Picture This 07-27-14
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The California drought has been gaining attention for quite some time now, and cities across the Golden State have been working to save water and eliminate waste. Santa Barbara and Montecito have been taking drastic measures to ration and conserve water, gaining national attention for the cities' success. The Santa Barbara News-Press' Sara Bush recently reported on the success of the Montecito Water District's water rationing ordinance. Below is a synopsis of Bush's article.
The Montecito Water District (MWD) enacted an ordinance earlier this year to force customers to cut back on water use by 30% or face fines. After receiving information about the severity of the drought and a few tips on how to save water, educated customers went above and beyond the call, with 80% bringing their water usage to or below their allocations in May, and 84% (!) below the allocation in April. Many believe Montecitians will simply write a check to pay a fine, in order to keep their rolling lawns lush, but experts were astounded by the efforts residents were putting in.
The MWD's Thomas Mosby has been contacted by major national news outlets such as CBS and NBC to discuss the strategy which has garnered so much success in such a small timeframe. Mr. Mosby advises people to read their water meters every two or three days, and avoid leaving properties (and irrigation systems!) unattended for long periods of time.
For more information on the water emergency in Montecito, and how you can help conserve water and lower your water bill, check out the MWD website.
Village Properties is the exclusive Christie's International Real Estate affiliate in the Santa Barbara market. Recently, Christie's CEO Bonnie Stone Sellers spoke to the New York Times about the future of the powerhouse company, and how it's success is driven by the success of the affiliates.
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Ms. Sellers is the chief executive of Christie’s International Real Estate, the New York-based division of the auction houseChristie’s. The company has 138 real estate affiliates in 45 countries, including Brown Harris Stevens. Before joining Christie’s in September 2012, she served as the head of the real estate group at McKinsey & Company, where she was a partner for 14 years.
Interview conducted and condensed by VIVIAN MARINO Q. How does the New York market factor into the overall business at Christie’s International? A. There isn’t any one affiliate that is that major a factor, but New York is a very important location for us. A lot of our major transactions are in the New York market. Since I’ve been with Christie’s International Real Estate, our network’s biggest transaction in New York City was through our affiliate Brown Harris Stevens: an $88 million apartment at 15 Central Park West bought by a Russian oligarch in 2012. Q. Have you added affiliates since you came to the helm? A. We’ve added 18 affiliates, some of which are in really key areas — from Singapore to Dubai; Monaco; Orange County, Calif.; Honolulu, just to name a few. As a result of this and as a result of the strength of the luxury market, our growth has been substantial. Q. How so? A. In 2013, we had a sales volume of $106 billion. That reflected a 29 percent growth over the previous year of about $82 billion. Q. What is your forecast for this year? A. We’re looking for a bigger number. Q. Your company recently published its second annual study of the global luxury market. Any surprises? A. The big surprise for us was the velocity of sales. We had no idea that the growth in the luxury market was related to the volume of sales, in particular, rather than the increase of prices. The second big “aha!” to us in our research — and we do all the research ourselves, by the way — was that luxury real estate has no relationship to general housing. It bears a very close relationship to luxury goods, particularly fine art. And if you look at how well the auction house did this past year, it kind of proves the point. Many have multiple pieces of art, and multiple homes. Q. Are there just more rich people around? A. There are a lot more rich people, and the rich people have more wealth — this had been in many public reports. But to us, we see three groups driving this. The first group that everyone hears about is the foreigners. They invest in London and the United States and they do that to have a safe place for their capital, a place where they can eventually live when they want to send their children to school; a place that has ease of access — a lifestyle city. A second group are the millennials. This is a generation that for the first time is receiving money from their baby-boomer parents or perhaps they were in the tech area and they’ve earned their own money. They’re becoming a noticeable force in the market. But the third group — the real driver — is the locals. And this is not just focused on New York but all the major cities we’ve looked at. The locals were on the sidelines during the recession and they’ve now come back with their pent-up demand and they’re fueling the growth of the