House & Home: June 10, 2023

NEW LISTING | 1493 SYCAMORE CANYON ROAD, SANTA BARBARA CA 93108 5 BEDS | 6 BATHS | OFFERED AT $4,995,000 | OPEN SATURDAY AND SUNDAY FROM 1-4PM

Through the gates, over the bridge & up the private driveway you'll stumble upon a true Santa Barbara Spanish Oasis. Custom built in 2006, 1493 Sycamore Canyon rests on 1.45 lush acres and offers 5 generous bedrooms and 6 bathrooms totaling nearly 6,000 sq/ft of livable space. Upon entering, you'll notice the volume created by a beautifully engineered tower foyer that gives you a true sense for the custom details to follow. The ''Chef's'' kitchen boasts handmade cabinetry, high-end appliances and a large center island that opens u p naturally to the family room. Located on the ground floor you'll find the primary bedroom with a set of French doors that lead to a private patio and garden area. The grounds are peaceful & plentiful with over 200 fruit trees, pool & entertainers cabana, 3 car detached garage and a gym area. This property has it all and is great for those that love to entertain in a private & peaceful location.

AROUND TOWN

Calling All Realtors

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Less is more

Can we get our money back after fully paying special assessment?

Question:

We were specially assessed for a project for our condominium. We paid almost the entire assessment at his point, but we need to sell our unit and move due to an opportunity. The board postponed the project for at least a year if not more. Are we entitled to get our money back when we sell before the project even begins?

– Donna

By Cathy Hobbs

Minimalism remains a strong design trend and preferred choice of many homeowners and apartment dwellers. For many, living with less creates calm and order. No longer are these environments considered sparse and sanitized, either — instead it can be a functional design choice.

From foundations such as the Bauhaus style in Europe to Scandinavian influences, minimalism is often associated with soft colors, natural woods and crisp, clean lines. It is also often associated with interiors that are not overstuffed but contain a few well-designed elements and furniture selections.

How to get the look

Begin with a neutral palette. Cream, taupe and soft gray are wonderful choices to begin your color stories.

Plan your space in advance. Select only what is necessary.

Edit, then edit again — the key to a minimalist look.

Mix hard and soft materials. A mix of hard materials such as metal and wood pairs beautifully with soft goods such as toss pillows and throws.

Look for innovative design. Think outside of the box. Unique pieces will spark conversation and be visual surprises in your minimalist environment.

Where to start

When creating your space, purchase your larger pieces first, such as your sofas and case goods, then your smaller pieces such as accessories and accents.

Area rugs

Rugs can also help ground a space and shouldn’t be omitted just because you’re looking to achieve minimalism. In general, rugs create warmth and add a finishing element that can help prevent a space from appearing barren. When selecting rugs, a great rule of thumb is to choose one first for color or graphic inspiration, or last to tie everything together.

©2023 Tribune Content

Answer:

When a community association needs extra money for a specific project, such as replacing a roof or making unexpected repairs, it can “specially assess” the unit owners to get the necessary funds. Like regular assessments the association collects to maintain the community, special assessments must be paid to avoid collection or foreclosure.

Special assessments have special rules. The money can be used only for the specific purpose for which it was passed. If there are surplus funds after the project is completed, the funds are transferred to the common account and can either be returned to the unit owners or held and credited to future assessments.

Unfortunately, delays happen for a variety of reasons. You and your neighbors must continue paying the special assessment despite the delay. The money you paid has been credited to your unit and will pass to whoever you sell your apartment to.

You can still, in effect, get the money back, but from your buyer, not your association.

Having the special assessment paid off will make your home more attractive to prospective buyers. Because the assessment is paid off, the new owner will not need to make monthly payments, and people buy the most new home they can afford.

Mortgage lenders determine how much a borrower can afford by matching their income to the monthly cost of the new home. If the monthly assessment is less, the buyer should be able to buy more.

Because of this, you should be able to sell your home for more money than one of your neighbors who did not pay off the assessment could, effectively getting the money back.

©2023

Cathy Hobbs, based in New York City, is an Emmy Award-winning television host and a nationally known interior design home staging expert and short-term rental/vacation home designer with offices in New York City and The Hudson Valley. Visit her website at cathyhobbs.com.

Agency, LLC.

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation.

Distributed by Tribune Content Agency, LLC.

Real estate adapts to the largest generation

By Je Ostrowski

Millennials are the largest generation in the U.S., and everyone has been expecting members of this massive demographic cohort to reshape the housing market. So far, however, it hasn’t quite happened.

Not that millennials don’t value homeownership — two-thirds of them say it’s a central part of the American dream, according to Bankrate’s 2023 Financial Security survey. Still, it’s been a struggle for many aspiring millennial homebuyers to become homeowners.

ese twenty- and thirty-somethings face a tough market. Home prices remain near record levels, and mortgage rates are much higher than they were two years ago. Low inventory, high in ation, expensive nancing: e combination has created an a ordability squeeze that’s forcing many millennials to keep renting.

Here’s a pro le of this generation, their challenges when it comes to homebuying, and their behavior when they do become homeowners.

Millennials in a changing housing market

Millennials are typically de ned as those born between the early 1980s and the mid-1990s. eir entry into the real estate market has looked di erent from that of older generations. Generally, millennials are buying their rst homes later than their baby-boomer parents.

ere are a number of reasons behind that delay, but high student debt loads and the lingering e ects of career stagnation caused by the Great Recession are some of the most commonly cited reasons.

In the last few years, the triple whammy of pandemic-elevated home prices, tight inventory and rising mortgage rates hasn’t helped. Among millennial non-homeowners surveyed by Bankrate earlier this year, many cited paltry savings and too-high home prices as their reason for continuing to rent.

Saving enough money, in particular, continues to prove challenging. In Bankrate’s survey, over half (53%) of the older millennials who aspired to homeownership pointed to being unable to a ord the down payment and

closing costs more than any other reason or any other age group. Younger millennials blamed an array of a ordability hurdles: not having enough income (49%), home prices being too high (47%) and not being able to a ord the down payment and closing costs (42%).

Dovetailing with that is data from the National Association of Realtors (NAR). In its “2022 Home Buyers and Sellers Generational Trends Report,” 27% of younger millennials say gathering enough funds for a down payment is the “most di cult step” of the homebuying process, with 25% relying on a gift from family or friends to help with their purchase.

In addition to being held back by nancial considerations, many millennials are in a general pattern of reaching life milestones later. e average age for getting married has been rising, for example. In 2020, the median age for a man’s rst marriage was above 30 for the rst time in history, according to Census estimates, while the median age of a rst-time bride was above 28, also for the rst time. Subsequently, millennials are starting their families later. And they’re waiting to buy homes. In the NAR survey, the typical rst-time homebuyer was 36 years old — up from 33 the previous year. at was an all-time high.

Millennials and home renovations

Since the pandemic, remodeling has been all the rage among American homeowners. Given their tight budgets and low rates of homeownership, millennials haven’t fully jumped into that game yet. ey made up just 9% of homeowners who renovated in 2022, according to the “2023 US Home & Houzz Study,” a survey by home remodeling platform Houzz.

Still, millennials’ median spend on renovations has increased by 33% compared with 2021 and doubled since 2020. It’s now at $20,000.

Houzz found that millennials did more home system upgrades than other generations, with automation and security enhancements being their top priorities. And reecting work-from-home trends, home o ce upgrades also were more popular among millennials than among

Millennials’ spend on home renovations has increased by 33% compared with 2021 and doubled since 2020.

members of any older generation in 2022.

To pay for renovations, most millennials (88%) use cash from savings. However, 35% also use credit cards, and they’re more likely to use them than older generations do. Only 15% of millennials used a secured home loan.

Tips for millennial homebuyers

If you’re looking to become a homeowner, there are a few key bits of advice to keep in mind:

• Work with a real estate agent. Although the housing market is showing signs of cooling, now’s not the time to embark on a purchase without someone to guide you through the process. If you’re a rst-time homebuyer, it’s even more important to have a real estate professional who understands your needs, concerns and stresses.

• Shop around with multiple mortgage lenders to make sure you’re getting the best deal. It’s not just about interest rates, but the all-in costs and other terms and conditions on your loan.

• Make a budget and stick to it. You don’t want to wind up with more house than you can a ord. Keep that budget going once you move, too. In Bankrate’s survey, the top regret for millennial homebuyers was maintenance and hidden costs being more expensive than expected (expressed by 42% of those with buyer’s remorse). You’ll want to be ready to cover the ongoing expenses, plus whatever issues inevitably crop up.

• Be strategic in nancing home renos. Using credit cards to pay for home improvements is a risky move, considering their double-digit interest rates: e average interest rate on credit cards as of mid-May was just above 20%, according to Bankrate’s national survey of lenders. In contrast, the average rate on a home equity line of credit (HELOC) was around 8%. e interest could be tax-deductible as well, if you itemize on your return. You could also consider a home equity loan, which o ers a slightly higher, but xed interest rate.

Photo courtesy Fizkes/Dreamstime/TNS

1185 FREDENSBORG CANYON, SOLVANG

LISTED AND PUT INTO ESCROW THE FIRST WEEK!

Nestled within the serene beauty of Solvang, lies a captivating 5+-acre ranchette that epitomizes the essence of rural charm and idyllic countryside living. This picturesque property offers a unique blend of privacy and natural splendor. The centerpiece of this property is a stunning 3 bedroom ranch-style home that exudes warmth and sophistication. The home was renovated down to its studs and expanded and finished with elegant contemporary farmhouse finishes blended seamlessly with rustic elements that create an inviting atmosphere.

The property features a charming barn with a fully renovated Guest House above. The expansive grounds provide endless possibilities for outdoor recreation and relaxation. An opportunity to embrace a tranquil lifestyle surrounded by natural beauty. With its exquisite residence, breathtaking setting, and proximity to the charming town of Solvang, this property is a testament to the allure of countryside living at its finest. Founding

Going light and bright for summer

By Cathy Hobbs

e summer is typically the time of year when we dress in lighter/brighter clothing to keep cool — so it’s also a good time to use softer, lighter colors within the home. In many situations, lighter colors give a space a crisp, fresh and clean feeling. Light colors can also make smaller rooms feel larger.

Where to start

When decorating or deciding what colors to bring into any space, I suggest you begin by evaluating a space from the doorway to get a full perspective of the space.

From there, decide what will be the largest pieces in the room and begin with those. For example, select the color and material for your sofa before selecting your co ee table, or select your bed before selecting your nightstands.

Why neutral?

In general, choosing light or lighter colors for your upholstery pieces are the way to go. Light colors blend well with other colors, and they can be used as a canvas from which a color palette can be created or built. Neutral colors are also timeless as opposed to trendy. You will likely get more use (and for longer) from your neutral selections.

Light, bright and perfect for summer

When people think of light colors, they might think mainly of white and taupe. But you can perk up your decor with a host of other colors this summer.

A windowless room is made brighter through the use of artwork and light fabrics.

Photos courtesy Handout/TNS

Some great options include:

• Light gray

• Muted gold

• Taupe

• Soft blue

• Light pink

Accessories

When looking to bring accessories such as pillows and artwork into a space, don’t be afraid to go light and bright as well. A light painting hung on a wall can really add a lot of light to a room, for example.

Cathy Hobbs, based in New York City, is an Emmy Award-winning television host and a nationally known interior design home staging expert and short-term rental/ vacation home designer with o ces in New York City and e Hudson Valley. Visit her website at cathyhobbs.com.

©2023 Tribune Content Agency, LLC.

$2,795,000

Anderson/Hurst,805.618.8747/805.680.8216

LIC# 01903215 / 00826530

TAKE A TOUR TODAY at bhhscalifornia.com

OPEN SUN 2-4

±5.14 acres • $3,595,000

Joe Ramos, 805.680.6849 LIC# 02040488

and BHHSCP do not guarantee accuracy of all data including measurements, conditions, and features of property. Information is obtained from various sources and will not be verified by broker or MLS. Buyer is advised to independently verify the accuracy of that information.

© 2023 Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH Affiliates LLC. BHHS and the BHHS symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. BHH Affiliates LLC

MEADOWLARK RD, SANTA YNEZ 4BD/4BA;

519 E PEDREGOSA ST, SANTA BARBARA 4BD/2BA •

832 CHELTENHAM RD, SANTA BARBARA 4BD/3BA • $2,629,000 Thomas Schultheis, 805.729.2802 LIC# 01847740

How can I keep my attic well insulated?

By Paul F. P. Pogue

Were you ever told by a parent or teacher that you must wear a hat in cold weather because you lose the most heat from your head? That’s true of your home, and it applies to losing cold air as well as heat.

Attic insulation may be low on your list of glamorous home improvements. Indeed, there’s a good chance you’ve never thought about it. But like the hat you wore on the way to school, attic insulation provides essential protection to the part of your home most likely to lose energy. You pay a lot of money to cool your home in summer and warm it in winter, and a poorly insulated attic can leak out that climate-controlled air in no time.

If you think you’re losing energy due to a poorly insulated attic, hiring an insulation pro to take a look is a good idea. Indeed, even if you don’t have suspicions, it’s not a bad idea to get your attic looked at by a pro if it’s never been inspected before. A pro can identify if there’s enough insulation and of the proper type, and they’ll make recommendations about the best path to solve the problem.

