Santa Barbara Market Makes Top 10 List Again

According to Realtor.com, western states continue to dominate the housing recovery in the third quarter of 2012. The site released its rankings of the top 10 turnaround towns, based on housing data from median list price increases, inventory levels and even employment rates. Santa Barbara was ranked 7th on Realtor.com's most recent list, while the metro area also made the Top 10 turnaround town list for the 2nd quarter of 2012. Western states especially have seen inventories continue to fall and median list prices increase year-over-year.

Santa Barbara's Stellar Market

More than anywhere else in the country, California metros are showing some of the largest year-over-year asking price increases according to Realtor.com. The Santa Barbara metro area tops that list, posting a 32.05% year over year increase, a staggering 6% higher than any other metro area nationwide. Complementing this trend, California metros are also posting some of the largest inventory declines.

September numbers are also in from CORT, confirming a continued improvement in Santa Barbara South County Sales over the past five years. Last month's closed sales were up 8% over September 2011. Here at Rebecca Riskin & Associates, we have had four closings in the past 30 days, with 3 more listings pending.

Santa Barbara Claims Another Top Spot as Market Turns Corner

This week's real estate press have been very encouraging. Reports show the nation's housing market posted the strongest growth in 6 years, with nationwide home prices up 4.6% from last August. It is also predicted that September prices will continue to rise across the country. Another report detailed existing home sales climbing about 9%  nationally in August from a year earlier. Mortgage rates have hit another record low, and the National Association of Realtors NAR estimates prices of existing homes will rise 10% cumulatively over the next two years.

Meanwhile, Santa Barbara continues to make headlines for its noteworthy increase in house prices. Realtor.com put together a list of the top 10 turnaround towns for the 2nd quarter of 2012, showing metropolitan areas with the fastest recovering housing markets.  Santa Barbara made the list at number 10, ranked by comparing year-over-year changes in median price, median age and size of the inventory. Our housing market moved 21% faster in Q2 2012 than it did for the same quarter last year, with inventory down 31% and list prices up almost 17%. We plan to continue to make headlines with more sales in the near future!

We've Gone Digital!

As you may have noticed, we've recently upgraded our printed, glossy brochures to electronic brochures for easy reading on the web! In this day and age, more and more buyers are looking to the web on their laptops, smart phones and tablets for up-to-the-minute information on real estate listings. In order to ensure that potential buyers can access all the information they desire instantly, they can now flip through our brochures electronically from our website. Our eBrochures also double as great marketing tools to email to agents and interested buyers on a whim. And while our beautiful oak display still hangs in the hallway of our Montecito office full of glamorous, glossy brochures, an equally beautiful digital credenza now hangs on our Facebook page. Each property's eBrochure can also be found on our website.

Santa Barbara Ranked Nation's Highest for Annual List Price Increases

A new report released this week from Realtor.com ranks the Santa Barbara metro area as the top region in the country for annual list price increases. Perhaps the high-end Montecito market is driving this number up, as we have seen a resurgence in the $10 million + market with 10 sales closed above this mark already this year. For the month of August, Santa Barbara had the 2nd fastest rising list price increase, with 5.34% month-over-month.

Statewide, California seams to be leading the way for current housing market stability. California was home to 8 of the top 10 metros for year-over-year inventory reductions and 5 of the top 10 metros for year-over-year list price increases last month.  In Santa Barbara, inventory is down considerably as our market heats up. Recent numbers from Realtor.com reveal a 35% decrease in inventory year-over-year for the Santa Barbara metro area. To learn more, click here.

Local, National Sales Continue Strong

Zillow announced yesterday that U.S. home values continued to climb for the eight consecutive month, according to data from their July 2012 Real Estate Market Reports. Home values are up 1.2% nationwide, a healthy number supported by low inventory in many markets. Here in Santa Barbara, July South County sales shook off the previous month's dip to return to positive growth. 2012 sales are an astonishing 44% higher than last year. Meanwhile, inventory is at a 6 year low! Does this mean home prices are finally on the rise?

The Village Properties Vacation Raffle!

We'd love for you to consider purchasing a raffle ticket from Village Properties to support The Teacher's Fund, established to help local public and private K-12 school teachers buy the supplies and books they so desperately need. Only 50 tickets will be sold, so your chances of winning a dream vacation are pretty good! The winner gets to choose their vacation of choice (Europe, Telluride, Pebble Beach/Carmel or Hawaii). The drawing will be held at the Futures Golf Tournament in Santa Barbara on Friday, September 21st (winner need not be present). Simply contact Rebecca Riskin & Associates to purchase your ticket!

