Real Estate News
Are $5 Gas prices effecting Santa Barbara CA Realtors and/or their clients?
Categories: Real Estate News, Santa Barbara
Everyone has been talking about the continuing rise in gas prices we have experienced here in the first 6 months of 2008. If you are not one of us, then you are on a wonderful extended vacation somewhere abroad…hope you are having a great time!!!
In California, with our higher taxes on gas and higher costs of producing cleaner fuel, we see some of the highest prices in the entire country. So where does this put Realtors here in the Santa Barbara area who depend on their vehicles every day as part of their job to look at the inventory and to drive clients around.
Additionally, what are potential buyers thinking with regards to these higher prices?
Here are some observations that I have noticed here in 2008.
1) Carpooling - More and more I am seeing 2, 3 and even 4 Realtors sharing a car to go “caravanning” to look at the new inventory that comes out every week. This is obviously a good thing and will continue as far as I can see.
2) Combining Trips - Realtors seem to be combining trips a lot more than the past. Dropping off that document to an agent in Montecito on Tuesday can wait until Wednesday when Montecito’s caravan takes place. I also hear Realtors talking about combining errands and not making that drive for just one particular errand. Personally, I fit in this category a lot these days and just think it is smart.
3) Staying Local - Santa Barbara Real Estate Agents who were working with buyers and/or sellers on property in the extended areas such as Ventura or Lompoc are deciding to refer this business out. Additionally, buyers that were contemplating commuting from these extended areas are looking harder at their options to live local. You can search the Internet these days and find several articles talking about these specific economics.
4) Real Buyers - Santa Barbara Realtors are not just hopping in the car with a buyer they don’t know much about. Most experienced agents are “qualifying” their buyers a lot more to try and determine whether this will lead to a sale or just a lot of waisted time and waisted costly gas.
5) The Ego Car - More and more hybrids and smaller cars are showing up at the office instead of the BMW’s and Lexus’ etc. The Prius in and of itself has seemed to pop up a lot more. I myself am looking to purchase a new car here in the coming year and my wife and I are looking at all options with most of them being a smaller more fuel efficient car.
What you can Do ??- If you are in the market right now for real estate and yourself do not want to be driving around all over to look at property, I would recommend spending a lot of time doing research online to look at property. You can sign up here to look at all new listings that meet only your specific needs such as price, beds, baths, area etc. Additionally, you can search the entire Santa Barbara MLS if you are wanting to simply browse the entire market on your own. If you are wanting to know about past sales to study the specific market you are hoping to purchase or sell in, contact me and I can send you a list. Good luck!!!
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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Little Known Advantages of Blogging Realtors - Santa Barbara and Montecito CA.
Categories: Buyer's Resources, First-time Home Buyers, Real Estate News, Seller's Resources
A few years ago blogging was almost an unknown in the real estate business. Here and there a few Realtors and other real estate professionals were blogging, but not to the extent that is seen today. In the Santa Barbara and Montecito CA areas, there is currently very little blogging done by Realtors.
To me this is very interesting since the use of the Internet continues to expand as THE MAIN TOOL (an often the main starting point) for buyers and sellers to search for homes, gather information about areas, learn real estate tips and meet potential real estate agents.
For most buyers and sellers, I feel that working with a Realtor who blogs and blogs regularly (say 2-3 times per week) gives them many advantages.
Advantages for a buyer or seller of working with a Realtor who Blogs!!!
#1 - You as the consumer get to know the real estate agent and get to establish a rapport with them even before you meet them personally. Through their blogging, a buyer or seller will learn about an agent’s values, their style, their knowledge, their interests etc. Ultimately the consumer can then decide if they are someone they trust to help in achieving their real estate goals. There will be a definite comfort level achieved before you even begin.
#2 - You gain a definite insight into what the Realtor actually knows about their particular role in the real estate market they are in. Are they writing about short sales and foreclosures…if not, then most likely they don’t know much about them. Are they writing about oceanfront property and high-end property…if so, then most likely they do know about this market. No one knows everything about their particular business, but what they do know they tend to write about.
#3 - You will learn if the Realtor is an expert is your neighborhood of interest. If they have never written about Santa Barbara neighborhoods such as The Mesa, San Roque, Downtown, Oceanfront in Montecito, view homes and so on, then most likely they are not comfortable with those areas or markets for whatever reason. A Santa Barbara Realtor that blogs about certain areas demonstrates their knowledge of the area.
#4 - Does the Realtor cite facts and figures to support their points that they are making? Are other posts and websites they refer to in their own posts helpful as well? If this is all done clearly and of help, then the Realtor is taking their time to do their research. A definite criteria that any good Realtor should have.
#5 - The presence that a Realtor has online is extremely important these days with the Internet becoming THE MAIN TOOL in researching real estate. If you are looking for an agent to help you sell your home, make 100% sure that they have a good Internet presence and knowledge of how to market your property online. If you Google them for example, will they show up all over the place or are they hidden on the Web? If they are hidden, then most likely any online presence of your home being sold will also be hidden. If they are everywhere, then most likely your home will have a very good online presence.
#6 - Is their writing clear and precise. If so, then most likely your transaction with them will be smooth with good communication. This is obviously very important during any transaction. Through well thought out good writing you can learn how a Realtor thinks and communicates.
#7 - Lastly, a huge advantage of working with an agent that blogs is that you can learn about their character. Are they ethical and professional? Do they seem to have integrity and your interests at heart? Are they responsible, knowledgeable, likable and do they communicate clearly? You will learn about many advantages that a Realtor can bring to you as a client and into a transaction through their blogging.
