Real Estate September 15, 2015

A record sale last week

The highest price ever recorded for a one bedroom condo at Villa Constance North in Santa Barbara happened last week. All parties involved in the transaction, including myself as the listing agent, worked very hard to accomplish a successful closing. Although prices in Santa Barbara have in general not yet reached the level seen during the last peak of 2005, which are still about 10% off, this particular sale was made possible through the efforts of an exceptional local portfolio lender and several other dedicated local service providers.

There have been more potential hoops to jump in the past decade when buying or selling a property than at any time in history. With so many market variables to negotiate it most often takes a good team to successfully close what in the past could be considered an easy transaction. Working with the right skilled local professionals can make all the difference. In the case of last week’s record sale the portfolio lender used by the buyer, American Riviera Bank, was not affected by the strict national Fannie Mae condo flood insurance requirements that have recently been put into place. In addition a very skilled local appraiser worked very hard to document relevant comparable sales, including one that closed the day before the appraisal on Villa Constance was due.

2631 State Street 1

When seeking council for your most important real estate transactions I welcome your inquiries. It’s gratifying for me to be able to provide exceptional service and resources to clients so that they may accomplish their goals, such as last week at Villa Constance.