FEBRUARY real estate market report | 2018
1775 STILL MEADOW ROAD
1775 STILL MEADOW ROAD 4 Bedrooms | 6 Bathrooms | Offered at but $5,250,000 All information provided is 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/18-109/1775-still-meadow-rd-solvang
IN SUMMARY santa ynez valley
TOTAL SALES
31
(-18.75% change from 2017)
SINGLE FAMILY RESIDENCE SALES
29
(-6% change from 2017)
CONDOMINIUM SALES
2
(-33% change from 2017)
All information provided is deemed reliable, but has not been verified & wedonotguaranteeit. Werecommendthatbuyersmaketheirowninquiries. DRE #01206734. Data taken from CORT February 2018.
IN SUMMARY santa ynez valley
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 in Montecito 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 for the Santa Ynez Valley area. 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.
1762 VIBORG ROAD 3 Bedrooms | 3 Bathrooms | Offered at $797,000 villagesite.com/property/details/17-2307/1762-viborg-rd-solvang
736 HILLSIDE DRIVE 3 Bedrooms | 2 Bathrooms | Offered at $550,000 villagesite.com/property/details/18-100/736-hillside-dr-solvang
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 santa ynez valley
AVERAGE SALES PRICE
MEDIAN SALES PRICE
$884,077
$800,000
-4% change from 2016
+33% change from 2016
CONDOMINIUM santa ynez valley
AVERAGE SALES PRICE
MEDIAN SALES PRICE
$435,000
$435,000
-12% change from 2016
+25% change from 2016
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.
222 KIM SUE LANE 3 Bedrooms | 3 Bathrooms | Offered at $559,900 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. villagesite.com/property/details/17-3484/222-kim-sue-ln-buellton
BUELLTON
SINGLE FAMILY RESIDENCES
CONDOMINIUM HOMES
total sales
total sales
9
2
average sales price
average sales price
$454,944
$435,000
median sales price
median sales price
$497,000
$435,000
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.
BALLARD
SINGLE FAMILY RESIDENCES total sales
1 average sales price
$1,275,000 median sales price
$1,275,000
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.
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.
2411 ALAMO PINTADO ROAD 3 Bedrooms | 3 Bathrooms | Offered at $2,195,000 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. villagesite.com/property/details/17-1690/2411-alamo-pintado-rd-los-olivos
LOS OLIVOS
SINGLE FAMILY RESIDENCES
CONDOMINIUM HOMES
total sales
total sales
0
0
average sales price
average sales price
N/A
N/A
median sales price
median sales price
N/A
N/A
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.
SOLVANG
SINGLE FAMILY RESIDENCES
CONDOMINIUM HOMES
total sales
total sales
13
0
average sales price
average sales price
$937,885
N/A
median sales price
median sales price
$800,000
N/A
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.
922 COLLEGE CANYON ROAD 3 Bedrooms | 2 Bathrooms | Offered at $899,000 villagesite.com/property/details/17-3898/922-college-canyon-rd-solvang
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.
2740 ONTIVEROS ROAD 4 Bedrooms | 4 Bathrooms | Offered at but $5,650,000 All information provided is 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/18000719/2740-ontiveros-road-santa-ynez
SANTA YNEZ
SINGLE FAMILY RESIDENCES total sales
11 average sales price
$1,695,409 median sales price
$1,700,000
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.
1575-95 CALZADA AVENUE 15+ Useable Acres | 2 Separate Parcels | Offered at $2,495,000 All information provided is deemed reliable, but has not been verified & we do not guarantee it. villagesite.com/property/details/18-257/1575-95-calzada-ave-santa-ynez We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.
WRAPPING UP santa ynez valley
Are you ready to take advantage of this market? The Santa Ynez Valley real estate market has opportunities for both buyers and sellers. Contact your Village Properties agent today! The numbers included in this report are courtesy of Fidelity National Title.
SANTA YNEZ 3615 Sagunto Street, Santa Ynez, CA 93460 | 805.688.1620 MONTECITO 1250 Coast Village Road, Montecito, CA 93108 | 805.969.8900 SANTA BARBARA 1436 State Street, Santa Barbara, CA 93101 | 805.681.8800