We all know that the housing market has come roaring back the past 24 months in the greater Santa Barbara area, so the real question is: What happens next? I attended an economic talk last week that covered some 70 charts, graphs, tables, and the like from Zillow, the Federal Reserve, US Bureau of Economic Analysis, FreddieMac the Wall Street Journal, and local MLS statistics. The data support an extremely positive outlook for Real Estate in the next 3 to 5 years and include the following key factors:
- Pent-up demand has been growing over the past 6 years. Household formation: Thousands of individuals locally and mil- lions nationwide are reaching the prime home-buying age of 25 to 35 years old.
- New construction has not kept pace in California or locally.
- Interest rates will rise a little, but remain low by historical standards. We could see 5.5% rates by year end, still low.
- Qualifying for a home loan will get easier. The average FICO score for approved loans has just dropped from 750 to 725, and should go lower.
- Increased wealth and cash-heavy individuals, pushed by a soaring stock market, will seek real estate in our area as a good long-term investment and hedge against inflation.
- Lower unemployment and higher savings rates translate into more home buyers.
There you have it! Housing is headed in an upward direction for several years to come. Invest and enjoy!
DP Little League Starts This Month
For some good fun stop by Girsh Park Saturdays and watch the little guys and girls playing T-Ball. This is their first experience with baseball and it’s a riot to see the kids trying to figure out what to do and how to do it amid the distractions of parents, coaches and family.
New Street Names in the Neighborhood
Here are some new street names you may not know about: Sanderling Lane, Whimbrel Lane (both coastal birds seen locally). Coral Way, Ocean Walk Lane, Pacific Coast Drive, Sea Cove Lane, Wavecrest Court, Atlantic Lane and Atlantic Court: all part of the new UCSB housing project between Phelps Rd. and the old Ocean Meadows golf course.
Condominiums and houses currently for sale
|Active||7630 Hollister Ave 120||$359,000||1||1||622||2|
|Active||391 Cannon Green Dr D||$549,900||3||1.5||1,360||57|
|Active||7344 Elmhurst Pl||$729,000||4||2||1,458||233|
|Active||492 Pacific Oaks Rd||$879,000||3||2||1,682||9|
|Active||311 Pebble Beach||$749,000||3||2||1257||2|
|Active||7632 Hollister Ave 124||$449,000||2||2||1,011||21|
|Pending||452 Linfield Pl D||$449,000||2||1||1,008||4|
|Pending||7630 Hollister Ave 239||$475,000||3||2||1,370||84|
|Pending||548 Mills Way||$475,000||2||2||1,347||6|
|Pending||302 La Salle Rd||$699,000||3||3||1,881||27|
|Pending||7299 Fordham Pl||$845,000||3||2||2,079||13|
Closed Sales: Condominiums and houses
|Address||Sold Price||Bdrm||Baths||Sq. ft.||DOM||Sale Date|
|7634 Hollister Ave 353||$375,000||2||1||870||89||2/11/14|
|7624 Hollister Ave 328||$399,000||2||1||870||59||12/26/13|
|7638 Hollister Ave 264||$435,000||2||2||960||5||11/15/13|
|7624 Hollister Ave 225||$449,000||3||2||1,370||12||11/22/13|
|7634 Hollister Ave 255||$449,000||2||2||960||4||12/10/13|
|7640 Hollister Ave 272||$550,000||3||2||1370||126||2/28/14|
|7640 Hollister Ave 269||$460,000||2||2||1141||1||3/3/14|
|113 Ellwood Station Rd||$445,000||2||3||1,134||39||1/10/14|
|7632 Hollister Ave 250||$430,000||2||2||1,020||60||12/5/13|
|588 Mills Way||$475,000||2||2||1,056||19||10/1/13|
|7042 Marymount Way||$465,000||2||2||930||41||1/10/14|
|200 Cannon Green Dr||$535,000||3||2||1,310||1||10/31/13|
|451 Cannon Green Dr C||$525,000||3||2.5||1,360||5||2/21/14|
|7309 Lowell Way||$625,000||2||2||1,207||5||12/11/13|
|7195 Emily Ln||$620,000||2||3||1,411||11||10/2/13|
|200 Cannon Green Dr (flipped)||$610,000||3||2||1,310||1||12/13/13|
|7185 Emily Ln||$662,000||3||2.5||1,981||9||11/1/13|
|7641 Anchor Dr||$680,000||3||2||1,738||2||10/31/13|
|7199 Emily Ln||$640,000||3||3||1,881||9||10/31/13|
|245 Big Sur Dr||$705,000||3||2||1048||22||11/6/13|
|221 Mathilda Dr||$350,000||1||1||885||1||2/14/14|
March 2014 continues with a robust housing market in the Ellwood/Santa Barbara shores areas.