Archive for April, 2008
Santa Barbara CA Schools Hard Hit With Budget Cuts
categories: School Information
Members of the Santa Barbara School Board came together this last week to deal with the unfortunate and hard issue of the historic statewide budget cuts for our public schools. Ethan Stewart wrote an article in The Independent this week that summed up what took place during the meetings. With the magnitude of this issue, KEYT news also has been covering the story as well as shown in this video posting.
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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Are Short Sales a Good Path to Santa Barbara Real Estate Ownership?
categories: Buyer's Resources, Carpinteria, Goleta, Seller's Resources, Short Sales
At the beginning of 2008, I wrote a few articles about short sales and foreclosures in our local areas here in Santa Barbara, Goleta and Carpinteria. At that point, we had only seen a handful of foreclosures in our areas and most of these were in the entry level condo market from the $300,000 to $650,000 price point as well as track homes from the $590,000 to $800,000 price point. Short sales were also just starting to creep up in our local areas within the same market and price points.
Now in the last several weeks, we have started to see a definite increase in short sales with many sellers looking at short sales as a great opportunity to attempt to sell their home and many buyers looking at short sales as a great opportunity to get into the market here in the Santa Barbara area.
Here is the Catch: Not all short sales are actually going to be sold…in fact most won’t from what we are seeing. Ruth Simon and James Hagerty have written a very informative article in the Wall Street Journal talking about this fact.
I myself have now represented both buyers and sellers with short sales here in that last few months and here is what I can recommend:
1) You have to be patient. Start to finish can take 3-4 months or more and offer many headaches.
2) Look at what the seller currently owes on the property. If they currently owe a lot more than the asking price (for example $650,000 and they are trying to sell if for $550,000 and you write an offer for $500,000), most likely the investor that buys up the loan from the lender will not accept your offer.
3) There is a definite difference if the seller has only a 1st or a 1st and a 2nd on the property or has refinanced the property or owns the property as a second home / investment.
4) If you are currently an active buyer, continue to look at properties for sale and don’t just count on the one property that you have an offer in on if it is a short sale. You don’t want to pass up 6-10 weeks of properties coming on the market to then learn that your offer is not going to be accepted.
If you have any questions…I would be happy to talk and share what I know.
View: Current Inventory of Short Sales in Santa Barbara
Further Reading: Any Great Short Sale Opportunites in Santa Barbara and Goleta CA?
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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The Positives of FHA Loans Here in the Santa Barbara, Goleta and Carpinteria Areas
categories: Buyer's Resources, First-time Home Buyers
Here is a great list of positives about an FHA mortgage that I picked up from First Capital that I felt buyers should know about…
- Common sense underwriting
- Maximum loan amount $729,750
- No declining market appraisal issues. Lenders are not reducing the loan to value if a home is in a “declining market” whereas all traditional loan programs are being cut by 5% loan to value
- Buyer can put as little as 3% down of which all may be gifted
- Seller may contribute 6% credit to buyer - 3% for closing cost and 3 % for down payment
- Buyer may not need money out of pocket with some assistance programs
- An employer / parent may co-sign and qualify for the loan as a non-owner occupant co-borrower
- Flaws in credit history are allowable
- Debt to income ratio of 31% / 43% or higher
- Interest rates are generally at or below market - full documentation required for most loans
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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Santa Barbara Luxury Property Sales Continue to Set Records Year After Year
categories: Luxury Real Estate, Montecito, Real Estate News, Santa Barbara
One market that has not been effected by all the negative national news with regards to the credit crisis and sub-prime fallout is the high-end homes and luxury estates in Montecito and Santa Barbara CA, particularly along the coastline.
This high-end real estate market is referred to as property sales in excess of $10 Million.
To illustrate the pace and volume of these sales, I have included some statistics below that show the year over year increase in sales.