lowest end of the luxury market — $1 million to $5 million — because finances are available and they have confidence. Q. In the New York market, $1 million isn’t really considered luxury. A. We actually agree with you. In the New York market, we define luxury as $5 million and above. But for our network globally, we only handle properties starting at $1 million. Q. So if I wanted to list a home for under $1 million, you wouldn’t market it? A. Our affiliates may take it, but not under the Christie’s network. Q. Are you working directly with any big developments? A. You caught us just before we announced the business — we’re going to be launching it this summer. One of the new initiatives this year is to create a business in development project marketing. We have three projects under our belt already. The one we are about to launch is in Sardinia; we also have two projects in London. Q. Where would you like to see the company in the next few years? A. We have some bold aspirations in the next five to 10 years. First: geographic expansion. We need to be in every major luxury city in the world, and there are still a few that we haven’t yet tackled. There are several in Asia that we’re testing the waters on right now — for example, Tokyo. I’d like to deepen synergies with the auction house. This year we had the opportunity to market and sell the properties of Huguette Clark. She died, a copper heiress, with four properties in the New York area — three on Fifth Avenue, sold together with our affiliate Brown Harris Stevens — and one in Connecticut. In addition, we sold a lot of the art in the homes, jewelry and in the most recent auction, the Monet “Water Lilies.” So it came full circle: the art and the real estate together. It was a perfect synergy. |
Home and lifestyle mogul Martha Stewart recently made a trip to sunny Santa Barbara to experience one of the area's most charming offerings - the daily farmer's market. Popping up six days a week throughout Santa Barbara County, local farmers, growers and culinary artisans converge to offer the best of the area's local harvest. Martha spent a Santa Barbara morning perusing the market, delighting in multi-colored carrots, okra, bounties of berries, freshly baked artisan breads and fromage accompaniments and a plethora of other eye-catching and mouthwatering finds. In Montecito, the Friday spot to do your farmer's market shopping, the market travels along scenic Coast Village Road, sprouting in front of iconic Montecito eatery, Jeanine's Bakery one week and in the Montecito Country Mart the next. On Tuesday afternoons, several blocks of Santa Barbara's famous State Street shut down to traffic so locals and visitors can mix and mingle in the market. On a warm summer afternoon, break from the market to pop into one of the shops or restaurants on either side of the street for a refreshing glass of local sangria or to find a unique Santa Barbara treasure.
Santa Barbara’s top real estate team, Riskin Associates of Village Properties Realtors, exclusively affiliated with Christie’s International Real Estate, was the listing agent for the highest priced residential sale of 2014 thus far. Commanding a list price of $28,000,000 the approx. 3-acre Fernald Point property included 300+/- feet of sandy beach frontage and coastal views spanning from Carpinteria to the Santa Barbara Harbor. The property closed escrow in late April, marking the beginning of a market pick up in the high end. Luxury real estate markets in major metropolitan areas such as Los Angeles, New York and London have been booming for a few years now. “During that time the high end market in Santa Barbara and Montecito was relatively slow. Recently, we've seen a nice pick up in sales over $7M” says Riskin Associates Partner Dina Landi, “But we still have a lot of inventory.”
The staggering sale on Fernald Point contributes to Riskin Associates’ impressive sales total, so far this year the team has closed over $70 million dollars in luxury real estate transactions. On top of their closed 2014 transactions, the team has a number of additional high-end properties currently in escrow, ranging from $7,950,000 to $14,900,000. This recent shift in the market has the team at their busiest since 2012, when they totaled over $225 million in sales for the year.
Their unique team approach allows Riskin Associates partner’s Rebecca Riskin, Sarah Kelly and Dina Landi to always be available. “During a hot market, working as a team allows us to maintain an unparalleled level of service, with attention to every detail and anticipation of every client’s need" says Rebecca. Clients appreciate the team’s intimate involvement with every aspect of a transaction.
If you simply do not have the good fortune of calling Montecito or Santa Barbara "home" year-round, purchasing a vacation property to lure you to this casually luxurious, coastal paradise as often as possible is the next best thing. Recently, Zillow released an article detailing a number of ways to protect your second home when you are not there to enjoy it. Below, Riskin Associates tailors these steps to the Montecito/Santa Barbara area for an quick and informative read.
