495 Santa Rosa Lane, Montecito CA

If you are looking for a wonderful family compound or a restful weekend retreat , this new Montecito listing has it all! Located on a lush 1.3 acre parcel within walking distance to Montecito Union School and the Montecito YMCA, this 5 bedroom/5 bath contemporary home includes a light and bright Great Room that opens to a deck overlooking the pool, spa, and open-air pavilion. Visit 495SantaRosaLane.com for a full photo tour, floor plan and additional information.
Offered for purchase for $4,295,000. Call Kelly at 805-895-4406 for a private showing.496

5110 Cathedral Oaks

If you are looking for privacy, land, and a great house, check out our listing at 5110 Cathedral Oaks. This one-acre property is NOT on Cathedral Oaks; it is located about 1/10th of a mile down a private lane and in an enclave of about 16 homes. The area was once a 25-acre lemon ranch owned by “Duke” and Alice Sedgwick until the1950’s. Today the property still retains the feel of a “ranchette” and is zoned for horses, while being just minutes from schools, shopping, and other amenities.

The custom 2-story home is ideally suited for extended family or dual living, with exterior access to a suite on the second floor. Don’t miss this unique property that is priced to sell!  Newly offered for $1,150,000. Visit www.5110CathedralOaks.com for more information.

Rates are at historic lows…

Even though I am ‘in the loop’ on what’s going on in the mortgage world, whenever I see a rate sheet I am truly amazed. Give me a call if you need a referral to a great mortgage broker or lender!

Conforming  up to $417k loan amount
 
5yr ARM-3.00% with 1pt, 3.75% no pts
7yr ARM-3.25% with 1pt, 3.625% no pts
10yr ARM-3.75% with 1pt, 4.00% no pts
15yr Fixed-3.625% with 1.5pts, 3.75% no pts
30yr Fixed-4.00% with 1pt, 4.25% no pts
 
High Balance Conforming up to $729,750 loan amount
 
5yr ARM-3.375% with 1pt, 3.625% no pts
7yr ARM-3.625% with 1pt, 3.875% no pts
10yr ARM-4.00% with 1pt, 4.25% no pts
15yr Fixed-3.875% with 1.5pts, 4.125% no pts
30yr Fixed-4.375% with 1pt, 4.625% no pts
 
Super Jumbo up to $4MM loan amount
 
5yr ARM-3.875% with 1pt, 4.25% no pts
7yr ARM-4.375% with 1pt, 4.625% no pts
10yr ARM-4.875% with 1pt, 5.125% no pts
15yr Fixed-4.75% with 1.5pts, 5.00% no pts
30yr Fixed-4.75% with 1pt, 5.125% no pts

Guide to choosing a Realtor

We found this very useful guide written by J.D. Power and Associates to assist Buyers and Sellers when interviewing a Realtor to assist them.

J.D. Power and Associates offers the following tips to consumers who are buying or selling a home:

Finding the right agent to suit your specific needs is critical. J.D. Power research has consistently demonstrated that having the right agent is critical to a satisfying home-buying or -selling experience. Due to the unique nature of real estate transactions, clients often form bonds with their agents, as a single buying or selling transaction can take several months or more to complete. For customers who have previously bought or sold a home, the right agent might be someone they’ve worked with successfully in the past.  For first-time buyers, seeking recommendations from friends, relatives, and colleagues is critical.  Increasingly, agents and brokers are advertising their services on the Internet, so this can be a good starting point for research, particularly for someone moving far away from their current location.
In addition to a buying or selling agent, consider the additional services you may require. Buying and selling a home is a complex undertaking with many “moving parts” to consider. In addition to the real estate agent you work with, you may also need to work with a loan officer, a financial institution, title/escrow company, inspectors, appraisers, home warranty agents, movers, storage services, contractors, etc. One of the advantages of using a full-service real estate company is that they can assist with finding and coordinating some of these necessary additional services.
For sellers, marketing one’s home should be a primary focus.  In addition to finding the right agent, home sellers should pay special attention to tools used to market the home. When selecting an agent, find out their approach to open houses and online marketing, in particular. J.D. Power research finds that home buyers often search for homes online long before they engage a buying agent, or even attend an open house. Ask about which websites will contain the home listing, the number of home photos that can be included and if any special features will accompany the listing, such as virtual tours or mortgage calculators. Tools that assist prospective home buyers may help attract attention to the listing.
For buyers, it’s important to understand the full cost of the home prior to making a purchase. It’s prudent for home buyers to establish a housing budget and to expect agents to show homes in the appropriate price range. Particularly for first-time buyers, it’s important to understand all the associated fees and expenses that go along with purchasing a particular home.  These can include one-time expenses, such as “points’ that lower mortgage rates, title fees and appraisals, as well as ongoing expenses such as homeowners association fees, property taxes, or other specialized local taxes that can impact your monthly payments.

