Most recently I have been playing with the information they have on REO's and Notice of Defaults and Notice of Trustee Sales.
I think one of the hot topics these days is where are all the bank owned properties and so my thoughts are to publish this information monthly using the same mapping product that I use for the monthly sales maps.
There were 92 properties that went back to their respective lenders in Santa Barbara County in March. By looking at the map it is very obvious to see that most of the new bank owned properties are in the Santa Maria and Lompoc areas.
I counted 8 properties in the Santa Barbara area, so with a little math that leaves 84 properties in the Lompoc, Santa Maria areas.
Here is a link to a map representing information on REO's for January and February.
Clicking on one of the bubbles on the map will show you the details about that particular property. I have included who the lender is as well as information on the default amount and date.
I hope these maps are helpful, and See You In Escrow!
Lompoc would be one of those communities. There were significantly more sales in Lompoc in March than there had been in about a year. Maybe that is because of all the beautiful flowers in the area this time of year.
Something a bit uncharacteristic is that Lompoc had the highest sale for the Lompoc Santa Ynez Valley area. According to the CORT figures it was a property at 2210 Point Sal Loop which sold for $4,543,500. You might get an argument that this property is closer to Santa Maria than Lompoc.
Everything else over 1 million on the latest map was in the Santa Ynez, Buellton, Solvang, Los Olivos areas. Some of the properties didn't have specific addresses. I can only assume they were vacant parcels.
Now on the other end of the spectrum there were 6 properties that transferred in March according to CORT for under $200,000. They were all in Lompoc.
Make sure you check out the property map for all the sales information reported by CORT in Lompoc and the Santa Ynez Valley.
See You In Escrow!
The maps for Santa Maria, Santa Barbara, and the Lompoc area are always available on the right hand side of my Lawyers Title blog for future reference.
There are 105 properties located on the map, with the highest sales price being 2.4 million on McCoy Lane in Santa Maria. That looks to be a sizable piece of land. The next 2 highest priced sales also appeared to be land. $2,150,000 The Sal Beach area in Guadalupe and $1,579,500 on La Brea in Santa Maria.
The lowest price reported by CORT is 408 S. Smith St. for $5,665. You are going to have to figure out what that may have been on your own.
I asked good ole Excel to figure out the median price for all the properties that sold and the number is $335,000.
See You In Escrow!
The property that sold for $1 was 434 E. Olive St. which looks to be part of a package deal that included 506 E. Haley St. The only reason I'm guessing this is that the same LLC purchased them and they closed on the same day.
The $8,450,000 purchase appears to be a single family residence on Lilac Dr. in Montecito. That was a pretty popular street last month as there was another sale showing for $7,925,000. I suppose there needs to be a welcome to the neighborhood get together soon.
Those were the highest priced sales that I found recorded for March on the South Coast. Montecito looked like it had another good month with a number of sales over the 4 million dollar mark.
See You In Escrow!
We've even seen someone start a blog specifically focused on the building height issue. The author goes by the name of Captain Haley.
Speaking of blogs, one of the hottest posts at Blogabarbara which elicited 42 comments was on the subject of building heights.
The Daily Sound has run articles on the 76 station as well as on the building height issue.
The Santa Barbara Housing Bubble did a post on one of the developments on Chapala which caught the attention of the developers who made some comments that were attacked by many and stirred up the emotion of this topic.
Noozhawk has one of the more comprehensive articles on the issue. They received comments from both sides of the battle and do a terrific job of reviewing the issues.
Organizations have sprung up like Save Coast Village Road who rallied behind doing what they could to stop the development of the 76 station on Coast Village Road.
The owner of the 76 station John Price even put up a website to express his side of the story.
Save El Pueblo Viejo is working to put an initiative on the ballet to limit building heights.
This battle is really heating up and I'm not quite sure if it will ever end. The never ending battle between property owners who are trying to make the most out of a very valuable investment and many people who would like Santa Barbara to continue to have a very small town feeling, emphasis on the small is going to continue.
My hopes are that the City Council and the organizations that are involved take a very prudent and responsible look at what needs to be done to continue to respect all the issues we are faced with. I don't think that limiting the heights or density or any other regulation is going to be the answer that makes things work. I think it is going to be the diligence and good judgement of many of our community members and elected officials that will allow us to make the necessary changes one building at a time to keep Santa Barbara one of the most desirable places to live and work in the world.
See You In Escrow
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