Rincon Shangrila

New Listing

8134 Puesta Del Sol,
Rincon Point, Carpinteria, CA
Proudly Offered at $4,290,000

www.rinconshangrila.com

This quintessential beach cottage is located behind the gates in the Rincon Point enclave, known for its world class surfing. The property offers a main house with 3 bedrooms and two baths, guest quarters with one bedroom and one bath, along with an accessory building and is situated on over 1/4 of an acre fronting along Rincon Creek as it opens out to the ocean. You will fall in love and not want to leave this property with the hard wood floors, cottage charm, and casual floor plan flowing out to a Balinese style temple, with

decks, water pond features, koi and exotic gardens. South facing, warm and sunny, with mature trees and privacy. This setting is one of the most romantic places you will find anywhere along the California Coast!

Please call Emily McBride at 805.252.2773 for an appointment.

Weekly Snapshot Statistics - Santa Barbara Real Estate Market

For the week of 7/20/09-7/26/09:

55 new listings
67 price improvements
29 sales pended (27 under $1M, seven $1-2M, one $2-4M, two $4-8M, two $8M+)
27 closed
34 off market (15 expired, 13 canceled, 6 withdrawn)
15 back on market

Weekly Snapshot Statistics - Santa Barbara Real Estate Market

For the week of 7/13/09-7/19/09:

53 new listings
58 price improvements
24 sales pended (21 under $1M, three $1-2M)
31 closed
33 off market (20 expired, 6 canceled, 7 withdrawn)
18 back on market

Montecito Trails

Here is the view from my hike in Montecito today, up above the layer of early morning fog. What a beautiful day!

Months of Inventory: Santa Barbara Real Estate Market

Under $1M: 3.6 months
$1-2M: 9.4 months
$2-4M: 14 months
$4-8M: 13.6 months
$8M+: 75 active listings, 2 are currently pending

*These numbers are for houses only & do not include condos.

Standard Definitions:
0-3 months of inventory = seller's market
3-6 months of inventory = balanced market
6-9 months of inventory = buyer's market
9+ months of inventory = soft market

Weekly Snapshot Statistics - Santa Barbara Real Estate Market

For the week of 7/6/09-7/12/09:

60 new listings
92 price improvements
23 sales pended (17 under $1M, three $1-2M, one $2-4M, two $4-8M)
36 closed
43 off market (26 expired, 14 canceled, 3 withdrawn)
17 back on market

*One of the $4-8M sales was on East Mountain. It was listed at $6,950,000 and had multiple offers.

*Another interesting statistic in the single family home market (this does not include condos): We had 83 closed escrows for Santa Barbara South Coast June 2009. The average number of closed homes January through May of 2009 was 57 closings per month. This is a nice increase.

June 2009 Santa Barbara South Coast Market Update

Santa Barbara Real Estate Market Update (South Coast)

January - June 2009

For the Santa Barbara South Coast, the single family home market has seen the number of sales rise to the high 70’s and low 80’s range, which is about 20% higher than the number of sales we were seeing in June 2008. Even more encouraging are the number of properties that entered escrow, which was in the 90’s for the month of June 2009 compared to the low 80’s for June 2008.

With the number of sales rising, the median sales price slid back for June to the mid $800,000s after rising each month since February. The median list price for homes entering escrow is also in the mid $800,000 range, so that should be approximately where the median sales price will stay for the moment.

The sales price to original list price ratio rose in June to the high 80's and low 90's - percentile after sliding down into the high 70’s in May. This signifies that prices are starting to hold, particularly in the market under $1M.

The inventory continued to decline in June. There were about 150 new listings in June for a median list price of $1.2 million. The median list price for the overall inventory is at approximately $1.85M, and there are about 625 available homes.

The South Coast Santa Barbara condo market has seen a large improvement for sales in June. The sales for June about doubled (going from the 20's to the 40's) compared to the previous two months. And, the number of condos currently going into escrow is staying in the 40's range, so this pace should continue for now. The number of sales rose, yet the median sales price for those condos dropped back into the $400,000 to $500,000 range. We could stay here for a bit, because the median list price of condos that have been entering escrow are also in the mid-$400,000 range.

Both the single family home and the condo markets are bringing in better numbers than they did last year. If we can keep up this pace, 2009 should be not far off from 2008, and will hopefully turn out even better than 2008.

Stay tuned for next month's update...

Weekly Snapshot Statistics - Santa Barbara Real Estate Market

For the week of 6/29/09-7/5/09:

58 new listings
49 price improvements
40 sales pended (29 under $1M, 5 $1-2M, 6 $2-4M)
36 closed
47 off market (33 expired, 9 canceled, 5 withdrawn)
8 back on market

Sailing ~ Melges 24

A crew of us went sailing today on a Melges 24 ~ and what a gorgeous Santa Barbara afternoon! We raced Wednesday in the Santa Barbara Wet Wednesday race (it will be going on every Wednesday at 5:25 p.m.) and had some 'bad air' as we were starting, so today we practiced some starts and some other moves. I'm learning a lot, and there's a lot to sailing .. it's a whole other set of vocabulary! Seeing Santa Barbara from the
water is such a beautiful sight to see .. it should be a requirement for both locals and visitors. I should start taking my clients out sailing who are new to Santa Barbara, and then they would never want to leave!

Today was really windy, and luckily we only had one man overboard (Ron) as we practiced our moves, and Ron is a world-class sailor with 48 years of sailing experience, so that was pretty funny. We were at a fast speed, and I was amazed .. somehow Ron held onto the boat with one hand and was dragging along under water .. and then was able to pull himself back on board. I probably shouldn't laugh because I know that one of these days, the person overboard will probably be me.

Happy 4th of July to everyone! Enjoy the sunshine, the parade, the concerts, and the fireworks ... and remember to be safe.