Distinctive Santa Barbara Real Estate

Montecito Luxury Homes for Sale - Pending Sales Boom!

We may finally be seeing the end of the slow down in luxury homes for sale in Montecito.  Over the last several days there have been 5 homes for sale priced above $5 million go into escrow.  The least expensive of these homes for sale was listed for just a few days at $5.2million before it went into escrow.  Other notable Montecito homes for sale that just went pending is a recently completed home listed at $7.5 million, a beautiful Montecito Mediterranean with ocean views listed at $9.7 million, a stately historic Colonial on 5 acres listed at $12.5 million, and the famed Montecito Val Verde Estate on over 17 acres listed at $16 million.   The most expensive Montecito estate that is currently pending and set to close soon is listed at $25 million.  Buyers are taking action.  For more information on homes for sale in Montecito, homes in Hope Ranch and homes in Santa Barbara, visit www.DistinctiveRealEstateOnline.com

The Recession is Over

The Recession is Over reads the front cover of the latest Newsweek Magazine.  The sentiment seems far more uplifting and much more optomistic that its been for some time now, and here are just a few of the reasons: 

• US Home sales in June jumped by the largest amount in eight years and represents the third straight monthly increase in home sales. 

• The stock market has rallied forty four percent since March.

• Seven out of ten leading economic indicators were up in June.

Its time to embrace the optomism and move forward.  There is a good supply of homes for sale in Santa Barbara.  Some sellers are motivated to make a deal.  Supply is plentiful and deals are being made.  For more information on homes for sale in Santa Barbara go to www.DistinctiveRealEstateOnline.com

Santa Barbara Real Estate

Santa Barbara, California otherwise known as the American Riviera is truly paradise with an amazing quality of life.  Santa Barbara which is located about 90 miles north of Los Angeles and situated along the Pacific Ocean is one of the most beautiful places in the world.   The weather averages 72 degrees year round, and averages 360 days of sunshine per year.   The architecture and the natural landcape is a feast for the senses.  In addition to one of the very best year round climates in the world, Santa Barbara also offers clean and green environment to live in.   Santa Barbara is a small oceanfront resort community with a political will to remain a small, quaint, clean and green community.   The people of Santa Barbara are very appreciative for all the beauty and joy that Santa Barbara affords its residents, and they want to keep it that way.    As a result, there is no mass development of any kind in Santa Barbara.   Over the last several years, developers went on a mass building spree in many communities in California, Arizona, Nevada & Florida to name a few.   Santa Barbara did not participate.  As a result, while many communities in these States are suffering from foreclosures, and diminishing property values, Santa Barbara real estate values has been spared from the worst of it.  There have been a few foreclosures for sale in Santa Barbara, mostly at the lower end of the market, but not nearly to the same level seen in areas where development was rampant.    Generally speaking, foreclosures for sale in Santa Barbara are receiving multiple offers and are moving very quickly.   On the other end of the Santa Barbara real estate spectrum in the higher end market, buyers have been sitting on the sidelines as headlines in newspapers and television continue to focus on negativity.  As a result there has been a build up of inventory, creating a very nice selection from which buyers can select from.   Because Santa Barbara is a small community, a large selection of inventory is not customary, so there is great advantages now.   Some sellers are more motivated than others, and some very good real estate deals are being negotiated.  If you are in the market to buy a house in Santa Barbara, you should consider taking advantage of the wide selection and bargaining opportunity.    To search the wide selection of homes for sale in Santa Barbara, go to www.DistinctiveRealEstateOnline.com   

Montecito Real Estate Statistics Reigns Supreme Amid Worldwide Economic Woes

Montecito Real Estate Statistics Reigns SupremeAmid Worldwide Economic Woes

The year 2008 brought much talk of declining home prices, and  slumping economies around the world.  Despite this, Montecito real estate statistics show that Montecito bilked that trend. 

For the January 1, 2008 through December 31, 2008 time frame, Montecito has some very impressive data. The median sold price in Montecito in 2008 was $3,022,500., which represents an increase of +4.2% from the same period in 2007.  The average sold price in Montecito in 2008 was $3,928,865., representing an increase of +5.3% over 2007.   This Montecito data is incredibly impressive when you consider that many communities are seeing real estate declines of 20 to 30% or more.

