Real Estate As We Know it will Undoubtedly Change Forever. What You Need to Know As Both Buyer & Seller

Happy Thanksgiving to all of you.  Thank you for making 2017 a successful year for our real estate business.  We wholeheartedly appreciate your support, referrals, and trust in us.  Thank you!

As we all know, owning a home has traditionally been the hallmark of the “American Dream.” However, the materialization of that dream could be impossible if the recently proposed tax bill goes into effect.  This is a reality that could impact all of us — rich and poor, old and young, Republican and Democrat.  More than anything, this is a homeowner’s issue.  If the proposed tax reform bill passes, real estate as we know it will undoubtedly change forever and the changes that ensue could be disastrous to both seller and buyer.

Under current tax law, for instance, over 30% of American taxpayers — i.e., over 44 million across the nation — are able to itemize their deductions and often benefit from the unique allowances for which they personally qualify.  Congress has threatened to virtually eliminate tax incentives for homeowners and other taxpayers via a number of dramatic adjustments to the current system including, but not limited to:

    • Elimination of the deduction for state and local income or sales taxes;
    • Elimination of property tax deductions;
    • Elimination of the Mortgage Interest Deduction for second homes and limitation of the Mortgage Interest Deduction for primary residences;
    • Elimination of the deduction for moving expenses;
    • Elimination of the deduction for interest on student loans;
    • Elimination of the deduction for medical expenses, including those for the elderly;
    • Elimination of the deduction for personal casualty losses, such as from hurricanes, earthquakes or wildfires;
    • And elimination of the deduction to any teachers who are required to cover the costs of class supplies using their own funds.

Tax incentives are critical for a strong housing market that creates jobs and builds stable communities. With fewer incentives to purchase real estate, the value of real estate nationwide will inevitably decrease. Moreover, the proposed tax system is structured to most severely impact individuals in high-tax states (such as California) who now claim large deductions for state and local income tax, property tax, mortgage interest, and sales tax. The middle class is at risk of shrinking even further as hundreds of thousands of California residents are made financially vulnerable by the elimination of these large deductions they have relied on for years.  The average California homeowner could end up paying upwards of $3,000 more in taxes per year under the proposed system. This bill could be passed as early as Thanksgiving.

What can you do to prevent these proposed changes from becoming a reality?  Call or email your congressional leader and explain to them the importance of your deductions.  This is a real concern that could affect nearly every American citizen in some way and carries the potential to trigger the next major recession.

Stay Tuned for our Monthly Real Estate Roundup article. Thank you and please contact us today for any of your real estate needs!

Thanks,

Randy & Kellie

SANTA BARBARA AND SANTA YNEZ VALLEY MARKET STATS & our new app!

OCTOBER 2017 REAL ESTATE ROUNDUP

Happy Fall! The 3rd quarter is over and real estate continues to stay strong in both Santa Barbara and the Santa Ynez Valley. Prices have risen and interest rates have continued to stay at or below 4%.  We still appear to be in a seller’s market, with the demand high and the inventory low.  We are trying a new format for showing you the real estate roundup stats and we hope that it is easier and provides more information to you.

Also, we are introducing our new  Randy and Kellie Real Estate app. Easy to download and it updates with our different multiple listing services every 30 seconds.  It is cutting edge and allows you to easy see what is currently on the market for sale and what properties are going to be open (they are in blue).  You can search properties from the Santa Ynez Valley all the way down to the LA area, but zip code, city, street, etc. Check it out.

 

SANTA BARBARA PRICES

SANTA YNEZ VALLEY REAL ESTATE UPDATE

 

We would like to thank the Santa Barbara Association of Realtors, Fidelity National Title, the Santa Barbara Multiple Listing Service and the North Santa Barbara County Multiple Listing Service for providing us the information. As always if you are thinking of buying or selling, or know someone who is, please think of us and make sure to contact us today!

Thanks,

Kellie & Randy

Sold! 2682 Montrose Place & 1237 Las Palmas Drive in Santa Barbara, CA

We are happy to announce the sales of two beautiful Santa Barbara properties: One of our listings at 2682 Montrose Place Santa Barbara, CA 93105 and we represented the buyer in the sale of 1237 Las Palmas Drive Santa Barbara, CA 93110. Read on to learn more about these wonderful properties and the Santa Barbara neighborhoods they feature.

