CNN Money June 2015 It’s true what they say: real estate is all about location. In some markets, buyers are getting homes at nearly half off the listing price, while properties in other markets are selling for far above asking.
On average, homes are selling at 82% of asking price nationwide, according to Daren Blomquist, vice president of RealtyTrac. Some areas in California are so hot that homes are going for more than 15% above asking. But in the Tampa, Fla., area, homes are selling for at an estimated 53% below the listing price.
Here’s are the top ten counties across the country rank in terms of sales that go far above asking price, according to RealtyTrac:
This George Washington Smith’s estate offers ocean views over the Andre Clark Bird Refuge to the islands. This home was constructed in 1928 and has been designated a registered landmark. The house and grounds have been beautifully renovated by the current owners. The house is 5710 square feet, and the property is privately situated on 0.95 acres. This five bedroom four and one half bath home has been carefully restored to retain it’s original charm and character, while updating the kitchen and bathrooms.
For more information or a private tour contact Mark Lomas and Kirsten Wolfe
Architect George Washington Smith became one of the preeminent practitioners of the interpretive Hispanic architectural revival movement. Smith’s Spanish Colonial Revival signature was the picturesque simplicity of his use of extensive plain wall surfaces, arches, clay tile roofs, iron grille work, heavy wood components, and deeply recessed wall openings, among other elements. This estate is distict from Smith’s other French Normandy homes because of it’s radically asymeterical main facade containing an unbalanced window plan, and extensive areas of uninterrupted stucco. George Washington Smith created only a handful of French Normandy homes.
Inventory is dwindling and prices are rising. Scroll below to see “Live Graph” that depicts activity for your neighborhood. This graph was taken from the Santa Barbara Flex MLS Home Page on June 13, 2015 at 12 noon. Typically there is a lull here in Santa Barbara real estate around Memorial Day and all the various Graduation activities. We’re hopeful to see new inventory soon. This data covers southern Santa Barbara, from Carpinteria to Goleta.
Something new for Santa Barbara Real Estate!Live Statistics! Sales asking prices for the last 7 days, and the last 90 days. If you’d like to take the “Pulse” of today’s market here’s where you’ll find it.
Iif you’re not familar with Santa Barbara’s Zip Codes, here they are:
Carpinteria: 93013, Summerland: 93067, Montecito: 93108, SB Westside: 93101, SB Westside: 93109 , SB Eastside: 93103 (Riviera), SB Eastside: 93105, Hope Ranch: 93110, Goleta:93111. Goleta/county: 93117, and Santa Ynez: 93460
Michael Jackson’s Sycamore Canyon Ranch in Los Olivos is listed with Sotheby’s International Realty in Montecito, California for $100,000,000. The property can be shown only to pre-qualified buyers. This spectacular property resides on approximately 2700 acres. The main house is approximately 13,000 sq. ft., and there are several guest houses. Bill Bone built this home in 1982.
Wall Street Journal May 29, 2015: “The property does features 22 structures, including a six-bedroom main house complete with attached staff quarters, a four-bedroom guesthouse and an adjacent two-bedroom guesthouse. There is also a tennis court, basketball court, swimming pool and cabana and a 50-seat movie theatre. The Neverland Valley Train Station, featuring a clock tower with large floral clock, also remains, but while the railroad tracks continue to circle the property, the train itself no longer runs. In an effort to prevent giving open house tours to Jackson fanatics, the real estate companies will conduct an “extensive prequalification” screening process. “Our seller is not encouraging a lot of showings,” The listing agents told the Wall Street Journal. “We’re not going to be giving tours.”
The inventory is dwindling and prices are rising. This is a brief analysis, by Gary Woods of Sotheby International Realty, of the Santa Barbara Real Estate Market including Carpinterial, Summerland, Montecito, and Hope Ranch, downtown Santa Barbara, and Goleta through the month of May 2015. For the Single Family Home’s market sales remained strong for the month coming in with 127 closings up from the 95 we saw in April. The Median Sales Price rose to $1,280,000 up from the $980,000 we saw at the end of April while the days on the market for sold properties stayed stable at 52 from the 50 we saw the previous month. The opened escrows stayed stable from 121 in April to 120 in May while the median list price on those escrows stayed steady at about $1.19 million from $1.17 million in April. There were about 145 new listings that came on the market in May with a median list price of approximately $1.195 million and an average list price of about $2 million with the overall inventory falling from 293 units for sale at the end of April to around 286 at the end of May.
Year over year sales are up about 12.5% with the median sales price up to roughly $1.13 million for a 2.5% rise. The average sales price is also up going from just over $1.67 million in 2014 to approximately $1.89 million in 2015 and the numbers of escrows are up about 19% to roughly 540 with the median list price on those escrows up about 1% to about $1.175 million
How is the public suppose to know when a listing is a new listing when oftentimes on the Santa Barbara MLS it’s not? It’s the same listing by the same agent? How’s the public suppose to find a rental when most Santa Barbara Realtors do not cooperate with one another in violation of the MLS rules and regulations? This is not how it works elsewhere in California. How’s the public suppose to know how long a house has been on the market without checking that property’s MLS’s history. Why the deception? The California Association of Realtors has a radio ad that says, “Realtors adhere to a strict Code of Ethics!” If those ethics are not enforced do they become meaningless? What’s the Santa Barbara Association (Board) of Realtor’s responsibility? Who’s minding the store? Is the Santa Barbara Association of Realtors in a State of Crisis?
My concern is that the manipulation of the Multiple Listing Service rules affects the reputation of every Realtor here in Santa Barbara while creating a disservice to the Public. The Santa Barbara MLS committee, the SBAOR’s director, and Board of Directors are enablers, and complicit in these deception. Why?
Major changes are coming to real estate transactions starting August 1st, 2015. Any transaction involving a mortgage will need to use the new disclosure forms created by the Consumer Financial Protection Bureau (CFPB).
The Truth in Lending Act/ RESPA Integrated Disclosures (TRID) will create timing requirements for disclosures that lenders need to make to consumers. Not only will these forms be used in transactions, the relationship between the Lender, Realtor, Title Company, and Mortgage Broker will now be altered since the lender can be liable if certain costs exceed the tolerance limitations set forth in the TRID.
The changes may delay a transaction if certain changes occur as the TRID requires a 3 day waiting period prior to closing which could cause lender delays. You better have all your ducks in order way before closing. Typical escrows in Santa Barbara use to be on average 30 days. Many suspect that with the new forthcoming disclosures 45 days may be more likely.