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!!!!
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In honor of America's 237th birthday, Riskin Associates would like to report on a developing story posted by the Wall Street Journal regarding one of the U.S.A's most famous and patriotic landmarks: The Empire State Building in NYC. Currently owned by 2,800 shareholders and controlled by New York Family The Malkins, the building has received two unsolicited bids for purchase, the first at $2 billion offered by a company run by New York real estate investor Rubin Schron and the 2nd, coming in just slightly higher at $2.1 billion, was offered by an undisclosed party. The Malkins have received support for the plan to sell from 80% of the stakeholders, however a legal battle is brewing between the the remaining 20% who have opposed the plan. While none of the mentioned parties have commented on their plans moving forward, this second, mysterious offer may is certainly adding a new dynamic to an already intriguing real estate story!
Online real estate giant Trulia's Housing Barometer charts the market improvement each month, tracking how quickly the housing market is moving "back to normal." An article posted on Forbes.com's real estate section discusses the three key pieces that paint this market picture for us:
- Construction starts: this represents the number of new homes being built throughout the country. Increased number of construction starts equates to housing availability and inventory for homebuyers. In May, starts were over 900,000, a healthy boost from April up 7%.
- Existing home sales: As inventory begins to expand, we begin to see a rise in sale of existing homes. Just over 5 million homes sold in May 2013, up 4% from April and a whopping 23% increase year over year. May was also the 4th straight month of inventory expansion.
- Delinquency + foreclosure rate: As we see the market begin to regain a sense of normalcy, we want to see this number drop. And in May, thats exactly what it did, to 9.13% from last years 11.08%. Fewer people are falling behind on their mortgages gently pushing the delinquency + foreclosure rate down. It is currently 57% back to normal.
By comparing these numbers to (1) their pre-recession "normal" numbers and (2) the numbers at their worst, we are able to see the market's recovery rate, exactly how close we are to a full recovery, and when we can expect that 100% recovery we are all anxiously awaiting. One year ago, the market was just 35% "back to normal" and this is the first time the barometer has crossed over into the 60th percentile.
It's a beautiful 75 degrees and the sun is shining in Montecito and Santa Barbara, summer is definitely underway! In honor of graduations and great weather, let's tour an incredible compound built by the John Deere family in the early 20th century and once owned by legendary actress and comedian Whoopi Goldberg, which just so happens to be the ideal location for a kid (or adult!) summer camp.
Nestled between Santa Barbara and the Santa Ynez Valley, the original adobe hacienda has been restored and elaborated upon to what is now an incredible wonderland. With multiple residences and 180 acres of spectacular grounds, the property is absolutely ideal for summer gatherings and weekend getaways for the whole family.
The main residence boasts almost 6,000 square feet of living space and four additional guest houses with multiple bedrooms and bathrooms provide private quarters for your closest friends and family. An expansive entertaining terrace boasting an outdoor kitchen can host over thirty for dinner.
The kids won't be disappointed by the plethora of playful amenities the property offers. An infinity pool with pool house, media area and game room are just the beginning. A tree house and fort, bocce ball court, lighted sport court and 3 miles of walking trails are waiting to be explored. Oh, did we mention the 150 foot long zip-line?
Adults won't be missing out on the fun, the property offers a wine cellar and a 300-vine syrah and grenache vineyard. Don't worry - you won't have to maintain this vineyard yourself, the famous Beckmen Estate tends the vines.
Discover this most unique treasure trove of amenities offered at $10,900,000.
For more information, please contact Montecito's number one real estate team, Riskin Associates.
This month marks the 17th anniversary of Riskin Associates parent company, Village Properties! Co-founded by agents Renee Grubb and Ed Edick, the company has grown to over 150 agents across three offices, Montecito, Santa Barbara and Santa Ynez. Village Properties is proudly affiliated with Christie's International Real Estate and Luxury Portfolio, which extends the outreach of marketing efforts for the area's most distinctive properties and provides an elaborate network of agents who represent affluent buyers all over the world. To celebrate the incredible accomplishments and strides Village Properties has made in the industry, a fantastic soiree at Santa Barbara's elegant Canary Hotel was thrown. Agents and staff were invited to enjoy the beautiful Spring evening atop the Canary's beautiful rooftop terrace overlooking the sea and mountains while honoring their efforts over the past 17 years. After an incredibly successful year in 2012 and an energetic first few months of 2013, the Riskin Associates team was excited to attend and mingle with fellow agents and staff!
