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The White House and the Playboy Mansion

August 26th, 2016 · Real Estate News, The Real Estate Scene

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Ever wonder what the White House might be worth in today’s real estate market?  Recently Realtor.com  estimated that the White House would list for $90 million if it listed today. Analysts arrived at this figure by projecting what it would cost today to build the 55,000-square-foot,132-room house, which was constructed in 1792 for $232,000. Realtor.com then used the value of a comparable property — in this case, candidate Donald Trump’s Mar-a-Lago Club in Florida. Curious choice for a comparable ya think?

Finally, the analysis estimated that if the White House were used as a hotel, it would be a cash cow, with its 16 bedrooms pulling in $5 million per year.

But what’s inside the first family’s abode is even more valuable than the property itself. If a buyer were to purchase the White House fully furnished — including its plethora of valuable artwork, furniture, and china — the grand total would come to $250 million.

And what does any of this have to do with the Playboy Mansion?  The Playboy Mansion recently sold for $100,000,000. One hundred million dollars!  Ten million more than Realtor.com valued the White House.  That’s about half of Hugh Hefner’s original asking price, but still the most expensive home to ever sell  in Los Angeles.  And, where the White House has a change of occupants every four to eight years Hugh Hefner , now 90 years old, will remain at the Playboy Mansion for the remainder of his lifetime. (For Sale by Owner in this instance became For Sale With Owner!)

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Luxury Buyers Would Just As Soon Drive

August 6th, 2016 · Santa Barbara Real Estate, Walk Scores, Walkability

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Miramar Beach by Chris Potter

The Wall Street Journal recently reported that “stroll friendly communities may be the latest housing draw, but in the luxury market the walkability premium is relatively small.” The “Walk Score” measures the effect of walkability on home values. The scale runs from 0 to 100 and tallies things such as population density, nearby restaurants, schools, and stores. A score above 90 is considered a walker’s paradise. The Wall Street Journal also reported that “luxury buyers favor exclusivity and privacy more than proximity to services. For some neighboring stores bring unwanted noise, and a variety of other issues.”

Here’s how the Walk Score works. 90-100 Walker’s Paradise (daily errands do not require car),  70-89 Very Walkable (most errands can be accomplished on foot), 50-69 Somewhat Walkable (some errands can be accomplished on foot), 25-49 Car Dependent (most errands require a car), and 0-24 Car Dependent (almost all errands require a car).

Here are some examples of Walk Scores for Santa Barbara. If you live on or near State Street the “Walk Score” is 83.  If you live on or near Coast Village Road in Montecito your “Walk Score” is 63. Personally, I disagree with these scores (they should be higher), but welcome to the Internet.

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4200 Marina Drive, Santa Barbara, California

July 31st, 2016 · Equestrian Property, Hope Ranch Estates, Hope Ranch Homes For Sale, Hope Ranch Real Estate, Hope Ranch Realtors

NEW LISTING! Imagine the possibilities! Located along the Santa Barbara coast in the prestigious Hope Ranch community an amazing equestrian property on 3.77 acres awaits you.

Situated on a mostly gentle level lot with ocean views your dream property is ready to be remodeled, rebuilt, or built anew. Close to Hope Ranch Beach (Private Access), and 22 miles of beautiful pastoral horse trails.  This south facing home offers 5 bedrooms, 3 bathrooms, and a four stall horse barn waiting to be enhanced!

4200 Marina Drive Web Site

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Turning the Key on Mortgage Rates

July 25th, 2016 · Mark Lomas and Kirsten Wolfe, Mortgage Information, Santa Barbara Real Estate

When the Feds lowers the federal funds rate, lenders can finance home loans more cheaply. As a result, they can reduce the interest rates they charge for a fixed rate mortgage.

In recent years, the Fed has kept the federal funds rate low in an attempt to stimulate the housing market.  Basically, the Fed is making homes affordable at all time levels with low interest rates on mortgages.

