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

LOCATION,LOCATION,LOCATION! This one-of-a-kind Don Pedersen designed custom home is located steps from the wonderful shops and restaurants of Montecito’s Lower Village and Butterfly Beach. Inspired by tropical plantation style homes and integrated seamlessly with charming Santa Barbara details this home is impressive! The dramatic entry and open floor plan boasts soaring 30′ beamed ceilings, warm maple floors, and is flooded with natural light from an abundance of windows and skylights. A fantastic property for entertaining with multiple sets of French doors opening to an expansive veranda. The generous sized master suite has his and her baths and walk-in closets and is located on the main level. There is an elevator for easy access to the lower level with additional rooms and hugh 3 car garage – a perfect place for autos and hobbies. The beautifully landscaped grounds feature a magnificent magnolia tree, colorful and mature plantings, a charming stone wall and pathways plus an enchanting 2 bdrm guest cottage. For the garden enthusiast there is also a wonderful greenhouse which could serve as an art studio. A rare opportunity for so much in such a prime Montecito area. Offered at just $2,699,000.

For more details contact Pat Saraca at 805-886-7426, Distinctive Real Estate

Dramatic Living Room

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.

Serene Setting

Rarely available 3 bdrm townhouse in a serene woodsy setting with filtered mountain views! The kitchen and baths have been remodeled with stunning tile work. The living room features cathedral ceilings and a fireplace. The dining room and kitchen both open to an outdoor patio perfect for dining al fresco! The master bedroom is huge and has a walk-in closet and an expansive private balcony to enjoy the peaceful setting. There is even an attached 2 car garage! This wonderful townhouse is located 5 minutes from the beach and shops and restaurants in beautiful Santa Barbara. This is your chance to own Santa Barbara real estate – priced at just $499,000!

It was a beautiful day for viewing estates for sale in Montecito! There were 21 properties in Montecito on the broker tour this week.  The newest estate listing is a spectacular Mediterranean on 20 gated acres complete  with 7 bedrooms,  8.5 baths, media/screening room, fantastic gourmet  kitchen, 4-car garage, gorgeous pool, incredible ocean and mountain views, a guest house with its own gated entrance, bocce ball court, lawn, fruit trees, and Koi pond. This Montecito luxury home is located on one of the most desirable streets in Montecito. It  is offered at $12,700,000. On the other end of the spectrum there lies a  wonderful opportunity to purchase a Montecito property via a short sale. This single story, ocean view home set amidst larger estates,  overlooks red tile roofs and the Montecito Country Club. The 1/2 acre Montecito property is gated, has 4 bedrooms, 2.5 baths and boasts lush landscaping and magnificent ocean views.
This is a rare opportunity to purpose a Montecito property in a distress sale. Whether you are looking for a high end luxury property or an entry level Montecito home now may be the best time to start your search! There are some great deals to be had!

Bel Air Knolls Sunset

Spacious Santa Barbara home for sale  in the coveted Bel Air Knolls neighborhood – ideally located near downtown Santa Barbara and less than 2 miles to the Santa Barbara oceanfront where Hendry’s Beach and a wonderful beachfront restaurant await you!  Colorful semi-tropical landscaping greets you at the front of this stunning home. The interior entry has beautiful wood floors in a herringbone pattern and flows to a cozy sitting area overlooking the impressive living/dining room. Soaring ceilings and an abundance of windows frame the picturesque views. This stylish light and bright home features an expansive deck which can be accessed from either the dining room or the kitchen. It is a great place to enjoy the Santa Barbara sunset views with plenty of room for entertaining. The sun-lit kitchen has a large island with cook top, cabinets galore, a walk-in pantry, and an eat-in area for casual meals. There is also easy access to the deck from the kitchen for dining al fresco – as Santa Barbara’s mild climate welcomes this year round. The spacious master suite features a romantic fireplace surrounded by bookcases and high vaulted ceilings. The adjoining master bath has a spa tub, separate shower and lots of room with double sinks.  The master also has a walk-in closet and a deck of exotic mahogany – great to escape for a little quiet time. There are 2 additional large bedrooms with full baths and a den or home office. The lower level bedroom has treetop views and its own private deck. There is lots of off street parking and a 3-car garage which serves the hobbyist well. The 1/3 acre lot boasts lots of mature & drought resistant plants including beautiful pepper,oak, and palm trees – what Santa Barbara home would be complete without palm trees?  An exceptional opportunity at $1,300,000. For more details contact Pat Saraca at 805-560-9951, Distinctive Real Estate, Santa Barbara.

Santa Barbara is world renowned for its gorgeous coastline and stunning beaches as well as its luxury real estate. Santa Barbara has an extremely limited number of homes directly on the beach or on the bluff top thus making those lucky enough to own them part of a truly exclusive group. There are just 28 oceanfront properties currently for sale in Santa Barbara. Click here to view them: Santa Barbara Oceanfront. Two oceanfront estates are now in escrow. The first is an 8 acre Mediterranean Estate in Hope Ranch complete with pool, cabana, tennis court, guest house, putting green, and path directly to the beach. Definitely your own private resort! This Hope Ranch Property came on the market in February at $28,500,000 and was reduced to $23,500,000 in June. It went into escrow in September. The other oceanfront estate in escrow is in the gated community of Sand Point. It is a gorgeous Cape Cod style beach home with a pool and guest house on 1.5 oceanfront acres. It had been on the market for over a year when it went into escrow in August. Its original list price was $15,900,000 prior to a price reduction to $13,800,000. If you would like to know the final sales prices of these properties or want further information about Santa Barbara real estate please contact me at patsaraca@gmail.com or 805-560-9951.Oceanfront estates in Santa Barbara have been selling at 50% off original asking prices so now may just be the perfect time for to buy a Santa Barbara home.

 A best buy on Santa Barbara’s beachfront community known as “The Mesa”.  This remodeled 4 bedroom home has lots of charm and upgrades.  It is convenient to many shops and restaurants offering everything from fast food to gourmet from pizza to sushi!This charming home is also near the beach and harbor, Shoreline Park, Ledbetter Beach, Hendry’s Beach, City College, & Washington Elementary School. There are warm maple floors in the living and dining rooms with an open floorplan. The sun light dining area flows to a trellis covered patio for dining al fresco. The living room has recessed lighting, fireplace, and plantation shutters. The kitchen has tile flooring, stainless steel appliances, and island work space area for preparing those delicious meals with fresh veggies from the garden.  There are lots of windows in the main living area with a peek of the ocean and islands! Multi-pane windows create a serene interior environment. There are 4 bedrooms and  2 full baths. The master bath has recently been remodeled!  The tropical landscaping in the yard is full of colorful flowers. There is a delightful veggie garden, a gorgeous tile patio and wall and a soothing fountain. There is plenty of off street parking and a 2 car garage on this gated parcel. Motivated sellers have priced this home for a quick sale at just $759,000! Yes that is $759,000 for a 4 bdrm turn-key home near the beach in Santa Barbara!! Hurry on this one.