Real Estate Tasting Room

Past Week’s Santa Ynez Valley Real Estate Market Update:Another Big Week For Sales

Published by: Doris Banchik
Published on July 22nd, 2012
Categorized under: Properties

Santa Ynez Valley New Listings and Sales Reflect Our Broad Market

Overview:

• This past week we saw a whopping 9 properties go into escrow, half of which were distressed sales. Overall the properties were priced from $1,600,000 to $270,000.

• Seven of the nine new sales had been listed for about a week +/-at the time of sale.

• Five properties sold final, with an average sales price of $690,000. On average, they sold at 93.4% of the last listing price, and 89% of the original listing price. Once again, we are seeing a tightening of the discount from asking price, which reflects more optimism on the part of buyers and more realism on the part of sellers.

• One of the most striking findings in the properties that sold final is the shelf life of these listings; the average days on the market for the five was about 10 months, or 319 days. This is in sharp contrast to the nine new sales this week, most of which were brand new listings.

• There were four new listings. running the gamut, from $12,995,000 to $290,000.

• Inventory seems to be depleting, particularly at the entry level and in distressed sales. We are seeing more luxury properties come to market, and several have sold for very close to full price. The ones that seem to be languishing tend to have limited sex appeal and a non compelling price. Many of these properties have a great deal to offer, but without the “gotta have it” or the price appeal, they are being ignored.

New Santa Ynez Valley Listings: Something for Everyone This Week

2835 Alta Street, Los Olivos, Priced at $290,000. May not be the Bee’s Knees, but it is a rare find in the very desirable town of Los Olivos. This would make for a relatively inexpensive weekend spot for the wine crowd, or a good investment property. It is a foreclosure, and there are restrictions as to when the lender will begin to consider offers. If you are interested, call or text me at 805 588-3616. Or see my post on this written a couple of days ago.

3075 Samatha, Santa Ynez, Priced at $729,000. This property is nearly an acre, with a 2100+sq ft, 4 bedroom home, nicely finished. There is room for your passions and access off the rear street. Samantha is one of only a couple of streets that connects Calzada and Refugio roads, and is therefore something of a thoroughfare. Not hugely busy, but may be a consideration for some Buyers.

1240 Via Dinero, Solvang, Priced at $1,895,000. This is a great 5 acre estate in the small, gated Fredensborg Hills Estates. This area has only seven properties and is on a relatively inexpensive shared well water program. This property is one of the most private, with a solid, spacious, western style Mark Hemming home. It also has a great, full guest house and very lovely landscaping. The usable acreage is limited and most acreage and topography provide for privacy. There is a pool out side the master bedroom; don’t know what they were thinking. There is room to put in a pool in a more central location. This is a great property.

1470 Count Fleet, Santa Ynez, Priced at $12,995,000. Interesting photo of the 110 acre Thoroughbred property. Surreal. I have not seen the second coming of this property as yet, but am eager to see what was done to warrant a doubling of the sales price from 2009. It does appear that there is a substantial vineyard, a new second residence, an infinity pool and perhaps an expansion and/or upgrading of the original home. Thoroughbred Farms is in the beautiful, very Santa Ynez Valley, Happy Canyon area. There are some very good grapes and wines coming out of the small AVA. It is also great for horses.

Nine New Sales in The Santa Ynez Valley

1667 Juniper, Solvang, Priced at $298,897. This property was snatched up within the first week or so of listing, as it apparently represents a great deal. While only 1330 sq ft, it does have 4 bedrooms, enough land for a garden and a pet, and is in a great location, near the Santa Ynez River and the Alisal. A spectacular spot for hiking, biking, walking among the giant oaks. I don’t know where this will price out, but I did hear that there were multiple offers. To be fully expected. And what’s with the price? Let me know if you can figure out the algorithm….or maybe its the kid’s birthdays. Anyhow, all bets are on it closing at well over asking.

1665 Laural, Solvang, Priced at $224,900. A tiny Solvang cottage on nearly 1/3 acre potentially zoned for additional living units. Sold in first week of listing.

2974 Deer Trail, Solvang, Priced at $595,000 This 1+ acre, beautifully situated property is being offered as a probate sale. The home is very original issue and will need substantial updating, but the cul de sac location with great views is where the value rests. This property was originally listed at $649,000. I understand that there were multiple offers. The days on market may not apply here, as there was some time absorbed by the probate.

3130 Oxbow, Solvang, Priced at $1,600,000. This is one of the highly priced and architectural significant properties in the beautiful Alisal Ranch. It is an original Cliff May designed home with a recent update by world renowned architect, Barry Berkus. The Alisal Ranch properties are on leased land. The land associated with this property is approximately 1.6 acres, big views. This property was listed for almost 7 months.

2446 Alamo Pintado, Los Olivos, Priced at $749,000. This charming 800+sq ft home on .16 acres is zoned commercial and located in the Corner Coffee House area. It was snatched up within days of listing…another tasting room???? Oh boy. I will let you know what I discover.

551 Dawn, Buellton, Priced at $270,000. I posted on this one last week as well. This is a foreclosure in move in condition, 1150+ sq ft with enough yard for a garden and a pet. I would imagine that this property also saw multiple offers. It should have anyway. It went into escrow within a week or so of listing.

447 Quail Run, Buellton, Priced at $495,000. This is a very spacious, relatively new home in the Homes on Ballard Canyon. It is a short sale. It was snatched up within a couple of days of listing.

93 Shadow Mountain, Buellton, Priced at $289,000. I posted on this listing earlier as well. It is a nice, small, 2 bedroom home on a small lot in Rancho de Maria off of Avenue of the Flags. This is a sweet community with a park and a nice starter home neighborhood. It was snatched up in the first week of listing.

2936 Quail Valley, Solvang, Priced at $699,000. This 1.5 acre property with 2300+sq ft house (in need of repair) captured a lot of Buyer attention in its first week of listing. It was originally priced at $749,000, and then dropped  $50,000, despite the strong Buyer interest. It had an accepted offer within a week of the initial showings.

Santa Ynez Valley Properties That Sold Final This Week

 

 

1885 Augustenborg, Solvang, Sold at $1,070,000. This is a great one acre property with just about everything you can imagine and in a very private setting. It was priced originally at $1,199,000 and had been last listed at $1,140,000.

2213 Alamo Pintado, Los Olivos, Sold at $422,000. This nicely updated Los Olivos ranch style home on about 1/3 acre finally sold. It had been listed for about 16 months, beginning at $639,000. It was last listed at $495,000.

1239 Calzada, Santa Ynez, Sold at $600,000. This rather cool one acre property on a flag lot off Calzada was on the market for over 7 months. The home was smallish, but very nicely updated, and there was a barn, with additional room, and plenty of acreage for horses, pool etc. It was originally listed for $675,000 and listed at $649,000 at the time of sale.

2275 Olivet, Los Olivos, Sold at $502,000. This Los Olivos ranch home on nearly 1/2 acre had great street appeal and potential. It was listed for only a couple of months, beginning at $539,000 and last listed at $515,000. I don’t think the price reduction necessarily brought the sale here.

3333 Long Valley, Santa Ynez, Sold for $860,000. After nearly two years, this great property finally sold. In this iteration, it was originally listed in foreclosure at $925,000 and reduced to $899,000 at the time of sale. This is  a perfect transitional property, one that can be used on weekends etc, with a big view building pad for the future.

So that’s all folks.

If you want to be kept apprised of the Santa Ynez Valley market in real time, please contact me by calling or texting 805 588-3616 or emailing me at [email protected]

Cheers!