Young Buyers Investing in Luxury Properties!

outdoor dining in Montecito california

The Wall Street Journal is reporting a boom in younger demographics purchasing luxury real estate! As the market continues to heat up, buyers in their 20's and 30's are getting in on the high-end action. In a never before seen trend, young adults across the country are skipping the "starter home" and investing $1M+ in their first real estate purchase. As Riskin Associates reported in a recent blog post, foreign buyers are a large market for real estate investment and as the WSJ reports, many of those buyers are young heirs, looking to purchase property in the US. Domestic parents are also offering a helping hand to their adult offspring's real estate endeavors, often gifting or loaning substantial down payments or combining resources with their adult children to purchase a home at a higher price point. While Montecito holds a reputation for boasting ultra-luxury real estate and a casual, relaxed community, near-by Santa Barbara offers a plethora of fun and exciting adventures for young adults and families alike to explore while searching for the perfect luxury home.

Village Properties' Top 10 Celebration!

Village Properties Top 10 Realtors

Last night, Village Properties honored the company's top 10 agents with a celebratory dinner at Santa Barbara's El Encanto Hotel. Riskin Associates congratulates our fellow Village agents and applauds your hard work and dedication!

Sumptuous Sarabecca is the Belle of the Ball

Sarabecca perfume

Rebecca Riskin, together with her Husband Ken Grand, has spent many months perfecting an all-natural perfume, Sarabecca, which has been named for Ken's two daughters Sarah and Rebecca, using only natural essence oils like vetiver, lemon, and an array of herbs. With two distinct yet harmonious fragrances, Day and Night, the duo provides a light and floral option ideal for sunny Spring afternoons and a silkier evening counterpart which is both warm and luminescent with notes of ginger and sage.

Respected perfume blog CaFleureBon.com has caught wind of this enticing new fragrance, and like those of us around Montecito who have had the pleasure of experiencing Sarabecca, instantly fell in love with each version of the sumptuous fragrance. A glowing write-up perfectly describes the whimsical flirtation shared by Sarabecca Day and Night. The article aptly details the story of Sarabecca's creation while providing fun facts about the processes involved, and those not involved (read: Sarabecca is not tested on animals).

Do you need to experience Sarabecca? (Answer: Yes!) Head to Cos Bar in Montecito's Lower Village, try it to be instantly transported a sun drenched field of summer wildflowers.

Parking Space...A Hot Commodity

The motor court and ocean view of a Montecito estate.

Here in Montecito, it comes as little surprise that a property, or just the property tax, could run a home owner half a million dollars, with home prices ranging from under one million to well over fifty. Fortunately, when you pay a premium for a luxury property, parking is usually included. This however, is not the case in other areas of the country. This morning's airing of The Today Show ran a segment on parking availability in metropolitan cities, specifically San Francisco and Boston. Shockingly, an 8x12 foot parking space  near the Giants home field in San Francisco sold for a whopping $82,000! According to the segment, local realtors report that a reserved parking space can add up to $100,000 to the value of a home. And if you think $82K is outrageous for a simple convenience such as parking, two tandem spaces in Boston recently sold for $560,000. We'll let that sink in.

Hitchcock in the Sunken Garden

The beautiful Sunken Garden at the Santa Barbara Court House

Here at Riskin Associates, we feel so lucky to live and work in the beautiful cities of Montecito and Santa Barbara. One of the many wonderful qualities of our lovely town is the community's regular efforts to come together for fun (and often free!) gatherings. Be it the daily local farmer's markets, the Sunday Art walk at Chase Palm Park or the Downtown Organization's First Thursday events, it seems there is always an opportunity to grab your friends and get outside to enjoy this incredible area. Although events take place year round, summer events seem to take place daily. Recently, The Santa Barbara Conference and Visitor's Bureau has released the schedule for this summer's Movies in the Sunken Garden event which takes place on weekend evenings at the beautiful Santa Barbara Court House's sunken garden in July and August. This year, legendary filmmaker Alfred Hitchcock will be featured, with an exciting Hitchcock film being played every week. Community members are invited to bring a blanket and a picnic and enjoy the sweet summer air and a fun film with friends. Entry to the garden is free, for more information on these and other fabulous Santa Barbara county events, visit the Visitors Bureau's Calendar of Events.

Celebrity and Summer Camp!

