Wine Country Chic

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With Spring having officially sprung, the buds are starting to bloom and abundant greenery surrounds us here in Montecito. The climate is one of the most enviable qualities of this fantastic area, and with weather permitting a variety of wonderful options for leisure, its no surprise that wine-making is a popular one! And it seems SoCal is not the only place seeing a surge in wine-making popularity, people (from places) all over the world are getting in on the action, celebrities to suite-clad professionals are snatching up established vineyards or taking the plunge to start their own. Riskin Associates affiliate, Christie's International Real Estate released an article by Zoe Dare Hall offering insight into the mind of amateur vintners, "For Hollywood stars, vineyards are the latest must-have accessory" writes Hall. And she's right; From Brad and Angelina's in the South of France to Soccer star David Beckham's private-consumption only Napa Valley vineyard, celebrity vineyards are popping up all over the world. A little closer to home, recording artist Stacy "Fergie" Ferguson of the Black Eyed Peas owns Ferguson Crest, a wine venture she owns with her father,  in the Santa Ynez Valley.

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But actors, supermodels and rock stars aren't the only ones starting their own vineyards, Hall also notes that Chinese industrialists consider a fine winery a "trophy asset" and ex-hedge fund managers looking for a lifestyle change flock to the serenity and relaxation strolling through vineyards and sipping on the fruits of one's labor can bring. But if you're interested in more than a leisurely stroll as an investment return, vineyards have potential to produce financial returns as well. Peter Shakeshaft, founder of Vin-X Limited, a fine wine specialist in the UK, tells Hall, "Wine has seen double-digit growth every year for the past 50 years." 

Whether purchasing a turnkey vineyard or starting from scratch, amateurs are not alone, according to Hall 70% of vineyard buyers in France are new to the industry - and if they can do it France, you can do it here too. The Santa Ynez Valley, only 40 minutes outside of Santa Barbara and under 3 hours from Los Angeles, offers a lovely setting to try your hand at producing your own wine. Riskin Associates offers the opportunity to purchase an award-winning vineyard, the 108-acre Vogelzang vineyard is located in the heart of "Santa Barbara wine country" and offers fantastic opportunity to build your dream estate. If you are an epicurean at heart, Santa Barbara and the surrounding coastal communities is a perfect - and chic - location to begin your wine-making adventure!

Santa Barbara's Real Estate Market Continues to Pick Up Steam

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Santa Barbara County's real estate market continues its steady ascent to full recovery. With 2013 in full swing, the market continues to show healthy improvement as sales for January and February exceeded previous years' numbers for those months, reflecting a 24% increase and 27% increase respectively. As shown in the graph to the right, representing the sales for southern Santa Barbara County, sale numbers for the first two months of the year have been turbulent between 2008 and 2011, however an intriguing trend is developing, as 2012's explosive increase is being surpassed by the numbers 2013 has yielded.

As we ease into the spring selling season, the Montecito market has seen a dramatic pick up in buyer interest as well as seller motivation. As Santa Barbara's leading agent team, Riskin Associates had an extremely successful year in 2012 with sales totaling over $220 million, and the team is excited by the prospect of another busy year!

Santa Barbara Million Dollar Home Raffle

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Have you bought your ticket yet for the Santa Barbara Million Dollar Home Raffle? The Contemporary Arts Forum's annual raffle is underway, and the Early Bird drawing deadline is tomorrow night! The grand prize is a million dollar home or $1 million in cash. The Early Bird drawing include 36 additional prizes like shopping sprees and $10,000 cash. Tickets are just $150, and not only benefit the Santa Barbara Contemporary Arts Forum, but a number of other 501(c)3 non-profits in the area. Village Properties' own foundation, The Teacher's Fund, will receive a percentage of the net proceeds. The Teacher's Fund helps local public and private K-12 school teachers buy the supplies and books they so desperately need. Be sure to use this link to download your entry form, which credits The Teacher's Fund for your purchase. Thanks for your support!

Montecito is Marching Straight into Summer

We aren't officially into the Spring season for almost three more weeks, but in Montecito, it's feeling more like summer. With temperatures breaking 80 degrees, Riskin Associates invites you to imagine yourself cooling off in one of these luxurious pools.

Santa Barbara and Montecito are enjoying beautiful Summer-like weather. Are you?

Montecito Real Estate is Heating Up!

