Santa Barbara Real Estate Blog

It’s that time of year where many Americans begin to chart a course for 2011. If you are planning your financial and investment goals for 2011, consider the possibility of a Santa Barbara rental property. Whether it would be your first or you’ve built an established portfolio, the Zia Group is available as a resource to answer your questions as you navigate Santa Barbara investment opportunities. We can assist you with single family or multi-family customized searches and recommend good areas and tips to minimize vacancy. Here are some features you should look for as you begin your search:

1. Area Information – Location, location, location. Where you purchase determines both your short term and long term rental value. Do you want to purchase a duplex in college-centric locations (SBCC, UCSB/Isla Vista areas) where demand is high, but so is maintenance? Do you prefer single family with less turnover? Goleta versus downtown Santa Barbara? These are some questions you should begin to consider. The Zia Group will begin featuring detailed blog updates beginning in January for 15 of Santa Barbara’s top neighborhoods, so check back for monthly updates or subscribe to the RSS, Twitter, or Facebook feeds.

2. Financing Situation – Non-owner occupied rates are higher than owner-occupied, and most lenders require a larger down payment, resulting in a lower loan-to-value ratio. Run the numbers, including your monthly principal and interest, property taxes, and other expenses (or reserves). Talk to your mortgage broker or ask the Zia Group for a recommendation before you spend too much time on your search. This will allow you to zero-in on a price range where you can make a successful offer.

3. Monitor Local Rents – The rental market is always in flux. While you don’t need to be an expert, you should review Craigslist and property management rental listing sheets (printed daily) to see where comparable properties are listed. Check out Santa Barbara Luxury Rentals for the upper end of the market, The Towbes Group properties for the upper-middle of the market, and Craigslist, Medidian, and Bartlein for a general spread of all property types.

4. Stay Updated Automatically – Contact Daniel (805-637-7148 or Daniel@ZiaGroup.com) to get set up on a customized search with email updates daily, twice a week, or once a week. Additionally, Daniel can alert you to “pocket listings,” or properties that are coming on the market but are not yet available to the public. 15% of properties sell this way each month in Santa Barbara. Why don’t you give it a try by emailing Daniel today? Here’s a sample of 16 Santa Barbara multi-family properties on currently on the market (12/30/10)  from Carpinteria to Goleta between $600k-$1.2 million: http://www.flexmls.com/link.html?ror3xethdxo,1,1

Santa Barbara 4-Plex - $975,000

On behalf of the entire Zia Group team, we wish you a great new year in 2011, and we look forward to serving you as your Santa Barbara real estate resource. Visit our Santa Barbara real estate website for more information on everything Santa Barbara and thank you for visiting the Santa Barbara Real Estate Blog.

Q: If I can afford to buy a property in Santa Barbara up to $600,000 should I focus on a house or a condo?

Daniel Zia

My recommendation to clients is to not rule anything out when you are first starting your search. It’s important to start broad and really get a feel of what your money will buy in different areas. Buying real estate in Santa Barbara is usually a series of trade-offs between location, lot size, home size, condition, amenities, etc. Comparing single family homes versus Condos/Townhomes or even PUD’s (Planned unit development) is just one aspect of the equation.

As to whether one will appreciate in value more quickly or more significantly than the other, if you look closely at our LOCAL market statistics, interestingly enough in most cases it is a “wash” as they both tend to appreciate around the same levels and pace given the limited real estate options that buyers sometimes have in these under $1 million price ranges. Given how the market has adjusted since the peak in August, 2005, buyers now have fairly good selection in this price range, which actually has made it probably the most active price range (as far as number of sales) than any price range available. If you are focused on the ability to resell the property, the often quoted “location, location, location” is a better criteria to focus on than whether or not the home is technically a condo or a single family home.