Southern California Median Home Prices Hit 4 Year High

The LA Times reported today that the median home price in Southern California hit its highest point in nearly four years as buyers compete for fewer homes. The median is up over 8% from this time last year, and has been increasing steadily for six consecutive months. Last month's sales were also up 13.8% over July 2011, with approximately 20,500 properties sold throughout the six-county region.

While home prices in Montecito don't quite compare to the Southern California media price of $306,000 (according to DataQuick), we have been seeing full price or multiple offers in some high-demand price ranges. And as we reported last week, the high-end market at $10+ million is seeing a local resurgence.

The $10+ Million Real Estate Market Resurgence

We've been following some recent news regarding the high-end real estate market picking up in certain pockets across the country. For example, an estate in Miami just broke records for a single family home sale at $47 million, while New York and Silicon Valley keep making headlines. According to RealtyTrac, home sales of $1+ million are up 23% from one year ago.

Having seen a similar pattern here in Montecito, we decided to dig a little deeper to decipher our perception of the high-end market resurgence. According to the MLS, there was only one recorded closed sale at over $10 million in Montecito for 2011. Compare that to 2012, where year-to-date $10+ million sales already total 9. Montecito also had its first closing of over $20 million this year already.

Some experts explain the resurgence in closed sales by the drop in house prices, which have fallen 20% this year in the $1+ million range. Here in Montecito, we've definitely seen prices come down from their highs, but we've also seen some properties sell for prices above their previous sales price. Full price and multiple offers are also becoming the norm on well-priced homes in limited inventory ranges.

Why A Pocket Listing?

Pocket listings can be used by sellers and their real estate agents for a handful of reasons, but each pocket listing comes with a unique strategy in mind. Before we dive in to some of these strategies, which were highlighted in a recent article published by the RealtyTimes, let’s quickly define what exactly a pocket listing is.

Simply put, an agent may choose to list a home without listing in on the Multiple Listing Service (MLS).  They figuratively keep the listing in their pocket, instead of broadcasting it out to the audience of millions using the MLS. A pocket listing is thus an unofficial, off-market listing.

Pocket listings are generally a strategy of high-end, expensive homeowners looking for a unique approach to their house sale. Because of changing market conditions, however, pocket listings have become more mainstream.

Some sellers aren’t happy with current market prices, so they’re happy to wait for the right buyer to come along who will pay the right price, and will settle for the lack of marketing through traditional real estate channels. In a similar fashion, sellers can use a pocket listing to test the market quietly before taking the plunge.

Meanwhile, other sellers may select a pocket listing because of the ability to generate a quick cash sale, even if the pre-determined price is below market value.

Another issue with listing high-end properties in the MLS is the time on the market shadow that may follow a property if it sits for a period of time. This can give buyers the feeling that there’s something wrong with the home, or they may feel obligated to submit offers much lower than market value based of the length of the time the home has sat on the market.

Finally, pocket listings can be a great alternative for sellers who require privacy. Keeping their home out of traditional marketing channels can work in their favor when trying to avoid the media.

For more information on listing strategies, please visit our website. To read the complete article by RealtyTimes, click here.

Anyone Hungry in Santa Barbara?

SBmenus.com, a local online restaurant database, is now a proud partner of the Teachers Fund, our very own Village Properties program established to help local public and private K-12 school teachers buy the supplies and books they so desperately need. Through the partnership, 1% of all online order sales will be donated to the Teachers Fund each month, providing a great way for Santa Barbara locals to generate revenue for local schools while filling their bellies. SBmenus.com provides the community of Santa Barbara with a quick and easily accessible online database of Santa Barbara's best restaurants. Besides a complete online restaurant guide full of menus and restaurant information, the site  provides online ordering for delivery or take-out for 50 local restaurants, with exclusive online specials. Bookmark SBmenus.com to save money, time and give back to the community!

Has the U.S. housing market finally turned the corner?

This week, Zillow reported an increase in U.S. home values for the first time in five years, marking a reported end to the slide of the real estate market. Numbers revealed a 2.1% increase in home values from the first to second quarter of 2012, the first of it's kind since 2007. Zillow's Real Estate Market Reports also highlighted a four month consecutive increase in national home values, while 2nd quarter 2012 home value appreciation was the highest it's been since 2005. The report varies widely across markets within the United States, however it appears that a gradual and steady increase in home values should become a reality for most of us. The worst could really be over! For more information on the market locally in Santa Barbara and Montecito, click here.