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In the Montecito Journal's Real Estate View, published the week of February 21, author Michael Phillips makes sense out of the Heat Index for Montecito. The article explains that the heat index measures present demand for single-family homes in multiple price sectors and scores are compared to those from a year ago. Astonishingly, today's heat score is 378, which reflects a 302% increase over last year's. While the under $1 million range saw an enormous gain with a score of 250, the luxury markets of $2-3 million and $3-4 million saw encouraging gains with scores of 25 and 26 respectively. Rising prices was also a topic of interest in the article, stating that despite a demand-supply imbalance, resulting in a thin market, prices are rising and buyers are acting quickly on exciting opportunities. December marked the 10th consecutive nationwide monthly home price increase at 9%. However, Montecito real estate price increase far exceeded that number, with home prices rising 25%! As we enter into the Spring and Summer seasons, Riskin Associates hopes to continue to see gains across all price ranges.

A Growing Trend in Green Home Energy

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In his recent article, a custom home builder in Santa Barbara, Doug Ford of DD Ford Construction Inc., highlights the latest trend in home energy solutions, geothermal heating and cooling systems. The technology has gained popularity as homeowners are becoming more aware of their homes' impact on the environment. Geothermal systems use the temperature of the earth 8 ft below ground to regulate the temperature of the air that is distributed through the home's central air system. The temperature of the earth fluctuates far less than the temperature of the outside air, allowing a comfortable temperature to be reached using less fossil fuels than conventional heating and cooling systems. Also, geothermal systems emit no greenhouse gases, which have been linked to global warming. Your inner economist will appreciate another benefit of the new technology, the investment return on geothermal system installation. Geothermal systems have been shown to cut monthly energy usage by half, and as an incentive the Federal Government is offering a 30% tax credit on the cost and installation of geothermal systems through the year 2016.

Cities across California, including Montecito, are doing their best to reduce their carbon footprint. Geothermal energy is a trending way to accomplish this goal while saving homeowners money on their monthly energy bill. Riskin Associates, like DD Ford Construction Inc., wants to know, is geothermal energy in your future?

"Well Past the Peak of the Foreclosure Crisis"

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The market is picking up and according to a CNNMoney article  foreclosures are coming down. January saw the lowest bank repossessions since 2006 and a 28% decrease from January 2012. California's "Homeowners Bill of Rights" took effect on January 1, 2013 further protecting borrowers from default and resulting in a 62% decrease in new foreclosure filings in California, taking the state out of the lead for new filings. The market is continuing to recover and steady improvement is forecasted through 2013. As Riskin Associates sold over $220 million in luxury real estate in the Montecito area last year, we are looking forward to further market incline!

Local Indulgences for your Valentine

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Cupid's favorite holiday is already upon us and in Montecito romance is in the air! In case Valentine's Day snuck up on you, Riskin Associates can recommend a few ideas from local favorites to help you make the evening special.

1. No Valentine's Day is complete without a bursting bouquet of red roses. Show your affection with a "Love's Divine" arrangement from Gazebo Flowers. Love's Divine Bouquet, starting at $230

2.  Cloak her in colorful cashmere! This beautiful Franco Ferrari Barabba Air Paisley Colorblock Scarf  will keep her looking and feeling ready for Springtime ahead! Franco Ferrari Barabba Air Scarf, $298 at Dressed.

3. Is your man the king of the golf course (or does he think he is)? Treat him to a round at one of Santa Barbara's luxury golf courses. Sandpiper's championship course, which has been rated by Golf Digest as one of the Top 25 in the country, overlooks the Pacific Ocean, offering a beautiful break from the boardroom. Sandpiper Gift Cards can be purchased in the online store.Rounds start at just $139. 

4. Indulge your special someone and yourself (bonus!) with a couple's massage at the Ojai Valley Inn and Spa. The Spa Ojai has been listed by Conde Nast Magazine as one of the Top 25 North American Spas. Spa Ojai's Customized Together Massage, 50 minutes $145, 100 minutes $290 (price per person).

5. Can't jet to Italy for the weekend? Visiting Olio e Limone for a romantic Italian dinner is the next best thing! Hand made pastas and an extensive wine list promise you and your date a Valentine's Day meal to remember.

A Romantic and Rewarding Valentine's Day Idea

Valentine's Day Fundraiser, Santa Barbara

Santa Barbara's only women's residential recovery home, Casa Serena has a thoughtful and philanthropic way to show your loved ones that you're thinking of them this Valentine's day.  The "Grateful Hearts" will hand deliver flowers and chocolate to your special someone in the Santa Barbara area on February 14th between the hours of 10am and 5pm. Orders must be received by February 12 and 100% of your $20 donation will benefit the women of Casa Serena. Riskin Associates is proud to increase awareness about this fantastic and romantic fundraiser!

Santa Barbara Real Estate Review - A Stronger Market

Santa Barbara South Coast Real Estate Sales - courtesy of Carol Kruckenberg

Jackie Walters, a fellow realtor at Village Properties, recently wrote an article for the Santa Barbara News-Press recapping our 2012 real estate market. Her overall sentiment was that our market was much stronger at the close of 2012, leading us into a bright 2013.

