive  art museum, natural history museum, Santa Barbara Mission , theater, music, golf and boating with many stunning golf courses and an abundance of waterfront activities. Santa Barbara is a smart choice for purchasing a vacation home especially as vacation real estate sales are improving as noted in a recent article from Realty Times: “Real Estate Outlook: Vacation Sales Surge”.  In addition, an article from Market Watch touts that more than 80% of vacation home buyers feel that now is a great time to buy vacation homes.  Clearly the vacation home sector has been a hard hit area of the nation’s real estate market as secondary purchases in any form took a backseat during the recession.  Today’s Santa Barbara vacation home buyer is now seeing the value in today’s market conditions. There is a great selection of homes for sale in Santa Barbara.  Santa Barbara home buyers can choose from amazing view homes in Santa Barbara, oceanfront homes in Santa Barbara, downtown condominiums or California bungalows or luxury Montecito estates. There are properties for sale in Santa Barbara in a variety of styles, sizes, and price ranges! Go to http://santabarbarapocketlistings.com/ to have a look.

Priorities for vacation home buyers are value and location.  Both of these can be found in the Santa Barbara. Mortgage rates are still very low, which is adding to affordability levels in desirable vacation destinations.  In addition, family is a focus of vacation home buyers, where buyers want to have a home that enables family to be together in a healthy and active manner, enabling memories to be made and traditions developed. Always desirable are Santa Barbara beach properties!

Buying vacation real estate allows owners to recoup some of their costs by using the property as a rental as well.  The ability to collect rent is extremely attractive for today’s real estate investor.  Click here to read “Real Estate Outlook: Vacation Sales Surge” from Realty Times.

Click  to view Santa Barbara homes for sale or go to www.SantaBarbaraRE.com and you may very well find your dream Santa Barbara vacation home!

 Sourced from: Internal Kinetic Real Estate Library

The first quarter has been quite active in the Montecito high end  home market and it is showing signs of a rebound. Last year there were only 2 estates in Montecito that sold at $9,000,000 or more for the entire year and the first one did not close escrow until August. On the contrary this year there have been 4 luxury estate sales in Montecito of +$9 million in the 1st quarter with 3 closing in March - all  3 in March had sales prices in excess of $16,000,000! One spectacular Montesito estate that sold was ‘La Pumada’ . Designed by Reginald Johnson in the 1920′s, on 5 acres with ocean and mountain views, 8 bdrms, 10 baths, 2 guest houses, and of course a pool and tennis court, this Montecito estate is exceptional! There are currently 3 Montecito ocean view luxury estates in escrow. The asking prices are $12,500,000, 17,500,000 and 19,500,000! It seems high net worth individuals are confident in the Montecito luxury real estate market. With a great selection of exquisite properties for sale in Montecito and prices down there may not be a better time to buy! Click here to view Montecito property for sale or go to www.SantaBarbaraRE.com

Ocean View Toward Montecito

Relocating to Montecito might be easier than you think.  The Internet, smart phones, and a wide variety of apps alone make finding your way in a new city easier than ever.  Whether you are looking for a new favorite Montecito restaurant to go to, a Montecito movie theater near your new home, or Montecito entertainment for a Friday night, there is an app for that.

A few apps for getting around, locating a restaurant, and finding entertainment in Montecito include:

• Cabulous is an app that can help you call a cab directly.
• Cocktail Compass works for many cities, filling you in on the best drink deals in town.
• Fandango will let you know what movies are playing where.
• UrbanSpoon can help you locate a restaurant and reviews.
• OpenTable to get you Montecito Reservations.

Moving to a new location such as Montecito, has never been easier, with countless information available at your fingertips.  Of course a REALTOR® can be an incredibly valuable asset when moving to a new city.  A REALTOR® not only has access to homes listed for sale but a slew of connections and community information as well. Click here to do a search of luxury homes for sale in Montecito.

Relocating is more, however, than adjusting to a new city.  Relocating also means organizing, packing up your belongings, and leaving a home, often a daunting task.  Click here to read “Moving Made Simple: Tips to Help You Relocate”, for some helpful tools on how to make the entire process easier and smoother. To do a custom search of available property for sale in Montecito and the surrounding Santa Barbara area go to www.SantaBarbaraRE.com

Home trends are not one size fits all.  Article after article states what is “in” and what is “out”, but before taking any of these ins and outs too seriously you should consider that every home and homeowner is individual. Santa Barbara homeowners certainly may differ in needs from those in other parts of the country. A Santa Barbara luxury home will have more expected features than the Santa Barbara entry level home. Not many people fit into a mold, so why should our homes.

Certainly the recession made everyone take pause and consider simplifying, downsizing, and limiting the luxury, but how much is individual.  Current trends for newer homes, for example, are negating the formal living room and formal dining room in many cases, but if we read between the lines we could also take this as a change in our society and an acknowledgement that today’s homeowner lives a more relaxed lifestyle, typically.