The 2010 Home Buyer/Seller Study includes more than 3,000 evaluations from 2,817 respondents who bought or sold a home between March 2009 and April 2010. The study was fielded between April and May 2010.

Santa Barbara Economic Forecast

In case you missed this article in Friday’s paper, the Santa Barbara NewsPress wrote a very informative piece on our local real estate market based on a recent presentation by Dr. Mark Schniepp of the California Economic Forecast. Kelly attended this presentation on Thursday and is happy to discuss it with you. Give Kelly a call at 805.895.4406.

Link to article.

Fantastic New Price!

This very private custom home on 1 acre has recently been reduced to $1,195,000. The property is located about 1/10th of a mile off Cathedral Oaks Road and across from Foothill School, down a country lane. It sits in a private enclave of 12 homes that was once a 25-acre lemon ranch owned by the Sedgwick family. For more information about this property, please visit www.5110CathedralOaks.com or call Kelly at 805-895-4406.

1720 Glen Oaks – Price Adjustment

Our wonderful offering at 1720 Glen Oaks Drive in Montecito recently underwent a price adjustment of $500,000! This property is now offered for sale at $3,995,000 – a fantastic value!
This property has it all: 4 bedroom, 4.5 bath main home of approximately 4,000 sq.ft., custom built with the highest quality finishes and attention to detail; 2 bedroom, 1 bath pool house with fireplace, French doors and private patio; tantalizing spa, waterfall and pool set amidst an expensive patio with a full summer kitchen; manicured 1 acre property in the exclusive Glen Oaks Estates area close to Montecito’s Upper Village and in the Montecito Union Elementary attendance area. Please visit 1720GlenOaksDrive.com for more information and a floor plan, or contact Kelly directly for a private showing at (805) 895-4406.

Jumbo Money is Back!

I received this promo sheet from a well-respected, local mortgage lender. Amazing rates for Jumbo money!

click to view pdf

Santa Barbara Real Estate Statistics for February 2010

Here are the CORT Report documents for February 2010:

South County Sales Summary

South County Sales – Broken out by Address and Area

Here is the February CORT data organized by area. In addition to the December data, we have included a year-to-date comparison for all years since 2004. Please note that the attached reports summarize the sales of single family residences, condos and residential income 2-4 units. Larger residential units (5+ units) and commercial properties are excluded. We hope you find this information useful!

If you have any questions about the data you see, or need further assistance in this area, please contact Kelly Knight – 805.895.4406

California Enacts Tax Credit

California Passes Large Tax Credit
for Homebuyers

California has initiated its own homebuyer tax credit. The credit is for 5% of the purchase price, with a maximum credit of $10,000. That’s a dollar-for-dollar reduction against income tax payments that would otherwise be due. Homebuyers must claim the tax credit in equal installments over three consecutive years, beginning with the year of purchase. Purchasers are required to live in the home as their primary residence for two years or forfeit the credit.
To be eligible, first-time homebuyers can purchase a new or existing home. Repeat or move-up homebuyers are eligible for the credit only if they buy a new home.
Buyers of existing homes must close escrow between May 1 and December 31, 2010. The credit is available to buyers of new homes who sign purchase agreements between May 1 and December 31, and close escrow by August 1, 2011.
Separate from the California tax credit is the federal tax credit. The federal homebuyer tax credit will expire soon. If your clients want to take advantage of this tax credit, they must act fast. The tax credit is available to buyers who sign purchase agreements on a new or existing primary residence home between December 1, 2009, and April 30, 2010. Buyers have until June 30 to close the mortgage loan on their new home.
If you have any questions about how the California or federal tax credit may benefit your clients, please call me today. 805.895.4406

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