Hi,                                                                                                                                                              

I sincerely hope that this letter finds you all in good spirits and good health as we start the 2^nd half of 2010. I don’t know what the age is that you reach when time starts flying by like a whirlwind, but I’m definitely there.   

Last Thursday, local economist Mark Schneipp held a mid-year economic review giving his insight on both our local economy here on the South Coast and on our nation’s economy.

In a nutshell, he says that the economic recession is over and has been over since last year. As an economist he bases his facts on things like corporate profits. He says that corporate profits are at an all time high and equal to 2007. Of course, they’re doing great because of all of the lay-offs and cut-backs.

We, as individuals, do not feel the relief because our Ca jobless rate is 12.5%, very few people can qualify for loans and the housing market is not contributing to the recovery. Many people are behind in their mortgages or just plain upside down, owing more than the house is worth. Schneipp did say that as soon as the housing market kicks in, we will see a much stronger recovery, but that may not be until 2011. 

Now, here are the final figures for the 1^st 6 months of 2010 vs. the 1^st 6 months of 2009 for our local South County according to Gary Woods who calculates monthly statistics from our local SB MLS.

Santa Barbara South Coast County including Montecito, Hope Ranch, SB, Goleta, Carpinteria, & Summerland.

Multiple Listing Service Sales of Homes & Planned Unit Development Summary

 There are more sales of homes under $1mil than over $1mil.

The number of SOLD properties is up +22.3% from last year with 434 sold so far in 2010 vs. 355 sold in the 1^st 6 months of 2009.

Our current median sales price is up +3.3% to $857,500 from $830,100 in 2009.

The average sold price is also up +11.6% to $1,464,177 from $1,311,649 in 2009.

The median list price is down -12%. It’s $1,095,000 for this year vs. $1,245,000 for last year.

Montecito has seen 57 sales this year compared to 52 last year with the median sales price up slightly from $2.33mil in 2009 to $2.48mil in 2010.

 We all know that interest rates are a big factor in projecting what will happen for the remainder of the year. According to all indicators, Fed Chairman Ben Bernanke isn’t going to raise rates any time soon. In fact, interest rates are right now at an all time low for as far back as they can track interest rates, lower than before World War 2.

Please feel free to contact me with any questions or concerns you may have. 

As always, I thank each of you for continually referring me to your friends and family. I sincerely appreciate it and have met a lot of great people.  

Best regards,

Sandy

Cellular (805) 403-3844

Solstice marks the beginning of summer. It happens twice per year when the sun is at its greatest distance from the celestial equator. The summer solstice in the Northern Hemisphere occurs about June 21, when the sun is in the zenith at the tropic of Cancer; the winter solstice occurs about December 21, when the sun is over the tropic of Capricorn. The summer solstice is the longest day of the year and the winter solstice is the shortest.

In layman’s terms, it means it’s time to go to the beach, walk the dog after work, barbecue with friends, ride bikes down to the harbor, and my new favorite – hike up Cold Spring Trail a couple of times per week.

Half the year is gone, but half the year is still ahead of us. Make the most of it. Life goes by way too fast.

HAPPY SUMMER!

Sandy

Hi,

If you’re interested, click on the actual post and read what others are saying.

Also, if you want to contact me directly please email me at sandy.lipowski@sothebyshomes.com or call me on my cell (805) 403-3844.  

If you’re on the fence about either selling your house or buying a home, call or email me and I’ll help you by explaining the most reasonable and logical options.

Have a great day-

Sandy

SOTHEBY’S INTERNATIONAL REALTY

A brief history of median sales prices for Montecito

single family homes

Year             Median Price           % of change

1981            $   285,000            baseline

1982            $   276,200            -3%

1983            $   257,500             -7%

1984            $   330,000            16%

1985            $   360,000              9%            The 1980’s saw a 152% gain

1986            $   399,250            11%

1987            $   438,500            10%

1988            $   605,000            38%

1989            $   717,000             18%

1990            $   905,000            26%

1991            $   800,000            -12%

1992            $   745,000            -7%

1993            $   650,000            -13%

1994            $   596,500             -8%

1995            $   625,000              5%            The 1990’s saw a 21% gain

1996            $   645,000              3%            The 20 year gain was 286%

1997            $   760,000            18%

1998            $   950,000            25%

1999            $1,100,000            16%

2000            $1,497,500            36%

2001            $1,425,000            -4%

2002            $1,600,000            12%

2003            $1,810,000            13%

2004            $2,412,500            33%  

2005            $2,403,750              0%            The 2000’s saw a 56% gain

2006            $2,682,500            11%            The 30 year gain was 721%

2007            $2,900,000              8%

2008            $3,300,000            13%

2009            $2,340,000             -29%

2010  YTD    $2,485,000            11%

If you would like the history for all of Santa Barbara South County including everything from Goleta-Carpinteria, send me an email and I’ll email it to you. I’ve been trying to post it on here for the last hour and am having what we will call technical difficulties.