Ocean view terrace in a Santa Barbara home
Homeowners Insurance Policies:
- The policy on your primary residence may not cover all of the personal property in your second home. While many standard policies will cover a portion of the belongings, it is important to check with your provider as to the extent of that coverage.
- Taking out a mortgage on your second home will likely require you to purchase a second homeowners insurance policy. Be sure that this policy is covering a vacation home, as unique risks of such properties should be outlined and covered. Below are a number of these unique risks.
Location:
- Oceanfront parcels are undoubtedly a desirable location for a vacation home. However, close frequent hurricanes can often cause flooding, which is usually not covered by your insurance policy. Fortunately, Montecito and Santa Barbara do not experience tropical storms with any regularity. However, the Santa Ynez Mountains are literally in the backyards of many Montecito estates while fires do not present danger frequently, fire insurance is highly encouraged.
- Earthquake concerns do tend to come up for many out of the area buyers. Earth quakes do happen occasionally in the southern California area, earthquake insurance is another option for homeowners to protect themselves and their properties. Riskin Associates provides buyers with an in depth booklet detailing the risks of earthquake damage and the many ways to protect your home.
Vacancy Vulnerabilities:
- Vacation homes are often left vacant for much of year. This can leave homeowners at risk for unnoticed electrical fire, pipe flooding or theft. Renting your home to tenants during your absence is a great way to ensure your property is cared for. Another way to protect your home is to ensure that your insurance coverage lines up with the current replacement cost of your home. Finally, have a professional inspect the major systems in your home (plumbing, electrical etc.) to ensure that these systems are up to date and in good condition.
Leasing Liabilities:
- Should you decide to lease your home to tenants to avoid leaving it vacant, there are a number of precautions to take. Homeowners insurance may cover incidentals and personal injury of tenants if you rent out your home only occasionally and for short periods of time, if you plan to rent your home for longer than four weeks, consider landlords insurance to cover a wide range of circumstances. Also, take the extra steps to conduct background checks on potential tenants, draft lease agreements or purchase an umbrella insurance policy.
Owning a vacation property in Montecito or Santa Barbara offers a lifetime of memories with family and friends in one of the west coast's most coveted locales. If you are purchasing a home in the area for the first time, working with a team of real estate agents who hold an intimate understanding of this niche market is crucial, particularly when navigating the myriad of intricacies vacation homes can present.
Santa Barbara Downtown Art and Wine Tour
Everyone knows that summer is everyone's favorite season, and in Santa Barbara summer seems to last all year. But come the month of May, a shift can be felt in our fresh coastal air and there is a distinctive feeling that summer fun is about to be kicked into high gear. Summer events seem to happen weekly in Santa Barbara from cultural celebrations such as the Solstice Festival and the Old Spanish Days to beer tasting at the Santa Barbara Zoo's ZooBrew! event and everything in between, there is no shortage of opportunities for casual family fun and upscale socializing.
The long weekend kicks off this Thursday with the annual Downtown Art and Wine Tour. The self-guided tour, which begins at 5:30, invites participants to meander through retailers, galleries and restaurants experiencing the works of local artists, vintners and chefs, on their way to the tour's Final Party at the Santa Barbara Club. Feasting on hors d'oeuvres and sipping wine or beer, party goers will eat, drink and dance the night away in celebration of all that Santa Barbara's Downtown District has to offer.
Tickets are $75 each and can be purchased online, at the Downtown Organization office or at the box office of the Arlington Theater.
Arlington Theatre Box Office 1317 State Street Monday – Saturday: 10am-6pm, Sunday: 10am-4pm (805) 963-4408 (credit card or cash + $2.50 surcharge per ticket)
Downtown Santa Barbara Office 27-B East de la Guerra Street Monday – Friday: 9am-4pm (cash, check, Visa and Master Card)
The 8th Annual Carpinteria and Summerland Artists Studio Tour generously presented by Village Properties takes place on Mother’s Day weekend, the 10th and 11th of May from 10am – 5pm. This event is FREE and open to the community. A map and Art Studio Directory will be available both online at www.artscarp.org and from the Carpinteria Arts Center and will guide you through some of the diverse fine artists studios of Carpinteria & Summerland.