While they say most people are interested in smaller homes these days, a certain pro football player and his supermodel wife recently bought a home that was over 20,000 square feet in size.  Real estate is local.  If you are remodeling or building a home in Santa Barbara, you know your community, you know what is common in your community, and you know what people are looking for.  The best news is that if you don’t know, all you need to do is get in touch with an experienced Santa Barbara REALTOR® for a little guidance. Please go to www.SantaBarbaraRE.com to view homes for sale in Santa Barbara and feel free to contact me for guidance.

Click here to read “Remodeling Improvements That Entice Buyers” from Realty Times.

 Sourced from: Internal Kinetic Real Estate Library

A unique offering of a spacious custom luxury home with a charming guest cottage for sale in a prime Montecito location – near the charming Lower Village with its abundance of quaint shops and restaurants and the world famous Biltmore Hotel & Spa and beautiful Butterfly Beach  - a favorite spot to see an incredible Santa Barbara sunset. This luxury home for sale in Montecito

View to spacious living room

was inspired by the tropical plantation style homes in Hawaii. The design was a collaboration between the artist owner and renowned architect, Don Pedersen. The style is evident with the expansive veranda that can be accessed from all main rooms on the entry level.  The floorplan is ideal for entertaining with its great indoor/outdoor flow overlooking the lush grounds. The dramatic entry boasts soaring wood beam ceilings and stunning maple floors. The gourmet kitchen opens to the veranda for dining al fresco and is adjacent to the formal dining and living rooms. The main living level has a huge master suite with dual baths and walk-in closets. There is another bedroom and full bath on this level, too. The lower level has an ensuite bedroom and a huge bonus room which can serve as an art studio, office, library, or media room or additional bedroom. There is also an immaculate over-sized 3 car garage which is great for autos and hobbies plus an elevator. There is no need to send guest to a hotel as there is an ultra charming detached guest cottage on this property. Additionally, there is a wonderful green house for the garden enthusiast! The private grounds boast gorgeous plantings, a lawn area, stone walls and a beautiful magnolia tree. This is truly a rare opportunity to acquire so much in a fantastic Montecito location. The versatile floor plan suites many lifestyles – it is the ideal vacation home for weekend get-aways, wonderful for extended families, or great as a primary residence with its coveted Montecito Union School district location. For more information on this one-of-a-kind Montecito Home for sale contact Pat Saraca, Distinctive Real Estate, 805-886-7426. Click here to search for more Montecito Luxury Homes and here for Santa Barbara Homes for Sale.

Spectacular Sunset in Montecito California

The luxury home market of estates in the $5,000,000 plus category in Montecito has shown some good activity thus far this year with 2 escrows closing and 4 other estates entering into escrow. A Cliff May designed home in a prime Montecito location across the road from the renowned San Ysidro Ranch closed escrow for $16,100,000. This property was listed at $19,000,000 and had been on the market for just about 1 year. In addition to the exquisitely remodeled 9400 s.f luxury home it has ocean and mountain views, a pool, expansive lawns and a substantial fruit orchard on over 4+ acres. Another spectacular Montecito estate that entered into escrow in January is a 1920’s stone manor that had been extensively remodeled by designer John Saladino. Listed at $22,000,000 it offers a rare combination of old world California charm blended with the best of today’s modern amenities. It is very privately set on 13+ Montecito ocean view acres with park-like grounds. There are currently 55 Montecito estates ($5,000,000 + ) for sale. Click here to view them Montecito Luxury Homes.

The year is starting off strong for Montecito Real Estate sales with 13 properties closing escrow in January – this is more than double the number that sold for the same period last year when there were just 6 sales recorded. The most expensive sale was an

Montecito Real Estate for sale

ocean and mountain view estate on 2.5 gorgeous acres comprised of a wonderful 5000 sf main home, 2 bdrm guest house, 1 bdrm cottage, pool and cabana. This property sold for $9,550,000 which is almost 32% off of its last listed price of $13,900,000. A property in the Glen Oaks enclave sold for 3,700,000 in 2008 and just resold for $2,875,000 which is a 22% discount off the last sales price. Another home that sold at a significant discount from its original asking price of $7,195,000(when listed in 2008) was an estate on prestigious Park Lane that sold for $3,850,000. These are just a few examples of the recent fantastic buys Montecito. Now may be the very best time to find some great opportunities in the Montecito Real Estate Market. To search available Montecito estates for sale click here.

There is some positive news with this update of Santa Barbara Real Estate sales year to date. The number of sold properties is up by 16% over last year at this time. The median sales price is down however, by about 6%.  The Santa Barbara median sales price is down by 37% from the peak of 2007 – wow this is great for Buyers! Plus with interest rates being so low, currently fluctuating around the 4% mark, this may very well be the best time to get into the Santa Barbara real estate market and have affordable payments! Looking at the  high end, Santa Barbara luxury market ($2,000,000 and up) this segment is still showing signs of weakness with ONLY 10% of the sales in October being above $2,000,000. There are some incredible opportunities for high end buyers in Santa Barbara and Montecito with some very motivated sellers especially as we approach the holidays and end of the year! Click here to search for homes and estates for sale in Santa Barbara.