Since 2010 U.S. housing starts have been on the increase, however are still well below most non-recession periods in U.S. history. Higher cost of construction, closely assessed risk factors and less financing available for developers are all part of the current equation. In addition, new residences cost home buyers more per square foot than existing properties, approximately a 23.8% difference according to data recently collected by the National Association of Realtors. To read the full article click here.
In Santa Barbara affordability is certainly a factor. With the median resale home price reaching $1.14M in August many buyers are already at their maximum price point when purchasing an existing residence, where any new home purchase in the same size range would put them over budget.
The Knoll, Santa Barbara area’s newest housing development off N. Patterson Road has just reduced their prices by $300,000. Now priced at $2.095M and $2.15M these residences are 4,150 sq.ft., costing $500 to $520/sq.ft.
Sevilla & Alma Del Pueblo, both developed in prime Santa Barbara downtown locations, have also experienced the need for recent price cuts with many units still available today.
The Village at Los Carneros are offering new condos and homes priced more toward entry level buyers and are selling much quicker than higher end developments in and around Santa Barbara. From $385 to $470/sq.ft. with sizes ranging from 1,014 to 2,417 sq.ft., and prices from $475,990 to $1,024,990.
The Village at Los Carneros – 6720 S, Calle Koral Road #209 – 1 bed/1.5 bath – $530,990
Sevilla – 401 Chapala Street #107 – 1 bed/1.5 bath – $1.175M
The Knoll – 5343 Plunkett Lane – 4 bed/4.5 bath – $2.095M
I appreciate your inquiries on both new and resale properties in the area, and look forward to keeping you posted on all new developments!