Deer Lodge's Pool and Terrace

It's a beautiful 75 degrees and the sun is shining in Montecito and Santa Barbara, summer is definitely underway! In honor of graduations and great weather, let's tour an incredible compound built by the John Deere family in the early 20th century and once owned by legendary actress and comedian Whoopi Goldberg, which just so happens to be the ideal location for a kid (or adult!) summer camp.

The compound is nestled between lush mature landscape of wildflowers and oak tree canopies.

Nestled between Santa Barbara and the Santa Ynez Valley, the original adobe hacienda has been restored and elaborated upon to what is now an incredible wonderland. With multiple residences and 180 acres of spectacular grounds, the  property is absolutely ideal for summer gatherings and weekend getaways for the whole family.

The main residence boasts almost 6,000 square feet of living space and four additional guest houses with multiple bedrooms and bathrooms provide private quarters for your closest friends and family. An expansive entertaining terrace boasting an outdoor kitchen can host over thirty for dinner.

The kids won't be disappointed by the plethora of playful amenities the property offers. An infinity pool with pool house, media area and game room are just the beginning. A tree house and fort, bocce ball court, lighted sport court and 3 miles of walking trails are waiting to be explored. Oh, did we mention the 150 foot long zip-line?

Adults won't be missing out on the fun, the property offers a wine cellar and a 300-vine syrah and grenache vineyard. Don't worry - you won't have to maintain this vineyard yourself, the famous Beckmen Estate tends the vines.

An outdoor fireplaces at Deer Lodge.

Views of the Santa Ynez Valley

Deer Lodge pool house, Montecito CA

Deer Lodge Living room

Deer Lodge's incredible grounds.

The infinity pool overlooks the Santa Ynez Valley and Deer Lodge's Bocce Ball Court.

The expansive kitchen is warm and wonderful gathering area.

Deer Lodge is one of Santa Barbara's most incredible and serene properties.

Discover this most unique treasure trove of amenities offered at $10,900,000.

For more information, please contact Montecito's number one real estate team, Riskin Associates.

Santa Barbara County Sales Are STILL Up!

Santa Barbara County Sales for May 2013

May certainly was an active month for Santa Barbara's residential real estate market, marking the 5th consecutive month of year over year increases for sales in southern Santa Barbara County. During the month of May, 265 transactions closed, up from 197 during the month of April. So far, 2013 has seen steady increases in home sales each month, a very promising trend as we continue to roll into the summer selling season. The economy is continuing to make a rapid recovery allowing the real estate market to experience resurgence as well as shifting trends. As we reported last week, the average size of homes is increasing, which was also credited to the economy's recovery as American's are able to afford more space. Perpetually increasing sales combined with increasing trends in home sizes are strong indicators that the residential real estate market of Santa Barbara and the surrounding communities of Montecito, Carpinteria and Hope Ranch is active and promising!

Median Square Footage on the Rise!

A montecito estate with 13,000 square feet.

CNNMoney is reporting an upswing in homebuyers' preference for larger homes. As effects of The Great Recession continue to fade, Americans are purchasing larger homes once again. According to the Census Bureau, the median home size in 2012 was up 8% from 2009 at a record of 2,306 square feet. In 2013, home sizes appear to be growing even more, with Marcie DePlaza, a division president for GL Homes reporting that so far this year, her company is selling homes 7% larger than those in 2012. 

Access to credit may skew these statistics as mortgages for low- and mid-income home buyers are more difficult to get than for high-income buyers. With strict underwriting standards, homebuyers who receive loans tend to be a bit more affluent and can afford larger homes. Some predict that as mortgages become easier to obtain, median home sizes will drop, but current trend seems to be staying the course. People tend to prefer more space, and Jeffry Roos, regional president of homebuilder Lennar, credits affordability with the drop in home sizes during The Recession, "It wasn't that consumers wanted less space, many just couldn't afford more." In fact, homebuyers tend to buy homes larger than originally planned, 18-20% larger in fact. "The four-bedroom outsells the three-bedroom all day long" said DePlaza.

These statistics are promising evidence that the economy is in a healthy state of recovery, "People weren't buying SUV's during the recession either and they are again," DePlaza said.

Riskin Associates represents properties of distinction in Montecito, California and the surrounding communities of Hope Ranch and Carpinteria. The average square footage of Riskin Associates' listings is 7,668 sqft.

Happy Birthday Rebecca!

Sarah Kelly and Rebecca Riskin at Via Vai

The Riskin Associates team would like wish Rebecca a very happy birthday! Yesterday the team, Sarah Kelly, Dina Landi, Phoenix Smith and Sara Freberg treated Rebecca to an early celebration lunch at one of our regular lunch spots, Via Vai in Montecito's Upper Village. Happy Birthday Rebecca! 

