Carpinteria
Santa Barbara Real Estate Market Update for the Carpinteria Area - First 6 Months 2008
Categories: Carpinteria, Market Statistics / Updates
I have summarized below an easy to look at brief outline of the overall MLS statistics for the Carpinteria CA area through the first 6 months of 2008.
- The total number of single family homes sold in Carpinteria was 23. The number of current pending sales for single family homes is 8. The number of current active listings for single family homes is 35.
- The total number of condos / townhomes sold in Carpinteria was 15. The number of current pending sales for condos / townhomes is 3. The number of current active listings for condos / townhomes is 78. (these active units include one major development that just put 40+ units on the market)
- The total number of PUD’s sold in Carpinteria was 1. The number of current pending sales for PUD’s is 0. The number of current active listings for PUD’s is 3.
The lowest sale in Carpinteria was a banked owned condo for $250,000 on Hickory Street. The highest sale in Carpinteria was a beach front home for $13.2 Million on Rincon Point.
Please feel free to contact me directly if you have questions or would like more in depth information and statistics about:
1) The Carpinteria area
2) The area around your personal home
3) A specific area, street or home in Carpinteria
Further Reading: Overall Market Statistics for the Santa Barbara area, Market Statistics for the Carpinteria Real Estate 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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Cort Report for Santa Barbara, Montecito, Goleta and Carpinteria CA. Areas - April 2008
Categories: Carpinteria, Goleta, Market Statistics / Updates, Montecito, Santa Barbara
Here is the Santa Barbara cort report for closed sales for the month of April 2008. The cort report lists all closed sales of property regardless of whether they were reported in the Santa Barbara MLS or not. This includes for sale by owners, transfers of property between family members etc. Upwards of 95+ % of all sales are reported in the MLS, where as 100% are reported in the cort report.
If you would like further info about a certain month or area, please let me know so that I can be of help.
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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Will Santa Barbara’s Beloved Rincon Point Real Estate Switch to Sewer in the Near Future?
Categories: Carpinteria, Lifestyle / Things to Do, Real Estate News, The Oceanfront Areas
Nearing 10 years of at times rather heated controversy, the debate to switch from Septic to Sewer at Rincon Point has taken a large step to becoming a reality. Rincon Point is home to one of the best waves in all of California and definitely stirs up emotions for many when talking about the health of the ocean. Ethan Stewart, from The Independent, has written a very informative article about the latest up to date developments.
For many, Rincon is the pride and joy when it comes to the ocean for many locals both here in Santa Barbara and in Ventura. A laid back small beach enclave for many years, Rincon Point has seen its real estate values increase in the last few years to an average of $5-8 Million for ocean front property.
View Updated Closed Sales for Rincon Real Estate 2007 and 2008.
View Current List of Active Beachfront Homes for Sale. If you would like further specific information about beach front communities or beachfront real estate, please let me know.
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
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.
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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Carpinteria Ca Real Estate Market Update - First Quarter 2008
Categories: Carpinteria, Market Statistics / Updates
I have summarized below an easy to look at brief outline of the overall statistics for the Carpinteria CA area through the first quarter of 2008.
- The total number of single family homes sold in Carpinteria was 9. The number of current pending sales for single family homes is 5. The number of current active listings for single family homes is 22.
- The total number of condos / townhomes sold in Carpinteria was 7. The number of current pending sales for condos / townhomes is 5. The number of current active listings for condos / townhomes is 55. (these active units include one major development that just put 30+ units on the market)
- The total number of PUD’s sold in Carpinteria was 1. The number of current pending sales for PUD’s is 0. The number of current active listings for PUD’s is 0.
The lowest sale in Carpinteria was a banked owned condo for $250,000 on Hickory Street. The highest sale in Carpinteria was a beach front home for $7.5 Million on Rincon Point.
