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Santa Barbara Real Estate Market

Posted by Arthur on August 22, 2017
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Santa Barbara Real Estate Market

Santa Barbara’s stunning ocean vistas, gorgeous coastal bluffs and grassy, flowering hills make it a perpetual favorite for home buyers seeking living space and natural beauty relatively close to Los Angeles and other major Southern California business centers. Santa Barbara isn’t just a natural beauty, however; it is a growing cultural destination that attracts tourists and other visitors from all over. Santa Barbara‘s gentrified downtown now hosts art galleries, fine artisanal restaurants, and a new host of wine tasting rooms and other outlets for some of the fantastic wines that grow in the regions near Santa Barbara. 

Home buyers and investors seeking property in Santa Barbara have five areas to look at in their Santa Barbara property search. 

Carpinteria/Summerland 

This coastal town southeast of Santa Barbara features a surf culture, a charming beach atmosphere and a location near Santa Barbara’s bustling downtown. The average selling price for a home in Carpinteria is currently $1.2M. Homes in Carpinteria range from condominiums, often in a Sea Ranch or Mediterranean style, to Craftsman-style bungalows to estate homes. 40% of homes in Carpinteria are rented as opposed to owner-occupied. 

Montecito 

Montecito features stunning views, as well as classic homes and estates that span the area between the coast and the foothills of Santa Barbara. The average selling price in Montecito in 2017 is $3.5M. Montecito features gorgeous estate homes featuring traditional coastal seaside architecture and some modern homes as well. 20% of homes in Montecito are for rent and the rental vacancy rate is .9%. 

Santa Barbara 

The city of Santa Barbara is world-famous for its gorgeous historic buildings from the Spanish colonial period. It is also features numerous great restaurants, theaters and other cultural activities. Living in Santa Barbara gives you the convenience of an urban center and the relaxation of living on the coast. The average selling price in Santa Barbara in 2017 is $1.3M. Homes in Santa Barbara range from bungalows to Mediterranean-style larger properties and even mansions. Santa Barbara rental vacancies are some of the lowest in the nation at .5%, and rents are leaping higher each year. 

Hope Ranch 

Hope Ranch is an area of beautiful estate homes located above the bluffs that line the coast. The views are incredible, and residents of this area can even enjoy horseback riding on the trails that encircle the land. The average selling price in 2017 in Hope Ranch is $2.5M. Homes in Hope Ranch tend to be very grand in architecture style and size. Hope Ranch has a 12.7% rental vacancy rate, which is higher than average due to the high price of rentals in the area. 

Goleta 

University of California, Santa Barbara is located in Goleta, CA, so Goleta residents are able to stay in touch with all of the goings on at one of California’s premier higher education institutions. Goleta features gorgeous beaches and excellent views of the Channel Islands. The average selling price in 2017 is $1.03M. Homes in Goleta range from fully updated bungalows and beach houses to fixers. 43% of homes in Goleta are rented, with 5.56% vacant. 

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