What is so special about Montecito? Montecito is one of the very best quality of life communities in the world. It is a small oceanfront resort community nestled between miles of clean, sandy, uncrowed beaches, and thousands of acres of majestic mountains. The average temperature is in the 70 degree range.  The sun shines almost every day of the year.   With low humidity, and clean air, incredible architecture and stunning natural landscapes, Montecito is widely considered one of the most desirable destinations in the world.   

While these Montecito real estate statistics are very impressive, especially in the wake of a global recession, these impressive numbers are no anomaly.   Montecito has  enjoyed price appreciation for decades.  The predominant catalyst for this is Montecito's long standing low growth philosophy.  Montecito is a small community that has a strong political will to stay small.  This historically has created the supply and demand pressure that impacts price appreciation.

For more specific statistical detail, or for information on Montecito Real Estate for sale contact Wendy Gragg, President, Distinctive Real Estate  805.565.0246 www.DistinctiveRealEstateOnline.com  

Source:  Santa Barbara Multiple Listing Service

Santa Barbara Voted One of America's Most Distinctive Destinations

Santa Barbara has been named one of America's most distinctive destinations by the National Trust for Historic Preservation.  Santa Barbara receives the honor for its "dynamic downtown, cultural diversity, attractive architecture, cultural landscapes and its strong commitment to historic preservation and revitalization."  The President of the Trust, Richard Moe said, "Since the 1920's, the Santa Barbara community has worked to preserve the city's historic character and regulate development to ensure that its superb quality of life can be enjoyed by locals and visitors for generations to come."  Moe went on to say "Once you have experienced Santa Barbara's vitality and extraordinary character, you wont ever want to leave."  The commentary from the judges noted Santa Barbara's fantastic weather, beautiful beaches and unparalleled scenery that makes Santa Barbara a coastal paradise and Mecca for outdoor pursuits.  The judges further commented on the architectural landscape that makes Santa Barbara so distinctive.   The National Trust for Historic Preservation is a nonprofit  membership organization based in Washington D.C.

For more information contact Wendy Gragg, President, Distinctive Real Estate  805.565.0246 www.DistinctiveRealEstateOnline.com  

 

Santa Barbara/Montecito Tea Fire

The cause of the Tea Fire remails under investigation.    The status of the fire as of Monday, November 17, 2008  is as follows:

• 1,940 acres burned

• Containment is estimated at 95%.  Containment is expected today, Nov 17th at 6pm.

• 210 residences destroyed.  130  residences destroyed in the City of Santa Barbara, 80 residences destroyed in the County (Montecito) and 9 residences have been damaged.

• Damage assessment is continuing

• 319 parcels are still evaculated

• There were more than 1300 firefighters and support personnel.  22 of which were injured.

• There have been 3 burn injuries

• The estimated firefighting cost to dats is $4,900,000.

For more information, please contact Wendy Elizabeth Gragg at 805.565.0246, Distinctive Real Estate, or visit www.DistinctiveRealEstateOnline.com

Deep Discounts Are Had in Some of the Most Desirable Locations in Santa Barbara

Now is a great time to buy, and there are several reasons why...

There are 2 widely known and highly respected local real estate Economists in Santa Barbara.  Both Bill Watkins and Mark Schneipp agree that the Santa Barbara real estate market will see either price stabilization or a price increase by 2nd Quater of 2009. 

Excellent deals are closing right now in some of the most desirable locations within Santa Barbara.  Just recently, an oceanfront home of approximately 3,100 square feet with about 273  feet of beach frontage closed at a 30% discount on its asking price. 

Another amazing deal that just closed in Montecito.  This is a remodeled home of approximately 5,000 square feet that just closed at a 40% discount on its original asking price.

Year to date the number of new listings of homes for sale in Santa Barbara is down from this same period last year.    

The number of new homes built in Santa Barbara in 2008 is the lowest number of homes built in Santa Barbara in decades.

Fewer homes built, and fewer homes listed for sale is the precursor to a supply constraint as we near 2nd Quarter 2009 where two local  Economists predict a Santa Barbara real estate turn around.

For information on homes for sale in Santa Barbara, contact Wendy Elizabeth Gragg, President, Distinctive Real Estate, 805.565.0246 or WGragg@DistinctiveRealEstateOnline.com.  You can view Santa Barbara homes for sale at www.DistinctiveRealEstateOnline.com    

Santa Barbara - A Relative Bargain Comparing the Rivieras of the World!

