Property of the Week: Legendary Ocean-View Estate in Hope Ranch

Rarely does a property of such prestigious architectural caliber combined with a location offering truly impressive acreage come onto the market. Unlike any other, this unique Hope Ranch estate offers a lifestyle few can attain. Breathtaking ocean views are the backdrop to approximately nine park-like acres, so whimsical and enchanting they could have been painted upon canvas and displayed on gallery walls. A scene realized in 1929, by the great Reginald Davis Johnson, award-wining architect to Santa Barbara's Biltmore hotel, retains its character, mystery and allure today.

An ocean-view estate in Santa Barbara, California offered by Riskin Associates

Impressive entry gates open to reveal a meandering oak lined drive spilling with shrubs, flowers and trees, leading to a welcoming motor courtyard. Across an expansive, rolling lawn, the Pacific Ocean glistens, while the fragrant aroma of blossoming rosebuds lingers in the air.

A deluxe Santa Barbara estate offered by Riskin Associates

Introducing the home’s exquisite character, hand-painted details, original terra cotta floors, and a beamed ceiling adorn the foyer. An impressive galleria connects private and public spaces with elegance and grandeur, graced with a hand-painted barrel ceiling, ornate crown molding and French doors opening to the ocean-view terrace.

Original details adorn each room of this Hope Ranch estate offered by Riskin Associates.

The generous formal living room is a powerful space, with a soaring pitched beamed ceiling, hand-painted details, an elegant fireplace, a large picture window framing garden views, and French doors revealing the ocean view. A handsome copper bar with a beverage refrigerator and temperature-controlled wine refrigerator complements the space, while French doors providing direct access to the pool courtyard are ideal for entertaining in this magnificent formal living room.

grand formal living room in this Hope Ranch estate.

The formal dining room encourages the utmost in sophisticated entertaining with a warming fireplace, gallery walls and custom Wendel lighting, ideal for showcasing art. Doors provide privacy for gatherings, separating the space from the extensive and well-appointed butler’s pantry.

Formal dining room in Santa Barbara california

French doors open the formal dining room to a terrace and the pool. A second set of French doors open to the home’s centerpiece, a delightful and sun-filled courtyard, where a hand painted tile fountain and climbing foliage create the most relaxing and enjoyable atmosphere.

A sunfilled courtyard is the centerpiece to the Santa Barbara estate

Outside, the swimmer’s pool is surrounded by vine-covered pergolas, a hedge-lined patio and ample terrace spaces while an ornate tile mural draws the eye towards the spa. Exploring the property’s stone pathways, citrus and avocado trees and rose-covered trellises lead to a mature, aromatic rose garden where the only disruption is a soft, sweet breeze and the charming chirp of native birds.

Pool pavillion in Reginald Johnson Santa Barbara estate.

Fragrant gardens surround the Santa Barbara estate.

Privately set away from the main hacienda, a lavish two-bedroom guest house enjoys views of the Pacific Ocean and the property’s immaculate grounds. Beautifully renovated throughout, the guest house features a gourmet kitchen with breakfast bar and top-of-the-line appliances, French doors opening to ocean vistas, a charming fireplace, two luxurious bedroom suites, a patio and ocean view terrace.

The guest house provides additional quarters while entertaining in this Santa Barbara estate.

Above a detached three-car garage, a lovely apartment with ocean views is outfitted as a gym with a private massage room. With an eat-in kitchen, featuring a pitched beamed ceiling and Electrolux appliances, and a full bath, the space perfectly doubles as additional guest quarters.

A guest apartment features a gym, full kitchen and bedroom with full bath.

One of Hope Ranch’s original homes, this expansive ocean-view estate is truly unique in both amenities and character.

An ocean view welcomes you to the comfortable terrace.

These impressive features are just the beginning of this incredible Hope Ranch estate. To discover the other secrets Reginald Johnson hid throughout the estate, click here. Or contact Riskin Associates at 805.565.8600 or associates@riskinproperties.com

Architect Spotlight: George Washington Smith

Arguably Montecito and Santa Barbara’s most celebrated architect, George Washington Smith’s unique take on Spanish Revival design has made Santa Barbara’s architecture world-famous.