More Award Winning Wine from an Available Santa Barbara County Vineyard

Just last week, Wine Spectator awarded Vogelzang Vineyards with an outstanding rating for two of their 2010 wines. The 2010 Sauvignon Blanc Reserve received 92 points, while the Birdsong Sauvignon Blanc received 91 points. Wine Spectator's 100 point scale classifies wines in the 90-94 point range as "outstanding: a wine of superior character and style." The 2010 Sauvignon Blanc Estate is now the highest rated Sauvignon Blanc in the country!

Winemaker Robbie Meyer blends the estate Sauvignon Blanc grapes with the Musque clone which offers floral spicy and tropical notes with a fuller body. His blends use wild yeast grains, giving the wines a wonderful aromatic note.

The 108-acre Vogelzang vineyard presents an incredible and unique opportunity to own an award-winning vineyard in an up-and-coming world-class wine region. Vogelzang rests at the heart of Happy Canyon, one of the first nationally recognized appellations in Santa Barbara County. With fantastic potential for an estate site, the property boasts plenty of space to build an expansive home and equestrian facilities alongside the vines. For more information, click here.

Guess Who Has the 2nd Hottest Real Estate Market in the U.S.?

This month we were thrilled to learn that Santa Barbara is the second hottest metropolitan real estate market in the United States! According to an article published by Forbes, our May median home prices were 30% higher than that of May 2011, while total home sales doubled. New listings are selling 20% faster than one year ago, while pending contracts are up a whopping 80%. Helping the Santa Barbara real estate market is the fact that it's simply one of the best places to live, and buyers see a value in that. In fact, there's a scarcity of inventory as local residents can still afford the median house price (the area enjoys one of the lowest unemployment rates in California.)

Bottom line? Santa Barbara has a hot, luxury housing market!

Click here to read the entire Forbes article. For more information about Santa Barbara area real estate listings, click here.

2013 Real Estate Tax Linked to Healthcare Reform?

Did you know that the recent healthcare reform bill had a real estate tax clause buried in its legislation? According to a recent article by the LA Times, a 3.8% real estate tax will go into effect in 2013 as part of the healthcare bill. For most homeowners looking to sell, the new tax won't apply. The new surtax, which will take effect on January 1, 2013, will only be applied to sellers making a substantial profit on their home. The 3.8% will affect those above the $200,000 (single) or $250,000 (joint) gross adjusted income, who receive profits above the capital gains tax free limits on the sale of their principal residence. Things may get tricky for those selling vacation homes or rental real estate, where all of the profits could be subject to the surtax.

For more information or to read the entire article, click here.

June Sales for Santa Barbara County Still High

The market is still strong this summer, with a huge improvement year over year. Check out the latest Cort graph highlighting year-to-date sales....the best summer by far in over 5 years! Here in our office, things just aren't slowing down. Two new listings this week!

The Wall Street Journal Lists Rebecca Riskin & Associates on "The Thousand" 2012

The Wall Street Journal announced today the results for their annual "The Thousand" list, the 2012 Top 1,000 Real Estate Professionals by Transaction Volume. Not only did Rebecca Riskin & Associates make "The Thousand," they also made the Top 250! The list is compiled by The Wall Street Journal and REAL Trends, Inc. as a summary of the top 1,000 real estate professionals and teams in the United States, based on the amount of closed transaction volume for 2011. Rebecca Riskin & Associates also made "The Thousand" and the Top 250 lists for real estate teams in 2011.

vogelzang vines make award-winning wines

If you'll excuse the rhyming title, we want to take a moment to announce some exciting news. One of our vineyard listings, the phenomenal Vogelzang vineyard property in Happy Canyon, has recently received some widespread recognition for its world-famous wines.

- Their 2009 Sauvignon Blanc Reserve was selected to be poured for the leaders of the Free World last weekend at the NATO G-8 Summit intimate leaders only banquet in Chicago's Soldier Field.

- Their 2010 Birdsong Sauvignon Blanc was rated 91 by Wine Spectator in their advanced issue coming public in June.

- Their 2010 Viognier Reserve was selected in January 2012, by Tony Asnault, Executive Chef at Patina in LA (Four Michelin Stars) and served with his creations at The James Beard Foundation, NYC.

- Their 2010 Birdsong Viognier was chosen this week to represent California Viognier at the Court of Master Sommeliers at the Bellagio in Las Vegas May 29-31.

We love that there's so much more to this property than looks alone; and, as we're sure you can see, it has no lack of aesthetic beauty.  Click on any of the photos to see the property's page on our site.