Sales of residential real estate in southern Santa Barbara county continue to provide evidence of a recovering market. Compared to February, there were 23% more sales in March 2013. The first quarter of the year yielded 477 closed transactions while the first three months of 2012 yielded 410, a 16% increase in sales. With an incredible amount of success in 2012, Montecito real estate agent team Riskin Associates closed over $220 million and with the positive upswing the luxury market of Montecito is experiencing this year, the team is working hard to see another successful year. Check out the graph above for a visual representation of the sales in southern Santa Barbara county of the past six years.
They don't say "cash is king" for nothing - and in residential real estate, nothing could be truer. In a time of unprecedented economic turbulence, the amount of all cash buyers if off the charts. A recent article posted by DoctorHousingBubble.com dissects the trends of home buyers and their preferred method of payment. According to the article, Wall Street investors as well as foreign buyers are dominating the market with all-cash purchases. In 2012, all-cash transactions in southern California hit a record high of 35.8% in December, and last month, that number was mimicked by 35.6%, much higher than historical norms. The article also explains that 31% of these buyers are absentee buyers, meaning they are not planning to live in these homes, and dating back to 2000, the monthly average of absentee buyers was nearly half at 17 percent. The graph above provides a visual description of all-cash transactions in specific markets across the country.
Whether you're a Santa Barbara native, a recent transplant or simply a visitor, Old Spanish Days in Santa Barbara is an event not to be missed! Dating back to 1924, Fiesta is a celebration of our city's Spanish heritage through the tradition of colorful dance, music and song. This year's theme, Viva La Familia, captures the spirit of family and community as Santa Barbara extends its warm hospitality. Join us in celebrating our city's rich culture this weekend. Viva la fiesta!
For more information about Old Spanish Days, click here.
One of our most recent Montecito real estate listings on Ashley Road has an incredible history. We love working with properties that have an enticing past and truly believe one of the best things about Montecito is its rich history-- something unique to come by in California. Not surprisingly, we weren't the first ones to recognize our area's paradisial beauty!
The original Oglivy house was built in the early 1900s by Scottish immigrant Arthur T. Oglivy as a farmhouse surrounded by lemon groves. Famous architect J.L Curletti designed the distinctive craftsman style home. Arthur T., wife Jessie Alexander, and their only son, Arthur Edward, lived in the barn while they constructed the shingled, two-story home.
Arthur T. was a popular resident of Montecito, and the Oglivy house was known for its hospitality and casual social gatherings. The family regularly participated in community events and entertained visitors often. San Ysidro Ranch has records of Arthur T. taking advantage of its "low summer rates" in 1893-- the famous resort's first year in business.
The property enjoyed a few wells, one of which produced enough water for the Oglivys to start a drinking water business called Oglivy Artesian Water Company. For almost 30 years until 1947, people would bring jars to the Oglivy well to quench their thirst.
Son Arthur E. attended Cold Spring School before heading off to Yale. After graduating, he returned to Montecito and began working at his uncle's insurance firm, Oglivy-Hill insurance, which is still in practice today. In 1927, he hired architect George Washington Smith to build him a home on the south end of the property, now 650 Ashley Road. Like his father, Arthur E. became a well-loved local figure in Montecito.
Mrs. Oglivy died at age 90 in 1955, with Arthur E. following shortly after in 1960 at age 71. Their deaths marked the end of the Oglivy presence in Montecito.
In 1959, Donald and Ellen Armour of the Armour Meatpacking Empire bought the Oglivy house. According to neighborhood chatter, Donald's penchant for mismanaging money forced the couple to abandon the home with all furniture in tact, vanishing forever.
The following year, Todd and Gail Campbell purchased the home, where they raised four children and several grandchildren. Recently, one of the Campbell children returned the home's original brass doorbell cover, which is now back in its original place.
Julia Emerson bought and restored the home in 1984. She worked hard to get the house back to its original state, re-painting walls white and stripping linoleum away to reveal the original Douglas Fir floors beneath. She updated the kitchen and carefully restored the original pantry. Julia hired landscape architect Nancy Goslee Powers (who designed the driveway around the Norfolk Island Pine that was planted when the home was built), and updated the home's electricity and plumbing to match modern standards.
In the spirit of the Oglivy family, Julia Emerson frequently hosted worldly guests at the home, including the Dalai Lama and a team of monks who meditated at the home for weeks to bless the property before his arrival. As a gift, one of the monks carved a Tibetan prayer into a piece of sandstone, which is now embedded within the front porch.
All of the home's residents who came after the Emersons likewise became beloved members of the community, with the home carrying on its reputation as a lively social gathering spot; the home has traditionally hosted Easter egg hunts, intergenerational bocce tournaments, and summer concert series.
Residents have continued to restore the home over the years, with exquisite care to maintaining original details, while updating its features to the highest end of standards.
The home is truly a treasure trove of community joy nestled in the heart of Montecito.
The Oglivy home today: