You might think that you can’t afford to move to Santa Barbara, since the area is known for its expensive real estate. After all, it IS paradise. But you’d be surprised at what you can get, now that the market has fallen. Home values are down to 2002 levels in many cases and condos have become especially affordable. That, along with today’s incredibly low interest rates, means you might be able to call this incredible town your home without completely breaking the bank. But the situation may not last for much longer –
According to statistics posted by the California Association of Realtors,
“February sales posted a stronger than usual performance with sales in major metropolitan areas such as Los Angeles, Orange County, San Diego, and San Francisco all logging double-digit gains from the previous year,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Recent encouraging signs in the GDP, employment picture, and consumer confidence suggest that a growing economy is in the making. All this, combined with continued-low mortgage rates, lays out a good foundation for the housing market to continue to grow as we enter the spring home buying season.”
The same phenomenon is occurring here in Santa Barbara, with 203 pending sales logged in as of the end of February, 2012, compared to 123 by end of February last year. However, the number of homes for sale is down 8.4% compared to the first two months of last year, which is starting to result in multiple offers on the homes that ARE on the market.
The median house price in Santa Barbara is hovering just below $800,000, which is still lotsa moolah, but nowhere near the $1.25M it was at the height of the market. The median price for a condo is now at $360,000. down from $695,000 at the height of the market.
Examples of reality? I recently found a 3 bedroom, 2 bath house with 1800 square feet in Old Town Goleta for some first-time buyers that they were able to purchase for $350,000. (Yes, it needed lots of cosmetic work, but it was structurally solid). And at this moment, there are at least 3 homes available in the desirable neighborhood of San Roque for under $700K. And there is an 1100 sq. ft., 2 bedroom, 2 bath cottage (with one attached wall) also in San Roque, currently for sale for $479,000.
And as for the rest? With all the free festivals, 2 Trader Joe’s for affordable groceries, and the beach, you can’t go wrong.
To get more info on Santa Barbara, contact:
Karen Blackburn, Realtor
KELLER WILLIAMS REALTY
1435 Anacapa St.
Santa Barbara, CA 93101
805-470-1002
Living in Santa Barbara 