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| ~Happy 15th Anniversary to Village Properties~ |
We have such a great team here at Village!
So happy and proud to be a part of it...
So happy and proud to be a part of it...
Monday, June 6, 2011
Celebrating the 15-Year Anniversary of Village Properties!
Sunday, May 22, 2011
VW on Stearns Wharf
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| VW on Stearns Wharf by Emily K. McBride |
VW on Stearns Wharf
Oil/Canvas
9' x 12"
By Emily K. McBride
Sunday, May 1, 2011
First Quarter Santa Barbara Real Estate Update
First Quarter 2011
Santa Barbara Real Estate Market Update
By Jackie Walters
Spring is here and March has brought a welcomed sense of renewal to the local real estate market, following a sluggish January and February. 135 residential buyers entered escrow in March, compared to 104 in February and 86 in January. The 135 pending sales in March represent four to five South Coast buyers per day writing deposit checks, signing contracts and showing continued confidence in investing in real estate. There were 143 pending sales one year ago, in March 2010, a difference of only 5.9% from last month's number, illustrating the fact that the market has now stabilized and the pace of sales activity is steady and sustained. Even our old friend appreciation is beginning to show its face in certain local entry-level sub-markets.
Let's do a little thumbnail retrospective on the local real estate market over the past several years. The pinnacle of residential real estate values, generally speaking, was in 2005. Most of us wistfully remember what our homes were worth at the "high-tide mark". It is said that "all real estate is local", in fact, as you will see, neighborhoods within a broader market can be on very different courses. Entry-level housing in Goleta and Carpinteria was the first market segment to stall in 2005. Foreclosures followed and bank-owned homes languished unsold month after month. The Santa Barbara market held its own from 2005 through the end of 2007 with a steady median price of around $1.2 million.
Montecito area values defied faltering neighboring markets and enjoyed an almost clockwork annual appreciation of 10% in its median and average price right through the end of 2007. 2008 saw a slow down in sales in the 93108 zip code and a plateauing in values. Following the financial meltdown, 2009 saw drastically reduced sales numbers in the high-end and a steep decline in prices. This was at the same time as sales in entry level homes, in Goleta, Carpinteria and certain Santa Barbara neighborhoods surged back to life absorbing the swollen inventory of distressed homes. Eager buyers took advantage of several government-backed incentive programs, as well as historically low interest rates. Enthusiasm for entry-level housing remains strong today both among cash investors and excited first time buyers. According to the California Association of Realtors, affordability, (the number of households in a community who can afford to buy an entry-level home), is at an amazing 58% -- up from a mere 14% in 2007.
Today's entry-level home buyers need to be prepared for what can be an emotionally draining process. Strong-willed buyers, however, are finding a pot of gold at the end of their journey. One local buyer shopped for over a year putting in various offers on short sales, foreclosures as well as regular sales. For various reasons, often due multiple offers or unrealistic sellers, his offers were never accepted. At times he would sit on the fence for weeks to "catch his breath". Just when he was about to give up on his dream, his Realtor found him a foreclosure property just as it was hitting the market for $417,000. He made an offer of $450,000 and it was accepted. (The very next day someone else made an offer of $500,000 but it was too late.) He has achieved his dream and couldn't be happier. Another couple, after being unsuccessful on 14 different properties, were finally the successful bidders in their 9th multiple offer situation.
The first quarter of 2010 saw a resurrection of the high-end market, with several significant closings in the first quarter over $8 million. Buyers are seeing alluring values everywhere along the South Coast. While activity remains focused in the under $1 million price range, we are seeing an increasing percentage of sales in the over $1 million market and throughout the upper price ranges. Motivated sellers with well-presented and well-priced homes, in all price ranges, will garner buyer attention and possibly even multiple offers. A chic and spacious downtown penthouse, listed for sale for $5,250,000, as unfinished space, just closed.
Table 1 shows a first quarter 2011 median price of $787,500 for houses and PUDs and $399,000 for condos. This is compared to $811,250 and $420,000 respectively for the same period 2010. There were 174 closed escrows for houses and PUDs in the first quarter, the same number as the first quarter of 2010. 66 condos sold in the first quarter of 2010 as compared to 53 condo sales for the first quarter of 2011. Contrary to the widespread notion that inventory numbers are bloated, the current inventory of active residential listings is down to 660 from 677 one year ago.