George Washington Smith designed this impeccable Montecito estate in 1923

Born in East Liberty Pennsylvania in February of 1876, Smith inherited his eye for design from his father, a civil engineer who designed bridges for local railroads. After attending several prestigious primary schools, Smith enrolled at the Harvard School of Architecture in 1894. However, due to financial hardships Smith withdrew his enrollment from Harvard and took a position as outside construction supervisor for the architectural firm of Newman, Woodman and Harris. A few years later, further financial difficulties forced him to leave the firm and begin selling stocks and bonds in Pennsylvania.

After marrying in 1912, Smith and his wife Mary Cathrine Greenough spent three years traveling Europe. During their tour, Smith devoted himself to studying at the Julian Academy of L’Ecole des Beaux Arts in Paris and painting the architecture and landscape of the country, taking particular interest in Spain’s rural farmhouses. Upon returning to the U.S., George and Mary settled in New York before moving to Santa Barbara in 1916.

After designing and building his first home, known as the Smith-Hebertson House on Montecito’s Middle Road, Smith found that many of his neighbors wanted to live in a house like it, and thus began his career as a full-time architect. Viewing himself as a gentleman architect, Smith enjoyed a heavy involvement in the design process by those who commissioned him to create their residences. Together with his clients, Smith traveled across the globe to gather accouterments unique to each individual project. By the mid-1920’s, the commissioning of a house in Santa Barbara or Montecito by Smith was considered the hallmark of success.

Credited as the “father of Spanish Colonial Revival” in the U.S., Smith gathered much of his inspiration from Spain’s rural Andalusia region, featuring subtle and romantic design. Whitewashed exteriors, spiraling staircases, archways, balconies and intricate iron and tile work are familiar motifs of the Spanish Colonial Revival period.

The landscape surrounding the site of a future home was taken into expert consideration prior to design and construction. Working with notable landscape architects including Lockwood de Forest, A.E. Hanson and Ralph T. Stevens, Smith not only created residences, but entire estates with the vision of a full life lived by those who would live there, experiencing the beauty of both the interior and exterior environments.

Today, there are over 80 George Washington Smith works in Santa Barbara, and many more across the country.  Smith’s 21st Montecito house known as Casa del Herrero, built in 1922, is now a museum listed on the National Register of Historical Places, and many of his designs, sketches and correspondence can be found in the University of Santa Barbara’s Art Museum. His works are featured in many prestigious architectural publications including The Architect, Architectural Forum, Achitectural Digest and House Beautiful.

Riskin Associates recently sold this romantic George Washington Smith estate in Montecito.

Oprah's Montecito Auction Makes Headlines

In case you've been living under a rock, media mogul and billionaire Oprah Winfrey owns a massive piece of  Montecito real estate, which she affectionately calls "Promised Land." Recently Oprah told reporters the estate, reportedly worth upwards of $85 million, is undergoing a major renovation to allow the residence to "reflect her true self."

Part of Oprah's home makeover includes a tremendous unloading of furniture and artwork which, according to Oprah's interior decorator, don't "have anything to do with" the mogul. So what does Oprah do when she needs to get rid of enough furniture to fill a 23,000 square foot residence? She hires Kaminski Auctions to get rid of it for her, donating the proceeds of the sale to her leadership academy for girls in Africa.

The auction will not only include items from her sprawling Montecito residence, but her homes across the country, including those in Chicago, Maui and her Indiana farm.

The auction is being held just a stone's throw from Montecito in Carpinteria on November 2nd beginning at 10am. Kaminski will host a special preview of items for sale on November 1st from 5-8pm. Tickets for the preview are on sale for $100.

Montecito is known to be a celebrity hideaway, with a long list of Hollywood heavy-hitters owning homes or visiting in order to escape the constantly prying eyes of the paparazzi.

Government Shutdown Update: What the NAR Told the Senate Committee Today

Since the Government Shutdown ten days ago, the world has been closely listening to the bickering between officials and watching for the effects on nearly every major industry in the nation. With all the back and forth and conflicting reports, it's difficult to decipher what is fact and what is speculation. Riskin Associates has been following the major developments, and today the headlines hit particularly close to home. Today, NAR president Gary Thomas went before the Senate Committee on Banking, Housing and Urban Affairs to discuss the foreseeable negative effects a debt default would have on the housing recovery. Thomas calls on Congress to raise the debt limit to avoid the consequences of a severe and drawn-out recession.

