Santa Barbara Real Estate

Wednesday, July 29, 2009

2 New SB REO's: 4/2 mesa House $646k, 4000+ SF House: $1.1m, & 2 houses/1 lot:$550k

I wanted to bring three Santa Barbara properties for sale to your immediate attention. Two of them are very well priced REO's and the third is a recently reduced property with two houses on one lot, close to downtown, for $550k.

1) REO 4/2 Mesa House on 1/5 of an acre for $645,480: This is an fantastic deal on the Mesa, a desirable neighborhood in Santa barbara running along the beach. The home is very close to popular Hendry's beach (also known as "dog beach"), Elings Park, and Douglas Preserve. The home needs upgrading, but with the number of bedrooms, and lot size, this could be a great project, main residence, or rental property for either the yearly or vacation rental (weekly) market. All offers will be reviewed on the 2nd, so you have a few days, but I'd recommend seeing this property today or tomorrow, as I will not be available Saturday or Sunday. I'd expect this to sell for $650-700k with multiple offers and may end up being the lowest priced 4 bedroom home sale on the Mesa this year. Here are the details: http://www.flexmls.com/link.html?otct64wep53,9,1

2) REO 4/4.5, 4000+ SF Contemporary home built in 2003 in Mission Canyon for $1,100,00: This is a great offering that I've watched for quite some time. It's a beautiful home located in the desirable Mission Canyon neighborhood, with great proximity to the historic Mission and rose gardens, as well as being only 1-2 miles from downtown. It should for $1.5 million a few years ago and has been on and off the market for a year or two now, with a last list price of $1,349,00. The property is now a bank-owned REO and the bank priced it to sell very quickly. I don't know of any other property in SB where you can find this size home, with the quality of construction and amenities, with nice views of the city and a peak of the ocean for $1.1million. Strong school district, very high ceilings, nice open spaces and a 1/5 of an acre lot (sloped). The buyer needs to be OK with stairs, but this would make a great primary residence, or vacation home. Here are the details: http://www.flexmls.com/link.html?otct36kdekt,9,1

3) Recently reduced 2 remodeled homes on 1 lot for $550k: This property has two small homes (a 2/1 and a 1/1) on a lot with convenient access to downtown. The property is located on the Westside and is close to both the train and the freeway. That said, it poses a great opportunity, for the price, for an investor wanting a strong rental property (estimates of $3300/mo in rent), a buyer wanting to live in one unit and rent out the other for additional income, or two separate buyers to co-invest and each have a small house. Here are the details: http://www.flexmls.com/link.html?otct667ae4e,9,1. If this property is intriguing, I also know of a duplex (two 1/1 units) even closer to downtown and farther from the tracks/freeway. Price is under $550k.

Please feel free to forward this post to anyone you know that may be interested in one of these properties (preferably people who don't have an agent yet). If you have any questions, or want to schedule an appointment to view any of the properties, please contact me ASAP. Have a good day.

Daniel Zia, Broker-Associate & Realtor®

Prudential California Realty

For comprehensive real estate information & to search the MLS, visit:

www.ZiaGroup.com

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Santa Barbara, CA 93105

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Labels: Best Deals, Santa Barbara Homes for Sale, santa barbara real estate, Santa Barbara REO's

Monday, July 27, 2009

3 Santa Barbara REO's: 3bed house ($492k), 2 bed condo ($399k), 2 bed condo ($413k)

Here are three REO's that are currently available and fantastic deals:

1) 3/2 House on a good size lot, just back on the market (went into escrow quickly) and reduced to $492K. The home is located between the State street and Turnpike exits and sits on a good size lot. The home needs a good cleaning and some repair/upgrades, but it also has had a decent amount of work already done. The home has pergo wood floors, recessed lighting, dual-paned windows and doors, a paver backyard, and a gated entrance. The 2-car attached garage has been partially converted to a 4th bonus room/office (not sure if it is legally permitted) as well. Lots of potential as a rental or nice entry level home as there are very few options like this in this price range.

2) 2/1 Downtown Townhome, just back on the market last night (went into escrow on the 1st day) for $399k: Great condo offering that received immediate and overwhelming interest as soon as it was brought on the market. An over full-priced offer was received the day it came on the market and immediately went into escrow (much to the disappointment of
several agents and their buyers). The property is back on the market and available at $399k with nothing else like it currently on the market. Over 1000 SF of living space, great proximity downtown, incredibly high ceilings, an in-unit laundry room, and an attached 2-car garage. Previous buyers paid for all inspections, making your due diligence even easier (and free!). Home inspection, pest inspection, NHD are all available under the "documents" tab. In addition, there is an appraisal (came in at $400k) available as well. If you may have an interested
buyer, I'd recommend bringing in an offer ASAP.

3) 2-bedroom Mesa Condo (near beach) just came back on the market for $412,900: Remodeled 2-bedroom unit on the Mesa near Shoreline park and Leadbetter beach, as well as great access to Santa Barbara City College and downtown. This complex provides great upside potential as it is currently (or soon will be) going through a multi-million dollar exterior and amenity rehab project. Possibility to buy now and resell in a few years after the work is done for some great upside.

Don't get the wrong impression as these are some of the ONLY REO's I've seen actually fall out of escrow. Typically they have a much lower fall-through rate than other types of properties (short sales & traditional sellers).

Here is the full listing details for all three properties including pictures, reports and map locations: http://www.flexmls.com/link.html?otc3ivujqfg,9,1 If you have any questions, or want to schedule an appointment to view any of the properties, please contact me ASAP. Have a good afternoon.