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4311 Carpinteria Avenue, Carpinteria CA 93013
Just listed! Lowest priced SFR on the market! Flexible mixed use CPDR zoned single family home w/detached 2-car garage only a short distance to bustling business district, beaches and estuary. Sold “As-Is”.
Offered at $499,000
MLS #15-2368
After 20 years, actor Jeff Bridges is selling his Montecito ranch for a whopping price of $29.5 million! The 19.5 acres of land include a 9,500 square foot main house, a separate theatre/recording studio, two private guest houses, a pool with its own pool house, a vineyard and a greenhouse, as well as a collection of aloe trees tended by Bridges. Fans of Bridges' role as "The Dude" in cult classic The Big Lewobski will be excited to learn that the property also comes with a body cast from the movie itself.
Featuring breathtaking views, high ceilings, ornate tiling and masterful woodwork, Bridges' and his wife, Susan, are exchanging the five-bedroom family estate they've owned since 1994 for a smaller Montecito home now that their three daughters are grown. Check out the photos below for a peek into Bridges' stunning former residence!
We are excited to announce the sale of this gorgeous ocean-view Spanish hacienda only 2 blocks from “The World’s Safest Beach!” Boasting a cozy interior featuring wood beam ceilings, white washed walls, and a large fireplace, this lovely home creates the ultimate indoor/outdoor living space with seemingly endless walls of sliding glass doors. Outdoor features include an ocean-view deck great for entertaining, a spa with waterfall feature, a built-in BBQ and a trellised patio for dining al-fresco. This .41 acre lot also features 2 separate garages for up to 5 cars, and is only 3 miles to famous Rincon Surfing and a stone’s throw to shopping and restaurants!
Sold for $1,675,000
![Homeownership Still The American Dream [INFOGRAPHIC] | Keeping Current Matters](http://www.keepingcurrentmatters.com/wp-content/uploads/2015/06/American-Dream.jpg)
There has been recent press regarding whether or not it makes better financial sense to rent rather than buy in today’s housing market. As an example, the recently released June Summary of the BH&J Buy vs. Rent Index reported:
“…as of the end of the first quarter of 2015, the housing market in the U.S. and all cities in the index are trending either closer to renting being the superior option or strictly favoring renting over purchasing a home.”
The summary goes on to explain that:
“The index conducts a “horse race” comparison between an individual that is buying a home and an individual that rents a similar quality home and reinvests all monies otherwise invested in homeownership.” (emphasis added)
Though the math may be correct, we are not as sure of the conclusion. Even if you check the methodology offered by the BH&J report itself, you will find that they realize:
“…any extra savings from renting might be spent on non-wealth enhancing goods resulting in any benefits from renting versus owning disappearing in a cloud of consumption spending rather than savings.”
Many believe the wealth accumulation of homeowners is tied into the concept of “forced savings”. The New York Times late last year published an editorial entitled, “Homeownership and Wealth Creation, which discussed this concept. The article explained:
“Homeownership requires potential buyers to save for a down payment, and forces them to continue to save by paying down a portion of the mortgage principal each month.”
“Even in instances where renters have excess cash, saving a substantial amount is difficult without a near-term goal, like a down payment. It is also difficult to systematically invest each month in stocks, bonds or other assets without being compelled to do so.”
Many of the points that were made in the article are on track with the research done by the Joint Center for Housing Studies at Harvard University which agrees that “forced savings” is a major advantage of homeownership. In a paper, The Dream Lives On: the Future of Homeownership in America, they concluded:
“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”
Edwards Deming once said: “Without data, you’re just another person with an opinion.”
Let’s look at the data on this subject. The Federal Reserve has conducted a study titled: Survey of Consumer Finances. The study found that the average net worth of a homeowner ($194,500) is 36 times greater than that of a renter ($5,400).
The New York Times editorial articulated it best:
“Homeownership long has been central to Americans’ ability to amass wealth; even with the substantial decline in wealth after the housing bust, the net worth of homeowners over time has significantly outpaced that of renters, who tend as a group to accumulate little if any wealth…As a means to building wealth, there is no practical substitute for homeownership.”
The National Association of Realtors’ (NAR) latest Existing Home Sales Report revealed that first time homebuyers made up 32% of all sales in the month of May; marking the highest share since September 2012 and up from 27% the same time last year.
NAR’s Chief Economist, Lawrence Yun, cited “strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment programs,” as contributing factors to the increase in first-time buyers.