To quote Mr. Thomas, a default would be "devastating to homeowners whose largest asset would lose value and equity." In regards to home buyers, Thomas says "Home buyers would see a dramatic increase in interest rates and tighter credit standards." According to Thomas, a 1% increase in mortgage rates could cut home sales by nearly half a million and push many middle-class Americans out of the housing market. In his speech, Thomas urged Congress to raise the debt limit to help sustain the housing market rebound, which will allow to economy to maintain it's steady path to recovery.

The Housing Market Recovery: Just the Facts

This historic Montecito manor is priced to sell!

It's no secret, the housing market is in full recovery mode and home owners, economists and realtors are (cautiously) jumping for joy! With many news outlets reporting figures on the various aspects of the recovery, we thought it may be helpful to put the relevant information in one place. Fortunately, PropertyWire.com released an article which paints a helpful picture of the current state of the US housing market. Click the link to read the full article, or get the condensed version here:

• August marked the 17th consecutive month of housing price increases.
• August 2013 median sale prices up 6% from August 2012
• Home prices are up 23% from the bottom of the market in March 2013
• Foreclosures are down 3% from a year ago.
• Recovery seems to be driven by all-cash buyers and institutional investors based on the increasing share of sales by those two groups.
• California has seen the largest annual median price increase at 32%
• The CA metro areas with a population of 1M or more with the biggest annual median price increase:

1. San Francisco and Sacramento with 35% increase, with a healthy Northern California economy fueling price increases
2. Riverside/San Bernardino with 28% increase
3. Los Angeles with 26% increase

With an active market and a turbulent government, Riskin Associates will continue to report on the state and changes of the real estate market.

3 Ways to Make More Time!

Everyone has their own version of a "busy schedule" and while every industry has unique requirements for how much time is needed to put in in order to be successful, the bottom line is we all need more time. Between careers, social lives and personal time, it seems that nearly every hour of the week is blocked off for something and nearly everyone is asking: how can I make more time? As real estate professionals in the busy markets of Montecito and Santa Barbara, here at Riskin Associates, we are constantly in search of ways to carve out more time for get things done.

Last week, Forbes came to our rescue with an article supplying a few useful suggestions for how to better manage our time. Here, we break down their suggestions for you (time saving!) or click here to read the full article.

• Free time doesn't have to be available time. When you see a block of time in your calendar that hasn't already been dedicated to an event or activity, fight the urge to fill it with the next invitation. Everyone wants to take advantage of worth-while opportunities, but saying no in order to leave a Wednesday evening or Saturday afternoon open in the calendar will allow you to recharge your batteries and take time for yourself. Being committed to another event doesn't have to be the only reason to turn down an invitation.
• Put it on the calendar. Yes, you read that correctly. And as oxymoronic as it sounds, filling your calendar will allow you to get more things done. Here's the catch, fill your calendar with the tasks that should get done every day/week/month and put them on the schedule for the next three months. If it isn't on the calendar it won't get done. Are weekday exercise sessions routinely pushed to the bottom of your list in favor of that early morning conference call? Do personal administrative tasks (bill paying, trip planning etc.) get put on the back burner due to networking events? Schedule time for these tasks for the next 2-3 months. The time doesn't have to be set in stone, but if time is allotted for these tasks early, you can easily move them as needed. Just be sure to move them, not remove them from the calendar.
• Get this: Sometimes time is more valuable than money. Do you despise the time you feel is wasted by cooking meals and washing dishes every night? Doing laundry on the weekends? In some cases, forking out the extra money in order to save time is well worth it. Eliminated stress, completing more important or urgent tasks, and allowing more time for relaxation are all worth the price difference in paying for a meal delivery system or housekeeper to help with cleaning and laundry. They say 'time is money' but maybe they could be saying 'money makes time.'

With some new insight into how to find more time in your schedule, do an experiment on time management. Follow these suggestions and let us know if you found these tips helpful!

Friday Formal Living Rooms: What's Your Style?