Christie's Fine Estates & Fine Wine: A Perfect Pairing

A Santa Ynez Valley vineyard

Riskin Associates is a proud affiliate of luxury real estate giant, Christie's International Real Estate.  With our office in such close proximity to one of the world's finest wine regions, the Santa Ynez Valley, we are excited to announce the newest branch of the Christie's empire: Vineyards by Christie's. The new program will pair leading wine experts and first-class luxury real estate specialists with participants to provide the knowledge of industry authorities to assist in the accession of wine and wine-producing estates. Other services included with the program are in line with the five-star service Christie's and Christie's affiliates provide, and include personalized travel arrangements and language translation services. The Riskin Associates team is excited for Christie's newest endeavor and supports the ideal pairing of luxury real estate with fine wines! Cheers!

Santa Barbara Art & Wine Tour - Thursday, May 23rd!

Wine service

The Santa Barbara Downtown Organization's fantastic Art & Wine Tour is back! Enjoy an evening of local wine and art from Santa Barbara's acclaimed artists. The tour, which features venues south of Carrillo Street, will benefit the annual Santa Barbara Holiday Parade. The event kicks off at 5:30pm on Thursday at the Santa Barbara Historical Museum. From there, patrons will explore the area and venues while sampling fine wines and delicious food from Santa Barbara's incredible, epicurean area. The tour concludes with a fabulous soiree back at the Historical Museum with live music, a silent auction and a raffle, and of course, more wine and hors d'oeurves. Tickets are available online and can also be purchased in person at the Downtown Organization office, the Arlington Theater box office, and the Paseo Nuevo Shopping Center's Guest Services office. Riskin Associates is once again reminded of what wonderful places Montecito and Santa Barbara are to live, with something fun (and often delicious!) happening in the community every week!

Village Properties Celebrates 17 Years!

village properties at the canary hotel in santa barbara

This month marks the 17th anniversary of Riskin Associates parent company, Village Properties! Co-founded by agents Renee Grubb and Ed Edick, the company has grown to over 150 agents across three offices, Montecito, Santa Barbara and Santa Ynez. Village Properties is proudly affiliated with Christie's International Real Estate and Luxury Portfolio, which extends the outreach of marketing efforts for the area's most distinctive properties and provides an elaborate network of agents who represent affluent buyers all over the world. To celebrate the incredible accomplishments and strides Village Properties has made in the industry, a fantastic soiree at Santa Barbara's elegant Canary Hotel was thrown. Agents and staff were invited to enjoy the beautiful Spring evening atop the Canary's beautiful rooftop terrace overlooking the sea and mountains while honoring their efforts over the past 17 years. After an incredibly successful year in 2012 and an energetic first few months of 2013, the Riskin Associates team was excited to attend and mingle with fellow agents and staff!

Riskin Associates at the Races!

2013 Amgen Tour Stage 4 Montecito

Every day we feel fortunate to work in Montecito...enjoying the beautiful weather, famer's markets, restaurants and overall lifestyle of the area. But yesterday we were very fortunate to work on Coast Village Road, as the Amgen Tour of California cycled right through our area! The Riskin Associates team walked down to experience the excitement of the bike race during Stage 4 of the tour. Congrats to USA's Tyler Farrar for winning Stage 4! The race is just underway this morning as the cyclists leave Santa Barbara, headed for Avila Beach.

2013 Amgen Tour Stage 4 Montecito

Happy Mother's Day - Sunday, May 12th

mother's day gift ideas

Riskin Associates wishes everyone a very happy Mother's day! Montecito and Santa Barbara will be enjoying some beautiful weather this weekend, so get outside and celebrate mom! If you love these gift ideas and would like more information, click the links below.

Find Gouette de Rose Eau de Toilette ($121) at CosBar in Montecito's lower village.

Pressed Juicery offers a variety of cleanses to fit anyone's nutritional needs. Find it in the lower village.

Santa Barbara's Le Reve Organic Day Spa's Mind and Body facial ($150) will restore and rejuvenate!

Discover Dressed in Montecito's lower village and find Alexis Bittar's Bel Air earrings ($295).

What's for sale in Montecito for $4M?

