The 2013 film “Tiny” that documents a couple’s attempt to build a Tiny House on a very small budget and with no building experience is receiving a lot of recognition in the movie industry. Vendors such as the Tumbleweed Tiny House Company offer such homes for sale, and dozens of websites and blogs with designs, plans and discussion of tiny houses are appearing all over the Internet.
Over the past 10 years in the Santa Barbara area there have been 7 homes sold that measure less than 600 sq.ft. by the county tax assessor. The smallest being a 440 sq.ft. house that was built in 1915. Selling prices of these compact dwellings have ranged from $350K to $850K. Right now the smallest home on the market is 664 sq.ft. listed at $742K. This is a bit more expensive the tiny house prices you’ll find on the Internet, in which a piece of Santa Barbara land is not included.
In areas where land values are at a premium it may be hard to justify the tiny house concept. More commonly you will find modest homes ranging in size from 750 to 1,200 sq.ft. With well-incorporated outdoor spaces these dimensions can feel quite large. Year-round mild weather gives Santa Barbara residents great opportunities to maximize the use of all their property, indoors and out.
Whether your preference is small or large there are many homes on the market that may fit your needs. I appreciate the opportunity in helping you find the best property and look forward to your inquiries.
It’s been an interesting year for real estate in most areas of the country and the first half numbers for Santa Barbara are now in. Following are some of the most significant figures which certainly confirm that the market is slow moving but appreciating due to demand. The lower number of sales can be attributed to the continuation of historically low inventory and increasingly difficult lender qualifying standards.
Home Sales: 670 in 2013; 535 in 2014
Condo Sales: 229 in 2013; 205 in 2014
Homes Under Contract: 722 in 2013; 587 in 2014
Condos Under Contract: 235 in 2013; 226 in 2014
Home Median Sale Price: $950K in 2013; $1.16M in 2014
Condo Median Sale Price: $495K in 2013; $550K in 2014
These numbers are representative of Santa Barbara and surrounding communities which include Carpinteria, Summerland, Montecito, Hope Ranch and Goleta.
As the year progresses I look forward to keeping you up to date on the latest market trends and available properties in and around Santa Barbara. If there’s a particular neighborhood, type of property, or price range that you’re focusing on I’m happy to provide you with detailed information that would be helpful. Your inquiries are appreciated.
There have been several articles published recently regarding the rise in demand for housing near city centers. One of the more interesting articles can be found on Yahoo Finance – Click here. This information reminded me of why Santa Barbara is such a great lifestyle destination location. With downtown Santa Barbara being only minutes away from most properties in the area there’s a comforting connection felt between the beautiful city and its residents. Just as convenient for all to enjoy are the beautiful beaches, mountain ranges, public parks, and endless walking and biking trails.
The nearby communities of Carpinteria, Summerland, Montecito, and Goleta which are all within single digit miles from Santa Barbara also contribute their own convenient city centers, villages, shopping districts and outdoor amenities. A common request from potential homebuyers new to the area is to tour only properties that are close to shopping and within a few miles of the beach. That includes just about everything! In addition to having many close attractions, the accessibility is enhanced by Santa Barbara’s near perfect Mediterranean climate considered by many as the best in California. With typically over 300 sunny days per year and daily high temperatures averaging from the mid-60s to the mid-70s year-round it’s incredibly comfortable to walk anywhere, anytime.
With so much to offer in way of convenience it’s easy to understand why the phrase “location, location, location” is fitting for Santa Barbara area real estate. I look forward to hearing from you regarding which location best fits your needs and appreciate your inquiries!
In our most recent office meeting it was discussed that around 30% of pending sales have fallen out of escrow this year. This statistic was confirmed by a top title and escrow rep in the area who also added, “That’s a very high number compared with previous years”. When asked why there seems to be such a high fall out rate of escrows this year the response was “Many buyers are not able to meet the stringent qualifications that the lenders are requiring.” Even strong pre-approved loans can be turned down during the escrow process. This can be due to final loan underwriting decisions which scrutinize documentation, appraisals, sources of down payment, etc.
Another factor of escrow fall outs is related to my last article, “Which homes are selling fast”. The faster a buyer jumps into a purchase the greater the chance of that buyer feeling remorseful soon after. When quick offering deadlines are met in hopes of lessening competition it’s often difficult for many buyers to make comfortable well-informed decisions. After escrow has opened and the dust has settled it’s not hard for a buyer to change their mind.