Village Properties Artists Tour
The Artists Studio Tour is a unique opportunity to view 35 participating local artist studios, some of whom have shown in well-known galleries internationally and in the U.S. from Los Angeles to New York. It is also a chance to see and buy work of established artists as well as budding emerging talent who live in the beautiful Summerland and Carpinteria Valley. Some of this year’s highlights include new works by well-known local artist, Cayetana (Tani) Conrad, daughter of famed author, Barnaby Conrad. Tani is well known for her paintings of figures and landscapes distinctly featuring California colors and light. Her Toro Canyon studio has been featured in a number of magazines and will be open both Saturday and Sunday of the tour.
Originally a native of Carpinteria and just returning back to the area from a career in Santa Monica where she was working as an award-winning network TV producer, Danielle Methmann will be showcasing her latest work at Café Luna. Danielle’s photographs exude laid back So Cal lifestyle and beautifully capture the inspiration she gets from her surrounding environments. Danielle’s photographs will be on display at Café Luna both Saturday and Sunday.
Open Sunday only studio tour goers seeking an adventurous art studio visit are urged to visit local painter, Thomas Mace’s art studio. Perched atop Shepherds Mesa, Tom built the studio that is his wood shop, idea factory and home for his current projects. Situated in the mountains above Carpinteria, Thomas’ studio is the converted lathe house and a must see.
For a full list of participating artists please visit Carpinteria Arts Center website at www.artscarp.org or on Facebook @CarpinteriaArtistsStudioTour. This weekend long opportunity to tour and visit local artist studios is FREE and open to the public. A small percentage of art sales will benefit CVAC’s missions to promote, support our local artists in their studios and galleries, Bellas Artes program, Art by the Sea kids camp, Art in Public Places, Flicks film club and more. In the belief that the arts are vital to a healthy community, the Carpinteria Arts Center is committed to providing challenging exhibitions, innovative learning opportunities, and cultural enrichment for people of all ages, interests, and abilities.
The Carpinteria Valley Arts Council would also like to thank Village Properties that generously donated at the Presenting Sponsorship level for this year’s 8th Annual Artist Studio Tour. Visit their website atwww.villagesite.com.
As Santa Barbara's top real estate team for over a decade, Riskin Associates has the pleasure of representing many fabulous clients. Currently, local Santa Barbara artist Lisa Pedersen, happens to be one of them. Pedersen, who lives in a quintessential andalusian estate in Santa Barbara's Riveira, has been an artist her entire life and began painting professionally at the encouragement of friend and fellow painter John Brosio. Living on the Southern California coast offers endless opportunity for inspiration. Using water based oil paint, Lisa paints landscapes, architecture and cityscapes up and down the central coast.
Artist Lisa Pedersen art studio in her Santa Barbara Riviera Estate.
Aside from painting, Lisa indulges her artistic and creative energies through other forms of design. After graduating from USC, Lisa went on to UCLA to study architectural and interior design. Lisa lives in one of her most impressive endeavors. The exceptional residence in Santa Barbara's Riviera is an incredible example of Lisa's finely tuned creativity. Together with her father, Harlan Pedersen and builder Ken Rideout, Lisa restored a magical estate, circa 1939, to perfection.
Lisa's romantic vision, realized in 2004, includes custom designed kitchen tiles designed to emulate those in the historic Santa Barbara Courthouse, rich wood floors and beamed ceilings. Ocean and mountain views have been captured throughout via French doors, Juliette balconies and intimate patios. A jewel among jewels, a fantastic space has been utilized as an inspiring artists' studio. A south-facing ocean view terrace is matched by French doors framing mountain views to the north.
As enchanting as the residence is, the estate grounds are an idyllic complement. Pathways wind through blooming rose gardens, lush lawns and vine-covered pergolas. A bocce ball court, hidden tree house and sensational Mediterranean pool garden await discovery and take thorough enjoyment of Santa Barbara's enviable year round climate.
To experience Lisa's repertoire of work, visit Porch in nearby Carpinteria where an exhibition features Lisa's work throughout the month of May. Riskin Associates Partner joined Pedersen at Porch for the exhibition opening.For further information of Lisa's romantic and enchanting estate, contact Riskin Associates.
