Last spring I wrote about the upcoming housing developments in Santa Barbara answering the demand for inventory. Since that time, we had a flurry of activity over the summer in the resale market.
Inventory is slowly building to a more "normal" supply. The newer construction projects have helped with this correction and are selling well, offering diverse and exciting homes for a variety of lifestyles.
Just this month the suburban communities at the Bluffs in Goleta and Lagunitas in Carpinteria announced that they are sold out. Right across the street from the Bluffs, Lorie Bartron with Berkshire Hathaway Properties is pleased to report that The Hideaways are selling very quickly. They have released 12 homes, and they have contracts on nine of them with the first phase build-out expected in December. Their second phase will be released in a couple of weeks with completion in spring 2014.
Downtown Santa Barbara is experiencing a boom in the luxury condominium inventory. The much-anticipated Alma Del Pueblo project has started selling. Representatives Tim Walsh and Pippa Davis from Village Properties report that there are five pending sale, five reserved units and contracts out on three more.
Michael Calcagno and Nancy Hamilton of Sotheby's are representing Sevilla on Chapala as well as the Anacapa Townhouses. The Anacapa townhouses are having a lot of activity and pending sales while Sevilla, launched just two weeks ago, has five pending and several contracts out.
The Calcagno~Hamilton team have also signed up four homes being built on Danielson, The Montecito Beach Cottages. They are expected to be completed in the next month and a half. In addition, they will be representing two new luxury townhouses on Coast Village Road in the old nursery lot next to Jeanine's.
We're thrilled to have these opportunities for our buyers. Contact your Realtor for more information on these upcoming projects.
— Laurel Abbott is a real estate agent with Prudential California Realty and president of the Santa Barbara Association of Realtors. Contact her at firstname.lastname@example.org or 805.879.8050. The opinions expressed are her own.