On average, you’ll pay between $1,700 and $2,100 to insulate an attic, though those costs can go up and down based on your home size and insulating material.

Here’s a look at the basic types of attic insulation and their pros and cons

Reflective insulation:

$.50-$1.50 per square foot

This insulation is made from a reflective material such as aluminum foil. It’s reasonably effective at reflecting away heat in warm climates but doesn’t work well in cold temperatures without other types of insulation to augment it.

Blow-in:

$1-$4 per square foot

A machine blows this kind of insulation into all the nooks and crannies. It uses tiny fibers and fiberglass to cover the area. It’s easy to install and made of cheap materials, but it doesn’t last as long as others.

Batt:

$2-$4 per square foot

These long rolls of fiberglass, fiber and cellulose work well in attics because they’re best used in standard-sized spaces. They’re practical and easily installed so long as they don’t need to be squeezed into unusually shaped areas.

Spray foam:

$2-$5 per square foot

Spraying in foam insulation is an excellent solution to tight layouts. This sprays foam in to fill an entire area. You can get it in either opencell or closed-cell forms. Closed-cell costs a little more but resists moisture more effectively.

Loose-fill:

$2-$5 per square foot

This looks like blown-in insulation but is laid manually rather than blown by a machine. It works well in attics, where it can be easily laid down.

Structural insulated panels: $4-$7 per square foot

These boards are among the most expensive insulation methods, but they’re also the most effective. However, they don’t fit non-standard spaces very well, and they’re harder to retrofit into existing spaces, so they work best in new construction.

www.5699HappyCanyonRoad.com

CALIFORNIA’S PREMIER EQUESTRIAN ESTATE

Happy Canyon Area Of The Santa Ynez Valley

Happy Canyon Premier Equestrian Facility - This renowned Thoroughbred Training Facility offers everything for the equine enthusiast. Situated on 160+/- acres, this well-established property features extensive improvements including a 7/8 mile professional racing track and multiple barns including a 37-stall Show Barn, 17-stall Foaling Barn, 30-stall Yearling Barn, 24-stall Breeding Barn with Apt., and 8-stall Stallion Barn. Numerous grass pastures include four polo-sized front pastures, 8 large middle pastures plus 70+ individual paddocks with in/out shelters, 20+ turn-out pastures and dozens of pens. Multiple residences include a comfortable 2 bedroom/2 bath main residence, 2 bedroom/2 bath guest house, 3 bedroom/2 bath manager’s house, breeding barn apartment, studio apartment, and employee housing with 24 units. Additional amenities include gated entry with guard house and tree-lined central lane entrance, detached front office building, racetrack viewing stand and presentation area, 2 cinder block equipment barns for machinery and hay storage, equi-cruiser, and two riding arenas. One domestic well and two ag wells provide plenty of water with 250+/-gpm plus 3 cisterns with substantial water/utility infrastructure throughout the property. This property has served the local horse industry for decades and is ready for continued thoroughbred operations or modified into a premier polo facility or other equestrian pursuits. Offered at $19,995,000. See more at www.5699HappyCanyonRoad.com

BRETT ELLINGSBERG

Broker-Associate

Cell: 805.729.4334

syvhome@yahoo.com

www.syvhome.com

Lic #: 1029715

CLAIRE HANSSEN

REALTOR® - Sales Associate

Cell: 805.680.0929

clairehanssen@yahoo.com

www.clairehanssen.com

Lic#: 00887277

Santa Barbara County Sales

This is a partial list of all recorded residential sales in Santa Barbara County from May 22 thru May 26, 2023. While these recordings are public record, the News-Press receives this information from an outside source. This list does not represent all sales that occurred over this time period. Consult your REALTOR® for further information regarding home sales in your area of interest.

To view this weekend’s Open Home Guide and all other Real Estate for sale or rent go to: newspress.com – click on RESPONSES – click on OPEN HOMES

LA CUMBRE

4022 Primavera Road A

2/2

12-2$995,000

Enjoy this stylish, centrally-located, turn-key condo that lives like a single family home!

Zia Group | eXp Realty of California, Inc. Jonathan Gilkeson805-335-4749# 01898328

LA CUMBRE

4022 Primavera Road A

2/2

2-4$995,000

Enjoy this stylish, centrally-located, turn-key condo that lives like a single family home!

Zia Group | eXp Realty of California, Inc.