Realtor.com has released the results of their most recent survey of luxury home buyers, reporting on purchase motivations, amenity priorities and expectations. The numbers are encouraging, with 13% of home buyers looking to buy a luxury home and 26% considering a high-end luxury home. In the niche markets of Santa Barbara and Montecito, properties priced over $1M are considered luxury properties. The report also states that with such a large portion of homebuyers searching for high-end homes, trends in the entire market are being driven by the luxury sector.
A number of factors are motivating luxury homebuyers to make a move, chief among them being recent career success (19%) followed by retirement (17%). Investment and first time home buying were also catalysts to entering the housing market. Challenges homebuyers reported when shopping for a high end home were expected. Challenges included finding a property to meet family needs (40%), a limited inventory (20%) and access to mortgage loans (8%).
Buyers were also questioned on the most desirable amenities and what was the most important features of a home. Chef's kitchens were the most desirable with 54% of homebuyers listing a fabulous kitchen as their top priority. That million dollar view! Second on the list of desired features was a beautiful view (44%) particularly of an ocean, the mountains or cityscapes. Size also matters. Square footage (38%) and a large master suite (36%) also made the list. Resale value was also taken into consideration with 36% of buyers indicating resale value as "very important" and 27% feeling resale value was "extremely important."
For a further breakdown of luxury home buyers and information on homebuyers not looking for luxury real estate, view the full Realtor.com report.
The weather forecast isn't the only telltale sign that Spring is in full swing here in Santa Barbara. It is 80 degrees and sunny this week and the housing market seems to be equally hot with the unwritten real estate law "Spring is the best time to sell a home" being fully enforced. With so much activity in the market, Riskin Associates would like to educate our clients and readers with some insights into the current state of the market.
This quintessential Santa Barbara home offers the coveted, coastal lifestyle with ocean and mountain views and an enchanting landscape.
Firstly, the long, cold winter is finally over. The Polar Vortex quite literally froze the market and as the East and North East melts back into action, buyers are ready (and more motivated thane ever!) to relocate or purchase second residences in sunny California. Additionally, the rule rings true that spring and summer are THE time of year for real estate transactions. According to Trulia.com, sixty percent of all homes will be bought and sold between May and August in 2014.
Pricing is important. Consider it a bit of a reflection on the obvious, but pricing your property appropriately is still considered one of the chief factors in getting it sold quickly. While we have seen price increases into the double digits over the past year, the first quarter of 2014 did not reflect these increases. Trulia.com suggests closely considering comps of other homes in the area and trusting the expertise of the listing agent. Also, keep recency in mind. For luxury homes, give recently sold comps more weight than older sales. The more recent a sale, the more accurate picture it paints of the current market. A hot market often brings fears of the dreaded bidding war. But fear not, statistics are showing that bidding wars are not as common as they were last year.
Another suggestion for grabbing a quick sale is to list your home earlier rather than later. Many homes will come on the market in late May and early June. Listing your home before the "rush" will give it a chance to shine as a new listing and get the attention and activity it deserves. Have your home ready to market before listing it the MLS and keep it in show condition so short notice requests will be easily accommodated.
Marketing a listing appropriately is key. A good team of agents will offer five star marketing services and will ensure your home is as attractive as possible to the buyers browsing the web for homes for sale. Riskin Associates employs a full time marketing staff. Having this manpower gives the Riskin Associates team the ability to create high-definition showcase videos, pitch listings to a network of public relations connections and design custom marketing strategies for each of their special listings.
An estate unlike any other, Los Olivitos captures the soul and romance long equated with Santa Barbara – The American Riviera. A short distance from the Orient Express’ luxurious El Encanto resort, a rare parcel hosts the captivating Riviera residence. Uniquely oriented, approximately 2.74 flat and usable acres take in ocean and harbor views to the south while the magnificent Santa Ynez Mountains tower to the north.
At the end of a quiet cul-de-sac, entry gates open to a whimsical motor court lined with mature olive trees and stone-lined wildflower beds. The Andalusian style residence pays homage to the area’s Spanish and Mediterranean heritage characterized by staggered Mission red roof tiles, ironwork and exposed balconies.