As an active Real Estate Agent and Real Estate Blogger here in the Santa Barbara and Montecito CA areas, I feel that I am enabling the consumer with better transparency of information. I believe that the quality of the information is also extremely important. I also believe that by blogging I am more consumer focused and therefore a better Santa Barbara Realtor.
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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Concerns Arise Again About The Proposed Development of The Miramar Hotel in Montecito CA.
Categories: Montecito, Real Estate News, The Oceanfront Areas
First it was Ian Schrager, the big city boutique hotelier…
Next it was local billionaire Ty Warner, the famous toy maker and hotelier…
And now developer Rick Caruso is learning first hand about the long path it will take to please all sides for a proposed development to “revamp” The Miramar Hotel located on the beach in Montecito CA.
From the start in 2006 when Mr. Caruso purchased the property from Ty Warner, he has pleased many residents and the city by holding open forums and meetings with community members regarding the development plans for The Miramar Hotel. The problem is, that to date it simply seems too hard to please everyone while also leading a profit turning adventure for Caruso Affiliated. Ben Preston, from The Independent writes a great article updating the latest concerns and news about the project being proposed.
Time is the only guarantee that we know will happen and it continues to look like any development for The Miramar Hotel will need plenty of time. The one thing that seems to be agreed upon is that everyone wants the project to happen…it is just how and on what terms.
Further Reading: The Luxury of Santa Barbara and Montecito Oceanfront Real Estate, The Secret of Santa Barbara and Montecito CA Oceanfront Property and Estates, Montecito CA Beach Property in High Demand
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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The New Expansion of Luxury Townhomes and Condos in Santa Barbara CA.
Categories: Downtown Neighborhood, Real Estate News, Santa Barbara
In the last 3-5 years, Santa Barbara has seen several small mixed-use style projects consisting of 2-10 residential townhome units sprout up within shouting distance of State Street and the downtown area. Most of these projects finished development before the market started to soften in early 2007 and therefore had no problem finding buyers.
The Paseo Chapala project located on the Corner of Chapala Street and De La Guerra Street was the first major development in the last several years that unfortunately got caught in the downturn of the market and presently still has 7 residential units up for sale. Even with this news, the appeal for developing high-end townhomes and condos in the downtown area does not seem to be subsiding anytime soon.
The newest batch of upscale top notch granite and marble laden townhomes are nearing completion toward the end of 2008 and into early 2009 and are mostly on the larger scale such as Paseo Chapala. The current major projects that are on the horizon are:
- Paseo One located at the corner of Chapala and Gutierrez Streets. This project was taken over by Don Hughes in early 2007. There looks to be 35 units coming up for sale with possibly 7 of these already having been reserved.
- A planned 53-unit development located on the corner of Carrillo and De la Vina streets.
- The roughly 100 units proposed by Bill Wright above Cabrillo Boulevard on the corner of Garden Street and Yanonali.
View Current List of Luxury Condos for Sale in Santa Barbara and Montecito CA.
Although most all of these developments have some form of affordable units, the bread and butter market rate for these upscale projects seem to have price points in the $1.5 Million to $2.75 Million range. The continued proposals for these upscale construction projects seems to indicate that most developers have an optimistic forecast for both business and tourism.
“When the city did the master plan for Chapala Street, they really sent a message to property owners and developers that they wanted to increase the density of mixed-use projects along the Chapala corridor, and the property owners and developers listened,” says Steve Cushman, president of the Santa Barbara Chamber of Commerce.
For many residents, the Chapala style projects make sense where they are: along a main transportation corridor and close to businesses, shopping, entertainment and buses.
“The baby boomers are all starting to retire … and are coming with a pocket full of money,” Cushman said. “They can pay cash for a million dollar condo and that’s what’s happening and is going to continue to happen because Santa Barbara is so popular around the world.” Despite the residential slump in certain areas and price points, developers seem to keep pusing for housing projects located near the downtown corridors.
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: 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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Where Are Those “Jumbo Conforming” Loans with Lower Interest Rates?
Categories: Real Estate News
Here is a quick fact in the life within the lending business that no one can refute…
The larger the mortgage, the riskier the loan and therefore the tougher it is for a home-buyer to get a mortgage approved.
Now weeks after the Economic Stimulus Act of 2008 changed the maximum amount on a conventional conforming loan from $417,000 to about $729,500 in high valued areas such as Santa Barbara CA, substantially lower interest rates on these larger loans are not being doled out to consumers as many thought they would be.
This new adjustment and the conforming loan was in theory supposed to reduce the interest rates on the larger, so-called “jumbo conforming” loans. With these newly available larger loans at rates comparable to the older conforming loans, consumers would now be able to re-fi and/or purchase newer homes in high cost areas such as we have here in Santa Barbara and Montecito. This has not happened quite as we expected…but might still happen here in the coming future from what I am hearing via some lenders.
…Time will tell
So far with the state of the economy and the liquidity crunch, larger loans with lower interest rates are not being bought up by the secondary markets that purchases the loans from the lenders…therefore the lenders have yet to offer these much anticipated larger loans at lower interest rates.
Additionally, these newer conforming loans are only being offered to borrowers with higher credit scores and are demanding stiffer qualifications than conventional conforming loans.
So where does this lead us…From what I am hearing, jumbo conventional loans with lower rates are probably in our future in the coming year, just not as soon as we expected.
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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