Alan Siebenaler 805-331-1776# 01405400

GOLETA NORTH

632 Wakefield Rd

1-4$1,699,000

New Listing - First Open! Spacious and well cared for home in excellent cul-de-sac location with mountain views, large yards, and a 3-car garage!

Sun Coast Real Estate

Todd French 805-680-2769# 01128536

LAS POSITAS

1513 Portesuello Ave

1-4$2,795,000

Stunning Mediterranean-style home located in the highly sought-after Bel Air Knolls neighborhood of Santa Barbara, California. This single-level home boasts 4 BR and 2.5 BA, spanning over 2,200 square feet of turnkey living.

Mike Richardson, Realtors

Kyle Richardson805-680-3131# 01902531

To view this weekend’s Open Home Guide and all other Real Estate for sale or rent go to: newspress.com – click on RESPONSES – click on OPEN HOMES

CARPINTERIA

3375 Foothill Road #925

1/1

2-4:30$829,000

Upon entering this charming pied a terre, you are greeted by Captivating, unobstructed ocean, Island, championship polo field views. Bright Cheerful south facing!

Engel & Voelkers

Diana Lippert805-448-8282# 00981836

LA CUMBRE

4022 Primavera Road A

2/2

12-3$995,000

Enjoy this stylish, centrally-located, turn-key condo that lives like a single family home!

Zia Group | eXp Realty of California, Inc.

Phillip Savas805-708-9242# 02113928

GOLETA NORTH

632 Wakefield Rd

4/2.5

1-4$1,699,000

New Listing - First Open! Spacious and well cared for home in excellent cul-de-sac location with mountain views, large yards, and a 3-car garage!

Sun Coast Real Estate

Todd French 805-680-2769# 01128536

LAS POSITAS

1513 Portesuello Ave

4/2.5

1-4$2,795,000

Stunning Mediterranean-style home located in the highly sought-after Bel Air Knolls neighborhood of Santa Barbara, California. This single-level home boasts 4 BR and 2.5 BA, spanning over 2,200 square feet of turnkey living.

Mike Richardson, Realtors

Kyle Richardson805-680-3131# 01902531

MESA

OPEN HOUSE DIRECTORY

To advertise in our Open Homes Directory for the Weekend Edition, use our submission form that is open Monday 8:00am. Go to newspress.com Click on “RESOURCES” then click on “TO PLACE AN OPEN HOMES AD” For more information please e-mail: openhomes@newspress.com

3202 Braemar Dr Resort Living! Updated modern-Mediterranean home in excellent location near Hendry’s Beach. Entertainer’s yard with outdoor kitchen, expansive lawns, pool, spa, and sand volleyball court!

4/2.5

2-4$4,500,000 Sun Coast Real Estate Mike Agnoli 805-722-0154# 02193883

MONTECITO - UPPER VILLAGE

839 & 841 Summit Rd

4/4.5

12-3$8,500,000

Beautiful and private ranch-style ocean view property situated on two parcels with the opportunity to create a magical estate.

Berkshire Hathaway HomeServices California Properties J.J. Gobbell 805-403-5785# 02063124

MONTECITO - UPPER VILLAGE

1439 Irvine Lane

4/6.5

12-2$11,250,000

Spectacular Mediterranean estate designed by renowned architect Don Nulty. Stunning ocean views and beautifully presented.

Berkshire Hathway HomeServices California Properties Cristal Clarke 805-886-9378# 00968247

Santa Barbara County Sales

Welcome to 1513 Portesuello Avenue, a stunning Mediterranean-style home located in the highly sought-after Bel Air Knolls neighborhood of Santa Barbara, California. This single-level home boasts 4 bedrooms and 2.5 bathrooms, spanning over 2,200 square feet of turnkey living. As you step into the home, you’ll be greeted by a bright and airy atmosphere, accentuated by vaulted ceilings, numerous windows, and European white oak engineered hardwood floors that flow throughout. With its prime location this home offers easy access to the recently completed bike and walking path on Las Positas that leads directly to Arroyo Burro (dog-friendly) Beach and the Boathouse Restaurant, both of which are only 1.5 mi away. You can indulge in delicious waterfront dining without ever having to get in your car. Elings Park, a 230-acre private non-profit park open to the public, is also just a 1/2 mile away! Lazy Acres Organic Market, Vons Grocery store, local coffee, and restaurants can be found on the Mesa just a “hop, skip, and jump” from home.

Mike and Kyle Richardson Team@mrrealtors.com