BusinessWeek recently reported a cost per square foot analysis on various real estate markets across the world.   They reported that St Jean Cap Ferrat, France on the French Riviera boasted a whopping $5,853 cost per square foot, and Portofino Italy, on the Italian Riviera  boasted a $2,692 cost per square foot.   Santa Barbara, California is so often referred to as the American Riviera that its actually trademarked the name.   In Santa Barbara, there are several beautiful homes for sale with fantastic ocean views that can be bought for $1000 per square foot or less. 

There is a beautiful French Country home of approximately 6,500 square foot that is presently listed for sale in Santa Barbara at $5.5 million, or $846 per square foot.  This home features high end, quality construction and boasts some of the very best ocean, island, harbor and city views in Santa Barbara.

A recent sale of a 9,000 square foot gated estate on 3 acres with fantastic ocean views recently sold at $1000 per quare foot  

Santa Barbara has been so frequently compared with the French and Italian Riviera that I have and will continue to travel to these destinations so that I can make a fair comparison to Santa Barbara.  All  3 areas are absolutely amazing, but there is a striking difference.

The Italian and French Riviera are predominantly vacation destinations. While many people visit Santa Barbara as a vacation destination, Santa Barbara is also a thriving residential community located just 90 miles from Los Angeles.  Streets are wide, and easily accessible.  Cars move without effort throughout Santa Barbara.   Traveling by car in Europe is not quite as easy.  This is a huge diffentiating factor, as daily needs for various errands are easily attended to in Santa Barbara.   Additionally, the air quality and overall cleanliness is superior in Santa Barbara.  

Based on the cost per square foot analysis, you would pay as much as nearly 7 times more for a home on the French Riviera, and 3 times more for a home on the Italian Riviera, but the quality of life in terms of daily tasks and the overall cleanliness of the environment might be more difficult.  Santa Barbara affords all the beauty, the magnificent views, and similar weather, and also provides for a much more convenient quality of life.

For more information on homes available for sale in Santa Barbara, contact Wendy Elizabeth Gragg, President, Distinctive Real Estate at 805.565.0246 or WGragg@DistinctiveRealEstateOnline.com or browse Santa Barbara homes for sale at  www.DistinctiveRealEstateOnline.com   

Santa Barbara Real Estate - A Hedge Against Inflation

Over the long term, home prices tend to rise with commodity prices.  The price of commodities like copper, steel, cement, wood and gasoline to get these commodities to their destinations are at very high price levels.   

With the likely scenario of  rising construction costs due to high costs of these commodities, now is a good time to buy a home in Santa Barbara.  Every home consists of steel, wood, concrete & copper.  As these commodity prices increase, the cost of construction increases, and the price of homes ultimately increase.

There is currently a good supply of homes for sale in Santa Barbara.  There is good selection to choose from, and some sellers are motivated to sell which creates a good buying opportunity. 

Many commodity experts anticipate that commodity prices will continue to escalate.  Take this opportunity to buy Santa Barbara real estate and own a piece of paradise now, and reap the reward of living in one of the most beautiful places on Earth, and hedge against inflation in the process.   

For more information, contact Wendy Elizabeth Gragg, President, Distinctive Real Estate, at 805.565.0246 or WGragg@DistinctiveRealEstateOnline.com or log onto our website at www.DistinctiveRealEstateOnline.com   

Red Hot Montecito Real Estate

Montecito real estate is red hot despite this Washington and Wall Street debacle, otherwise known as the Bailout.  Montecito real estate boasts an impressive 35% rise in the median sales price and the 42% rise in the average sales price year over year.  Pending sales, or Montecito homes for sale that are currently under sales contract are up a whopping 300%  year over year!  Apparently there is just no stopping the demand for Montecito, otherwise referred to as the Crown Jewel of Santa Barbara.   Currently, the median price of a Montecito home for sale is $4,450,000.  Just this month, in the midst of all the economic meltdown talk in Washington and Wall Street, a 2 bedcroom Montecito home of approximately 4,600 square feet on under 2 acres closed escrow at $9.5 million.   

For more statistical information, or for information on homes for sale in Montecito, contact Wendy Elizabeth Gragg, President, Distinctive Real Estate.   You can also log on to our website at www.DistinctiveRealEstateOnline.com