Notes from the Santa Barbara Real Estate and Economic Forecast

This is a summary of the 2009 Santa Barbara Real Estate and Economic Forecast based on the notes of my good friend Mike Neville. Mike works for a great company called Formation Solutions, which provides personalized, local business entity resources. From LLC's and Corporations to Non Profits, he knows each formation has specific needs and is able to tailor those needs to fit your business. The focus of this year’s Forecast was regarding what to expect economically in the coming year(s) and to discuss if the recession is over.

The Forecast stated that the recession is over, as the stock market is up over 50% since March 2009. In real estate, housing prices seemed to have bottomed in March of 2009. The summer of 2008 saw a peak in Santa Barbara foreclosures and, overall, interest rates have leveled out for real estate purchases. Unfortunately, the Tri-Counties lost 6,700 jobs; a number much greater than initially expected. The Forecast finds that unemployment will continue to rise up to a state-wide rate of 12-13% by the end of 2009 or the beginning of 2010. Historically, unemployment is one of the last things to flatten.

In the international markets, the Dollar is very weak and gold is constantly reaching new highs. The Forecast predicted that home foreclosures would rise again over the summer of 2009, which they did, but they are expected to decline into 2010. Banks and lending is still very tight throughout the financial world with a highest number of commercial vacancies since 1984. To add to tensions, the War in Iraq and Afghanistan are making daily headlines, as is the current U.S. Administration.

The Forecast expects a V-shaped recover in housing during the second half of the year with labor markets beginning to rebound by mid-2010. During this time, banks and lenders will begin to loosen their actions as signs point in a positive direction and start-up businesses begin hiring out of the large labor pool.

Credits: Dr. Mark Schniepp, The California Economic Forecast; Steve Golis, Paul Gamberdella Radius Group Commercial Real Estate & Investments, James Goldberg, Presenters.

Thank you for visiting the Santa Barbara Real Estate blog. Contact Daniel Zia by phone (805.637.7148) or by email (Daniel@ZiaGroup.com) for all of your Santa Barbara real estate needs. The ZiaGroup website is a great resource for your Santa Barbara real estate search.

Daniel Zia, Broker-Associate & Realtor®
Prudential California Realty
For comprehensive real estate information & to search the MLS, visit:
www.ZiaGroup.com

Cell: 805.637.7148
Lic. #01710544
-Leading Edge Society: Top 7% of Prudential Agents Nationwide

Recent Client Review for the ZiaGroup

I just received a review from the out of state client who purchased the home discussed in my last blog post. Thank you Aileen!

"My wife and I met Daniel a few years ago when I was looking for a summer rental in Santa Barbara. I thought he was so kind and generous with his time-for just a rental. We fell in love with Santa Barbara and always toyed with the idea of purchasing a summer home there.

An unexpected opportunity fell into my lap in September 2009. I am now officially the owner of a property purchased through Daniel, with the transaction taking place while I was in the comforts of New York, in less than 30 days. As luck would have, Daniel sent an e-mail to us and we pretty much took his word on the condition of the property. He emailed us photos immediately and followed through exceptionally well. Whatever we didn't know, Daniel did. His no pressure attitude, in conjunction with his confidence in himself and the property he had found for us, was undeniable. He was forthcoming with even the smallest details about the property. His honesty and his attention to detail were apparent from the beginning. We put great faith in him, as this was a long distance purchase on a property that we had not seen. I really could go and on about his professionalism. There was not one question that stumped him during this very untraditional purchase. He did his research and kept us abreast to all progress. His professionalism and knowledge were paramount.

Let me say that finding Daniel Zia was an absolute gift to us! He facilitated me purchasing my dream summer home in a matter of 30 days and he has continued to offer his services post transaction. He has checked in on the house since we are not there. Knowing he is still available to me really puts my mind at ease. He puts his heart and soul into his work and you would be very fortunate to have him on any side of your real estate transaction!" -Aileen Zemel

The ZiaGroup is positioned to provide exceptional service to our clients who are in town or out of the Santa Barbara area. Our website is our first step in serving you as you begin (or continue) your Santa Barbara real estate search.

Daniel Zia, Broker-Associate & Realtor®
Prudential California Realty
For comprehensive real estate information & to search the MLS, visit:
www.ZiaGroup.com

Cell: 805.637.7148
Lic. #01710544
-Leading Edge Society: Top 7% of Prudential Agents Nationwide