Santa Barbara South Coast Year End Update 2019
Happy New Year and New Decade!
Wow! How did we get here so fast?! These are very exciting times with a new year AND new decade to think about how to “pay it forward”, make a difference for the planet, be kind, volunteer at our favorite charities, spend more time with family, AND maybe invest in real estate.
Here are some important things that you should know about:
There is less chatter about a falling real estate market, as the economy is strong and there is still a ton of real estate demand. Locally, Amazon just opened in Santa Barbara, which means 400 people will need to rent or buy a home. The market continues to slowly increase in value.
Interest rates are amazing! 3.5% for a fixed rate jumbo loan and 2.875% for a 7 year adjustable. That means it’s fixed at that low rate for 7 years! This is great for move-up buyers.
There will be a VERY scary measure on the ballot in November to repeal Prop 13 taxes on commercial property. If this passes, businesses will not be able to afford to stay here, as those increased taxes will be passed on by the property owners to their business tenants. AND you can be sure if they pass it for commercial properties, that residential property will be next.
Big changes for landlords so if you own rental properties, make sure to reach out to us for the most up to date information on Just Cause Evictions, One-Year Lease Agreements, and Rental Caps.
Call us and we will send you information to see if you are exempt from any of the new restrictions.
The state now has precedence over cities regarding ADUs (Accessory Dwelling Units).
SB cannot mandate that homes with ADUs be owner occupied, there are no parking restrictions, there are no minimum lot size restrictions, among other updates. There are pros and cons with these new laws, as it will create density issues in neighborhoods but it will allow people to have mortgage relief through rent or provide extra living accommodations.
Call us for more information!
| HOMES & PUDS | ||||
|---|---|---|---|---|
| 2019 | 2018 | 2017 | DIFF% | |
| Active Listings | 1,452 | 1,445 | 1,406 | +0.5% |
| Total Sales | 1,170 | 1,084 | 1,179 | +7.9% |
| Median Sales Price | $1,286,000 | $1,220,000 | $1,250,000 | +5.4% |
| CONDOMINIUMS | ||||
|---|---|---|---|---|
| 2019 | 2018 | 2016 | DIFF% | |
| Active Listings | 503 | 559 | 476 | -10% |
| Total Sales | 432 | 430 | 426 | +0.5% |
| Median Sales Price | $669,180 | $650,000 | $630,500 | +3% |
