Central Coast: Full Sails Again for Santa Barbara Realtors

Spring flowers are blooming, the Pacific Ocean breeze is blowing, and South Santa Barbara home sales activity is picking up!  Central Coast resale agents are finding themselves busy again.  Traffic, escrows, listings and pricing in certain areas are all up, kicking the Central Coast’s spring selling season into gear.

The Beautiful Santa Barbara Real Estate Blog reported… Santa Barbara Real Estate through the end of March ‘12 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland:  Comparing the first 3 months of 2011 with the same period in 2012, sales are up about 35% with escrows up over 50% and the median sales price is up bit while the average sales prices is down a bit. Year-over-year the Sales Price to Original Price ratio is within 2% of where it was last year and the Days on the Market for sold properties is within 12 days of where it was in 2011.

An example of the Central Coast’s uplifting sales activity is City Ventures’ East Beach Collection in Santa Barbara.  The 48-unit attached townhome project is seeing impressive sales, with only 5 more to go before completion.  The project has sold 15 homes in 2012 (5 per month!).  The City Ventures marketing team attributes the strong homebuyer interest to the project’s unique location, quality product and the limited supply of new product currently available in the marketplace.  The East Beach Collection is four blocks from Santa Barbara’s famous State Street and four blocks to the ocean.  With no amenities and surrounded mostly by office buildings, the project is in the new hip, up-and-coming area (also referred to as the “funk zone”).

Source: Matt Power, Senior Marketing Consultant, (805) 845-2660

Few Builders Finding Opportunities in Supply Constrained Ventura County

Very few residential land REO’s are available for sale in Ventura County at this time.  Most of the REO properties sold in 2009 and 2010, and now only four remain.

Ventura County’s eight primary cities are desirable locations for homebuilders and developers.  Home buyers are drawn to the region’s beachside lifestyle (good schools, safe cities, rolling hills and wide open spaces).

However, the County’s restrictions on new developments create a very supply constrained environment for homebuilders.  Many homebuilders and developers would love to find the right opportunity at the right price in the area.  Now it’s a matter of finding available deals that pencil in the current economic environment.

Homebuilders currently active in Ventura County:

  • D.R. Horton building in Thousand Oaks
  • Toll Brothers building in Moorpark
  • Standard Pacific Communities and Watt Communities building in Simi Valley
  • Watt Communities, Standard Pacific Homes and Shea Communities building in Oxnard
  • City Ventures building in Ventura

Ventura County Lot Suppy (Source: Hanley Wood):

  • 3,812 Tentative Mapped Lots (Approximately 65% of these lots are located in Ventura and Oxnard)
  • 1,366 Finished Lots (Approximately 60% of these lots are located in Moorpark)

Source: Michel Faris, Marketing Consultant, (949) 852-8288 x14

Who’s that Buyer in the Antelope Valley?

The most active buyers currently picking up land in the Antelope Valley right now are private investors who have been trading land in the sub-market for decades.  City Ventures recently closed on the 585-Acre Joshua Ranch in West Palmdale. No new deals have transacted in East Palmdale since February 2010.

Two Lancaster deals to note that were brokered by the Land Advisors’ High Desert Team in recent months:

  • The Reserve – 32 Finished Lots in West Lancaster
  • Falcon Point – 219 Finished and Semi-finished Lots in East Lancaster

Only a handful of residential land REO’s remain available for sale within the Antelope Valey sub-market.  Land Advisors currently has three of approximately the five total exclusive listings.

Development impact fees have held steady, with little or no change in rates in the City of Lancaster in 2011.

Source: Michel Faris, Marketing Consultant, (949) 852-8288 x14