The Formal Living Room. Everyone knows it, that room in your grandmother's house "no one ever goes in" or "only when we have important guests," conjuring up images of stark white carpet and delicate glass accouterments.  But the uninviting spaces of your grandparents' days are over and formal living rooms are making a casually elegant comeback. From classic European to charming rustic, there is a room to suit anyone's "formal" preferences. Below, enjoy four unique formal living rooms, and Riskin Associates wants to know, what's your style?

a Montecito estate's formal living room

Elegant Tuscany. This elegant, grand formal living room is the sophisticated centerpiece to an equally grand Tuscan villa. The room has been designed for luxury and outfitted with the highest quality finishes, including hand-finished walls, a coffered lyptus wood ceiling and an imported fireplace mantle.

A Montecito ocean view formal living room.

Casual California. Perched on a high hilltop, this estate's formal living room enjoy a panoramic ocean view, which commands center stage through an expansive floor-to-ceiling window. A soaring pitched beamed ceiling is complemented by a pair of chic iron chandeliers.

A rustic ocean view formal living room in Santa Barbara

Rustic Retreat.If you prefer a rustic,  mountainous atmosphere, perhaps this comfortable formal living room with towering ceilings and beamed walls will suit you. A fireplace warms the expansive room which enjoys a wall of sliding glass doors opening to a terrace overlooking and expansive ocean view.

A craftsman living room in Montecito

Comfortable Craftsman.Warm rays of sun stream in through sky lights and picture  windows in this charming craftsman style room. Take in lush lawns and shady trees from the lovely window seat!

Indian Government Bans Purchase of Foreign Property

The business of buying and selling residential real estate is becoming an increasingly global industry. Many buyers of residential properties are using foreign money to purchase property both in the U.S. and around the world. However, the recent surge in property purchases by international buyers may lead to some unforeseen repercussions.  For example, the Indian government has taken an a series of interesting actions which could affect the global housing market. In recent years, Indian residents have invested heavily in foreign real estate, purchasing rental properties to secure income for their families and relatives or for their own use while visiting the country. Indians have had a such a heavy influence, that in recent years they were among the top five buyers by country of origin in the U.S. Purchasing U.S. homes of an average price of $300,000, with 21% of these purchases made in all cash.  Additionally, Indians were the number one purchasers of property in Dubai. What prompted such a dramatic decision by the Indian government? The answer is quite simple, keep the money in the country. In an effort to balance the strength of the Indian rupee against foreign currencies, the Indian government aims to increase the local exchange of currency, rather than seeing funds generated in India spent outside of the country. With such a large percentage of foreign buyers eliminated by the new law, housing markets around the world may feel the effects, in the form of decreased home sales.

This new global development could quite possibly have major repercussions for real estate markets around the world. For more information, please click here to view an article posted on World Property Channel.

Weekend Food, Fun & Sun in Santa Barbara!!

The SOL Food Festival in Santa Barbara has fun for the whole family!

Santa Barbara is renowned for it's stretches of sandy beaches, exciting events such as the SB International Film Festival and of course, it's profusion of delectable culinary offerings. But restaurants and cafes aren't the only spots in Santa Barbara you will find food and fun combined! Santa Barbara residents and visitors regularly enjoy festivals and celebrations that prove to be a feast for all the senses! Santa Barbara offers year-round opportunities to appreciate the beautiful bounty of the area. From the Solstice Festival in June to Octoberfest fun, and lets not forget the annual Holiday Parade, each season has it's own way of partaking in the excitement! As we head into the fall season (which, in Santa Barbara, bares a striking resemblance to Summer) harvest fun is  everywhere! This Saturday, the SOL Food Festival will pay tribute to local farmers, chefs, and organizations  throughout SB County. The festival, which will be held at Plaza Vera Cruz Park on Santa Barbara street between Cota  and Haley Streets, will feature several different stages each boasting their own theme such as Making Change Stage  and Hands On Kitchen Stage. We've included the festival map to the left! Bring the family out to Plaza Vera Cruz Park for a day of fun, food, music and of course, Santa Barbara sun!

Figueroa Mountain Brewing Company Figtober Fest

Another way to enjoy the beauty of Santa Barbara's fine offerings is directed to our adult residents and visitors. The new "it" locale for laid-back dining and drinking is Santa Barbara's up and coming neighborhood, lovingly referred to as The Funk Zone. This area of SB was once known for its industrial atmosphere, but star chefs, breweries and sommeliers are breathing new life into the area, giving it a relaxed yet stylish feel. New restaurants and tasting rooms are popping up what seems to be weekly, and the activity is getting everyone's attention.

