Santa Barbara Real Estate Market Trends

The  Santa Barbara real estate Market Trends from January 2013 to August 2017 for the number of sales for that month. This graph was created by Fidelity Title Company of southern Santa Barbara covering the communities of Carpinteria to Goleta (southern Santa Barbara).

Click on image to enlarge 

Mortgage Interest Rates

30 Year Mortgage Rate decreased to 3.78% compared to 3.82% last week. The 30 year rock bottom rate touched in last 10 years is 3.55%

15 Year Mortgage Rate decreased to 3.08% compared to 3.12% last week. The 15 year rock bottom rate touched in last 10 years is 2.86%

5/1 Adjustable Rate Mortgage Rate increased to 3.15% compared to 3.14% last week. The 5 year rock bottom rate touched in last 10 years is 2.75%

Rates are still low. Purchase or Refinance before rates move up further. Mortgage applications increased 3.3 percent for the week ended September 06, 2017. Rates are still extremely low, so get your fixed rate loans now.If on a fixed rate ,change to a 15 year loan! As interest rates are continuously changing this data is for informational purposes only, and not guaranteed.

2480 Sycamore Canyon Road in Montecito

OPEN SUNDAY, SEPTEMBER 24, FROM 1 TO 4 PM

This rare Sycamore Canyon Road property provides the opportunity to create one’s own grand manor among classic Montecito estates. Private and tranquil, it currently hosts a tastefully updated Mid-century home with a separate artist studio tucked against a wooded hillside. Fruit trees & roses complement the natural landscape.

The current residence features hardwood floors & vaulted ceilings. The LR has multiple Fr. doors w/clerestory windows above, while the adjacent FR offers a host of windows as well. In the updated kitchen & breakfast area, greenhouse windows invite the cultivation of herbs & flowers. Perfect as-is, yet also offering potential for greatness, it rests just a stone’s throw from beloved Lotusland, and is a short distance from Cold Spring School, the Upper & Lower Villages, beaches, and world class resorts.

Offered at $1,895,000

502 Picacho Lane in Montecito

502 Picacho Lane open this Sunday  from 1 to 4pm

This four bedroom home can be found on one of Montecito’s most prestigious streets. This remodeled Mediterranean style home resides on approximately one acre and offers wonderful mountain views. Other amenities offered are a pool with an in-pool spa, multiple terraces, built in BBQ, and spacious lush garden areas. Located near Montecito’s Upper Village. Offered at: $4,450,000

495 Toro Canyon Road in Montecito, California

Open House Sunday July 9, 2017 from 1-4 pm

This enchanting gated estate, on 2+/- acres in magical Toro Canyon, is where chic luxury meets coastal casual. Its main residence is a refined yet uber-comfortable (nearly 4,000 sq. ft.) California farmhouse. This amazing property shares the grounds with a pair of guest cottages that are all set amidst native and tastefully introduced landscaping. Sandstone paths meander through luxuriant foliage, with a canopy of palm, oak and eucalyptus trees beside a seasonal creek, opening here and there to delightful ocean and island vistas. This showcase home is equally suited to enjoying family, and entertaining guests.  Captured here is the essence of California coastal living.

Offered for: $4,395,000 • 4 Bedrooms  4 Full Baths • Built in 2012 • 2 +/- acres (approx.) • 3,836 sq’ (approx.) * For Private Tour contact us at 805.845.2888

Kevin Costner lists Home for Sale

Kevin Costner’s sprawling Southern California coastal estate is on the market for $60 million. The 10.25-acre property is on a bluff in Carpinteria, approximately 10 miles outside of Santa Barbara. The property features unobstructed views of the Pacific Ocean, the Santa Barbara mountains, and several nearby islands. Residents also get exclusive access to a quiet beach and a path for horseback riding.

The property’s sole structure is a “modest house,” according to Tim Hoctor, co-listing agent for the property and a friend of Costner’s, as reported by Mansion Global. Costner reportedly ditched past plans to build a bigger residence, a guesthouse, and a pool; the existing home has just two bedrooms and one bath. Still, the breathtaking photos of the estate more than make up for the mystery of the Padaro Lane house itself.  Judging by the sweeping pictures provided, the grass seems to go on forever, and the ocean and mountain views are stunning. (Image from Architectural Digest)

Montecito Real Estate at a Glance

Last year 203 single family homes, condos, and vacant lots sold in Montecito. This analysis was derived from the Santa Barbara Association of Realtor’s Multiple Listing Service (MLS) using Montecito’s Zip Code of 93108 for the search parameter. In 2016 selling prices ranged from $525,000 (for an adobe studio on Coyote Road) to $28,850,000 (for the Seamair Farm which Oprah purchased)

In 2016 167 homes sold in 93108 from 170 sales in 2015.  Under $2,000,000 there were 48 home sales. Between $2,000,000 and $4,000,000 68 homes sold in that price range.  From  $4,000,000 to $6,000,000 32 homes sold.  From $6,000,000 to $8,000,000 15 homes sold. And, for more than $8,000,000 there were 6 home sales.

Second Units vs. Accessory Dwelling Units

Last September Governor Jerry Brown signed Senate Bill 1069 and Assembly Bill 2406 that promotes secondary dwelling units aka accessory dwelling units (ADU) which as of January 1, 2017 has gone into effect.  Accessory Dwelling Units are defined as housing structures that provide complete independent living facilities and include permanent provisions for living, sleeping, eating, cooking, and sanitation on the same parcel as another dwelling. The idea is this will hopefully help defeat the affordable housing crisis in California by creating more affordable housing. So, what’s the difference between an Accessory Dwelling Unit and a Second Unit?

Accessory Dwelling:

  • Not recognized by city or county as a second unit (sometimes it is though)
  • The market does NOT consider it a second unit
  • Probably does not contribute as much to value
  • Inferior to the main unit in size and location (maybe quality too)
  • Has kitchen, bathroom and sleeping area
  • May or may not be separately metered
  • May or may not have a separate address
  • May or may not be attached to the main house

Second Unit:

  • Recognized by city or county as a second unit
  • The market recognizes it as a second unit
  • Likely contributes more substantially to value
  • Zoning allows two units
  • It is probably separately metered
  • Most likely has a separate address
  • May or may not be inferior in size and location to the other unit
  • May or may not be attached to the main unit

On a local level,  Accessory Dwelling Units supersedes local jurisdiction (until or unless a City adopts a new ordinance) for Secondary Dwelling Units. It’s important to note that projects within the Coastal Zone still fall under the permitting requirements of the Coastal Act.

Ellen and Portia list their Montecito Home for Sale

Ellen and Portia have listed their newly remodeled home on Hidden Valley Lane with Sotheby’s International Realty for $45,000,000. Click on the link for more details and photos: Ellen and Portia’s Hidden Valley Lane home