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!!!
For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.
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.
Subscribe to Receive Personal Listings of Santa Barbara Area Properties
Search the Santa Barbara Area MLS
| Discussion: No Comments »
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.
Further Reading: Is My Realtor a Santa Barbara Neighborhood Specialist in My Area?, Search the Santa Barbara, Goleta, Montecito CA MLS for Free, My Home has Declined in Value…Can My Property Taxes Be Lowered?, Plan For Your Santa Barbara Remodel Now, So You Don’t Go Crazy Later, The 2 Major First Steps in Buying a Home in Santa Barbara CA., Search the Santa Barbara MLS and More, Santa Barbara Real Estate Voice…Your Online Real Estate Resource
For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.
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.
Subscribe to Receive Personal Listings of Santa Barbara Area Properties
Search the Santa Barbara Area MLS
| Discussion: 5 Comments »
Do Open Houses Work in the Santa Barbara and Montecito Areas?
Categories: Real Estate News, Seller's Resources
As a real estate agent here in the Santa Barbara and Montecito area, it is almost impossible to sell a home unless you get people in to first see the home. With this said, one of the main first questions a Realtor is asked upon listing a home for sale is…how will their property be shown.
That begs the question: Are open houses a big selling tool?
Answer: No/Not really/ Barely/It can be…
Most likely you will get some version of this answer from a seasoned real estate agent. The problem for many agents is that the majority of home sellers in the Santa Barbara area view open houses as a right. If an agent is unwilling to hold their home open for 2-4 hours on a nice sunny weekend afternoon, week after week, waiting for prospects to come rolling through the door with an offer in hand, they feel cheated.
But do open houses work for the seller. Here is what Realtors know and sellers should know about open houses if they don’t already:
1) According to the NAR’s latest profile of buyers and sellers, “only 7% of all buyers visited open houses as a first step in their safari for a new house. Most people start their hunt on the Internet.” Additionally, most all buyers use a Realtor and based on the client’s needs, they will view properties on their own schedule with their agent.
2) Open houses do work, but not necessarily for the seller’s home. Instead, open houses are mainly held open by agents as a form of branding, farming and/or to attract potential new clients in the form of buyers for other homes or possible sellers of other homes.
3) For the most part, most agents would prefer not to hold open houses except for the first few weeks of a new listing. Anything beyond this feels excessive for most agents.
For most agents, an open house is needed and should be done for the first 2-4 weeks. More important is the weekly scheduled “caravans” during the week that allows other agents to preview the home. This is key in getting initial exposure for the home. Then, if your home fits a need of a client of one of the agents, the agent can bring their client back for a much preferred private showing.
If your home is still not selling after several weeks, it is most likely a combination of some of the following factors:
1) The many different skills that your agent does or does not have for selling your home
2) Price
3) Price point…fewer buyers for more expensive homes
3) The overall market and knowledge of the market
4) The ability to show the home when needed
5) Location of home etc.
Further Reading: 5 Crucial Tips to Have Your Santa Barbara Home Ready for Sale in a Slow Market, Search the Santa Barbara MLS and More, Santa Barbara Real Estate Voice…Your Online Real Estate Resource, Historic Housing Bill Signed…How Does this Effect CA Real Estate?, Little Known Advantages of Blogging Realtor in Santa Barbara and Montecito CA.
For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.
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.
Subscribe to Receive Personal Listings of Santa Barbara Area Properties Search the Santa Barbara Area MLS
| Discussion: No Comments »
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: Any Decisions on The Miramar Project - August 2008, 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, Looking for a Qualified and Ethical Real Estate Agent in Santa Barbara CA?
View: Map of Miramar Hotel
For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.
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.
Subscribe to Receive Personal Listings of Santa Barbara Area Properties
| Discussion: 1 Comment »
Will Santa Barbara’s Beloved Rincon Point Real Estate Switch to Sewer in the Near Future?
Categories: Carpinteria, 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.
View: Map of Rincon Area
Further Reading: Heal The Ocean Here in Santa Barbara CA., Naples Development Becoming a Reality Along the Santa Barbara Coastline, The Secret of Santa Barbara and Montecito Oceanfront Property and Estates
For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.
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.
Subscribe to Receive Personal Listings of Santa Barbara Area Properties
| Discussion: No Comments »
The New Expansion of Luxury Townhomes and Condos in Santa Barbara CA.
Categories: Downtown Neighborhood, Luxury Real Estate, Real Estate News
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.
Further Reading: The Secret of Santa Barbara and Montecito Oceanfront Property and Estates, The Luxury of Santa Barbara and Montecito Oceanfront, Santa Barbara Luxury Property Sales Continue to Set Records Year After Year, Is Downtown Santa Barbara Vertically Challenged?, Santa Barbara CA Neighborhoods - Downtown, Santa Barbara Rated Amongst The Best Mid-sized Downtowns in California
For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.
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.
Subscribe to Receive Personal Listings of Santa Barbara Area Properties
Search the Santa Barbara Area MLS
| Discussion: No Comments »
Are Short Sales a Good Path to Santa Barbara Real Estate Ownership?
Categories: Buyer's Resources, Real Estate News, 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, Strategies to Buying a Home in Foreclosure Here in Santa Barbara CA., Potential Negatives to Buying Santa Barbara Homes in Foreclosure, Any Great Deals on Homes in Foreclosure in Santa Barbara, Search the Santa Barbara MLS and More, Santa Barbara Real Estate Voice…Your Online Real Estate Resource, Little Known Advantages of Blogging Realtor in Santa Barbara and Montecito CA.
For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.
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.
Subscribe to Receive Personal Listings of Santa Barbara Area Properties
Search the Santa Barbara Area MLS
| Discussion: 1 Comment »
