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Montecito
2281 Featherhill Road | Montecito, CA 93108
4 BEDROOMS | 6 BATHS | 4,773 +/- SQ FT
OFFERED AT $5,995,000
Listing agent: Nancy Kogevinas
Listing Brokerage: Berkshire Hathaway HomeServices
974 Park Lane | Montecito, CA 93108
2 BEDROOMS | 2 BATHS | 2,291 +/- SQ FT
OFFERED AT $5,500,000
Listing agents: Ashley Anderson + Paul Hurst
Listing Brokerage: Berkshire Hathaway HomeServices
Happy Friday everyone! Just finishing up out work week here at Berkshire Hathaway in Montecito. Last week we touched on days on market in Santa Barbara and now we want to talk about Montecito. There has been a lot of talk about the slow down of the upper end. In fact the average time to sell a home in Montecito has increased 60% over last year, to 134 days which is over 4 months on the market.
And that's a long time to sell your home, but if you are shopping in the ultra-high end, say over 10 million dollars there is a decrease in inventory right now. It is about a 36% change from 11 homes active last year and only 4 this year. Although these are both big changes we see this as a stabilization of the market and now is pretty much an opportunity to stand out from the pack. So, you need proper preparation, you need to price your home accurately, you need to stage your home, and you need to work with an agent (or agents!) that understands the value of strong marketing.
So if you are thinking of buying or selling contact us today, call or email us and we would love to give you a consultation.
Have a great weekend!
Record breaking• Rancho San Carlos Montecito Estate
Source: www.SuzannePerkins.com Listed by Suzanne Perkins of Sotheby's International
Montecito is known for being home to the county's most famous residents, understandably. This town has a laid back charm unlike any other. Locals and visitor's alike can wander Coast Village Road, Upper Village and the most stunning, Butterfly Beach. Go for a scenic drive or bike ride along the tree-lined streets, and do what the locals do: hang out on a sun-kissed patio, and read the Montecito Journal. Amongst many other stand-out qualities, this town doesn't fall short when it comes to the Real Estate. From California cottages to opulent estates there's something everyone can dream about.
On the current market the median sales price in Montecito is $3.7 Million dollars, down from last years $4.3 million dollars.
However, there is a once in a lifetime opportunity that sits secluded at the top of East Valley Road that sets an all time record high for sales prices in the entire county offered at $125 million dollars. 12 bedrooms, 13 bathrooms on 237 acres...
“ The magnificent Rancho San Carlos, a 237 acre estate property that for nearly 100 years has been under the ownership of one family. A once-in-a-lifetime opportunity to acquire a unique property of unprecedented grand scale, exceptional architecture, and prestigious historical significance. The sprawling hilltop Monterey Colonial manor was designed by noted architect Reginald Johnson in 1931 with an approx. 29,483 sq. ft. exquisite main residence comprised of over thirty rooms. Infused with an atmosphere of sophistication and refinement, the grand home is astutely sited on two natural terraces, and by planning the formal living rooms around a central courtyard and placing the Master and family bedroom wings on the upper terrace, he effectively created a spatial separation that afforded privacy, calm and exceptional views. Additional features include 10 residential cottages, an office, producing orchards, and extensive equestrian facilities.”
🍃 Tucked away in Montecito's hedgerow....
A Mid-Century Modern Ranch near Lower Village and Beaches. Situated on a flat and usable .42 acres, this well maintained single level home offers 3 bedrooms and 3 full bathrooms with floor to ceiling walls of glass and soaring vaulted ceilings.
Features:
4 fireplaces; one in each of the formal dining room, living room, family room and Master bedroom, which is replete with sitting area, large walk-in closet, en-suite bathroom and french doors to the patio. Attached 3 car garage has installed a lift able to store 3 additional cars; sure to please the auto enthusiast. The grounds are an entertainer's dream with lush lawns, spacious patios, gardening areas and large water feature.
Extremely central location in Montecito near shops, Montecito Union Elementary, private schools, beaches, YMCA and more!
Rental market remains very tight, according to report by UCSB Economic Forecast ProjectBy Noozhawk, Tom Bolton
Santa Barbara County’s economy is doing fairly well in 2016. Employment is strong, the housing market has stabilized and wages are up.
That was the assessment offered Thursday during the annual Economic Summit presented by the UCSB Economic Forecast Project.
Several hundred people turned out at the Granada Theatre in downtown Santa Barbara for the morning-long program, which focused primarily on national and macro-economic trends.
But the annual report issued to coincide with the event included a trove of economic information about Santa Barbara County’s economy.
Of note was an increase in overall employment in the county in 2015 of 5,558 jobs, a gain of 2.8 percent and the largest rise since 2012.
The county’s unemployment rate declined to 5.1 percent, and statistical forecasts suggest it will drop further — to 4.9 percent by the end of the year.
The city of Goleta had the county’s lowest unemployment rate at 2.9 percent, while Lompoc had the highest, at 6.6 percent.
Other unemployment rates included Buellton, 3.2 percent; Santa Barbara, 4.0 percent; Carpinteria, 4.4 percent; Guadalupe, 4.8 percent; Santa Maria, 6.1 percent; and Solvang, 6.2 percent.