When looking at sales totals from over the past decade or so, a strong increase in the volume of sales can be noted for 2012. In fact, more homes and PUDs sold in 2012 than any other year since 2000. Sales were up 33% from 2011, even exceeding annual numbers during the height of the market in 2004-2005. The dollar volume for these sales was up nearly 55% from 2001, with over $1.7 billion residential real estate sales. Riskin Associates had a banner year, contributing over $220 million to that total.

Inventory has dropped steadily over the past twelve months, with little over 300 homes for sale from Carpinteria to Goleta. With 3.9 months of inventory market-wide, this shows a solid seller's market. In December, properties were on the market for an average of 56 days, dropping steeply from 101 days in December 2011.

High-end home sales, for properties priced over $5 million, increased almost 100% year-over-year. There were 25 such sales in 2011 compared with 48 in 2012. Many sellers adjusted their expectations on price, coinciding with a steady increase in buyers in the upper range.

Meanwhile cash sales are up, as some investors find local real estate a stronger investment than financial markets. The Cheif Economist of the California Aossication of Realtors, Leslie Appleton-Young, described our current market as "a buying opportunity that comes around only once in a generation." What an exciting prospect!

Five Rainy Day Retreats

Montecito Estate Media Room

Here are five rainy day hangouts, perfect for days like today. If it's cold outside where you are right now, envision yourself relaxing in one of these great spaces...

This pool pavilion has a fireplace, full kitchen, gym and office, perfect for enjoying the outdoors while shielding the rain

This mountain retreat pool house has a cozy stone fireplace, media area and nearby game room

This estate's tower hosts a majestic, hidden dining room with views out over the ocean, valley and surrounding mountains

Promising Year End Real Estate Stats

December 2012 South County Santa Barbara Real Estate Sales

The Santa Barbara real estate numbers are in, and the end of 2012 is reporting a huge spike. Closed sales for South Santa Barbara County reached 275 in December, jumping 45% over the previous month, and up 62% over the same time last year. December closed sales were actually 22% higher than the county's previous 5 year peak in May 2012.  Looking ahead to 2013, the Santa Barbara MLS had 63 new listings, 22 price reductions and 32 pending sales last week, all double what we saw the first week of year. Nationwide, listing prices were up 5.1% year-over-year in December according to Truila. In fact 82% of major metro markets reported year-over-year listing price gains. This goes hand-in-hand with declining inventory, as December nationwide inventory dipped over 17% year-over-year. Four of the top ten cities with the largest asking price recovery were in California, while these same cities reported over a 50% decline in inventory.

90% of Home Buyers Use Online Search

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A new report resulting from a joint study between the National Association of Realtors and Google offers staggering statistics on the digital house hunt. Here are some highlights from the study...

• Online real estate search on Google.com increased 22% year-over-year
• Google's online real estate search increased a staggering 253% over the last four years
• 54% of buyers went straight to the web first to start their real estate search
• Google real estate related searches on mobile devices grew 120% year-over-year from 2011 to 2012
• 36% of new home shoppers use their mobile device for real estate searches while watching TV
• YouTube is the top video search destination for home buyers
• 75% of seniors use the internet to search for real estate

Santa Barbara named a top town for $10+ real estate

A recent CNBC report listed Santa Barbara as a top town for sales of $10 million homes. Santa Barbara tied for second place with Aspen, CO with thirteen homes selling for $10 million or more in 2012. Riskin Associates closed six of the thirteen $10+ million sales, representing sellers for three, buyers for two and both buyer/seller for one sale.  All six sales were in Montecito. The report also noted that the number of homes priced at $10 million or more continues to grow,  a good indicator for the coming year. There are currently 38 homes listed in the Santa Barbara MLS over $10 million, 22 of which are located in Montecito.

Montecito Luxury Gift Guide: For Her

As the third installment to our 2012 Montecito Luxury Holiday Gift Guide, here’s a look at some fabulous gifts for her. Better hurry guys...you've got less than two weeks! Happy Holidays! PART 3: FOR HER

1. Girls love to dress up for the holidays. This leather trim sequin jacket will keep your sweetie well dressed for any holiday party...from a formal office celebration to New Years Eve on the rooftop. DIANI Boutique Rag & Bone Faren Jacket, $655

2. For an extra special someone, surprise her with an 18 karat gold and diamond splurge from Montecito boutique Masion K. Maison K Adel Chefridi 18kt Diamond Necklace, $1,295

3. The perfect hostess gift for your coastal friends! This beautiful sea-inspired wine chiller is sure to please. Coast 2 Coast Collections Star Home Coquilles Nautilus Cooler