Table 1 also shows months-of-inventory, often referred to as "market velocity". This statistic illustrates how many months it would take to sell the existing inventory of homes, in a particular market segment, at the current pace of sales. Under 3 months of inventory is indicative of a seller's market; 3-6 months-of-inventory could be viewed as a balanced market; 6-9 months-of-inventory is a buyers' market and in excess of 9 months of inventory is a weak or soft market. Months-of-inventory market-wide for all price ranges and all neighborhoods, for condos, houses and PUDs, is 4.9 for March 2011. March 2010 had 4.7 months of inventory.
This month's headline is certainly in the months-of-inventory numbers for Santa Barbara and Montecito. Santa Barbara's 3.5 months-of-inventory for March 2011 is on the threshold of a sellers' market. 49 homes and PUDs entered escrow last month. Montecito's number of 7.7 months-of-inventory is close to half of the number of 13.5 for March 2010. 21 Montecito homes went into escrow last months vs. 13 for March 2010.
Table 2 compares the past year's closed escrow numbers by month to the 5 year average. An upswing in closings for the last two months of 2010 depleted results for January and February 2011; March has seen a nice recovery with 104 residential closings beating the 5-year average of 99 for the month. Sales pending for January through March remained strongly above the month's closed escrow numbers.
Table 3 illustrates the spread of closings by price range. While the bulk of the sales activity remains solidly in the $500,000 to $700,000 price range, you will also see a nice spread of activity in the upper ranges.
With the recession officially over in the summer of 2009, the first quarter of 2011 finds the South Coast real estate market in bloom. In her recent local presentation, Leslie Appleton-Young, chief economist for the California Association of Realtors, declared that "the worst is over" and "we are in recovery". She predicts a rise of approximately 2% in California's median price for 2011 and that coastal communities will lead the way. In our beloved Santa Barbara and surrounding areas, where one of the leading industries is the business of "residential living" the real estate market seems to reflect the promise of spring!
Santa Barbara Real Estate Market Update
By Jackie Walters
Spring is here and March has brought a welcomed sense of renewal to the local real estate market, following a sluggish January and February. 135 residential buyers entered escrow in March, compared to 104 in February and 86 in January. The 135 pending sales in March represent four to five South Coast buyers per day writing deposit checks, signing contracts and showing continued confidence in investing in real estate. There were 143 pending sales one year ago, in March 2010, a difference of only 5.9% from last month's number, illustrating the fact that the market has now stabilized and the pace of sales activity is steady and sustained. Even our old friend appreciation is beginning to show its face in certain local entry-level sub-markets.
Let's do a little thumbnail retrospective on the local real estate market over the past several years. The pinnacle of residential real estate values, generally speaking, was in 2005. Most of us wistfully remember what our homes were worth at the "high-tide mark". It is said that "all real estate is local", in fact, as you will see, neighborhoods within a broader market can be on very different courses. Entry-level housing in Goleta and Carpinteria was the first market segment to stall in 2005. Foreclosures followed and bank-owned homes languished unsold month after month. The Santa Barbara market held its own from 2005 through the end of 2007 with a steady median price of around $1.2 million.
Montecito area values defied faltering neighboring markets and enjoyed an almost clockwork annual appreciation of 10% in its median and average price right through the end of 2007. 2008 saw a slow down in sales in the 93108 zip code and a plateauing in values. Following the financial meltdown, 2009 saw drastically reduced sales numbers in the high-end and a steep decline in prices. This was at the same time as sales in entry level homes, in Goleta, Carpinteria and certain Santa Barbara neighborhoods surged back to life absorbing the swollen inventory of distressed homes. Eager buyers took advantage of several government-backed incentive programs, as well as historically low interest rates. Enthusiasm for entry-level housing remains strong today both among cash investors and excited first time buyers. According to the California Association of Realtors, affordability, (the number of households in a community who can afford to buy an entry-level home), is at an amazing 58% -- up from a mere 14% in 2007.
Today's entry-level home buyers need to be prepared for what can be an emotionally draining process. Strong-willed buyers, however, are finding a pot of gold at the end of their journey. One local buyer shopped for over a year putting in various offers on short sales, foreclosures as well as regular sales. For various reasons, often due multiple offers or unrealistic sellers, his offers were never accepted. At times he would sit on the fence for weeks to "catch his breath". Just when he was about to give up on his dream, his Realtor found him a foreclosure property just as it was hitting the market for $417,000. He made an offer of $450,000 and it was accepted. (The very next day someone else made an offer of $500,000 but it was too late.) He has achieved his dream and couldn't be happier. Another couple, after being unsuccessful on 14 different properties, were finally the successful bidders in their 9th multiple offer situation.