On the real estate front, the median home price for the county increased 17.5 percent from the previous year, to $676,494.
That growth rate was considerably larger than for the state (5.7 percent).
As prices rose, affordability fell in the county.
Only 23 percent of Santa Barbara County residents were able to afford the median-priced house, compared with 30 percent of residents statewide, and 58 percent nationally.
The surge in the housing market has made an already-tight rental-housing market that much more difficult, what the report’s authors called “not for the faint of heart.”
A vacancy rate of less than 1 percent contributed to an 8.7-percent spike in rents in 2015.
The report’s authors gave this assessment:
“As the prospect of owning a home becomes a fantasy, many local residents will remain renters indefinitely…Additional demand for high-quality rental housing is being generated by empty-nest Baby Boomers seek to simplify their lives by trading in the family home for a luxury apartment in a fun urban setting.”
Peter Rupert, executive director of the Forecast Project, discussed the ramifications of what he called income “unequality,” as opposed to inequality.
The county’s per-capita income gained 1.3 percent to $45,795 in 2014, the latest year for which figures are available.
The gains, he pointed out, were experienced more strongly by higher earners than those at the lower end of the economic scale.
Perhaps not surprisingly, northern Santa Barbara County has more people in the lower-income brackets, while the South Coast has more in the upper brackets.
This is due, in part, to the fact that the North County has vastly more agricultural workers, while the South Coast leads in governmental, professional and business services employees.
Thursday’s keynote speaker was James Bullard, president of the Federal Reserve Bank of St. Louis, who discussed U.S. monetary policy.
“U.S. labor markets are at or possibly well beyond reasonable conceptions of full employment,” he said.
He also noted that interest rates have remained low for the last several years, and global concerns — including the strong U.S. dollar — seem to be waning.
Inflation rates have remained below the target set by the Fed, he said, adding that “a gradual pace of rate increases over the next several years” is likely.
Read the full article at Noozhawk by .
Take a look at this new-on-the-market single-family home in idyllic Fernald Cove, perfect as a home-away-from-home or a full-time residence! Formerly owned by John Cleese, this modern beachfront property offers privacy and sophistication. Listed at $8,250,000, the 3BD/3.5BA home also has a separate guest apartment, perfect for hosting weekend guests. Features include recently renovated kitchen and bathrooms, private deck, extensive wine cellar, and stunning 180 degree ocean views. Check out the photos below!
Listed by Sotheby's International Realty.
Experience coastal California living in this beachfront home with views of the gleaming Pacific Ocean! Listed at $14,444,000, this exquisite oceanfront property is located on Montecito's coveted Edgecliff Lane. Spread along 130 feet of beachfront, the .65 acre property features a charming 1BD/1.5BA cottage and a private guest apartment, perfect for visiting guests or as a home studio. Stroll through the picturesque terraced gardens or sunbathe by the pool underneath towering palms that look out over the water. Offering privacy and seclusion, Edgecliff Lane is close to Montecito's Lower Village, the Four Seasons Biltmore Hotel, and beautiful Butterfly Beach. Scroll through the photos below for a look at this charming beachfront property!
Listed by Riskin Partners
As the economy continues to improve, more and more Americans are seeing their personal financial situations also improving. Instead of just getting by, many are now beginning to save and find other ways to build their net worth. One way to dramatically increase their family wealth is through the acquisition of real estate.
For example, let’s assume a young couple purchases and closes on a $250,000 home in January. What will that home be worth five years down the road?
Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists every quarter. They ask them to project how residential prices will appreciate over the next five years. According to their latest survey, here is how much value that $250,000 house will gain in the coming years.
Over a five year period, that homeowner can build their home equity to over $40,000. And, in many cases, home equity is large portion of a family’s overall net worth.
Bottom Line
If you are looking to better your family’s long-term financial situation, buying your dream home might be a great option.
![Home Equity Increasing as Home Prices Rise [INFOGRAPHIC] | Keeping Current Matters](http://www.keepingcurrentmatters.com/wp-content/uploads/2015/12/Equity-Infographic-KCM1.jpg)
Some Highlights:
- 91.9% of homes in the US have positive equity
- 256,000 homes regained equity in the third quarter of 2015
- 37.5 million homes have significant equity (defined as more than 20%)
In a recent study conducted by Builder.com, researchers determined that nationwide it would take“nearly eight years” for a first-time buyer to save enough for a down payment on their dream home.
Depending on where you live, median rents, incomes and home prices all vary. By determining the percentage a renter spends on housing in each state and the amount needed for a 10% down payment, they were able to establish how long (in years) it would take for an average resident to save.
According to the study, residents in South Dakota are able to save for a down payment the quickest in just under 3.5 years. Below is a map created using the data for each state:
What if you only needed to save 3%?
What if you were able to take advantage of one of the Freddie Mac or Fannie Mae 3% down programs? Suddenly saving for a down payment no longer takes 5 or 10 years, but becomes attainable in under two years in many states as shown in the map below.
Bottom Line
Whether you have just started to save for a down payment, or have been for years, you may be closer to your dream home than you think! Meet with a local real estate professional who can help you evaluate your ability to buy today.