Please feel free to contact me directly if you have questions or would like more in depth information and statistics about:
2) The area around your personal home
3) A specific area in Carpinteria
Further Reading: Information and Articles about Carpinteria
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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Montecito CA Beach Property in High Demand
Categories: Carpinteria, Market Statistics / Updates, Montecito, Summerland, The Oceanfront Areas
The demand for beach property and beach estates along the Carpinteria, Summerland and Montecito CA coastline in the last several years has been extremely strong. We have seen some amazing price points established in the very high end market, with the highest reported sale in the last year being $35 Million for a 9 bedroom, 6 bath newly built home on the bluff on Padaro Lane. Conversely, the lowest reported sale was $895,000 for a 1 bedroom condo in the desirable Bonnymede complex next to The Coral Casino and The Four Seasons Biltmore Resort.
I have summarized below an easy to look at brief outline of the overall statistics for Carpinteria, Summerland and Montecito beach property for 2007.
- The total number of single family homes sold that were reported to the MLS was 10. Overall the prices ranged from $2.8 Million to $35 Million. Currently there are 14 active single family beach homes in the MLS for sale and 1 pending sale.
- The total number of condominiums and/or townhomes sold that were reported to the MLS was 13. Overall the prices ranged from $895,000 to $5 Million. Currently there are 5 active beach condos or townhomes in the MLS for sale and 0 pending sales.
Further Reading: The Secret of Santa Barbara and Montecito CA Oceanfront Property and Estates, Santa Barbara CA Beach Property in High Demand
Viewed Archived Articles for Santa Barbara and Montecito Area Market Statistics
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to comment below with any thoughts.
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Any Great Deals on Homes in Foreclosure in Santa Barbara?
Categories: Buyer's Resources, Carpinteria, First-time Home Buyers, Goleta, Santa Barbara
This seems to be a common question I get here lately in Santa Barbara and Montecito, mainly from first-time home buyers and investors. Like many things in life though, it simply depends.
The common myth out there seems to universally be that homes in foreclosure must be the best opportunities to buy a cheaper home or get a “great deal”. Here is the big problem with this line of thought, at least in a town such as Santa Barbara or Montecito.
First, when you see statistics in the newspapers or online about foreclosures in the Santa Barbara area, it almost always refers to Santa Barbara County which includes the areas of Lompoc and Santa Maria. Both the Lompoc and Santa Maria areas are extremely different than Santa Barbara proper and really have little to do with the Real Estate market here. For almost everyone, when you talk about Santa Barbara on a Real Estate scale, you are talking about Santa Barbara, Montecito, Hope Ranch, Carpinteria, Summerland and Goleta. All of these towns are one continuous area stretching about 24 miles from Carpinteria in the south to Goleta in the north. Santa Maria and Lompoc on the other-hand are both roughly another 55 minute drive north of Goleta and represent an entirely different Real Estate scale. So when you see statistics about this area and possibly a listing for a nicer single family 3 bedroom 2 bath home, just needing a little buyer’s vision in foreclosure for $475,000, we are not talking about Santa Barbara proper.
Most of the foreclosures I have seen in Santa Barbara have arisen in the last 18 months and have been at the lower end of the price scale represented mainly by condos from about $300,000 to $600,000, as well as some single family homes from roughly $650,000 to $1.2 Million (based on the MLS listings). The problem with these foreclosures is that many of these homes were bought at the height of the market and now the previous owners have walked away from their mortgage payments as the market has dipped. Many of these buyers also bought with very little to no money down and therefore banks now mostly have larger expenses on these properties than what the market will bare. The banks still need to sell these properties to recoup some expenses, but their “discounted” price is often just today’s market price.
So are there any deals on homes in Foreclosure here in Santa Barbara?
Yes, but not that often and you have to be quick. I have personally seen about 15-20 foreclosures that I feel are “good deals” since early 2007 and these have all been in escrow within a few days. As a buyer or an investor here in the Santa Barbara and Montecito areas, the best thing to do is to work with an experienced full-time Realtor that knows the pulse of the market and knows what you are looking for. Who owns the property should be one of the least important factors of your decision process. The best is to simply look with your Realtor at what homes are available and make comparisons of the properties based on location, price and other important personal factors and then decide what is best for you, not what is in foreclosure.
Further Reading: Potential Negatives to Buying Santa Barbara Homes in Foreclosure
Any thoughts or comments on what you have seen personally?
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to comment below with any thoughts.
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