The Fed can even control the shape of the yield curve, or the relation between interest charged for 1 year loans, 3 year loans, and 5 year loans, and so on. Mortgages are pegged to the 10 year Treasury Rate, because refinancing and early payoffs effectively give a 30 year mortgage a 10 year lifespan.  Competition and market conditions can also affect mortgage rates.

The average 30-year fixed-rate mortgage is 3.43%, up 1 basis point from a week ago. At the current average rate, you’ll pay about $445 per month in principal and interest for every $100,000 you borrow.

Mortgage Rates July 2016 – Click image below to enlarge.

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Santa Barbara Real Estate Market Trends 2016

July 22nd, 2016 · Mark Lomas and Kirsten Wolfe, Market Conditions, Santa Barbara Real Estate, Santa Barbara Real Estate Market Trends

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Santa Barbara Real Estate Market Trends through the 2nd Quarter for 2016. This graph was prepared by Fidelity Title Company in Santa Barbara. This year is reflected by the thicker purple line with diamonds. The green line reflects 2015, where in May of 2015, it appears the southern Santa Barbara real estate market peaked based on the number of homes sold for that month. The graph reflects the number of sales for that month for southern Santa Barbara. (Carpinteria to Goleta) Click on image to enlarge.

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Low Interest Rates Boost Home Sales

July 22nd, 2016 · Market Conditions, Mortgage Information, Santa Barbara Real Estate

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Days on the Market Increasing

July 21st, 2016 · Hope Ranch Homes For Sale, Montecito Homes For Sale, Santa Barbara Homes For Sale

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Somewhere on Debra Drive in Santa Barbara * Offered at $2,295,000 * Great Micro Climate and Ocean Views!

In regards to average days on the market increasing in the southern Santa Barbara real estate market, by most accounts, the market continues to strengthen.  However there is one statistic that would indicate the market is beginning to resist price increases seen since the real estate bust of 2007/2008.  This is, the average days on the market for all listings.

Since the spring of 2015 through the spring of 2016 the average has steadily increased? The take away is that sellers may have to reassess what the market will be willing to pay for their home.

DAYS ON THE MARKET (DOM, alternatively active days on market, market time, or time on market) is a measurement of the age of a real estate listing. The statistic is defined as the total number of days the listing is on the active market before either an offer is accepted or the agreement between real estate broker and seller ends. 

Generally, properties with a large DOM value will command lower prices than properties with few DOM because a perception exists that the property may be overpriced or less desirable. DOM often factors into developing a pricing strategy. DOM can also be used as a “thermometer” to gauge the temperature of a housing market. 

This value is not necessarily how long the house has been on the market due to intricacies within the multiple listing service (MLS) database. Depending on the rules of the MLS that is being used, the number is reset if a seller switches real estate agents. Sometimes there is also the arguably unethical practice of “withdrawing” the listing before it expires and adding the listing again to reset the DOM. As a result, when this statistic is used it is often lower than the true value.

However, savvy real estate agents (if the MLS allows) will research the property’s listing history and can tell more effectively how long the property has been on the market which in some MLS systems is referred to as Cumulative Days on the Market (CDM or CDOM).

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Santa Barbara “Live” Real Estate Statistics

July 20th, 2016 · Santa Barbara Real Estate, Santa Barbara Real Estate Market Trends, SB Real Estate Statistics

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
real-time real estate market research  
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Santa Barbara Real Estate Humor

July 17th, 2016 · Santa Barbara, Santa Barbara Homes For Sale, Santa Barbara Real Estate

“Not for the comedically challenged or humor impaired!”

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Montecito “Heat Index” 2nd Quarter 2016

July 17th, 2016 · Market Conditions, Montecito Homes For Sale, Montecito Real Estate, Montecito Realtors

In this week’s Montecito Journal Michael Philip’s “Heat Index” article gave an excellent overview of the real estate market here in Montecito.  The graph here compares number of sales for 2016 vs. 2015 for the 2 quarter. Click on the image to enlarge it. For more information on the pace and trends of the Montecito real estate market pick up a copy of this week’s Montecito Journal and turn to page 44.

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