Market Update
The Real Estate market is hot again with a low inventory of homes and condos for sale, low interest rates and hence multiple offers on many properties. There are fewer sales occurring due to the low inventory, so clearly we are in a sellers market. The Goleta South area notably had the lowest average days on market in 2014 at 38 days. Hope Ranch had the longest at 152 days! There are always some exceptions however, like the house on Cannon Green for $680,000 that has been on the market for just under 6 months! Clearly the ask- ing price does not reflect the condition and needed repairs to this home. The buyers are not so desperate that they will overpay for a home in poor shape, and they know the comparable sales too. What’s on the horizon for the next 90 days? More of the same in my opinion, even if interest rates were to rise 1⁄4 to 1⁄2 percent I doubt this would slow the market noticeably.
More on Drones in Real Estate
The FAA has announced that they are streamlining rules to fly small commercial unmanned aircraft. Under these rules the FAA will give blanket permission to drones flying under 200 feet and weighing under 55 pounds to fly during daylight hours within the sight-line of their operators. Drone-captured Real Estate photography is already showing up in many websites, giving home-buyers and the rest of the world a whole new perspective on property.
Median list prices: Ellwood 1st qtr. 2015
- Condos: $485,000
- Houses: $662,500
Condominiums and houses currently for sale
| Status | Address | Price | Beds | Baths | Sq. Ft. | DOM |
| Active | 483 Linfield Pl D | $369,000 | 1 | 1 | 812 | 113 |
| Active | 7634 Hollister #127 | $362,900 | 1 | 1 | 696 | 49 |
| Pending | 7634 Hollister #356 | $510,000 | 2 | 2 | 1104 | 11 |
| Active | 7606 Hollister #209 | $465,000 | 2 | 2 | 1145 | 9 |
| Pending | 7610 Hollister #318 | $485,000 | 2 | 2 | 1104 | 8 |
| Pending | 7610 Hollister #215 | $479,800 | 2 | 2 | 1145 | 8 |
| Active | 413 Cannon Green #D | $519,000 | 2 | 1.5 | 960 | 35 |
| Active | 323 Pacific Oaks Rd. | $660,000 | 2 | 2.5 | 1411 | 108 |
| Active | 350 Cannon Green Dr | $680,000 | 4 | 2 | 1725 | 156 |
| Active | 239 SB Shores Dr | $645,000 | 3 | 2 | 1417 | 7 |
Closed Sales: Condominiums and houses
| Address | Sold Price | Bdrm | Baths | Sq.ft. | DOM | Sale Date |
| 7638 Hollister 131 | $441,000 | 2 | 2 | 1011 | 64 | 12/24/14 |
| 331 Pacific Oaks Rd | $688,000 | 2 | 3 | 1707 | 19 | 3/27/15 |
| 317 Pacific Oaks Rd | $435,000 | 2 | 1 | 926 | 99 | 3/25/15 |
| 7632 Hollister 350 | $475,000 | 2 | 2 | 1141 | 7 | 2/27/15 |
| 7610 Hollister 318 | $465,000 | 2 | 2 | 1104 | 8 | 3/24/15 |
| 387 Cannon Green C | $554,000 | 3 | 2.5 | 1462 | 90 | 12/12/14 |
| 7355 Greensboro St | $797,500 | 4 | 2 | 1725 | 2 | 1/30/15 |
| 7295 Georgetown | $820,000 | 4 | 2 | 1789 | 13 | 3/27/15 |
Leased solar panels killing home sales
Some Realtors around the state have seen solar lease payments interfere with the sale and closing of homes
due to complications stemming from solar lease payments. One dispute involved the seller buying out the
remaining lease payment stream (which totaled thousands of dollars). In some instances buyers have backed
out of transactions to purchase a home when they hear what credit qualifications they would need in order to
take over the solar lease. Many Realtors are worried such problems will only increase if more parties can’t
agree on how to handle the substantial payments owed on long-term leases. This is one reason to ‘own’ your own system as opposed to leasing.
- Median condo price in Ellwood area 1st quarter of 2015: $465,000 5 sales
- Average home price in Ellwood area 1st quarter of 2015: $808,750 2 sales