We are coming up on the half way point of 2009 and the values along the ocean have continued downward, unfortunately, with 2007 being the height of the market for this location. Buyers are on the fence, not ready to buy unless that most amazing opportunity presents itself. (And it did recently, with the sale in our office of a beatiful ocean front home on Posilipo Lane - $8,300,000. It was purchased in 2007 for $10M; the owner was offered $16M within weeks of this purchase, an offer the owner regretfully declined.) Our office has also relisted a home above Summerland beach on Finney - it was on the market, unsold, for over 2 years, starting at $10M, and is now being offered at $6,500,000. Right down the street, is another beautiful listing in our office offered over a year ago at $6,450,000, and now as a new listing at $3,700,000. There are many more examples of "great buys."
Sales in the condo market have been almost non-existent with only one closing in the last 6 months. A true buyers' market with good inventory/selection, lowered prices, and low interest rates. www.kathleenbarnato.com to search the MLS in this area - or call!
This is the line I received today from an investment advisor in the "other market." The missive went on to state that now is NOT the time to be sitting on the sidelines.
So, borrowing this viewpoint and putting it in the perspective of the Real Estate market - I know the same holds true. Now is NOT the time for buyers to be sitting on the sidelines, waiting for "interest rates to go down" or "prices to fall more."
Buyers should not wait for the low "interest rate" when they just might miss out on that perfect property for their investment/home. Trying to time the interest rate market is difficult and not the best strategy. When I bought my first home in 1982, interest rates were 18% and I assumed a loan that had an interest rate of 14%. I felt fortunate. When interest rates fell to 11%, I refinanced, happily. When they dropped below 10%, it seemed a miracle. (I was in my 20's and hadn't experienced a lot!)
I tell my buyers this story today so that they can put interest rates in perspective. Yes, the 1/2 point difference they are waiting for will make a differece, but a small difference in their payments. And it could just as easily be 1/2 point more, rather than 1/2 point less. If they find a home they can afford and it is in the right location and condition for their current situation, they should buy it NOW.
And sellers should look at the market for what it is Now and, if they truly have to sell, and many do, then they should be advised that the market is moving - in one direction or another, and no one knows for sure. Do we have a 3-month window of opportunity before more REO's flood some markets? Will interest rates rise enough to price some buyers out of the market, again? The market is what it is TODAY and sellers need to make their plans accordingly: Price it right, stage it correctly, and hire someone who knows how to get things sold.
The Solstice Festival begins Friday June 19th. Friday Hours are 4-9 PM. Festival Hours on Saturday are from noon to 8 pm. This is our annual event that definitely brings out the craziness in our city, Santa Barbara, the American Riviera!
If you are in town, or know someone who is planning to come here, the event starts at Alameda Park with lots of great music and food! Cuban, Brazilian, American, jazz...even a drum circle. Dress casually, bring a chair or a blanket, a picnic dinner or enjoy food from the many different food vendors. This is a fun event for all ages.
The parade takes place on State Street - at High Noon! People will often place chairs and blankets aong the parade route the night before, reserving a spot to watch the parade. Get there early if you have to find a place to park. The start is at the corner of State and Cota and goes UP Street to Micheltorena, where it turns and ends once again at Alameda Park.
There will be a beer and wine garden as usual, more music and food. Check out the web site for more information. www.solsticeparade.com
SANTA BARBARA REGION CHAMBER OF COMMERCE
www.sbchamber.org
HOTEL PROFILES
SANTA BARBARA, SOUTHCOAST
From the Chamber of Commerce www.santabarbarachamber.org:
DESCRIPTION OF CITY: Quietly nestled between the ocean & the mountains, Santa Barbara represents the essence of California -- the art and culture of a large city and the heart and hospitality of a small, coastal town. Between the shopping on State Street, some of the finest restaurants in the country, and superb accommodations, Santa Barbara is truly a magnificent place to live or visit! The sun shines year-round on this coastal getaway. Located off of scenic Highway 101, between San Francisco & Los Angeles, Santa Barbara is only a 90-minute drive from LAX.
ANNUAL VISITORS; 10,000,000
AVERAGE # DAILY VISITORS: 35,000
AVERAGE # OVERNIGHT VISITORS: 7,500
AVERAGE OCCUPANCY RATE: 72%
AVERAGE ROOM RATE: $150.00
NOMINAL ROOM SALES: $232,000,000.00
TOTAL SOUTHCOAST ROOMS: 5,500
NUMBER OF TOURISM EMPLOYEES: 20,000
TOTAL ANNUAL TOURISM SPENDING: $1,000,000,000.00
LENGTH OF STAY: DAY TRIPS, 4 HOURS
OVERNIGHT, 2.5 days
MOST POPULAR THINGS TO DO: Shopping, Stearns Wharf www.stearnswharf.org (2 million/yr), Mission www.santabarbaramission.org
(2 million/yr) Visit Beach, Dining, Historical Tour (2,000/day take State Street red tile walk), wine taste, cultural event or institution, contact www.kathleenbarnato.com for real estate!
NOTES: Currently the Miramar and El Encanto Resorts are closed for complete renovations (about 200 rooms) and not anticipated to re-open until 2010. Fess Parker is under construction with a 120-room resort across the street from his Doubletree. There are three hotels in the planning stages for Goleta (300-400 rooms). There is a hotel in the planning stage in Carpinteria. The Santa Barbara La Entrada Project could become a time-share or an 80-room hotel. UCSB www.ucsb.edu is studying the potential for building an on-campus hotel.
Open this Sunday 2-4 for your viewing pleasure - please come see me if you are in town.
1525 Las Tunas Road, Montecito 93108
Across a stone bridge and through an olive grove
An exquisite French Country home on 1.39 acres
Sorrel Design and staging
Grand living room, expanded master suite, media/game room, Provence farmhouse kitchen/family room
Seasonal stream meandering past stone-terraced swimming pool/spa and rose gardens
$7,500,000
Kathleen Barnato k@kathleenbarnato.com www.kathleenbarnato.com 805.570.3366 cell/text
 |
|
|
Santa Barbara - Hope Ranch - Montecito Real Estate Agent - Listing Agent - Homes for Sale - New Homes - Second homes - luxury estates - beach front - foreclosures - Goleta - Carpinteria - Buyer Repre
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
