Land Sales an Increasing Option in Supply-constrained Santa Barbara and Montecito Real Estate Market! According to a recent Wall Street Journal article, Bank lending for land development and construction is turning up after hitting a 14-year low early last year, a sign that the supply crunch for new homes could ease in coming months. Data… more
Spectacular Toro Canyon Properties, Part II
“Talk about impulsive!” laughs Marcia Cohen, recalling how she and her husband, John, ended up in Santa Barbara. Eight years ago, Marcia, a retired family therapist, and John, an architect, got a call from Erin, their actress daughter who needed to fly directly from Vancouver to New York for a job. The problem was that… more
California Drought: A Call to Conserve Water!
With Lake Cachuma, Santa Barbara County’s main water supply, now reaching critical levels, county officials stood on the lake’s shore on Friday, February 14 to urge people to conserve water. Joined by other officials on the shore of Lake Cachuma, Santa Barbara County Fire Chief Mike Dyer speaks at a news conference Friday to urge… more
"Qualified Mortgage" Rules Have Begun!
New mortgage lending rules resulting from the Dodd-Frank Act took hold this past January that federal regulators are hoping will guard against a future housing collapse. The rules are essentially intended to ensure that borrowers can actually afford the loans they are seeking. Mortgages must now meet “Qualified Mortgage” (QM) guidelines and borrowers will be… more
January 2014 Real Estate Market Update
January 2014 Real Estate Market Statistics reflected a continuation of recent trends… the good news / bad news of rising values met with fewer sales and shrinking inventory. In South Santa Barbara County,* the median home value rose 6% from December and rose 32%year-over-year to $914,000. In Montecito, the median home value of $2.2MM was… more