2682 Montrose Place Santa Barbara, CA 93105

Awash with rustic charm and timeless elegance, this romantic Tuscan villa is one of Mission Canyon’s hidden treasures with its breathtaking ocean views and architectural grandeur reminiscent of an Italian grotto. Unique, magical and supremely inviting, this three bedroom, three-and-a-half bath home was meticulously constructed in 2005 by a local contractor.

The builder demonstrated remarkable attention to detail and employed the finest elements of the earth to create an enchanting home where Old World craftsmanship meets modern-day functionality. The woodwork alone is enough to swoon even the most discerning buyer, from Cedar doors and windows to vaulted Douglas Fir ceilings and handcrafted vanities throughout the home. Add to that a hand-cut stone entry and wide-plank Pine hardwoods; custom wrought-iron handrail, sconces and chandeliers; intricate travertine tile work in every bathroom; and a massive stone fireplace — these are among the home’s abundance of artisan effects that deliver richness of character while reflecting the utmost quality of craft.

Listed For: $2,195,000

MISSION CANYON NEIGHBORHOOD

Located in the beautiful Mission Canyon neighborhood, Santa Barbara Travel Guide explains, “The Mission Canyon area of Santa Barbara is one of the prettiest neighborhoods in the city. Home to the Santa Barbara Mission, this spot was chosen by missionaries for its prime location on a rise of land situated between the Pacific Ocean and the Santa Ynez mountains. The views in this primarily residential region are spectacular.”

1237 Las Palmas Drive Santa Barbara, CA 93110

Updated and single-level 2 bedroom, 2 bath home in Hope Ranch on over 2 beautiful acres with barn and horse corral.

Listed At: $2,195,000

HOPE RANCH NEIGHBORHOOD

With lush landscaping, the Hope Ranch Park Homes Association, a private beach, polo field, tennis courts, and the Hope Ranch riding trails, owning a home in this exclusive enclave is definitely very special. Boasting it’s beautiful estates, sparkling ocean views, and a gorgeous entrance on Las Palmas Drive, Hope Ranch has become a very sought after and desired location. With home prices in the millions, you might see residents on horseback riding the trails around Hope Ranch, or others strolling around the Laguna Blanca lake which sits adjacent to the private La Cumbre Country Club and Golf Course. Offering an exclusive, private and peaceful lifestyle close to nature, Hope Ranch has it all and is one of the most expensive neighborhoods in the Santa Barbara community. When inside Hope Ranch you feel a world away, however, nearby Upper State, La Cumbre and downtown Santa Barbara areas are all just a five minute drive away.

Please contact us today with any of your real estate needs, view all of our current listings, search Santa Barbara listings and open house guide today!

Thank you,

Randy & Kellie

New Listing! 1118 Portesuello Avenue, Santa Barbara, CA 93105

Less than 2 miles to Hendry’s Beach in lovely Bel Air Knolls sits this grand, 4-bedroom 3-bath home with a striking open driveway & impressive curb appeal. This 2,465-sq ft home offers an open floorplan with vaulted ceilings, engineered hickory wood floors, an expansive backyard with patio and spa, and the driveway of car collectors’ dreams. The nearly 650-sq ft master suite occupies the entire second floor, which was added to the home in 2005 and features high-end contemporary finishes throughout the bedroom, deck, private wet bar, spectacular bathroom and custom walk-in closet. The flexible floorplan offers a variety of uses for the three-bedroom guest quarters downstairs with potential for renovation, two rooms of which can easily access the backyard for that coveted indoor/outdoor living.

OFFERED AT: $1,495,000

OPEN HOUSE ON SUNDAY, AUGUST 20TH FROM 2 PM TO 4 PM.

As Santa Barbara Real Estate Voice illustrates, “Bel Air Knolls is a very distinct, quiet Santa Barbara community located on a “private feeling” hilltop located between Las Positas Road, The Westside, and the back side of The Mesa. It is a community where you get the feeling that more than half the residents have lived there most of their lives. Sometimes months will go by before a single new home comes on the market.”

Please contact us today with any of your real estate needs, view all of our current listings, search Santa Barbara listings and open house guide today!

Thank you,

Randy & Kellie