Maurie McGuire's Montecito Real Estate Update - Newsletter February, 2012

Lighthouse - Model Now Open for viewings and early Reservations | Open this Saturday & Sunday (2/18 & 2/19) 1 to 4

Grand opening - Saturday, February 25th & Sunday, February 26th!

Located in Santa Barbara's premium beach community, these spacious homes in the private Mesa enclave of Lighthouse Point - blend the classic Spanish garden courtyard with the best of beach-close lifestyle by capturing panoramic ocean and spectacular views.

For info visit www.LighthouseSB.com, visit the PhotoTour, or call Maurie: 805-403-8816 or Scott 805-403-4313

Hot Springs Canyon - Saving our Last Undeveloped Canyon & the Backdrop to Montecito

We only need $300,000 to complete … Right now we still have a once in a lifetime opportunity to preserve forever Hot Springs Canyon - one of the most beautiful and historic private properties in the Santa Barbara foothills. This 462-acre property encompasses all of Hot Springs Canyon, including our signature Montecito Peak. It is largely surrounded by Los Padres National Forest and valuable public watershed land. To the east and west are the rich wildlife habitat of Cold Springs Creek and San Ysidro Creek, with popular public trails that run to the top of the Santa Ynez Mountains. At the heart is the historic Montecito Hot Springs, site of the renown Hot Springs Spa and Hotel that operated from the early 1900s until it burned down in 1964.

Read more at SBLandTrust.org . To help with this amazing opportunity, please click here for the Hot Springs Canyon pledge form. Donate now by clicking on the Just Give button to the left or call 805-966-4520.

Green News - Plastic Bag Recycling | from GreenHawk.com by Leslie Robinson for the Santa Barbara County Public Works Department

'New in the Blue' initiative lets residents put all clean plastic bags into their blue bins for pickup. With plastic bags a hot issue these days, Santa Barbara County officials are excited to announce a new way to recycle unwanted bags. Throughout the county, residents can now place most types of plastic bags in their curbside recycling bins.

Residents serviced by Waste Management are instructed to bundle bags together by putting their bags in one single bag. This process helps Waste Management's staff manually pick out the bags at the sorting facility.

Residents serviced by MarBorg Industries can leave their bags loose, as the recyclables are processed at a facility that uses air blowers to separate the bags from other materials.

For more information Click here.

Santa Barbara Courthouse Clock Restoration | It's about time for Seth Thomas, by Barney Brantingham

TICK TOCK: About a month from now, the hottest new attraction in town will open in the heart of the Santa Barbara Courthouse: a clanging, clanking contraption looking like a Rube Goldberg cartoon invention. A once-cluttered room housing the 1929 Seth Thomas tower clock will be opened as a living museum to what else?...Time.” Read more about this exciting improvement here.

Mortgage Rates Are At Historic Lows - Great Time To Buy

The United States Housing market has seen some substantial declines over the past half decade. Government Efforts, as well as the European Debt crisis have caused mortgage interest rates to reach historic lows. This means that real estate everywhere is on sale.

Current mortgage interest rates can be obtained for less than 4%. If you choose a 15 year mortgage, which reduces the term of your home loan in half, or an ARM (Adjustable RateMortgage), these interest rates are even less expensive; closer to just 3%.

Ponder this, since mortgage rate statistics began the average mortgage rate has been substantially higher. In 1981, mortgage rates peaked at more than 18%. Current mortgage interest rates are around the rate of inflation. Assuming that inflation remains normal, the mortgage portion of your interest payment will be equivalent with inflation.

A $100,000 mortgage loan for Sacramento Condos would have an interest payment of only $467 a month. In comparison, at 8% interest, the same real estate loan amount would be $733 a month. That’s a monthly savings of $265 a month, not because you bought a less expensive house, but because home loan rates are so incredibly low.

If you are real estate investing, or contemplating whether to purchase your first home, you need to look at your monthly payment for what it really is. The interest portion of the payment, as well as property taxes are essentially money you are wasting. This part of your house payment is essentially “rent money.” When your interest is going to be more expensive than “rent” for a rental, then you are no better off buying. The current, record low mortgage rates make home buying less expensive than rent for similar properties.

It’s not just a good time to buy because mortgage rates are low, in addition, real estate values are also down. In some areas real estate values are down to the levels they were during the mid nineties. There are some incredible deals out there, especially if you can buy short sale and foreclosure properties.

In general, the current market conditions make it a great time to buy properties.

Contact Us Today

If you're thinking of buying or selling property in Santa Barbara, Montecito, Hope Ranch or surrounding areas, give us a call at to learn how we can assist with your goals. Our extensive knowledge of the Santa Barbara real estate market, combined with years of experience, a stellar track record and the testimony of repeat clients ensures you will receive the utmost attention to detail, integrity and personalized service.

Contact Maurie 805.565.8816, or Scott 403-4313