The first quarter of 2010 saw a resurrection of the high-end market, with several significant closings in the first quarter over $8 million. Buyers are seeing alluring values everywhere along the South Coast. While activity remains focused in the under $1 million price range, we are seeing an increasing percentage of sales in the over $1 million market and throughout the upper price ranges. Motivated sellers with well-presented and well-priced homes, in all price ranges, will garner buyer attention and possibly even multiple offers. A chic and spacious downtown penthouse, listed for sale for $5,250,000, as unfinished space, just closed.
Table 1 shows a first quarter 2011 median price of $787,500 for houses and PUDs and $399,000 for condos. This is compared to $811,250 and $420,000 respectively for the same period 2010. There were 174 closed escrows for houses and PUDs in the first quarter, the same number as the first quarter of 2010. 66 condos sold in the first quarter of 2010 as compared to 53 condo sales for the first quarter of 2011. Contrary to the widespread notion that inventory numbers are bloated, the current inventory of active residential listings is down to 660 from 677 one year ago.
Table 1 also shows months-of-inventory, often referred to as "market velocity". This statistic illustrates how many months it would take to sell the existing inventory of homes, in a particular market segment, at the current pace of sales. Under 3 months of inventory is indicative of a seller's market; 3-6 months-of-inventory could be viewed as a balanced market; 6-9 months-of-inventory is a buyers' market and in excess of 9 months of inventory is a weak or soft market. Months-of-inventory market-wide for all price ranges and all neighborhoods, for condos, houses and PUDs, is 4.9 for March 2011. March 2010 had 4.7 months of inventory.
This month's headline is certainly in the months-of-inventory numbers for Santa Barbara and Montecito. Santa Barbara's 3.5 months-of-inventory for March 2011 is on the threshold of a sellers' market. 49 homes and PUDs entered escrow last month. Montecito's number of 7.7 months-of-inventory is close to half of the number of 13.5 for March 2010. 21 Montecito homes went into escrow last months vs. 13 for March 2010.
Table 2 compares the past year's closed escrow numbers by month to the 5 year average. An upswing in closings for the last two months of 2010 depleted results for January and February 2011; March has seen a nice recovery with 104 residential closings beating the 5-year average of 99 for the month. Sales pending for January through March remained strongly above the month's closed escrow numbers.
Table 3 illustrates the spread of closings by price range. While the bulk of the sales activity remains solidly in the $500,000 to $700,000 price range, you will also see a nice spread of activity in the upper ranges.
With the recession officially over in the summer of 2009, the first quarter of 2011 finds the South Coast real estate market in bloom. In her recent local presentation, Leslie Appleton-Young, chief economist for the California Association of Realtors, declared that "the worst is over" and "we are in recovery". She predicts a rise of approximately 2% in California's median price for 2011 and that coastal communities will lead the way. In our beloved Santa Barbara and surrounding areas, where one of the leading industries is the business of "residential living" the real estate market seems to reflect the promise of spring!
Thursday, March 31, 2011
Gaviota Coast Painting
Oil/Canvas
36" x 60"
By Emily K. McBride
$2545
*Available for viewing at Yoga Soup soon
Months of Inventory - Santa Barbara Homes
Here are the current months of inventory for the Santa Barbara South Coast, (Carpinteria to Goleta), homes only, (not condos).
Months of Inventory, or Market Velocity, is the number of months it would take to sell all the current active listings, at the current pace of sales, assuming no new listings are added. To calculate this, we use the number of properties that entered escrow in the immediate past 30 days. This is a much better indication of buyer confidence today vs. closed sales that reflect buyer activity 2-4 months ago.
Months of Inventory, or Market Velocity, is the number of months it would take to sell all the current active listings, at the current pace of sales, assuming no new listings are added. To calculate this, we use the number of properties that entered escrow in the immediate past 30 days. This is a much better indication of buyer confidence today vs. closed sales that reflect buyer activity 2-4 months ago.
As a rule of thumb, 0-3 months of inventory indicate a sellers' market; 3-6 months indicates a "balanced market"; 6-9 months is a buyers' market and 9+ months is indicative of a weak market.
As of a few days ago, there were 479 homes for sale on the South Coast; 84 homes went pending in the immediate past 30 days, giving a market-wide rate of 5.7 months of inventory.
Breakdown by neighborhoods is as follows:
Carpinteria & Summerland: 7 mos of inv.
Montecito: 9.8 mos. of inv.
Santa Barbara: 4 mos. of inv.
Hope Ranch: 11 mos. of inv.
Goleta: 4.3 mos. of inv.
By price range:
$0-1 million: 3.1 mos. of inv.