Given the multitude of conditions that can prevent a transaction from closing in today’s market it’s most important to know dedicated professionals you can call on and trust. I offer my 20 years of experience successfully closing hundreds of escrows in the Santa Barbara area with you. Your success is always my goal. I appreciate your inquiries and the opportunity to help you with all of your real estate needs.
If you’ve decided to make a move to or from the Santa Barbara area it may be advantageous to have your running shoes on. The real estate market certainly can move fast for high demand properties. Of the 205 homes and condos currently in escrow, 58 went under contract in 10 days or less. 37 of these fast selling properties were priced under $1 million, 17 between $1 million and $2 million, and 4 over $2 million. Click here for more details.
You don’t just have to be in Santa Barbara for well-priced properties to sell very quickly, especially those which are in particularly great locations. Photos can’t always tell you everything about an area which is where local knowledge is valuable. For details on any location you are considering I appreciate the opportunity to share my 26 years of experience traveling just about every neighborhood in Santa Barbara and its surrounding areas. Thanks to all of you for your inquiries, and to your successful property endeavors in Paradise.
Santa Barbara is heading into this summer with 15% more housing inventory than last summer, except for properties priced under $1 million where availability has dropped 26%. Sales have slowed as a result with 44% less closings so far this year in the under $1 million price range and 7% less closings in the over $1 million range. Amidst the lower number of sales the overall median price for homes and condos in Santa Barbara has risen 12% from a year ago.
The real estate market may be gearing up for a very active summer as a result of the suppressed sales so far this year. Summer is certainly set to bring more activities to the Santa Barbara area for all who are ready to enjoy. Following are several favorites to attend.
May 24-26 – I Madonnari Italian Street Painting Festival, The Santa Barbara Mission, 10am-6pm daily
June 1 – Platinum Performance State Street Mile, State and Pedregosa, 1st heat at 8am
June 12-15 – 68th Ojai Music Festival, Libbey Bowl and various locations
June 7 – World Oceans Day, Stearn’s Wharf, West Beach, East Beach, Ty Warner Sea Center, 10am-3pm
June 7 – Los Olivos Jazz & Olive Festival, Lavinia Campbell Park and Grange Hall in Los Olivos, 1 4pm
June 7-8 – Santa Barbara Home & Garden Expo, Earl Warren Showgrounds, Saturday 10am-5pm, Sunday 10am-4pm
June 8 – Ojai 2013 Wine Festival, Lake Casitas Recreational Area, noon-4pm
June 13-15 – Live Oak Music Festival, Live Oak Camp (Off Hwy 154)
June 21 – Summer Solstice Parade & Festival, 12 Noon (parade), on State Street from Cota to Micheltorena Street and festival in Alameda Park from 12:00 8pm
June 25-29 – 62nd Annual Lompoc Valley Flower Festival, Ryon Park, Lompoc
June 28 – Santa Barbara Wine Festival, SB Museum of Natural History, 2559 Puesta del Sol, 2 5pm
June 28-29 – SB 78th SB Tennis Open Tournament, Municipal Tennis Courts
I look forward to seeing you this summer and as always, appreciate your inquiries.
Looking at the year-to-date sale figures for Santa Barbara real estate it’s interesting to note that condos have outperformed houses in just about every category. The changes from last year’s market to this year are as follows.
Active Listings: Condos Up 22%, Houses Down 14%
Number Under Contract: Condos Up 5%, Houses Down 20%
Number Sold: Condos Down 11%, Houses Down 25%
Sold Volume: Condos Up 4%, Houses Down 13%
The one category that houses have recently outperformed condos is in median price, which figures are up 18% and 16% respectively.
There are several new luxury condo complexes with properties available in downtown Santa Barbara, including Alma del Pueblo, Seville, and The Villas. Prices range from $855K for a ground floor studio to $2.8M for a 3 bedroom 3 bathroom penthouse. For full information regarding availability and amenities in each complex please send me an e-mail. Santa Barbara’s Public Market adjacent to Alma del Pueblo has just opened with many boutique shops and eateries to enjoy while visiting.
With beautiful sunny weather and increasing inventory it looks like Santa Barbara’s prime buying and selling season is ready to head into full gear. I look forward to keeping you posted on important market activities and appreciate your inquiries.