Prices continue to rise and there is stiff competition to acquire a home in all areas. To put the Montecito market report and its 180 sales, which are up 51 percent year to date for the median price home, into context, we need to look at other South Coast neighborhoods. Median prices in Santa Barbara City with 367 sales, are up 38 percent, the Mesa, 56 sales up 63 percent, Hope Ranch, 38 sales up 69 percent, and Goleta, 175 sales up 20 percent.
This market has emphasized the purchasing of the most luxurious and expensive homes, so the statistics are skewed upwards as a result. A new and wealthier buyer is coming to Montecito. They are purchasing the finest homes.
Prior to this year in my memory, I recall several times where that number reached 25 percent for an entire year, but never exceeded 30 percent. After considering every factor the “average” Montecito homeowner has experienced about a 44 percent increase in home value. If you need to determine your value or to explore a home sale, call me.
Montecito Market Report
Short Term Rental (STR) Update for Coastal Zone Locations
On May 4th, the City of Santa Barbara lost their appeal in Kracke vs City of SB. Because of this, STRs continue to be allowed in the Coastal Zone of the City. Although Theo Kracke of Paradise Retreats won, he was not awarded his attorney’s fees of $580,000. In June, the city petitioned the California Supreme Court to review the decision. The deadline to accept the review is Aug 11.
To run a STR in the Coastal Zone, the city recently announced the requirement of a Business License & the collection of the 12% Transient Occupancy Tax (TOT). The same goes for STRs in the County. However, a furnished vacation rental can net 30% more income than a regular long – term rental and is a great way to offset ownership costs of a home you use occasionally.
Please contact me if you would like to investigate a STR investment in the Coastal Zones of Montecito, West Beach, East Beach, the Mesa, and/or Summerland.
Radon in Montecito
Radon is an odorless, tasteless radioactive gas that is contained in Rincon Shale formations, present in many local neighborhoods. Radioactivity is hazardous to humans, and it travels through the soil and seeps into homes. When doors and windows are closed think winter – Radon levels increase in affected homes. As the levels increase, occupant’s lungs experience the equivalent of smoking a pack of cigarettes every day. Radon containing soils are widespread across Montecito, the Mesa and large swathes of Santa Barbara and Goleta.
Realtors may not be diligent about checking for Radon. Just this week I met a family who has been living in a Montecito home for 25 years with no idea that the air in their home could be toxic. Google “Santa Barbara Radon” to find where your home falls on the map or call me at 805-451-9300. I will let you know if you live in Rincon Shale and if your location should be tested.
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