It’s been quite trying times for Montecito, Ventura and Santa Barbara since the Thomas Fire ignited on December 4, 2017, burning over 440 square miles and setting up the deadly scenario of mudslides in Montecito. Our hearts go out to the all those effected and our community is thankful to those who’ve lent helping hands amidst the recovery. Reopening of Hwy 101 and Coast Village Road in the Montecito area this week, along with utility crews working franticly to restore utilities to all residents is a victory in the slow journey back to normality.
Many effected by flood and mudslide damage to their homes have expected difficulty with their insurance companies in covering losses however FEMA and several carriers are now allowing owners to claim Fire as the “efficient proximate cause”. Still, the rebuilding and repair of damaged homes in the area will take quite some time as homeowners find living accommodations where they can. Victims of the Thomas Fire and Flood are being assisted by the following organizations, which those generous and willing can make donations to.
Many have asked how the real estate market is and will be affected by the recent traumatic events. Between the time the Thomas Fire started and now there are many interesting stats when compared to the same period a year prior. In the Santa Barbara area the number of homes sold has only decreased 8% while sales volume and median price have increased 27% and 53% respectively due to more higher priced homes selling. In Ventura the number of homes sold has increased 25% along with sales volume and median price both increasing 26% and 7% respectively.
Bahura & Associates looks forward to keeping you posted with the newest developments and most interesting local real estate information throughout the year, thanking you always for your interest and inquiries.