FEBRUARY real estate market report | 2018
777 GLEN ANNIE ROAD
777 GLEN ANNIE ROAD
110Âą Ocean View Acres | 3provided Homes Productive & not Avocado Orchard | Offe All information is deemed| reliable, but has not been Lemon verified & we do guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018. https://www.villagesite.com/property/details/18-637/777-glen-annie-rd-goleta
ered at $9,750,000
IN SUMMARY south santa barbara county
TOTAL SALES
111
(+26% change from 2017)
SINGLE FAMILY RESIDENCE SALES
83
(-3% change from 2017)
CONDOMINIUM SALES
28
(+8% change from 2017)
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.
IN SUMMARY south santa barbara county
As your local Real Estate Company we are keeping our community in our hearts and are humbled by the strength of our hometown. We’ve had many questions about how recent events are affecting the real estate market as a whole. In this report you will find the sales data by area as it compares to last year. With tax season fast-approaching, we thought it best to spend a bit of time reflecting on the 2018 Tax Reform Law as it relates to Real Estate. Please see the chart included to take a look at how it may affect you.
2018 TAX REFORM Tax Reform Law Chart: Prior Law vs. New Law PRIOR LAW
NEW LAW
Mortgage Interest Deduction
Capped at $1,000,000
Capped at $750,000
State & Local Tax Deduction
Unlimited
The total of income, sales & property tax deductions is capped at $10,000
Capital Gains Exemption on Sale of Exclusion of up to $250,000 Primary Residence ($500,000 if married) of gain realized on sale or exchange of principal residence if lived in for 2 of last 5 years
No change
1031 Like-Kind Exchanges
Applied to all classes of property (e.g., personal & real)
Limits non-recognition of gain to real property
Personal Deduction
Allowed
Eliminated
Standard Deduction
$6,350 individual & $12,700 if married
$12,000 individual & $24,000 if married
MID for Second Homes
Capped at $1,000,000
Capped at $750,000
Home Equity Loan Deduction
Capped at $100,000
Not deductible unless the proceeds are used to sustainably improve the property
Moving Expense Exclusion & Deduction
Deduction for moving expenses Eliminated except for members of incurred in connection with change armed forces on active duty that in work place move pursuant to military orders
Child Tax Credit
$1,000 for each child
$2,000 for each child
Deduction for Qualified Business None Income of Pass-Through Entities including Independent Contractors
20% deduction of taxable income phased out above $157,000 ($315,000 if married) for brokerage services
Depreciation Recovery Period for Real Property (Residential Rental)
Recovery period is 27.5 years
No change
Depreciation Recovery Period for Real Property (nonresidential)
Recovery period is 39 years
No change
Depreciation Recovery Period for Real Property (leasehold improvements)
Recovery period is 15 years
No change
Source: California Association of REALTORSÂŽ as of 3/10/2018
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.
1102 ALAMEDA PADRE SERRA 2 Bedrooms | 2 Bathrooms | Offered at $1,989,000 villagesite.com/property/details/18-634/1102-alameda-padre-serra-santa-barbara
325 NORTHGATE DRIVE C 2 Bedrooms | 2.5 Bathrooms | Offered at $549,000 villagesite.com/property/details/18-828/325-northgate-dr-c-goleta
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.
SINGLE FAMILY south santa barbara county
AVERAGE SALES PRICE
MEDIAN SALES PRICE
$1,878,627
$1,280,000
+18% change from 2017
+13% change from 2017
CONDOMINIUM south santa barbara county
AVERAGE SALES PRICE
MEDIAN SALES PRICE
$749,554
$653,750
+13% change from 2017
+14% change from 2017
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.
8110 BUENA FORTUNA STREET Rincon Point | 3 Bedrooms | is3deemed Bathrooms | been Offered at $2,695,000 All information provided reliable, but has not verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018. villagesite.com/property/details/17-2818/8110-buena-fortuna-st-carpinteria
CARPINTERIA
SINGLE FAMILY RESIDENCES
CONDOMINIUM HOMES
total sales
total sales
3
6
average sales price
average sales price
$1,521,667
$581,500
median sales price
median sales price
$1,850,000
$563,750
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.
1478 EAST MOUNTAIN DRIVE 5 Bedrooms | 9 Bathrooms | isOffered atbut$13,950,000 All information provided deemed reliable, has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018. villagesite.com/property/details/17-949/1478-e-mountain-dr-montecito
MONTECITO
SINGLE FAMILY RESIDENCES
CONDOMINIUM HOMES
total sales
total sales
9
1
average sales price
average sales price
$4,290,556
$1,950,000
median sales price
median sales price
$2,365,000
$1,950,000
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.
SANTA BARBARA
SINGLE FAMILY RESIDENCES
CONDOMINIUM HOMES
total sales
total sales
48
14
average sales price
average sales price
$1,439,594
$792,500
median sales price
median sales price
$1,285,000
$7 15,000
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.
878 PASEO FERRELO 2 Bedrooms | 1 Bathrooms | Offered at $1,695,000 villagesite.com/property/details/18-837/878-paseo-ferrelo-santa-barbara
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.
1414 ESTRELLA DRIVE 5 Bedrooms | 8 Bathrooms | isOffered atbut$7,995,000 All information provided deemed reliable, has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018. villagesite.com/property/details/18-208/1414-estrella-dr-santa-barbara
HOPE RANCH
SINGLE FAMILY RESIDENCES total sales
6 average sales price
$4,766,167 median sales price
$3,77 1,000
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.
GOLETA
SINGLE FAMILY RESIDENCES
CONDOMINIUM HOMES
total sales
total sales
17
7
average sales price
average sales price
$885,206
$636,214
median sales price
median sales price
$872,000
$559,000
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.
3 BAKER LANE 5 Bedrooms | 3.5 Bathrooms | Offered at $1,089,000 villagesite.com/property/details/18-547/3-baker-ln-goleta
All information provided is deemed reliable, but has not been verified & we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.
7785 GOLDFIELD COURT 3 Bedrooms + Loft AllOffice | 3.5is deemed Bathrooms $2,195,000 information provided reliable, but has|notOffered been verified & at we do not guarantee it. We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018. villagesite.com/property/details/16-2707/7785-goldfield-ct-goleta
WRAPPING UP south santa barbara county
Are you ready to take advantage of this market? The Santa Barbara real estate market has opportunities for both buyers and sellers. Contact your Village Properties agent today! The numbers included in this report are from CORT and courtesy of Fidelity National Title.
MONTECITO 1250 Coast Village Road, Montecito, CA 93108 | 805.969.8900 SANTA BARBARA 1436 State Street, Santa Barbara, CA 93101 | 805.681.8800 SANTA YNEZ 3615 Sagunto Street, Santa Ynez, CA 93460 | 805.688.1620