We’ve been hearing it since last summer: “There’s no inventory!” Thank goodness we’ve got some interesting projects coming online in the building arena.
There is an improving market index put out by the National Association of Home Builders and First American Title designed to track housing markets throughout the country that are showing signs of improving economic growth. In the April report, Santa Barbara was second in the country in permit growth, up 35.8 percent.
There are still opportunities available at The Bluffs in Goleta, priced in the mid-$1,000,000s, and Lagunitas in Carpinteria in the mid-$800,000s. Currently under construction in Goleta are 101 units at Haskell’s Landing called the Hideaway Bungalows and Coastal Reserve. Scheduled for sales to begin this summer, there’s no price range set yet.
In downtown Santa Barbara, Alma del Pueblo is well under way and looks promising to fill the “walkability” factor so many people are looking for as well as introducing the first gourmet food court concept that has been so successful in Northern California. I’m as excited about that as having some well located, new condos to sell priced between $850,000 to $2.5 million.
Also downtown this summer, the projects Sevilla and the Anacapa Villas will be introduced. Prices have not been published on those projects.
The following is a subdivision update from First American Title:
» The Bluffs — 16 homes in escrow, six lots breaking ground and are for sale
» Lighthouse — one in escrow, two left to sell
» The Hideaways — 101 units ready for market late 2013
» Sevilla — 35 condos, 11 affordable, seven commercial getting ready for sale in late spring/early summer
» Alma del Pueblo — 40 condos, three commercial
» Anacapa Condos — eight residential condos, three commercial
» Lagunitas in the Shoals — Phase 3 final homes to be released mid-April; in the Rincon phase, 11 custom homes, not released
A special thanks to First American and Judy Rattray, an affiliate member of the Santa Barbara Association of Realtors, for the list of projects. We’ll keep an eye on more of the approved projects breaking ground around town.
— Laurel Abbott is a real estate agent with Prudential California Realty and president of the Santa Barbara Association of Realtors. Contact her at email@example.com or 805.879.8050. The opinions expressed are her own.