At the home’s center, the fantastic eat-in kitchen offers an ideal gathering place for family and friends. While fabulously spacious, the kitchen has been lovingly designed to create a warm and inviting atmosphere. Created to emulate those found in the Santa Barbara Courthouse, custom painted tiles adorn the walls affording unique charm, luxuriously complemented by a tray ceiling and expansive marble island. A butler’s pantry, top of the line appliances and farmhouse sink create a chef’s kitchen. A mudroom, screened porch, office, powder room and spacious laundry facilities complete this wing of the home. Outside, a wrap around terrace provides an ocean-view dining area for enjoying Santa Barbara’s idyllic year round climate.
Accessed via the kitchen terrace, a large bedroom suite offers private guest quarters. Boasting a lounge, patio, spacious ensuite bath and generous storage the charming and private space provides an ideal guest retreat.
An incredible amenity befitting of such an inspiring property, the artist’s studio beckons the creative mind to take in both mountain and ocean views with a spacious veranda overlooking the Santa Barbara harbor. Cloaked in stained Pine, the studio’s pitched ceiling and abundant windows create a bright and airy ambiance. Off the motor court is a large three-car garage and exceptional additional multiuse space. Teak floors adorn the incredible expanse, ideal for a gym, games room or workshop.
To explore the estate’s magical grounds is to discover an enchanting facet of its most special character. Escape to the Mediterranean pool garden where a swimmers pool with grotto spa is the centerpiece to lush lawns, gardens and flagstone patios. The Pacific Ocean sparkles to the south while towering tropical foliage boarders the pool garden for a secluded feel. A spacious, fully tiled pool bath with shower is conveniently located near the main house.
A labyrinth of stone-lined pathways wind beneath mature oak and olive trees passed lush lawns and wildflower beds mingling alongside blooming rose, herb and succulent gardens. Uncover intimate patios resting beneath oak canopies enticing afternoon picnics, a tree house for the ultimate game of “hide and seek” and a bocce ball court lined by a galleria of olive trees. Entwined around an ocean view pergola, vine foliage rustles in a sweet summer breeze providing a stunning yet casual outdoor setting.
For those who appreciate a property rich in history, character and mystique, Los Olivitos combines authentic architecture and enchanting landscape with incomparable views to create the quintessential Santa Barbara estate.
What does spring bring? Not enough rain, but certainly a flurry of activity in California real estate markets. As we enjoy endless sun and soft spring breezes, (and secretly hope for some more rain to quench our partched soils) we also enjoy what the L.A. Times is calling a Seller's Season here in the Golden State. Discussing Zillow's latest report, the LA Times defines the east coast as a "buyer's market" with many price cuts and lengthy DOMs, and the west coast going to the Seller's with quick transactions, multiple offers, few price reductions and many properties selling at or over asking price. Riskin Associates can attest to this view with regards to Santa Barbara's wealthy yet casual neighbor, Montecito. Despite new listings coming on the market what seems to be daily, inventory is remaining relatively stable as many listings are receiving multiple, very strong offers and opening escrow quickly. Other California markets seeing seller's holding the negotiation power are San Jose and San Francisco. Buyers on the otherhand can do well in the midwest and Northeast, try Cleveland or Philidelphia.
This Spanish Revival Compound overlooks lush grounds and brilliant ocean views.
We never take Montecito's beauty for granted. So when the sun is shining and it's Friday afternoon, we like to marvel at the stunning ocean views that our listings command. We hope a little coastal eye candy will get you through your Friday as well. Intruiged by what you see? Click on each photo for an extensive photo tour. Note to Montecito and Santa Barbara locals, this is a beach weekend: 78 & 79 degrees on Saturday and Sunday!
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Happy Friday, enjoy the weekend!
In recent weeks, the housing market has been at the forefront of the headlines, with major metropolitan markets booming. From London to New York to L.A. the big city areas are experiencing a fantastic upswing in transactions and foreign influences. Niche markets, such as Montecito and Santa Barbara are also experiencing a surge, however the specifics are decidedly unique.
