Friday, November 21, 2008

October, Best Month Since June For Sales

October's real estate transactions hit 126 for the Santa Barbara area. June of 2008 had only 1 more transaction, and the highest number of sales in a given month this year was 135 in April.

Santa Barbara, Goleta, Carpinteria, and Montecito are communities that will always be desirable places to live. This is helping to deliver a consistent level of home sales. The buying season is usually from March to October and this year only 18 transactions seperated the high and low monthly sales number for that period.

Can the stock market say that? I know my 401k can't say that, or should I say my 101k. Like any good investment, demand is part of the magic that makes it go up in value. The demand for Santa Barbara property this year has not been what it had been in years past, but the consistency makes me believe the demand has found it's bottom.

The supply has been pretty consistent as well, so if the demand begins to build next year then the price of homes may have reached it's bottom. I know there is a ton of unanswered questions with respects to our economy, but if what I am hearing is correct, then real estate may lead us out of this downturn and some of the signs I'm seeing are giving me hope.

Friday, November 14, 2008

The Lenders Continue Their Foreclosures

October in Santa Barbara County saw lenders take back 109 properties countywide. That number is significantly lower than August or September where there were 211 and 208 respectively. That has to be good news for someone.

There were 17 properties total for the communities of Santa Barbara, Goleta, Carpinteria, and Montecito. That is about a 20% decrease from the prior 2 months.

Lompoc saw only 20 or so properties in there area and Santa Maria continues to be the foreclosure captital in Santa Barbara County with 70ish properties going back to the bank in October.

The majority of the loan amounts appear to be below $500,000 with many in the $200,000 to $300,000 range. In the south county the number was split between homes and condominiums. In the northern part of the county there were very few condominiums.

Countrywide continued to have the most properties on the list, but they didn't overwhelm the list like they have in the previous months. Make sure to check out the map below to see more details for the properties and areas you are interested in.

Wednesday, November 12, 2008

October Home Sales In Santa Barbara

October in Santa Barbara isn't about the leaves turning color or the chill in the air, it is about the surfers getting excited for the winter swell.

I happen to love this time of year, the views are incredible and so are the sunsets. The real estate market usually cools down in the 4th quarter as people begin to focus on the holidays ahead.

So what did sell in October?

Carpinteria saw 13 transactions according to CORT. In looking them over, many of them appeared to be condominiums. There were 3 transactions that closed that were part of a new complex that appears to be almost sold out.
  • 4357 Carpinteria Ave. #3 sold for $500,000
  • 4365 Carpinteria Ave. #6 sold for $600,000
  • 4367 Carpintera Ave. #7 sold for $600,000
Goleta saw 37 properties transfer in October. I didn't see a real trend as to the types of properties changing hands, but I can tell you the median price is $650,000. That is sounding pretty darn affordable based on recent years. The highest priced sale was for a commercial building at 5050 Hollister for $3,500,000. The highest priced homes that sold in Goleta were both on Vereda Del Ciervo. 260 sold for $1,450,000 and 445 sold for $1,500,000. 

Montecito saw 14 properties transfered and only 2 of them were under $1,500,000. The higher priced sales were;
  • 36 Seaview Dr. for $3,300,000
  • 1444 School House Rd. for $3,250,000
  • 2694 Sycamore Canyon Rd. for $3,000,000
There were a whopping 60 properties that sold in the city of Santa Barbara. That is a good solid number and the types of properties appear to be very diversified.

The highest priced properties on the list CORT reported were both in Summerland.
  • 3517 Padaro Ln for $6,150,000
  • 2375 Finney St. East for $8,000,000
Thats the sales news, enjoy viewing the map and finding out what properties sold in your neighborhood and what they sold for.

Friday, November 7, 2008

Santa Barbara Commercial Industrial Vacancy Rates

Below is the latest report from the Radius Group on local Commercial and Industrial Vacancy Rates.

Radius Group Commercial Real Estate is pleased to provide the RADIUS GROUP SOUTH COAST 3rd Quarter 2008 REVIEW for the commercial markets of Santa Barbara, Goleta and Carpinteria. Included in the report are the largest leased properties and largest vacancies in each city during the 3rd Quarter 2008.

The following is a summary of Vacancy Rates from July 2008 to October 2008.

Santa Barbara
  • Office Vacancy increased slightly from 3.8% to 4.3%.  
  • Industrial Vacancy increased slightly from 0.4% to 0.6%. 
  • Retail Vacancy remained the same at 1.2% to 1.2%.

  • Office Vacancy remained the same at 9.0% to 9.0%. 
  • Industrial Vacancy decreased slightly from 4.9% to 4.8%.
  • Office Vacancy increased from 2.8% to 3.9%.  
  • Industrial Vacancy decreased 8.4% to 5.8%.  
Please contact Bob Tuler, Paul Gamberdella, or Gene Deering for any commercial real estate related needs. 

Radius Group Commercial Real Estate

205 E. Carrillo Street, Suite 100
Santa Barbara, CA 93101

T: 805-965-5500 Ext.121
F: 805-965-1150