This weekend, Santa Barbara County favorite Figueroa Mountain Brewing Company is hosting FigtoberFest in two locations, Buellton and the Santa Barbara Funk Zone. The Funk Zone location will feature beer tastings, guest breweries, wine tastings, food trucks, live music and costume contests! In keeping with the Oktoberfest spirit, traditional German garb is encouraged!!

Sunday, work (or watch) off your food/beer coma by heading down to West Beach and take in the AVP Pro Beach Volleyball Tour, going on Friday - Sunday. Click here to buy your tickets to the action!!

Riskin Associates invites you to visit Santa Barbara and get a taste of what everyday life is like in paradise!

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The Luxury Market Goes To The Young and the Wealthy!

The National Association of Realtors has reported on a very intriguing study conducted by the Luxury Institute, which found those who are driving the luxury real estate market are not those middle-aged CEO's but younger buyers with a fresh take on what is "in" in luxury real estate. Looking at young buyers aged 21 or older with a minimum income of $250,000, the survey concludes that these young buyers are willing to pay more than buyers of similar wealth but aged over 55. On average, young buyers spent over $2 million on their most recent residential property purchase which was almost twice as much as older buyers spent! The article by RealtorMag quotes the CEO of the Luxury Institute: “Luxury homes are for more than successful and retired empty nesters,” says Milton Pedraza, CEO of the Luxury Institute. “Today’s luxury buyer is both dynamic and diverse, and it’s reflected in the homes and products they’re buying.”

However, it's not just how much young buyers are spending, but also what they are spending it on that is of note. The amenities at the top of most young buyer's wish lists are outdoor kitchens, gyms, home theater systems and garages to house 4+ cars! These amenities all showcase the desire to lead active lifestyles, raise families or entertain in their homes and make the most of their purchases. Despite these new age desires, the oldest adage in real estate still applies: Location, location, location! Location is still the most important factor in property purchases, with only 6% of young buyers purchasing homes outside of the U.S.

Calling all you young buyers looking for the perfect property! Take a peek into these luxury Riskin Associates properties and tell us, do you see something you like?

A home gym in a Santa Barbara estate

This contemporary Montecito property boasts one of the most luxurious outdoor dining areas.

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The Housing Market According to Fannie Mae

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The housing market has been making big news lately, and it seems everyone has something to say about home prices, inventory and mortgage rates. To make sense of all the information floating around, editors of the LA Times met with Fannie Mae chief economist Douglas Duncan to get the scoop on what to believe about the current state of the market, and what to ignore. Here's a summary of Duncan's comments:

• There is no bubble, this is not a boom. Duncan does not view the housing market as robust, rather that rising home prices are simply bouncing back from very low bottoms. New construction is also moving at a slow but steady pace, however it is not expected to resume the pace it held at the height of the market.
• Don't fear the mortgage rates. Fannie Mae reports that there is little correlation between the increase in mortgage rates and home prices and Duncan predicts that while sales may decline, home prices will continue to increase. Duncan also doesn't see a second surge in rates in the future, but rather a gradual increase.
• There is no longer shame in renting. Ownership is still part of the dream, but renting has become a larger part of the norm. Investors have purchased single-family homes since the boom and families who were drastically burdened by the recession are renting to "recreate" the home ownership experience. And "downgrading" to renting no longer means that your home owning days are over, Duncan says many who lost their homes will own again.
• It's true, it is a good time to buy. Although home prices are up from their rock bottoms, they are still considerably low as are mortgage rates despite to recent spike. However Duncan warns, "You should only buy a house if you can afford it."
• Investors: a possible risk. Investors have played a crucial role in the market recovery. However it is possible that as new construction begins to take off, investors could sell their holdings, which could cause decline. Duncan urges investors to watch construction which acts as competition.

Riskin Associates has seen a renewed energy in the high-end market in the recent weeks. Many high-end listings in Montecito are receiving back to back showing requests and multiple offers, proving that the competition is stiff across all branches of the market.

A Riskin Associates Listing Catches the Wall Street Journal's Eye

An Artful Flip in Montecito - WSJ.com

Riskin Associates is proud to represent some of the most unique and exquisite homes in Montecito and Santa Barbara, and we are so flattered that national real estate news outlets recognize our listings for their individuality and luxurious qualities. This time one of our more recent listings is enjoying the spotlight as the Wall Street Journal's House of the Day. This contemporary hacienda on Via Manana is just steps from the world famous San Ysidro Ranch and Montecito's extensive hiking trails.