Four Montecito homes for sale

Montecito's residential real estate market is buzzing! As the market picks up, we are seeing increased interest in distinctive homes for sale in the $4 million price range. A historically low inventory, currently listed in the MLS are 23 homes listed between $4M and $5M. Here are four Montecito homes for sale in the $4 millions. Below, get to know these unique properties and for further information, click the provided links. Enjoy these distinctive properties!

Clockwise from top left:

Mediterranean Country Villa.  This superbly designed home lies in the exclusive community of Montecito Valley Ranch and enjoys a quiet cul-de-sac location and incredible mountain views. The expansive kitchen and adjoining family room provide incredible entertaining spaces and boast  breathtaking mountain views, while the main floor master is privately tucked down a hall just off the library. A one bedroom guest cottage provides additional privacy for guests or extended family. For more information on this property, visit Riskin Associates' website. MLS #13-1001

Charming California Country. Tucked at the end of quiet and charming Live Oaks road, just a short ways from Montecito's upper village, every room of this freshly updated home takes full advantage of sweeping mountain views. The elegant formal living and dining rooms, as well as the kitchen, family room, and master bedroom each invite in natural sunlight and mountain vistas through a wall of French doors and windows. To view more photos of this home, click here. MLS #13-798

Inspiring Architecture. Nestled among mature native oak trees and wildflower gardens, an impressive four bedroom contemporary home is a pleasing juxtaposition between timeless natural beauty and modern aesthetics. Designed in collaboration by famed architects Steven Ehrlich and Pierre Cabrol, gallery walls and soaring ceilings provide an idyllic environment for showcasing art. To see this masterpiece in detail, view the e-brochure here. MLS #13-1318

Historic Hedgerow Estate. Historic Boscobel, meaning in the midst of the beautiful woods, is a gorgeous and meticulously updated 1916 estate by famed F.M. Edwards. Original, period details are waiting to be discovered among modern and luxurious finishes throughout this historical five bedroom home. The grounds are perfectly manicured with expansive lawns and beautiful gardens, while a swimmer's pool lined by period columns invite summer swim parties or elegant evening entertaining. Discover Boscobel. MLS #13-1374

Representing Montecito's most distinctive properties, Riskin Associates is Montecito's #1 real estate team. Visit the team's About Us page and get acquainted with Rebecca, Sarah, and Dina.

Low Housing Inventory: A Country-wide Epidemic

a montecito home currently on the market

After a stellar year in 2012, the real estate market is experiencing a historically low supply of listed properties all over the country. An article by CNBC's Diana Olick discusses the current state of the market and cites several potential factors contributing to this painfully low inventory. According to Olick's article, listings are down 17% over March 2012 and potential contributing factors include that many Americans owe more than their property is worth, so a move could incur a great expense, which discourages homeowners from listing their property. Also, as home prices rise, many potential sellers may be waiting to see how high the prices will go before listing.

However, despite the low inventory, the pending home sales index is up 7% over March 2012, predicting an increase in closing sales. Across the country, pending home sales are inching upwards with the west seeing a 1.5% increase and the south is up 2.7%. The east coast stayed the same and the midwest is up 0.3%.

With home prices rising and an abnormally low inventory, the market is experiencing a fantastic season for sellers! Riskin Associates, Montecito's #1 selling agent represents properties of distinction in Montecito.

Santa Barbara's Diverse Residential Architecture

montecito residential architecture

Southern California's residential real estate is often misconceived to be a sea of red-tiled roofs and "Mediterranean" style residences, but Montecito begs to differ. A quiet drive along any of our charming streets feels like a trip around the world, revealing a refreshing mix of architectural eye candy inspired by all corners of the earth. From historic English tudors to functional contemporaries, Santa Barbara and it's surrounding communities of Montecito and Carpinteria offer a home to suit everyone's style preference.

Above, check out a collage of some of the area's most distintive homes, boasting unique architecture unparalleled by their neighbors.

Clockwise from top left:

This modern masterpiece was designed around ancient oak trees and offers gallery walls and abundant natural light, perfect for showcasing a collection of artwork; A French provincial style home is nestled behind iron gates opening to a bucolic, tree-lined drive; This incredible residence has been artfully infused with European finishes, 100-year old Tuscan roof tiles and antique French oak and limestone floors; A rustic mountain retreat awaits discovery in the hills of Carpinteria overlooking the Pacific coast; this historic English manor boasts a prestigious address in the heart of Montecito's golden quadrangle; Spanish-inspired La Candelaria is a sanctuary of richly colored walls, unique coffered and wood-paneled ceilings.