Here are a selection of 30 homes, PUD’s and condos currently available in the greater Santa Barbara area: http://www.flexmls.com/link.html?rnmc687cx8e,1,1 . Hopefully, that gives you a fairly good idea of what your money can buy. I would be happy to talk to you further about the pros and cons of different types of properties, as well as neighborhoods, school information, and a host of other criteria often important in your search. Here are some good resources as well:

My website with great information on schools, neighborhood prices, up-to-date market statistics, etc: http://www.TheZiaGroup.com

My blog that I update usually several days a week with the best deals on the market that may sell quickly, market updates, bank-owned foreclosures, and some answers to questions like these: http://blog.theziagroup.com/

If you know anyone interested in learning more of the luxury real estate market in Santa Barbara and Montecito, you can have them look at my luxury blog as well:http://montecitorealestateblog.theziagroup.com/

If you have any further questions about the Santa Barbara Real Estate Market please feel free to give me a call at (805-637-7148) or you can send me an email at daniel@theziagroup.com. Thanks for visiting the Santa Barbara Real Estate Blog.

This is a unique opportunity to own two residences on one lot and in one excellent Carpinteria location just blocks from the beach (labeled the “World’s safest beach” and downtown Carpinteria. This property, built back in 2004 sold for $1,550,000 in March of 2006. The property is now going through foreclosure and is offered as a Carpinteria Short Sale for $849,000!

Offering 3 bedroom, 3 bathroom in one unit and 2 bedroom, 2 bathroom in the rear back unit, this property it could suit either an investor buyer or a end-user.  Creative options like two couples co-investing, using the 2nd unit as an “in-law” quarters, or simply as rental income could be explored as well.  As a rental property, monthly rentals in this area has been known to command $1,600-2000+ for a two bedroom and $2,000-3000 for a three bedroom in good condition. Or, one could consider a vacation rental scenario catering to the year-around tourist crowd for potentially greater income.

Carpinteria Real Estate

Carpinteria Property | 2nd Unit

Features include great natural light, mixed wood, carpet and tile, as well as an attached garage for the two bedroom. For more photos and complete Carpinteria home listing details, please contact Daniel Zia, your Santa Barbara Realtor at 805-637-7148. This is one of many Santa Barbara properties on the Zia Group watch list. If you would like to receive updates by email, please email Daniel (Daniel@ZiaGroup.com). Thank you for visiting the Santa Barbara Real Estate Blog.

This luxury detached condo located just two blocks from West Beach is tucked away in a private enclave of Spanish Colonial buildings. A rare Santa Barbara Platinum LEED certified home that was built in 2008 and first on the market for $2.6 million, this property is now listed at $1,449,000. Very few Santa Barbara builders, even given the community’s support of the GREEN building movement, have taken the rigorous steps to build in this capacity and achieve that Platinum LEED certification. This Santa Barbara home would work well as a vacation home or for someone who is looking for something close to beaches (West beach just a couple blocks away), harbor (a few blocks) and downtown (roughly 6 blocks).

Luxury West Beach Condo

Listing details include 3 beds, 3 baths, 2 car garage, permeable driveway, cathedral ceilings and energy star appliances.

This property is priced well below what the other comparable units in this Santa Barbara development sold for so a quick sale is expected. If you have any interest in this Santa Barbara property or would like to get additional information please contact Daniel Zia (805) 637-7148 or visit the Santa Barbara real estate website www.theziagroup.com.

This 2-bedroom condo is a REO – FORECLOSURE in the desirable beach community of Summerland (located between Montecito and Carpinteria) just came on the market for $359k!  This condo is not large, but it does present an excellent value for an investor (rental) or and end-user as it’s nearly impossible to find any kind of real estate in Summerland under $500-600k.  The unit has been upgraded in the past with a pergo-type synthetic wood floor, entry-level kitchen remodel (now needs to be touched up and appliances added), basic bathroom remodel, etc.  The unit has a peaceful, quiet setting, several balconies/decks, a 1-car garage, and additional off street parking.  With a very minimal investment this unit could be readily enjoyed as a home or rented easily.