One of the Montecito market's niche characteristics is that many homeowners own multiple residences and spend a portion of their time living or vacationing in their Montecito homes. Many buyers come from within the U.S., many East Coast and Mid-Westerners. Internationally, the U.K. has a firm presence and we do not experience the high influx of Asian, Russian or Canadian buyers that the larger markets are seeing.
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In Montecito, over 60% of homes are priced above $1M with the luxury price range starting around $7M. The under $2M price range is robust, many desireable properties receive multiple offers. The mid-range, $3M-7M is also steady with low inventory and a relatively high demand. The luxury market is somewhat slower. Inventory is saturated but we are not seeing the demand. The high-end market is experiencing a shortage in demand, inventory is steady however we are lacking in buyers. Prices are still down from 2007 but have held steady over the last 12 months.
In niche markets, "luxury" or "high-end" properties are often defined differently, with certain amenities demanding a premium. Montecito's unique location, between the foothills of the Santa Ynez Mountains and the Pacific Ocean, provides idyllic coastal views - which high-end buyers covet. Most luxury buyers want an ocean-view, turn-key property with a close-in location. Being within the prestigious Montecito Union School Distict and Montecito's "Golden Quadrangle" is another desirable factor of location, near to The Upper Village shops and restaurants and the world renouned San Ysidro Ranch resort. Picacho Lane, Park Lane and Riven Rock Road are considered first class streets.
Forbes' Erin Carlyle recently chronicled the countries most expensive cities and many California cities found themselves labeled "overpriced." In fact, California cities showed up most often on the list taking a whopping 9 spots. Covering the entire state, San Francisco, Fresno, L.A., Riverside and San Deigo all made the list, with L.A. snatching up the #20 position. Of relatively little surprise, Honolulu, Hawaii and New York City tied for first followed by South Connecticut and Boston. Philidelphia, Miami, Portland, North New Jersey and Long Island, N.Y. all made the list as well.
Aloha - Honolulu made a great case for being the most overpriced city with a median housing price of $430,000 and an exorbitantly high cost of living. While the median home price does not reflect the highest in the counrty for a Metropolian area, it is financially out of reach for most of the city's resident families earning the median income of $86,300 per year. Cost of living plays a major role as well, with groceries costing an astounding 55% more than in the rest of the country and utilities costing - wait for it - 67% more.
Forbes compiled this data by looking at Metropolian Statistical Areas (areas with populations of 600k or more), and housing affordability and cost of living index in these areas.
Santa Barbara's humble approx. 89,000 population disqualified the city as a Metropolitan Statistical Area. With is no shortage of adventure, culture and cuisine in the area, and a airport an airport for quick jaunts to L.A., the Bay Area and beyond, Santa Barbara is an ideal town.
Unique in many ways, American's have a variety of characteristics which set their lifestyle apart from the rest of the world. One of Americans' most distinctive lifestyle choices is their home - no surprise - as Americans covet their personal time and space. Inman News contributor Bernice Ross recently delved into the unique real estate needs of Americans. During her account of the four basic needs of American real estate, Riskin Associates noticed a trend, Montecito real estate easily covers all the bases: safety, privacy, size and retreat. 1. Safety. Americans consider safety one of their top concerns. Safe neighborhoods for children and home security systems are important amenities American's rarely compromise on. Particularly in the luxury real estate market, increased safety precautions and a high-end security system is often the standard and expected among wealthy home buyers.
Protective gates provide privacy to this Montecito estate.
This magnificent French Chateau is set behind it's own private entry gates. Before arriving at the gates of the Chateau, visitors to lavish the entertainer's estate must identify themselves at the Birnam Wood Country Club's manned community gates.
Offered at $13,900,000.
State-of-the-art home secuirty systems protect this fabulous Italian Villa in Montecito.
Surrounded by protective gates, this newer Italian villa boasts a state-of-the-art home security system. For security reasons (natch), we can't disclose the brand or extensive features of the system. Offered at $17,750,000.
2. "Top of the Heap." Hilltop properties are often valued higher than low-lying properties becaues being higher up exudes a "powerful" facade. Also, having extended visibility (apart from providing a stunning view) often allows people to feel increased safety. These two Montecito properties provide that extended hilltop advantage (and that million-dollar view).