$1-2 million: 6.8 mos. of inv.
$2-3 million: 8.1 mos. of inv.
$3-4 million: 16 mos. of inv.
$4-8 million: 7.7 mos. of inv.
$8+ million: 20+ mos. of inv.
One can see that the "hottest" segments of the market are the Santa Barbara & Goleta homes under $1 million; and the softest part of our local market is Montecito $8+ million.
Saturday, March 26, 2011
New Listing - No Minimum Bid Auction April 21st - Originally Listed at $3,390,000
AUCTION | APRIL 21 | No Minimum Bid Required! Open Daily 3/19-4/21 from 1-4pm. This exquisite estate offers a rebuilt 4-bedroom, 3.5-bath home with matching carriage house and 3-car garage, potting shed & guest apartment/office. The home is light-filled with a large chef’s kitchen, vaulted ceilings, and slate roof. Private & serene. 2-acres w/100-yr-old oak & olive trees, seasonal creek, expansive lawns, stonework and panoramic mountain views. The result: Pure perfection.
Overview:
This natural light-filled estate features an open floor plan, complete with a large chef’s kitchen, vaulted ceilings and stunning Chinese multi-colored slate roofs and flooring – it is truly a place where craftsmanship and a heightened attention to detail are most evident with no expense spared. Elegant interior features throughout the home include custom-made Santa Barbara doors; Douglas fir flooring, interior doors and woodwork; custom-made wrought-iron light fixtures; dual-paned windows; and copper gutters and downspouts. The home is also outfitted with a host of modern amenities, including a whole-house water filtration system, a two-zoned forced air unit with air conditioning and circulating hot water. But perhaps the best amenity of all is the view. Snuggle with a good book in the living room’s charming bay seat window; Sip a morning cup of coffee on the spacious porch; or host a dinner party on one of the inviting patios, perfectly poised for entertaining, al fresco dining or just relaxing — all while enjoying the natural ambiance of the breathtaking outdoors and views beyond.
There is no denying that the heart of the home is the living room. Ideal for gathering, the living room is inviting, open and spacious. With floods of natural light pouring through its walls of seemingly endless picture windows, the room was built to showcase the home’s simply spectacular views. Cream-hued walls elegantly stand contrast to rich Douglas fir hardwood flooring and wood beamed Cathedral ceiling.
Entertaining:
Open to the dining room, complete with wood-burning fireplace, the gourmet chef’s kitchen is ideal for entertaining and is outfitted with top-of-the-line amenities that are sure to please even the most discerning of cooks and food enthusiasts alike. A true fusion of beauty and functionality, the kitchen offers plenty of storage space tucked away in its charming, custom-made maple cabinetry. Even the anchor of the room, a 10-foot-long center island with matching granite countertop, provides ample storage options with its glass-encased under cabinets and shelving. High-end finishings include a Wolf range, Subzero refrigerator and freezer, Sharp microwave drawer, Miele dishwasher and Franke sinks. Additional features include a reverse osmosis system to the faucets and ice maker, instant boiling water tap and walk-in pantry.
Each of the home’s four bedrooms are luxurious retreats. Incredibly spacious, the master bedroom suite features a large walk-in closet, unrivaled mountain views and full bathroom with his and hers Mahogany vanity and tub surround, Kallista faucets and Water Works tiles. A second bedroom suite also offers plenty of living space and a second entrance, making it ideal for in-laws or an au pair. A walk-in closet, sitting/study area and full bathroom with custom cabinetry complete the room. Two more bedrooms can be found in the home’s guest/children’s wing. They share a bathroom, while each has a separate entrance and is outfitted with custom cabinetry. The home also features a powder and laundry room, complete with built-in ironing board, cabinetry and laundry sink.
A unique feature of the estate, the matching carriage house makes for an ideal caretaker’s or guest apartment. Beautifully-designed, the house serves as a wonderful addition to the property and features mirroring interior elements of the main residence throughout. Amenities include a spacious upper-level wrap-around deck, perfect for taking in spectacular views, a full bathroom, a finished three-car garage with built-in cabinetry and a potting shed with farmhouse sink and built-in cabinetry.
As seen on the New York Daily News: http://bestplaces.nydailynews.com/voyeur/best-place-week-110-oribaza-rd-santa-barbara-california
In partnership with Concierge Auctions: www.AuctionSantaBarbara.com
110 Orizaba on the Village Properties Official Website: http://www.villagesite.com/properties/detail/mls_id/11-1019
Please call Emily McBride at 805.252.2773 with any questions or for auction materials.
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