For Santa Barbara Real Estate for ’05 in Carpinteria Real Estate / Summerland Real Estate there have been 64 Single Family Residences Close escrow since the fist of the year. The Average Days on the Market which means from the time the property was listed until it went into escrow for those properties was 87 days. The Average Days to Close which means the time the property was in Escrow was 51 days. This means that from start to finish was a total of 138 days. The Median Sold price for those properties was $1,347,500 and the Average Sold price was $2,453,154.
For Santa Barbara Real Estate for ’05 in Carpinteria Real Estate / Summerland Real Estate there have been 64 Condos Close escrow since the fist of the year. The Average Days on the Market which means from the time the property was listed until it went into escrow for those properties was 37 days. The Average Days to Close which means the time the property was in Escrow was 36 days. This means that from start to finish was a total of 73 days. The Median Sold price for those properties was $656,500 and the Average Sold price was $661,178.
And in more on Santa Barbara Real Estate…
The long awaited Ritz Carlton project at the foot of State St may be moving forward. Bill Levy paid the city $1.4 million in fees and pulled a building permit on the project. If the fees hadn’t been paid the approval on the project would have expired.
The pulling of permits is a significant move and makes it certainly appear at least as though the project will now move forward. If the project does get built, at $175 million it would be the biggest, most expensive commercial project in Santa Barbara’s history.
Unfortunately the financing on the project is still in limbo awaiting a $115 million construction loan. Mr. Levy has 6 months to begin construction on the project, but could still get a six month extension on the permit.