Summerland Real Estate-- REO FORECLOSURE

Here are more details, though the one picture does not do the property justice: http://www.flexmls.com/link.html?riqiyvg8xr3,1,1

This condo sold for $433k back in 2002 and we are currently in between 03 and 04 prices, so it’s undoubtedly a great value. Please call or email for more details or a showing: 805-637-7148 or Daniel @ZiaGroup.com

For more on Summerland Real Estate visit our website: www.ZiaGroup.com

This is a truly unbelievable value and will probably end up being one of the best values in Santa Barbara real estate this year. This Santa Barbara REO (Foreclosure, bank-owned) is on the border of Santa Barbara and Montecito and has ocean views looking out towards the Bird refuge, East Beach and the Montecito Coastline. This property was last on the market for $1.5 million and surrounding homes have sold in the $1.5 million range in the last 12-18 months. The property offers the rare combination of ocean views (from the poolside patio), lots of privacy, a heated pool, detached storage shed that is set up as an artist studio, hardwood floors, remodeled kitchen, 2 fire places and plenty of parking all for under $1 million. In fact, unbelievably priced under $500k

Santa Barbara Spanish REO

Poolside ocean views

Before you get too excited, given the level of activity on this property, I would expect it to have numerous offers and go significantly above the asking price.  If you have any interest, give me a call at 805-637-7148 or email me at Daniel@ZiaGroup.com and I’ll give you the inside scoop.  I can also send you the past listing information, additional pictures, or give you detailed information on the recent sales.

This Eastside duplex + home (3 living units) is priced to sell quickly at $495,000 with quick access to the 101 and shopping. The Assessor shows this Santa Barbara property as a 2 bedroom, 3 bedroom and a studio which could provide for two or three rental units, depending on whether you are looking for a home or an investment. The rental income could play a significant role in covering mortgage payment costs for a home buyer.

Santa Barbara Eastside Property

If you would like more information about this property or to schedule a viewing appointment, please contact Daniel Zia at 805-637-7148. Thank you for visiting the Santa Barbara Real Estate Blog. You can find more information on our Santa Barbara real estate website.

This Eastside cottage just got reduced to $325,000 making it an excellent value and potentially one of the lowest sales this year in Santa Barbara. Here’s a description:

MOVE-IN CONDITION. Eastside Cottage. Recent upgrades include: Copper plumbing, electrical, Heating, Pergo flooring & Plantation Shutters. Large 2-Car Garage. SHORT SALE. Property to be sold in ”AS IS” condition.

Given the price, this would also make a nice rental property to add to your portfolio.

Santa Barbara Eastside Short Sale

If you would like more information, additional pictures, or to schedule a showing call me (Daniel Zia) at 805-637-7148 or email me at Daniel@ZiaGroup.com. The property is a Santa Barbara short sale, and I’d be happy to walk you through what that entails as well.

Santa Barbara REO --Townhouse

This new Santa Barbara REO listing just hit the market his morning. It is a 3 bedroom, 2.5 bathroom, free-standing condo in small 4-unit complex. This spacious unit has an attached 2 car garage, fireplace, washer/dryer hookups, and partial vaulted ceilings on first and second level. Located in a scenic creek-side setting on the lower eastside/lower Riviera. For the price, this town home with 1450 SF has a lot of “bang for the buck”. Email me for more details: Daniel@ZiaGroup.com or call me at 805-637-7148.

I’ve got the inside scoop on an upcoming Santa Barbara REO on the lower Eastside/Lower Riviera. Supposedly it’s a 2/2 Spanish revival that will come on the market next week probably in the mid $300k’s range.  It should be an excellent price as there are homes in the area on the market for $500-900k.

If you would like more information, or may want to take a sneak preview,  contact your Santa Barbara Realtor, Daniel Zia at 805-637-7148 or Daniel@ZiaGroup.com