Santa Barbara Real Estate

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For Buyers, Sellers, and the Real Estate Curious

November 24th, 2014 · American Riviera, Mark Lomas and Kirsten Wolfe, Santa Barbara Realtors

3SBPotterWharfNov2014

Painting by Chris Potter 

Real Estate Industry News/Trends

$1 Million-Plus Home Sales Up 16%; CNBC

New York’s Multimillion Dollar Home Sales Keep Soaring; CNN Money 

Rental Apartment Construction Is At A 27-Year High; WSJ Real Time Economics Blog 

Fannie Mae, Freddie Mac Adjust Loan Repurchase Rules; Reuters 

Fannie Cuts Mortgage-Rate Outlook, But Home Buyers May Not Bite; MarketWatch 

Competition

Inventory Rising Among Most Expensive Homes, But Low-Priced Homes Still Scarce; Zillow

Economic News/Legislative Affairs 

Economic Growth Slowing After Mid-Year Burst, But 2015 Growth Expected To Top 2014; Fannie Mae

Economy Shows Strength As Inflation Stays Low; NY Times

Exclusive: America’s Part-Time Economy; CNN Money

Mortgage Rates

Low Interest Rates Drive Refinances To Six-Month High; HousingWire

Overnight Averages from Bankrate.com

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Ellen Degeneres Finds Some Funny Real Estate Ads!

November 18th, 2014 · American Riviera, Mark Lomas and Kirsten Wolfe, Real Estate Humor, Santa Barbara Realtors

Ellen Degeneres Shows Why Realtors Should Proof Read Their Ads!

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The Palazzo di Amore

November 17th, 2014 · Santa Barbara Real Estate

A Beverly Hills, California, estate with a 12-bedroom Mediterranean-style mansion and a vineyard is listed for $195 million, and is the highest current asking price in the U.S..

The 35,000-square-foot (3,300-square-meter) main house sits on 25 acres with unobstructed views of Los Angeles and the surrounding canyons, according to a statement by Coldwell Banker Previews International.

The Palazzo di Amore is the most expensive residential property on the market

The Beverly Hills mansion, developed by Mohamed Hadid, is owned by real estate entrepreneur Jeffrey Greene. He is selling the property, after renovations that took almost eight years, to take advantage of demand for luxury properties in the U.S. from wealthy investors from overseas.

“The most likely buyer is going to come from abroad,” says the Coldwell Banker Previews broker. “All the high sales that have happened here lately have been by international buyers. They think it’s a good investment, plus the wonderful lifestyle here.”

For more information about this incredible property contact Mark Lomas or Kirsten Wolfe at Coldwell Banker Previews International.

3SB195MillionMalibuMansion2014

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Most Expensive & Most Affordable Markets

November 17th, 2014 · American Riviera, Mark Lomas and Kirsten Wolfe, Market Conditions, Santa Barbara Coldwell Banker

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Santa Barbara “Live” Real Estate Statistics

November 14th, 2014 · Mark Lomas and Kirsten Wolfe, Santa Barbara Real Estate Market Trends, SB Real Estate Statistics

real-time real estate market research
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

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The Listing Appointment

November 13th, 2014 · Mark Lomas and Kirsten Wolfe, Real Estate Humor

The Listing Appointment with George Segal and Richard Benjamin trying to sell their house.   Real Estate Sketch Comedy!

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Veterans Day

November 11th, 2014 · American Riviera, Mark Lomas and Kirsten Wolfe, Santa Barbara Realtors

Veterans Day is an official holiday that honors people who have served in the US Armed Forces, also known as veterans.  It is a federal holiday that is observed on November 11.  It coincides with Armistice Day and Remembrance Day which are celebrated in other parts of the world, and marks the anniversary of the end of World War I.   World War I formally ended at the 11th hour of the 11th day of the 11th month of 1918, when the Armistice with Germany went into effect. 3VeteransDAyVietNamWallDC      

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Santa Barbara Real Estate Online Weekend Open Houses

November 9th, 2014 · American Riviera, Carpinteria Real Estate, Ennisbrook, Hope Ranch Real Estate, Montecito Real Estate, Open Houses, Property Search, Santa Barbara Real Estate, Santa Barbara Realtors, Summerland Real Estate

 Weekend Online Open Houses for Santa Barbara

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10 Reasons To List Your Home During the Holidays

November 3rd, 2014 · Hope Ranch Real Estate, Montecito Real Estate, Santa Barbara Real Estate

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The Mission in Santa Barbara, aerial photography by Technopanorama
1. There is less competition from other Sellers.

2. Fewer options also means a greater chance of a higher offer.

3. Statistics show that this season has one of the highest listings – sold to listings – taken ratio.

4. January is traditionally the month where employees start new jobs, and may need to purchase a home prior to January in preparation for their transfer.

5. You can still restrict showings of your house to coordinate with your holiday festivities.

6. There are buyers that need to purchase before the end of the year due to tax reasons.

7. Decorated houses for the Holidays show better.

8. People that are looking for houses to purchase during the Holidays are much more serious buyers.

9. More people have time off, giving them more time to house hunt.

10. You may have the option to negotiate an extended occupancy until the beginning of the New Year or later.

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The Truth About Reverse Mortgages

November 3rd, 2014 · American Riviera, Mark Lomas and Kirsten Wolfe, Mortgage Information, Reverse Mortgage, Santa Barbara Real Estate, Santa Barbara Realtors

You’ve probably seen the many commercials on television where actors (Fred Thompson & Henry Winkler) plug reverse mortgages. They talk generally about the benefits of this financial product, but fail to tell viewers exactly what a reverse mortgage is.

Reverse mortgages are a way to get money out of your home through a contract with a lender who provides cash or a line of credit in return for interest and initial fees. These products can be structured as short-term loans that let borrowers get money as a lump sum, draw it down gradually over time through the line of credit or receive a payment based on the borrower’s life expectancy. Reverse mortgages don’t have to be as great as the equity you have in your home; borrowers can get a smaller amount.

Consumers of these loans are typically older people who need cash to pay living expenses in retirement but have substantial equity in their homes. Advertisements for reverse mortgages have become more commonplace since the market meltdown of 2008–09 sliced into the retirement resources of millions of Americans.

Many people who take out these loans have not saved enough to meet all their expenses in retirement or have had unforeseen expenses or market losses that have depleted their savings. Yet they don’t want to sell their homes. Some see reverse mortgages as a way to solve their cash problems and also stay in their homes. Yet, compared with other types of loans that use homes as collateral, some reverse mortgages can be costly because of interest rates charged and various up-front fees.

Many of these loans don’t require repayment as long as occupants are still living in the home with the understanding that the lender will take possession of the house upon their death. There are three basic types:

Single-purpose reverse mortgages. Offered by state and local government agencies and nonprofit organizations, these tend to be the least expensive. Most low- and moderate-income homeowners can qualify.

Federally insured reverse mortgage. Also known as Home Equity Conversion Mortgages (HECM), these are backed by the U.S. Department of Housing and Urban Development.

Proprietary reverse mortgages are loans from private financial companies.

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