- 2002 reported in the MLS approximately $42 Million in sales
- 2003 reported in the MLS approximately $65 Million in sales
- 2004 reported in the MLS approximately $72 Million in sales
- 2005 reported in the MLS approximately $94 Million in sales
- 2006 reported in the MLS approximately $219 Million in sales
- 2007 reported in the MLS approximately $255 Million in sales
View Current Montecito and Santa Barbara listings of high-end properties in excess of $10 Million
In my humble opinion, having traveled much of the world, Santa Barbara will always rank as one of the most beautiful places to live. Once you arrive here it is not hard to understand this conviction. Seemingly encapsulated in a relatively perfect maritime climate, Santa Barbara is an oceanfront resort like community with wonderful architecture, clean air and limited traffic, long stretches of gorgeous and accessible coastline and an abundance of outdoor activity including surfing, golfing, hiking, rock climbing, sailing, mountain biking, fishing, kayaking and much more. For people wanting more than just an active community, Santa Barbara also boasts a wonderful mix of art, culture, live performances and dining.
On the real estate side of the equation, this quality of life that Santa Barbara and Montecito offers will continue to drive high-end property values. What the above statistics simply show is that the wealthy have located Santa Barbara and Montecito as a desirable place to both live and own property. Movie stars, industry titans and the newly rich circulate around Santa Barbara without attracting much attention and without dressing up. Multi-millionaires are able to maintain a relatively private existence here that can often allude them in other areas. This along with Santa Barbara and Montecito resident’s casualness to this vast wealth is part of the allure for the wealthy.
Further Reading: The Secret of Santa Barbara and Montecito CA Oceanfront Property and Estates, The Luxury of Santa Barbara and Montecito Oceanfront Real Estate, Montecito CA Homes For Sale - Market Update March 2008
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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Search the Santa Barbara, Montecito and Goleta CA MLS for Free
categories: Buyer's Resources, Goleta, Montecito, Santa Barbara, Seller's Resources
Searching the Santa Barbara, Montecito and Goleta area MLS is now easy and free. 
More and more buyers and sellers are wanting to start there search for real estate on the Internet, in the own comfort and privacy of their homes. If you are looking for the MLS here in Santa Barbara, Montecito, Goleta CA and surrounding areas, you have found the right place.
SantaBarbaraRealEstateVoice provides you with all the tools you need to start your information gathering about real estate in our area for free, with no obligations or sign-ups. You can search via any of the single criteria below as well as any combination of criteria:
- price
- cities as well as neighborhoods
- style of housing (condo / single family etc.)
- beds and baths
- schools
- zip codes
If you see any homes of interest, you can request information about the particular listing(s). After searching on your own, if you would like to then be personally set up to receive listings as soon as they are listed in the MLS that meet only your specific needs, contact me as well or sign up.
Further Reading: Search the Santa Barbara MLS and More
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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Who Else Wants to Buy Into Montecito CA Real Estate?
categories: Market Statistics / Updates, Montecito
I was not real surprised when I saw this latest chart of real estate values here in Montecito CA., but sometimes you do have to just sit back and be in awe. The Pacific coastal gem that we know as Montecito CA continues to impress with ever increasing real estate values. Framed by coastal mountains and gorgeous beaches, the lifestyle here in Montecito offers its residents wonderful cultural entertainment, plenty of outdoor recreational activities, fine dining, warm weather, ocean breezes, sunsets and an overall relaxed atmosphere.
Montecito real estate is filled with grand and luxurious estates, many of which were inspired by the architecture and homes that are found in the countries of France, Spain, and Italy.
If you are interested in learning more about Montecito CA and all that it has to offer, please feel free to contact me.
View Current Inventory in Montecito CA for Prices $ 10 Million and Above.
View Current Inventory in Montecito CA for Prices $ 5 - 10 Million.
View Current Inventory in Montecito CA for Prices up to $ 5 Million.
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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The Secret of Santa Barbara and Montecito CA Oceanfront Property and Estates
categories: Luxury Real Estate, The Oceanfront Areas
The American Riviera…or the California Gold Coast…
Many seductive names have been used and are used to describe the coastal area here in the Santa Barbara and Montecito CA area. If you spend some time strolling the beaches and admiring the lucky few who live along the oceanfront, you will understand why many feel this area is one of the most desirable and sought after places to live and own real estate.
Below is a descriptive list of the main beaches and the real estate values in these areas, stretching from Carpinteria in the south, to Montecito and Santa Barbara and finally out to Goleta in the north.
Carpinteria Beach is a long stretch of beautiful sand and is nicknamed the “Worlds Safest Beach”, probably because of the lack of strong waves and current. It is generally considered a great family beach. There are two main high-end areas of real estate along this stretch of beach on the Carpinteria coastline called Sandyland Cove and Sand Point. Home values here range from $5 Million to $30 Million on average. Additionally, there are scattered townhomes and pockets of a few individual homes generally ranging in value from $2 Million to $10 Million on average.