A hill top view provides this Montecito estate a stunning ocean view.
The incredible ocean-view may be the most obvious advantage of this hill top estate, but the safety and privacy advantages are also (almost) priceless. Offered at $9,875,000
A rustic hill-top retreat
Surrounded by 5+ private, hill-top acres, this luxurious rustic retreat's location affords a view as far as the eye can see.
Offered at $6,495,000.
Supersize. Another point of rare surprise: Americans' belief in "bigger is better" translates to their property as well. Whenever possible, Americans prefer bigger homes, bigger cars and bigger televisions. You name it, Americans would supersize it. The following properties are just plain big.
An expansive French Provincial estate in Montecito with ocean and mountain views.
On over nine lush and private acres, there is nothing miniscule about this coveted Montecito estate. An approximately 12,000sf main residence overlooks expansive lawns, gardens and a private lake. Offered at $27,000,000.
AN expansive equestrian property in Santa Barbara
This approx. 13 acre equestrian property features multiple guest structures, horse facilities, tennis court and two pools.
Offered at $18,200,000.
4. "My home is my castle." Americans covet their personal time and their privacy and view their home as their retreat from the stresses of daily life. A home in a quiet, tranquil setting is often a major priority for Americans. These two properties embody the stress-free living Americans strive toward.
Enchanting gardens and a tranquil location in Montectio.
This magical English Manor's private location is renowned in Montecito to be tranquil and quiet. Serene ocean views and enchanting gardens define the estate's placid aura. Offered at $7,995,000.
A tranquil zen garden surrounds this Montecito home.
Zen gardens and trickling fountains surround this chic contemporary home near Montecito's Lower Village. While the location is desireably close to luxurious shops, restaurants, hotels and beaches, the floor plan allows for California-style indoor/outdoor entertaining and living. Ocean vistas and tranquil grounds create the ideal retreat from hectic daily life. Offered at $5,495,000.
A tale as old as time, "I want to get my house sold NOW!" Every seller's dream is a quick offer and a short escrow, but attaining this elusive goal is easier said than done. Location, quality or condition, market conditions, marketing, price... each factor has it's own hand in the turnaround time for listing your home, and accepting an offer. However, no factor has a heavier influence on getting your house sold than - you guessed it- price.
Stunning Spanish Compound w/ Ocean views in Montecito.
According to a new article by RealtyTime.com, a house in a good location will see for a fair price, as will a home in a bad location. Same goes for quality of construction and condition of the house. Listing a home for a fair price will always yeild higher interest than an over-priced proeprty. This is important for sellers to keep in mind, and while listing your home at price x, consider the time on market and number of showings. If the property fails to maintain momentum and intersest, a price reduction is often a beneficial move. Not only will adjusting the price bring back buyers previously interested, it will also allow a larger pool of buyers to take an initial look, bringing you - the seller - an offer you can accept!
Spring is just around the corner, as the season has gotten itself a reputation for being a great time to sell your home, many homeowners like to know where their home improvement investment should be spent. According to an article by Realtor.com, exterior improvements are going to yeild the highest returns. The article references the 2014 Remodelings Costs vs. Value report, which compares the average costs of the 35 most popular home improvement projects.
Investment return on home improvement
For 2014, eight of the top ten most popular improvements were exterior upgrades. Exterior appeal is often the most important factor in a buyer's opinion of a property as first impressions are known to have a heavy influence on overall feelings. To view the highest investment returns in Montecito's neighboring Ventura County, click here. Below, enjoy three Montecito estates with incredible curb appeal.
A Montecito estate listed by Riskin Associates
A meandering drive introduces this historic Montecito estate. A sprawling lawn and majestic oaks are the ideal complement to the home's stunning, traditional facade.
For additional information on this Montecito estate, click here.
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This ocean-view Tuscan villa's motor court gives an impressive first impression, just a hint of the sumptuous interiors awaiting inside.
To see more of this designer residence, click here.
Rustic ocean-view home in Carpinteria
A rustic beauty in the ocean-view hills of Carpinteria, this compound has been featured in Architectural Digest.
To see inside the estate, click here.