Summer is right around the corner, I am looking so forward to it.  Hope this letter finds you all well.

Sandy

Hi All-

Summer is right around the corner, and I am looking forward to it. One of my favorite things about living in Santa Barbara is taking a bike ride down to the beach and enjoying how fragrant the town is along the way. The smells are wonderful, and the orange blossoms are amazing. It’s a wonderful place to be and the beauty of being a Realtor here is that people are drawn to SB for no other reason than a “desire” to live here. We’re not fueled by employment, affordability, or growth. People live here because they want the lifestyle. Our housing market has a minimum growth rate which causes our inventory to be more valuable. Of course, our local economy is effected by our nation’s troubles, but is still stronger than most.

 Here are final 1^st quarter figures according to Gary Woods who calculates monthly statistics from our local SB MLS.

 Santa Barbara South Coast County including Montecito, Hope Ranch, SB, Goleta, Carpinteria, & Summerland.

January-March, 2010 Multiple Listing Service Sales of Homes & Planned Unit Development Summary

 There were a total of 174 Properties sold in 1^st Quarter 2010 vs. 144 sold in 2009, up +20.8% in 2010.

 Our Median Sales Price went down only -1.4% from $822,500 in 2009 to $811,250 in 2010. The Average Sold Price though went up from $1,185,336 in 2009 to $1,264,729 = Up +6.7% for this Year. Of course, if you take out Montecito and Hope Ranch, the Average Sold Price is down a bit, from $913,449 in 2009 to $905,240 for 1^st quarter this year = -0.9%. Remember, the Average Sales Prices are different from the median sales prices because they are an average vs. the median sales prices which is found by taking the highest price and then the lowest price and finding the median – the middle number.

Very Good News: # of Total Active Listings is Down (making inventory more valuable) 1,081 Active Listings in 2009 vs. 1,014 in 2010 = -6.2%. The # of Pending Listings is UP +21.9%. There were 178 in escrow in 2009, and now at the end of March we had 217 properties in escrow this Year.

By area the Total # of Sales was as follows: Carp/Summerland 6 total sales in ’09 went up to 19 sales this year, up +216%. Montecito was flat with 24 sales for 1^st quarter both ’09 and this year. East of State Street was up from 33 in ’09 to 47 total sales, up+42%. West of State also up +14% going from 34 sales in ’09 to 39 sales this year. Hope Ranch went from 2 sales in ’09 to 5 sales 1^st Q this year, Up + 150%. Goleta North flat with 33 sales and Goleta South down slightly; 18 sales in ’09 to 16 sales this year.

Area Average Sales Prices are: Carp/Summerland $1,016,700, down – 42% but it’s more “normal” this year, last year it was extremely skewed by high-end beach properties that sold.  Montecito is Up +34% to an average sales price of $3,613,255. East of State Street is $1,075,595, Up +3%. West of State down -5% to $863,777. Hope Ranch was up +51% to $3,592,850. Goleta South -5% to $742,520. Goleta North down -7% to $731,565.

 There are already 6 Properties that sold for over $5 million in 1^st Q 2010. Three were over $10 million. Bigger News: 5 more closed already in April ALL Over $7 million!

As I said last time, there is a lot of momentum and strength in our current Real Estate market.  Sales continue to grow and the number of properties entering into escrow rises while the number of available properties for sale still remains lower than last year.

Feel free to contact me with any questions or concerns you may have. I know how to get you the Highest & Best Price in the shortest amount of time when selling your property and the most affordable price and terms when buying. I can also help you get your property “ready for sale.” 

 I also want you to know how much it means to me when you continually refer me to your friends and family. I am sincerely thankful and have met a lot of great people. Your referrals are Greatly appreciated!

 Best regards,

SANDY

There is a lot of momentum and strength in the Real Estate market as we enter our 4th month of 2010. Sales continue to grow and the number of properties entering into escrow rises while the number of available properties for sale has continued to decline. As spring comes into full bloom,  inevitably the number of properties for sale will increase with the season. Interest rates are a big factor in projections for the remainder of this year. Fed Chairman Ben Bernanke has kept rates to the bare bones, but how long can these rates last? All indicators point to rate increases some time this year, especially with our government’s growing deficit. If rates increase and the ability to qualify for loans becomes more difficult, sales may slow and prices may continue to drop. If rates remain the same with prices at 2003 levels, sales will most likely continue to grow.

If you’re considering buying, it’s a really good time to get serious. Contact us and we’ll help you find your “dream” home.

Right now the median price to buy a home in Santa Barbara is $820,000. These are right around 2003 prices which are substantially lower than 2004 prices.

As of the end of  last month, the “selling” price was 80% of the “listing” price. This is a huge discrepancy considering that last year the selling price was almost 95% of the listing (or asking) price.