Padaro Lane is nestled into a gorgeous picturesque cove. This is a rather private and exclusive sandy cove where half of the oceanfront homes poor out onto the sand while the other half sit atop a cliff-band between 20-80 feet high. Most of the real estate here is very private, high-end and exclusive feeling. Padaro cove sits in between Carpinteria and Montecito with estate values ranging from $3 Million to $35 Million on average.
Summerland Beach is a very safe family oriented beach with only a small handful of homes available. Most sit atop a cliff-band of around 30 feet above the beach. Summerland Beach sits just south of Montecito with home values ranging from $6 Million to $12 Million on average.
Fernald Point is an area of exclusive oceanfront homes. Located in Montecito, most of these oceanfront homes are set back off the sand with larger lots giving owners a true sense of privacy on the beach. Home values range from $6 Million to $40 Million on average.
Miramar Beach is located in the heart Montecito and for many locals is considered Montecito’s beach. Most of the homes are small beach cottages right on the sand with a few larger estates. Home values range from $3 Million to $8 Million on average.
Hammonds Beach offers exclusive oceanfront Estate homes in Montecito as well as a few gated communities with single family homes and townhomes. Home values range from $4 Million to $30 Million on average while townhomes range from $1.5 Million to $6 Million on average.
Butterfly Beach is also located in Montecito and faces more west. Here at the end of the day you will find many people lining the wall or strolling along the beach watching the sunset. This beach is directly in front of The Biltmore Hotel and next to the Coral Casino. Home values range from $8 Million to $30 Million on average.
East Beach is for many the main beach in Santa Barbara. This long stretch of sand starts at the end of Butterfly Beach and continues to Stern’s Wharf. Here you will find many people riding bikes, playing volleyball, jogging or relaxing. The East Beach area is within walking distance to many restaurants & shopping. Along the East Beach area there is a selection of townhomes and some single family homes set a block or 2 away. Home values range from $600,000 to $2 Million on average.
West Beach is also in the heart of Santa Barbara is a continuation of East Beach between Stern’s Wharf and The Harbor. Here you can enjoy viewing boats and the harbor life or take your own trip out to the local Channel Islands via Condor Cruises. The main real estate along the West Beach area is restaurants and hotels, although there are a few condo/townhomes and duplexes/triplexes within 1-3 blocks of the oceanfront. Real estate values for these properties range from $1 Million to $ 3 Million on average.
Leadbetter Beach is also located in the heart of Santa Barbara and offers dining, access to The Harbor area and water activities. It is located between Shoreline Park & The Harbor. This is a gorgeous area and yet has some of the most affordable real estate along the oceanfront. Most real estate starts at around $1 Million and can go up to $5 Million in this area on average.
Hendry’s Beach (the pit) is officially named Arroyo Burro Beach. It is nestled into a relatively small cove, but has access to long walks below the cliffs. Here you will find many people watching the sunset, walking their dogs or eating at the restaurant located virtually on the sand. Atop the cliffs near Hendry’s Beach you will find homes values ranging from $2 Million to $20 Million on average.
Hope Ranch Beach is a “private beach” with access through a gated entrance given to all residents of the Hope Ranch area. The beach can be accessed via other beaches so it is not too private. Hope Ranch Beach offers cabanas, bathrooms, showers, a snack shop, and kayak storage. Most all the real estate that lines this area sits atop a 50-75 foot cliff and is lined with large estates with values ranging from $4 Million to $50 Million on average.
Goleta Beach is a safe beach offering a restaurant, picnic areas and fishing from the pier. Goleta Beach then carries onto Campus Point and the beaches up to Sand’s, Naples and beyond. There is no residential real estate in this area along the beach accept for the student areas near UC Santa Barbara.
View: Current Sample of Oceanfront Property for Sale
Further Reading: The Luxury of Santa Barbara and Montecito Oceanfront Real Estate
Search Properties in Santa Barbara, Montecito and Surrounding Areas.
Receive Personal Listings and Updates of Santa Barbara Oceanfront Properties.
View a Map of the Santa Barbara Area.
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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