4. Hitting the spa for year-end rejuvenation is at the top of every woman's list this year. Why not combine the perfect spa package with the incredible views at Montecito's Butterfly Beach? The Biltmore's Coastal Escape package includes a green jade rice body scrub, avocado citrus body wrap, custom facial, spa mani/pedi and lunch on your own private terrace. Four Seasons The Biltmore Santa Barbara Spa Coastal Escape Package, $785

5. Ideal for anyone on the go, this light yet cozy cashmere travel wrap can complement any outfit. Upstairs at Pierre Lafond Cashmere Travel Wrap, $360

Santa Barbara County's Record Year

The November numbers are in from Santa Barbara County's CORT report, which charts monthly sales for both North and South county. Santa Barbara South County sales for 2012 are up a staggering 41% over 2011. Last month's sales were up 50% over the same month last year, and 90% over November 2007. Meanwhile, Rebecca Riskin & Associates has closed 32 sales year-to-date for a total of $218 million, four times the amount of sales in 2011.

2013 Housing Market Outlook

Freddie Mac released its December U.S. Economic and Housing Outlook today, with projections for the nation's housing market in 2013. As property values continue to strengthen in 2013, Freddie Mac expects U.S. house price indexes to rise by 2-3%. For the first half of 2013, long-term mortgage rates should remain near their record lows, which is good news to buyers struggling with low inventory and multiple offer situations. These buyers should still have some time to take advantage of low interest rates, as Freddie Mac expects long-term fixed-rate mortgage rates to remain below 4% next year. Finally, it projects mortgage refinancing to continue to grow in early 2013, but will eventually drop down from 2012 highs.

Montecito Luxury Gift Guide: For Him

As the second installment to our 2012 Montecito Luxury Holiday Gift Guide, here's a look at some fabulous gifts for him. Happy Holidays! PART 2: FOR HIM

1. With warmer temps and a year-round outdoor lifestyle, what Montecito guy wouldn't want his very own outdoor gourmet pizza oven? This little beauty will be the hit of the party, and blends in fabulously with other stainless steel outdoor kitchen hardware. Its gas flame mimics the heat of a wood-burning pizza oven, and can cook a perfect neopolitan-style pizza in just 3 minutes.  Kalamazoo Outdoor Gourmet Artisan Fire Pizza Oven, $6,495

2. If Tom Brady is wearing UGGS, perhaps your guy will want to? While UGGS may still be a brand that registers primarily with women, the Santa Barbara based company has stylishly expanded their men's line.  These cozy velvet slippers are irresistible, complete with the infamous sheepskin lining. UGG Mens Ascot Velvet Slippers, $130

3. The perfect stocking stuffer for guys of all ages! Saxs Fifth Avenue has stocked up on the ultimate man refuelling system, complete with face wash, shave cream, moisturizer, lip balm, soap and hand salve. Kiehl's Since 1891 Ultimate Man Refuelling System, $58

4. What Montecito holiday isn't complete without a trip to the beach? Stylize your man with Ray-Ban's latest twist on their classic aviator style with luxurious leather touches, available at Nordstrom.  Ray-Ban 'Outdoorsman' 58mm Polarized Aviator Sunglasses, $239

5. Generally the waves are great this time of year on the Central Coast. These locally made custom wood surfboards are as light as foam boards but should last a lifetime and look amazing. Made with a 100% recycled foam core and highly sustainable wood, the Sugar Glider is a classic longboard available between 9' and 9'8". Timberline Surfboards Custom Sugar Glider Longboard, $1,800

Buying vs. Renting in Santa Barbara County

Recent headlines have indicated that many markets show a better buying scenario when compared to rental costs. A recent report by Zillow studied the breakeven horizon for buying vs. renting in major markets across the country. The idea is that if buyers plan on staying in a home past the breakeven horizon, it becomes more financially advantageous to buy a property instead of renting. So what does this scenario look like in Santa Barbara County? Montecito has the longest breakeven horizon at 5.7 years, comparable to other high dollar markets like Manhattan. Santa Barbara came in at a projected 4.7 years. Zillow took into consideration all costs associated with buying a home and renting the same property to determine their breakeven horizon.

Santa Barbara named one of best housing markets

Need another reason to invest in real estate in Santa Barbara County? According to Fiserv Case-Shiller data, the Santa Barbara metro area will be one of the top 15 housing markets in the United States for the next five years.  Annualized growth from 2012 – 2017 is expected to exceed 8%. For a frame of reference, home prices nationwide are only expected to increase by 3.3% over the next five years. In fact, only five metro areas ranked higher than Santa Barbara in projected annualized growth. Yahoo! Finance ranked the top 15 cities by a combination of projected changes in home prices, median home prices and household income, unemployment rates and changes in home prices since their peak. Read more here...