Mesa Market Mojo Report November 2015

Close To The Peak?

In the last real estate cycle we reached a peak on the Mesa in the mid-to-second half of 2005. The Marine Terrace homes along Shoreline Park are a good representation of the Mesa. The absolute high water mark for the Marine Terrace—not including Shoreline Drive—was $1,311,000 paid for 1204 Del Oro, a three bedroom, one bath, one car garage in June 2005. Within a few months of this date there were other Marine Terrace 3+1’s and 3+2’s sold for $1,165,000 to $1,265,000. All these years I’ve used $1,200,000 in my mind as the peak for middle of the block, middle condition Marine Terrace homes in 2005.

In the past month we had a sale at 235 Los Alamos, a 3+1 with 1,067 square feet for $1,181,600. It was in good condition, with newer kitchen and bath, so it was not a plain home, although it needed total front and back yard landscaping. That is getting very close to $1,200,000. It may take another five percent for purists to accept that we have equaled the peak, but we are very close to that historic moment.

The Santa Barbara Market

For houses that sold in the past 30 days 15 percent sold above the asking price—2.8 percent over asking, on average. Twenty percent sold for full price, and 65 percent sold below list. For condos, 17 percent sold above the asking price—1.6 percent over asking, on average. Thirteen percent sold for full price and 70 percent sold for below list. Twenty-five
percent of all listings made a price reduction this month.

Radon Follow-up

Last month’s article about “Radon on the Mesa” produced calls from people wanting to know if they were in a high radon zone. I can tell you over the phone, so if you’d like to find out for any location in Santa Barbara, just call me at 805 451-9300. The next couple of months are the perfect time to do the radon testing. As the temperature drops back to normal it will be easier to close up your windows for the two days that are required for testing. Test kits are available for about $15, plus lab fee, from both Home Depot and Home Improvement Center.

Client Talk…

“When my wife and I set out to buy a home, we thought that our choice of real estate agent was largely incidental. Working with Scott convinced us, however, of the incalculable value of a great real estate agent. From start to finish, he was genuinely interested in saving us money and effort, rather than simply looking to make a sale. During our house-hunting experience, we interacted with many other agents—and while many of them were highly qualified and professional, they never quite seemed to equal
Scott’s level of experience and authority.”

– Nathaniel Craig PhD

“Scott Williams proved to be an exceptional real estate agent who was prepared from the very first meeting, knowledgeable about the real estate market in Santa Barbara, and an excellent communicator. Scott kept us informed every step of the way and was always available for calls, texts, and emails. In short, Scott made a long-distance real estate sale easy and painless.

We were particularly pleased with the results! We felt comfortable with Scott and trusted his judgement.”

— Julene Tomberg