The Secret of Santa Barbara CA. Foreclosures - Update October 2009
Where is the real estate market today with regards to foreclosures here in Santa Barbara CA? The answer to this really depends on the specific areas of Santa Barbara you are talking about as well as specific price points. Santa Barbara is simply too unique of a town to pinpoint a "foreclosure label" at any level, on any certain part of our real estate market. You really have to look at the individual markets and areas within our community.
For example, lately in the national news we have been bombarded by information and statistics about how the high end luxury real estate markets are seeing a lot of distressed properties and bank owned properties. Here in the Santa Barbara area, most people would consider Montecito and Hope Ranch to be 2 of our prominent high end areas. So far since the start of 2009, there have been only a total of 10 combined short sales and foreclosures in these areas. In addition, all of these have been from the $900,000 to the $2 million price point...not what most everyone would consider our luxury market. Total Active Listings during this same period in the Montecito and Hope Ranch areas have been 392...not too dramatic of a percentage of foreclosures and short sales (roughly 2% of the market). In Santa Barbara proper, foreclosures and short sales are spread unevenly throughout the market and are predominantly located in the lower price points of our market. For example, in the Santa Barbara MLS year to date in Santa Barbara proper, we have had approximately 55 bank-owned/foreclosure properties. Of these 55 properties, more than 85% of these listings are condos and/or entry level single family homes below the $600,000 price point. This compares to where the "average home" in Santa Barbara proper tends to sell between the $750,000 and $1.2 million price point. Additionally, there have been year to date 810 new listings this year in Santa Barbara proper. Thus foreclosures represent only 7% of our market here in Santa Barbara proper. Where are we headed in the near future here in Santa Barbara? No one seems to really be able to answer this question precisely. What is definite is that we will still see some short sales and foreclosures here in our area in the coming few years. Whether they will increase in numbers, stay where they have been or decrease is the golden question. Based on the last 2 years' information, I assume that at whatever levels they come at, we will continue to see the same general areas having the most short sales and foreclosures as well as within the same general price points. View: Current Inventory of Short Sales in Santa Barbara View: Current Inventory of Foreclosures in Santa Barbara Further Reading:
- Any Luxury Homes in Foreclosure in Montecito CA?
- How is the Hope Ranch Real Estate Market Holding Up with Short Sales and Foreclosures?
- How to Find All the Goleta and Carpinteria CA Short Sale and Foreclosure Statistics
- 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