For the Santa Barbara MLS South Coast area through Octo- ber 2014: the number of homes sold had dropped 17% but median sold price of $1,160,000 rose 11% from 2013 levels. The condominium market likewise saw a decline in the number of sales of 7% but the median price of $561,250 was up 10.4% over 2013. The number of sales and the median prices appear to be getting a boost so far through November with a spurt in end-of-year sales, therefore year-end numbers could improve slightly in these areas. The MLS area for Goleta South showed a 31% drop in number of houses sold from 2013, but the average price was up 5%. For condos in Goleta South: listings and sales were both up 41% and average sale price up 31%. Booming sales at the new Hideaway development next to Sandpiper golf course contributed in large part to this. Overall it has been an outstanding year for property owners and home sellers. The buyers are struggling with affordability issues, but once they get their foot in the door the payoff starts to come quickly.
Interest rates continue to stay favorable for homebuyers, and this is expected to continue at least through the first half of 2015. The upward cycle of price recovery will continue into 2015 at a moderate pace, slightly under 10%, in my opinion.
Drones in Real Estate
Under Federal Aviation Administration Guidelines, model aircraft can only be used for recreational or hobby use. The FAA has stated that using a model aircraft to photograph a property available for sale and then using the photos in the property’s real estate listing does not constitute hobby or recreational use. Additionally, a person photographing a property or event and selling the photos to someone else also does not qualify for the hobby or recreational exemption. This rule will be subject to revision in 2015.
Highest/Lowest sales in Goleta, Nov. 2014
- 5512 Armitos #48, 1 bedroom 1 bath La Goleta Condo $303,500
- 610 Corte Bella, 4 bedroom 4.5 baths, $1,555,000
Condominiums and houses currently for sale
Status | Address | Price | Beds | Baths | Sq. Ft. | DOM |
Active | 413 Cannon Green Dr D | $535,000.00 | 2 | 1.5 | 960 | 98 |
Active | 452 Linfield Pl D | $439,000.00 | 2 | 1 | 1008 | 91 |
Active | 7630 Hollister Ave 120 | $335,000.00 | 1 | 1 | 622 | 81 |
Active | 7620 Hollister Ave 221 | $460,000.00 | 2 | 2 | 1141 | 43 |
Active | 350 Cannon Green Dr | $699,000.00 | 4 | 2 | 1464 | 43 |
Pending | 387 Cannon Green Dr C | $560,000.00 | 3 | 2.5 | 1462 | 90 |
Pending | 7638 Hollister Ave 131 | $440,000.00 | 2 | 2 | 1011 | 64 |
Pending | 317 Pacific Oaks Rd | $449,000.00 | 2 | 1 | 926 | 11 |
Closed Sales: Condominiums and houses
Address | Sold Price | Bdrm | Baths | Sq.ft. | DOM | Sale Date |
7626 Hollister Ave 229 | $455,000 | 2 | 2 | 1141 | 2 | 10/16/14 |
7284 Fordham Pl | $895,000 | 4 | 3 | 2548 | 4 | 9/4/14 |
7193 Emily Ln | $689,000 | 3 | 3 | 1707 | 48 | 10/29/14 |
7647 Anchor Dr | $667,000 | 5 | 3 | 1707 | 97 | 10/21/14 |
333 Pacific Oaks Rd | $612,500 | 2 | 2.5 | 1411 | 96 | 10/28/14 |
561 Mills Way | $538,500 | 2 | 2 | 1278 | 44 | 10/17/14 |
383 Cannon Green Dr D | $537,500 | 3 | 1.5 | 1360 | 14 | 9/30/14 |
7029 Marymount Way | $520,000 | 2 | 2 | 1054 | 8 | 8/1/14 |
582 Mills Way | $479,000 | 2 | 1.5 | 1152 | 21 | 11/14/14 |
536 Mills Way | $495,000 | 2 | 2 | 1056 | 8 | 10/15/14 |
7070 Marymount Way | $489,000 | 2 | 1.5 | 1056 | 47 | 10/6/14 |
7190 Georgetown Rd | $475,000 | 2 | 1 | 926 | 51 | 9/5/14 |
7602 Hollister Ave 304 | $405,000 | 2 | 1 | 870 | 5 | 10/8/14 |
239 Mathilda Dr | $385,000 | 1 | 1.5 | 885 | 1 | 9/30/14 |
7628 Hollister Ave #235 | $450,000 | 2 | 2 | 1141 | 20 | 10/30/14 |
7281 Lowell Way | $775,000 | 4 | 2 | 2439 | 5 | 7/9/14 |
7356 Davenport Rd. | $679,000 | 4 | 2 | 1215 | 4 | 11/24/14 |
Generation-Z Homebuyers
OK, this is the generation that comes after the Millenials, so we’re talking 13-17 year olds, born in the early 2000s or later. A study by Better Homes and Gardens Real Estate reveals that Generation-Z hold traditional views on homeownership and are willing to give up modern luxuries for the mainstream American Dream. Nearly all of the teens surveys (97%) believe they will own a home, and four out of five (82%) indicate that homeownership is the most important factor in achieving the American Dream.
- Median condo price in Ellwood area through November 30, 2014: $475,000 18 sales
- Median home price in Ellwood area through November 30, 2014: $750,000 9 sales