Santa Barbara CA real estate listings and homes for sale, home buying, home selling information – The Santa Barbara Group

The Santa Barbara Groups Real Estate Blog

Foreclosures Spike in March

April 17th, 2009 12:01 PM

According to data from RealtyTrac released today, foreclosure filings jumped dramatically in March despite industry and government efforts to keep people in their homes. Nationally, there were 341,180 filings, up +17% from February and up +46% from the year-ago period, marking the highest monthly total since RealtyTrac began the series in 2005. The data covers 90% of U.S. households. The spike was likely caused by the expiration of foreclosure moratoriums that had been implemented earlier, according to RealtyTrac. Looking at quarterly data, foreclosure filings were up +9% in the first quarter versus the fourth quarter of 2008, and up +24% since the first quarter of 2008. Nevada and Arizona led the way in filings. This may also represent a new wave of foreclosures. The first wave was attributed to subprime borrowers taking on loans they had no chance of repaying. This wave may be mostly driven by job losses, and with continued job losses and persistent unemployment, may indicate that the wave of foreclosures may continue for some time to come. Few lenders are implementing the Obama administration's foreclosure prevention program, where lenders are paid to reduce borrower payments to affordable levels. At the current rate, it could be months before the Administration’s goals of helping up to 4 million homeowners under the program are met.

Posted by Joe Parker on April 17th, 2009 12:01 PMPost a Comment (0)

Activity in the Upper End

April 23rd, 2009 2:42 PM

The high end sector of our market has been very quiet this year compared to others. Described as $5,000,000 or more, the inventory seems to be growing at an unhealthy rate, but this week has shown some signs of life.

A beach property in Carpinteria located on Beach Club Road came on the market for $6,850,000 and sold in just 7 days. Built in 1970 it features 2 beds and 2 baths with .33 acres, it closed for $6,100,000. Quite a bit off the asking price, but a great price for the seller nonetheless.

Another beach house located at The Rincon came on the market 20 days ago for $6,500,000 and went into escrow today. It featured 3 beds and 4 baths plus a studio over the garage.

A very nice Hope Ranch home went into escrow todays as well. This was a large 5 bed 7 bath masterpiece built in 2006, sitting on about 3 mountain view acres. It was listed for $9,950,000 and had been on the market for 60 days before selling.

Posted by Joe Parker on April 23rd, 2009 2:42 PMPost a Comment (0)

Closed Sales of Late

April 3rd, 2009 3:11 PM

A 3 bed 4 bath home on Picacho Lane in Montecito closed escrow on 3/31 for $5,450,000. It was listed for $5,950,000 and was only available for 12 days before going into escrow. It sold in 2006 for $4,895,000 and then the new owner remodeled it completely. Just another sign that this economy is now fully effecting Montecito and other high end real estate markets. It is as if there is a free fall taking place in the high end real estate market and we don't know where it will land, only that the days of $20M+ estates are all but gone.

On the low end of the market, there was a one bed condo on West Islay that sold for $285,000 in 2001. It just closed escrow for $310,000 not much more than it's 2001 value. It looks like that is where we are right now 2002 values and dropping.

Posted by Joe Parker on April 3rd, 2009 3:11 PMPost a Comment (0)