Existing-home sales rose 5.1% to a seasonally adjusted rate of 5.35 million. Total housing inventory for sale remains under the 6.0 months needed for a historically normal market at a 5.1 month supply.
Homes sold quickly in May, as 45% of homes sold in less than a month. May also marked the 39th consecutive month of year-over-year price gains as the median existing home price rose 7.9% above May 2014 to $228,700.
Below is a chart showing the breakdown of price increases by region:
Yun went on to say,
"Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and therefore provided greater choices for buyers."
“However, overall supply still remains tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation. Without solid gains in new home construction, prices will likely stay elevated — even with higher mortgage rates above 4 percent."
“More first-time buyers are expected to enter the market in coming months, but the overall share climbing higher will depend on how fast rates and prices rise."
If you are a homeowner considering a move this year, meet with a local real estate agent who can show you the opportunities available right now! Don’t miss out on the influx of new buyers entering the market every day.
The Federal Reserve Bank of New York recently released the 2015 SCE Housing Survey. The survey revealed that most current renters would prefer owning and that 61.9% of them plan to buy a home within the next five years.
68.3% stated they would prefer owning (with 45.6% saying they ‘strongly’ prefer owning). When asked at what point in the future do they think they will own a primary residence:
Of the 68.3% who would prefer to own, 2 out of 3 cited difficulty in getting a mortgage for the reason they do not own. However, many believe that the reason so many think that it would be difficult to get a mortgage is not fully based on current market realities.
For example, studies have shown that there is confusion over the amount of money needed for a down payment. Research has shown that 40 to 50% of Americans believe that between 15-20% is the minimum required for a down payment. In reality, there are many programs available at 5% and even 3%. There are even some programs that don’t require any down payment (ex. VA loans).
Others fear they need a perfect credit score or believe that the overall mortgaging process has become almost impossible. Actually, the Mortgage Credit Availability Index, a report from the Mortgage Bankers Association, has shown that, over the last seven months, access to mortgages has gotten much more available.
And the NY Fed study suggests that some renters are waiting for interest mortgage rates to fall even further. Fifty percent of the renters surveyed believe mortgage interest rates will fall over the next year and almost 10% believe that they will fall by more than 1%. However, the reality of the situation is that Freddie Mac, the Mortgage Bankers Association and the National Association of Realtors are all projecting that rates will be significantly higher at this time next year. They are all predicting mortgage rates will be almost 1% higher!
Many renters want to own their own home. Some are not moving forward based on misunderstandings regarding the mortgage process. If you are currently a renter who desires the benefits of homeownership, sit down with a local real estate professional to determine what your options actually are.
A new housing and business project is appearing on Santa Claus Lane near Carpinteria. The project is on county land just outside of the city limits. It has been years in the planning stages.
The finished project will be four commercial and three residential units on a lot between the train tracks and the street. It's also adjacent to the beach.
The developer Claus Properties, spent years on the project and efforts to get it off the ground were delayed by the recession . The project is now back on a new schedule with active work underway.
In the last week a large crane has been on the site which is surrounded by a green fence.
Improvements to the roadside parking are part of the development conditions, in coordination with a county master plan for Santa Claus Lane.
4816 Sawyer Ave Carpinteria, CA | Offered at $655,000
Come join us for the Broker's Open Wednesday (today) from 10am-1pm
Open Houses will be held this weekend, Saturday (06/13/15) from 12-2pm & Sunday (06/14/15) 1-4pm!
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Berkshire Hathaway HomeServices has been named a finalist in the prestigious American Business Awards The SteviesTM competition. The network will receive a Gold, Silver or Bronze Stevie for Company of the Year, Real Estate category. Awards will be presented June 22 at a ceremony in Chicago! |
National Homeownership Month actually started as a week-long celebration of homeownership during the Clinton administration in 1995. In 2002, President George W. Bush proclaimed June as the National Homeownership Month. Here is an excerpt from his proclamation:
“Homeownership is an important part of the American Dream…A home provides shelter and a safe place where families can prosper and children can thrive. For many Americans, their home is an important financial investment, and it can be a source of great personal pride and an important part of community stability.”
“Homeownership encourages personal responsibility and the values necessary for strong families. Where homeownership flourishes, neighborhoods are more stable, residents are more civic-minded, schools are better, and crime rates decline.”
“During National Homeownership Month, I encourage all Americans to learn more about financial management and to explore homeownership opportunities in their communities. By taking this important step, individuals and families help safeguard their financial futures and contribute to the strength of our Nation.”