The home has been extensively renovated by Montecito design team Kirsten and Darrell Becker of Becker Studios. Kirsten Kemp Becker is the former host of numerous HGTV interior design shows and affords her experience and expertise in interior design to the homes which her husband Darrell renovates to maximize each property's livable space. For their latest endeavor, Becker Studios outfitted the home with luxurious, low maintenance finishes and landscaping, to evoke the feel of historic Montecito haciendas.

To learn about the uniqueness of the proeprty that caught the eye of the WSJ, click here. For more information on the property, please contact Riskin Associates.

The right neighborhood..how do you know?

A Riskin Associates Montecito listing

It's the old real estate adage, "location, location, location!" You're heard it time and time again, but what does it mean to you? A neighborhood can be many different things, but what makes a neighborhood great? MSN Real Estate's Melinda Fulmer gives us some insight.

• People and place: People in the area make small adjustments and improvements, and these small changes can add up to the perception of a larger movement within the community. When an area is "up and coming" it usually means it is seeing a number of things happening at once. Someone adds a small shop, a new park bench, or a new open-air market. These changes seem minuscule when they stand alone, but when paired together, they add up to the flourishing of the neighborhood's character. They allow interaction between community members, which results in, well, more change. In short, it's the character of the people that determine the character of the place.
• Location location location. This should actually read: opportunity, opportunity, opportunity! Access to well-paying jobs, efficient public transportation, and abundant shops and services all create opportunity for the people who live in the area to improve their lives, be it financially or socially. So opportunity and access to the utilization of these important community aspect are what make the difference when it comes to the desirability of an area.

The next time you hear someone say "location location location" ask them exactly what it means to them to be in a "prime" location. Does it mean great weather? Privacy? A good school? All of these aspects are important, but to each home buyer, what makes a community great is more than just a great lot.

Party at the Polo Fields!

Riskin Associate Sarah Kelly presents the trophy to Team Restoration Hardware

While the sun was shining in beautiful Montecito, Riskin Associates broker and Christie's International Real Estate affiliate, Village Properties  hosted a day of field-side fun. Sunday, August 18th the USPA Bombardier Pacific Coast Open was hosted at the Santa Barbara Polo & Racquet Club! Village agents invited clients and their families to enjoy the games from a private field-side tent and catch all the action. Refreshments and hors d'oeuvres were served as players raced across the field in exciting style. Rebecca Riskin attended with her daughter Julia, marketing director Phoenix Smith also showed up to take in the games and partner Sarah Kelly presented the trophy at the close of the afternoon!

Sarah Kelly, Rebecca and Julia Riskin and Phoenix Smith catch the games field-side.

California Home Prices? They're up too!

Riskin Associates Montecito Listing

News is spreading quickly that the US economy is rapidly approaching a full-blown recovery! All over the country people are gaining confidence in their investments and are returning to their pre-recession economic standings. Housing markets, unemployment and the stock market are returning to levels which reflect a healthy economy, and everyone is feeling the warm and fuzzies. Californian's in particular are jumping for joy as across the state homeowners are watching their home values skyrocket.  Leverage Global Partners is reporting that this time last year, the average home value was $320,990. But 2013 is blowing that number out of the water, with an over $100K increase to $428,510! Thats 33% in one year!  Aside from the rise of home prices, other factors also indicate a strengthening market. Riskin Associates recently reported that a pick up in the luxury home market indicates confidence of affluent demographics in the economy as "discretionary spending" increases. Riskin Associates is excited by the news of increasing home prices in California and across the nation!

Deer Lodge is being featured on BRAVO's Property Envy Tonight!

The pool and patio at Santa Barbara's Deer Lodge!

Riskin Associates is excited to announce that our listing, Deer Lodge, will be featured on BRAVO network's new real estate show Property Envy. The show looks inside some of the county's most unique and distinctive properties as a panel of comical real estate personalities provide commentary. Deer Lodge fits the bill of the show, an incredible property with amenities akin to the coolest summer camp you never had the opportunity to attend. With 180 acres of hiking trails, sport courts, mountain view terraces, pool and spa, game room, and multiple structures with five star sleeping accommodations. Riskin Associates will be watching as the cooky panel of Property Envy sounds off on this and a number of other amazing properties tonight on Bravo! For airing times, check your local listings!

