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| Volume30, No 4 |
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Our 30th year |
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250th Issue |
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April 2007 |
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Montecito Changes Coming |
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Scott Williams PRESIDENT
WILLIAMS SYSTEMS |
Brenda Williams
Realtor Associate
Melani Guevarra
Office Manager
Susana Salcedo
Transaction Coordinator
Call Us at 805 563-4031
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Montecito is a hotbed of residential remodeling, and there has been relatively little commercial growth. In the coming years Montecito will see many changes. Some projects are approved, others are in planning, and most of these will become reality.
Coast Village Complex.: A three story complex is proposed for replacing the Coast Village 76 station. It would be commercial on the ground floor with residential above. This would further push the move to three stories along Coast Village Road.
Coast Village Road Roundabout/Southbound 101: The southbound entrance at Hot Springs Road to the 101 will be removed, and a roundabout will be installed where Hot Springs meets Coast Village Rd. Work is scheduled for 2008.
Miramar Hotel: Plans will likely be submitted by summer. Hoped for construction is set to begin in 2008.
Montecito Country Club: Look for five years of progressive renovations to the property. To improve the links, a Jack Nicklaus re-design will add 500 yards and greater prestige to the course. There will be many improvements to the interior of the clubhouse, all thanks to Ty Warner.
Westmont College: The Master Plan is fully approved. It will bring an additional 300,000 square feet to the campus. Only a lawsuit could stop this from moving to the long delayed construction phase.
Channel Drive Seawall and Steps: The falling down wall on the beach side of the Biltmore at Channel Drive will be replaced, along with new steps and planters, by late 2008.
Channel Drive Seawall and Steps: The falling down wall on the beach side of the Biltmore at Channel Drive will be replaced, along with new steps and planters, by late 2008.
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Coral Casino Remodel: By this fall members will have their club back. The second-story addition Restaurant should arrive in December. Expect a new feel.
101 Freeway Expansion: From the Ventura County Line to Castitas Pass Road in Carpinteria $151 million of funding is approved for widening to six lanes, including a diamond multi-occupant commuter lane. Construction will begin after 2010. Widening through Montecito is not yet approved. The 20,000 car trips per day nightmare will probably continue until 2020.
Former Shell Station on Coast Village Road: Nothing is in proposal, so expect it to remain a vacant lot for at least another three to five years.
Call for a confidential appointment about your real estate needs. Call Scott or Brenda Williams 805 563-4031. |
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Call Scott to find out your property’s value. |
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RECENT CLOSED SALES |
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Litchfield Lane
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4/3 |
$1,895,000 |
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$1,750,000 |
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Jan ’07 |
| El Camino De La Luz |
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3/2 |
1,495,000 |
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1,605,000 |
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Mar ’07 |
| La Coronilla Drive |
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3/2 |
1,495,000 |
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1,400,000 |
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Feb ’07 |
| Borton Drive |
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3/3 |
1,495,000 |
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1,410,000 |
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Jan ’07 |
| Roberto Avenue |
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3/2 |
1,035,000 |
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999,000 |
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Mar ’07 |
| Miramonte Drive (condo) |
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1/1 |
469,000 |
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469,000 |
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Feb ’07 |
| Miramonte Drive (condo) |
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1/1 |
425,000 |
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437,500 |
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Jan ’07 |
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Via Los Padres
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3/3.5 |
$2,695,000 |
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$2,660,000 |
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Feb ’07 |
Twinridge Road
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4/3 |
2,150,000 |
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2,135,000 |
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Jan ’07 |
| Camino Molinero |
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3/3 |
1,800,000 |
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1,800,000 |
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Jan ’07 |
| Northridge Road |
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3/2 |
1,799,000 |
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1,570,000 |
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Jan ’07 |
| Arbolado Road |
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2/2 |
1,595,000 |
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1,595,000
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Feb ’07 |
| Camino Manadero |
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3/2 |
1,499,000 |
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1,425,000 |
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Mar ’07 |
| Cheltenham Road |
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2/1 |
895,000 |
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885,000 |
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Jan ’07 |
Tunnel Road
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1/1 |
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825,000 |
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All inquiries to Williams Systems are completely confidential. |
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Cowboy is a 2-3 yr old neutered male mini-Australian shepherd, 32 lbs. An affectionate pup, he leans against your leg while he sits on your foot. He is high energy, athletic, smart, has great Agility or Flyball potential. A wonderful family dog for an active family. He is adoptable at DAWG, a NO-KILL shelter. Call 681-0561 or visit www.sbdawg.com
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April Real Estate at a GLANCE |
There is slight downward pressure to the median price Single Family Residence (SFR) and condos. This has slowed from a 10% annual rate comparing 2006 prices to 2005, to about 4% annual rate of decline today, and will likely reach equilibrium this year. For this month, condo inventories climbed, and they are below the high condo inventory of a year ago. SFR inventories are on par with last year, and one third lower than last fall. SFR pending sales are up 20% above last month - condos up 10%. Upward pending momentum and downward inventory momentum means the market is bumping along the bottom. Home foreclosure sales are up – another sign found at the end of a price decline - and they are a very small market percentage. Home prices in the $2-$3 million range are at equilibrium. Above $3 million 2007 will show double digit appreciation. Already closings of homes priced above $5 million are far out-pacing 2006.
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March 10 , 2007 Market Conditions |
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House
A Year
Ago
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House
A Month
Ago |
House
Mar.
2007 |
Condo
A Year
Ago |
Condo
A Month
Ago |
Condo
Mar.
2007 |
Median
(YTD)
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$1,250,000
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$1,285,000 |
$1,180,000 |
$680,000 |
$674,500 |
$640,000 |
Inventory
on March 10 |
363 |
326 |
391 |
200 |
155 |
188 |
Closings
Past 30 days |
68 |
50 |
77 |
19 |
29 |
26 |
| Days Until Accepted Offer |
80 |
112 |
92 |
52 |
139 |
135 |
Sales Price to List Price Ratio (%)
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95.99 |
96.03 |
97.70 |
98.35 |
95.20 |
96.94 |
Data from Santa Barbara Multiple Listing Service Mar. 10, 2007 |
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Williams Systems · Prudential California Realty · 3868 State Street · Santa Barbara · CA · 93105
www.ScottWilliams.com
If your home is currently listed, please excuse our active marketing efforts. We are not trying to solicit your listing. |
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