Santa Barbara Real Estate Market Trends through December for 2016. This graph was prepared by Fidelity Title Company in Santa Barbara. This year is reflected by the thicker purple line with diamonds. The green line reflects 2015, where in May of 2015, it appears the southern Santa Barbara real estate market most peaked based on the number of homes sold for that month. The light purple line reflects 2013 which shows the highest number of sales per month going back to 2010. The graph reflects the number of sales for that month for southern Santa Barbara. (Carpinteria to Goleta) Click on image to enlarge.
Oscar winner Jeff Bridges recently cut $5 million more off the asking price of his estate in Montecito. It’s now available for $18.5 million. It was originally listed for $29.5 million.
The Tuscan-style property is drop-dead gorgeous with mountain and ocean views. The main house is 9,500 square feet with lavish hallways, soaring and exposed wood-beam ceilings, and a private tower/study that opens to a rooftop terrace. There’s a master suite, three en suite bedrooms, an eat-in kitchen, and a four-car garage.
The estate also includes a one-bedroom guest cottage, a two-bedroom caretaker’s cottage, and a swimming pool. The19.5-acre property also boasts a sculpted fountain, walking path, fruit orchard, and Italian cypress trees. A stately, iron gate rests between two pillars at the property’s entrance. (Image from Realtor.com)
1104 Channel Drive in Montecito, California: $37,500,000 Listed with Sotheby’s International Realty and Berkshire Hathaway Home Services
There’s a heavy West Coast vibe to this week’s most expensive new listings on Realtor.com. The four priciest properties to hit the market all hail from California.This week’s highest-priced home has been on the market before, but the luxe Bel Air home returns with a modest price cut (now $48.5 million) and an adorable new video that highlights all that the home has to offer.
1. 864 Stradella Road in Los Angeles, California Price: $48,500,000 ($3,411 per square foot)
This luxury listing has bounced on and off the market since October 2014. Originally priced at $55 million, the price has come down just a bit over the past couple of years. Refreshed and newly relisted, this mansion boasting the “best views in Bel-Air” was designed by architect Paul McClean.
2. 47 Camino Por Los Arbole in Atherton, California Price: $42,800,000 ($2,599 per square foot)
This is a brand-spanking-new build in the San Francisco Bay Area. Looking back, Google Street View offers a glimpse of a modest home on the property up until a few years ago. Sold for $7.25 million in 2013, the existing home was razed to make way for this 16,468-square-foot behemoth. Equipped with a 3,000-bottle wine cellar, a deluxe home theater, and a reflection pond, it has all the luxe details—but we’re most interested in the “full bar with dual keg dispenser” in the backyard. Because if you’re spending this much for a home, why settle for just one keg?
3. 246 Atherton Avenue in Atherton, California Price: $39,800,000 ($1,729 per square foot)
Just a half-mile away from the second-place finisher, this contemporary stunner is also a brand-new build. It’s also bigger (23,013 square feet) and on more acreage (2.5 acres) than its neighbor down the street. The home that originally sat on this prime property was purchased for $7.5 million in 2011. Its destruction made way for this stunning home full of clean lines and open spaces.
4. 1104 Channel Drive in Montecito, California Price: $37,500,000 ($5,772 per square foot)
Going back to Bali? In Cali? This Balinese-inspired home on the Pacific Ocean offers a distinct island vibe. Property records show the home is owned by Zacara LLC, a corporation with ties to Lyndon Lea, described as a “British private equity tycoon.” Bonus: The mansion is perfect for parties—Lea had a notable housewarming bash when the compound was completed in 2008.
Article by Erik Gunther for Realtor.com
Montecito Realtor Kirsten Wolfe enjoying the view! Listed with Sotheby’s International Realty this idyllic beachfront sanctuary in sought-after Fernald Cove captures the air of relaxed sophistication that embodies the Montecito lifestyle. Approx. 3942 sq. ft., including 3 bedrooms, three and a half baths, recently updated kitchen & baths, an extensive wine cellar & separate guest apartment. Formerly owned by the famed funny man John Cleese, this home offers the quintessential weekend getaway or full time residence.
1813 Fernals Point Lane – Offered at $8,250,000. For more information contact Kirsten Wolfe & Mark Lomas at 805.845.2888 * TheRealEstateConcierge@gmail.com
Chart provided by Fidelity Title Company * Click on image to enlarge. The green line represents the trend in sales in Southern Santa Barbara from Carpinteria to Goleta north. In May the market here in Santa Barbara peaked, and although there was a slight bump in July, in August it continued to drop.
August 8, 2015 Year over year sales are up 12% with the median sales price up to roughly $1,175,000 for a 5% rise. The average sales price is also up from just over $1,700,000 in 2014 to approximately $1,900,000 in 2015 while the number of escrows are up about 19% with the median list price on those escrows down about 3.5%.
With escrows and sales up for the 2nd market quarter the prospect for a strong 3rd quarter look good. The vitality in the market is still dependent on the inventory however. The graphs below reflect 2nd quarter activity for those areas. Graphs provided by Sotheby’s International Realty Santa Barbara.
Click on the image to enlarge.
30 Year Mortgage Rate is at 4.04%, compared to 4.09% last week . Lowest 30 year rate touched in last 10 years is 3.53%.15
15 Year Mortgage Rate is at 3.21%, compared to 3.25% last week. Lowest 15 year rate touched in last 10 years is 2.83%.5/1
Adjustable Rate Mortgage Rate is at 2.97%, compared to 2.96% last week. Lowest 5/1 Adjustable Rate touched in last 10 years is 2.69%.
We are seeing a consistent upward movement in rates. Freddie Mac’s Primary Mortgage Market Survey June 2007 to June 2015.