Why Luxury Real Estate is a Vote of Confidence for the U.S. Economy

A luxury montecito estate

The U.S. economy is in full recovery mode! Over the last year, middle class families have jumped at the opportunity to purchase homes with record-low interest rates, contributing the boost in the market. Homes priced under $1 million rose 11% in price during the first half of 2013. Now the luxury home market is gaining momentum as well, with homes priced over $1 million jumping an average of 37% during the same time frame. According to an article released by Financial Post, these are the highest numbers seen since the market's height in 2007. The article goes on to explain that the luxury market tends to follow (closely) behind the broader market, as luxury property purchases tend to be "discretionary spending" and generally waits until a stable market is experienced.

This upswing the in real estate market is a sign of widespread economic growth.  According to the article, economists predict a U.S. economic expansion of 2.3% in this quarter alone. How does home purchasing indicate general economic growth? Home buying spurs consumer spending, with decorating, remodels and entertaining.

Wealthy families are gaining confidence in the economy as they are beginning to see stabilization of their investments, and beginning to purchase high-end homes. For this reason, the surge in the luxury real estate market reflects a vote of confidence in the broader economy. Riskin Associates is excited by a recent article published on AOL Real Estate which named Santa Barbara as the #3 city seeing the highest rate of market rebound in the US!

Trending: Luxurious, Low Maintenance Finishes!

One of the fastest growing trends in luxurious residential interiors are environmentally friendly and low maintenance finishes. Designers are searching far and wide for unique, sustainable, and easy to live in materials to outfit homes. These days, homebuyers want durable finishes that can withstand day to day living, while maintaining lavish design and aesthetics. While classic materials will always be in style, fresh new materials are taking over our homes. Take a look at the luxurious finishes in the latest Riskin Associates listing...

...Designed by Montecito design team Becker Studios, this contemporary hacienda is adorned in low maintenance materials such as wide-plank drift wood oak floors, combed Chinese basalt, concrete, Lagos Azul and Arival Spanish  Limestone and Calcutta marble. The landscape design acknowledges Montecito's temperate climate, utilizing low maintenance succulents to create attractive gardens, while oak and olive trees line the gravel drive.

Want an inside look into this fabulous hacienda? The home will be open this Sunday from 1pm-4pm, 770 Via Manana, Montecito.

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Santa Barbara's Old Spanish Days is back!

Santa Barbara's Old Spanish Days banner

One of Santa Barbara's longest standing traditions is the celebration of Spanish and Mexican heritage during the Old Spanish Days festival. Beginning in 1924, Santa Barbara has delighted in the traditions and pageantry of the vaqueros and vaqueras, the horsemen and cattle herders of Spanish Mexico! With dancing, music, performances, delicious comida and parades, Santa Barbara comes even more alive with the sights, sounds, and aromas of Fiesta! Kicking off on July 31st and continuing the party until August 4th, downtown Santa Barbara's famous State Street will be filled with locals and visitors congregating to enjoy all that Fiesta has to offer. Each day offers an exciting schedule of events, all centered around celebrating aspects of the Spanish and Mexican culture. With fun for the whole family, Riskin Associates invites everyone to join the fiesta and take advantage of yet another fantastic opportunity to enjoy this most incredible coastal city! Viva la Fiesta!!!!

Santa Barbara Home's One of the Fastest Rising List Prices in California!

CAR Top 7 Metros

The California Association of Realtors has released the top seven metropolitan areas with the fastest rising list prices, and Santa Barbara is #2! With a 38% year-over-year increase, Santa Barbara comes in just behind Sacramento. According to the CAR, the median list price of homes in the Santa Barbara area is just under $700,000. According to leading real estate professionals, nearly every neighborhood in Santa Barbara has seen an increase in list prices since the beginning of the year. Many listings are receiving multiple offers and offers coming in at full price. This active summer selling season is motivating home owners to put their homes on the market, and commanding top dollar.  Although the first quarter of 2013 was quiet in the luxury real estate market, the market has picked up significantly with multiple new properties coming on the market every week. Riskin Associates is excited by the active market and is reveling in this busy time!