First Quarter Update for Santa Barbara's Real Estate Market

santa barbara real estate market activity chart

Fellow Village Properties agent Carol Kruckenberg recently wrote an article for the Santa Barbara News Press which discusses the current state of the Santa Barbara real estate market, as well as reviews the market over the first quester of 2013. Carol sites a resurgence in the market based on a number of compelling factors, including the median list price for homes, which has risen 12% to $940,000 over last year. Low inventory has created a seller's market, which according to the article means that listings should sell in approximately 2.2 months. Last year, there were 414 homes to sell, this year there is nearly half as many at 287 homes listed for sale. Going back to 2011, there were 511 homes for sale. More encouraging evidence of market recovery stems from a recovery financial arena as well; last year, 30% of homes for sale were "distressed," meaning bank-owned or short-sale properties, this year less than half as many listings (12%) are "distressed." Carol's article also highlights the final sale prices of listings as evidence for a recovery in the area's real estate market, the number of listing's sold to date is the highest it's been in the last five years, including last year's banner year.

Carol's article also provides a number of valuable tips to both buys and sellers entering into the Santa Barbara area real estate market. Below, an excerpt from the article highlights a few of Carol's tips:

Here are some practical tips whether you are a buyer or a seller in this very active real estate market. If you are a seller, it is recommended that you hire a real estate professional to assist you through the process of selling your house/condo/mobile home.  If your agent has suggestions for you regarding the condition of the property, you will want to listen with an open mind.  It is best that you do not purposely underprice your property hoping for multiple offers; this strategy has been known to backfire.  With your agent’s help, come up with a realistic price for your home.  The important factors that guide pricing are location and condition.

If you are a buyer and need to finance the property you will be buying, get pre-qualified first.  This will tell you if you are financially capable of buying and the amount you can finance. It is recommended that you enlist the services of a real estate professional.  The agent will be able to keep you informed of properties that fit your specific requirements and may have the inside track on properties that may not be in the Multiple Listing Service.  The agent will then be able to guide you through the purchasing process.

The article makes sense of the market activity during the first quarter of 2013 in Santa Barbara's residential real estate market while providing valuable information and recommendations for navigating one's way through this most interesting seller's market, and Santa Barbara's #1 realtor team, Riskin Associates, applauds Carol's insight into the market and her dedication to the industry.

Pacific Pride Foundation's Royal Ball

Dina Landi and Rebecca Riskin of Riskin Associates support the PPF at the Royal Ball.

Set on the bluffs overlooking the Pacific ocean, ten minutes north of our office in Montecito, the beautiful Bacara Resort & Spa hosted the Pacific Pride Foundation's annual Royal Ball. Event planner extraordinaire Merryl Brown created a magical evening full of surprise for over 500 guests. Rebecca Riskin attended along with partner Dina Landi of Riskin Associates to support the Foundation, which provides services to the HIV/AIDS and LGBT communities of Santa Barbara.

The event was hosted by an impressive list of honorary chairs including actor Neil Patrick Harris and his husband, Iron Chef Cat Cora and her wife and a number of other prominent members of the LGBT community and straight supporters. A feast for the senses, guests enjoyed a delicious offering of culinary creations including short ribs and onion rings resting atop a bed of mashed potatoes, elegantly served in martini glasses. American Idol alum Miss Frenchie Davis performed along with extreme stilt performers, torque acrobats and go-go dancers who wowed guests with their own incredible performances. Acclaimed LA DJ Mike Bryant ensured the dance floor was packed well passed the stroke of midnight.

Performers kept guests begging for more/

The ball brought together a community of gay, lesbian, bisexual, transgender, and straight supporters to share an evening of fun and fundraising in support of the Pacific Pride Foundation. The Foundation is the only organization on the central coast providing the LGBT community with HIV and AIDS services and education as well as a number of important counseling services for members of the community such as sensitivity training for law enforcement and teens.

Southern Santa Barbara County Market Holding Strong

4-6-2013 SourhCort

Sales of residential real estate in southern Santa Barbara county continue to provide evidence of a recovering market. Compared to February, there were 23% more sales in March 2013. The first quarter of the year yielded 477 closed transactions while the first three months of 2012 yielded 410, a 16% increase in sales. With an incredible amount of success in 2012, Montecito real estate agent team Riskin Associates closed over $220 million and with the positive upswing the luxury market of Montecito is experiencing this year, the team is working hard to see another successful year. Check out the graph above for a visual representation of the sales in southern Santa Barbara county of the past six years.