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New development, Bella Riviera, is preparing for its model grand opening, January 21, 2012. The development is situated at the eastern end of Micheltorena, in a very central location. Bella Riviera is presenting 115 new homes built according to the Built Green Santa Barbara Checklist. They are offering 34 homes for sale to the public. Cottage Hospital is reserving 81 homes for qualified employees. Click Here for Bella Riviera’s Website.

No big economic reports came out this week, which has kept the Dow and S&P either static or up slightly. A relevant comment came from the fed’s own Dennis Lockhart, who is open to more stimulus funds because he said the economy is far from full health. Comments like this positively impact interest rates, which are more competitive than I have ever seen.

Product Interest Rate APR
Conforming 1and FHA Loans

30-Year Fixed 3.875% 4.054%
30-Year Fixed FHA 3.750% 4.705%
15-Year Fixed 3.125% 3.438%
5-Year ARM 2.250% 3.156%
5-Year ARM FHA 2.750% 2.999%

Larger Loan Amounts in Eligible Areas – Conforming and FHA.1

30-Year Fixed 3.875% 4.004%
30-Year Fixed FHA 3.750% 4.651%
5-Year ARM 2.375% 3.152%

Jumbo1 Loans – Amounts that exceed conforming loan limits1
30-Year Fixed 4.125% 4.256%
5-Year ARM 2.500% 3.195%

Click Here for Gary Woods’ Santa Barbara Real Estate Statistics through December 2011.

The Rancho dos Pueblos, today a 2,175-acre parcel, is allegedly the site where Native Americans first spotted Spanish explorers on the West Coast in 1542. The land later fell under the control of the Santa Barbara Mission before being granted to a Mexican of Irish extraction named Nicholas Den in 1842. After passing through the hands of various industrialists, it was acquired by a German watchmaker turned medical equipment manufacturer, Rudi Schulte, in 1977. The magnificent waterfront acreage is now being offered by his heirs for $84,000,000. The existing five-bedroom estate home lies awfully close to the 101 highway, but with all this space and the investment required by this property, building a new, better-located estate shouldn’t be a problem. Also, according to Realtor.com, this parcel has been price chopped down from a $155,000,000 list price last year.

Link-back to Atlantic

European debt crisis still heads the news! Last week all 26 European countries (except UK) agreed to a $200 billion european fund. Stocks are down and bonds are up, so naturally, rates are inching downward.

Product Interest Rate APR

Conforming 1and FHA Loans

30-Year Fixed 4.000% 4.180%
30-Year Fixed FHA 3.750% 4.705%
15-Year Fixed 3.250% 3.565%
5-Year ARM 2.375% 3.199%
5-Year ARM FHA 2.750% 2.999%

Larger Loan Amounts in Eligible Areas – Conforming and FHA.1

30-Year Fixed 4.000% 4.130%
30-Year Fixed FHA 3.875% 4.784%
5-Year ARM 2.625% 3.238%

Jumbo1 Loans – Amounts that exceed conforming loan limits1

30-Year Fixed 4.250% 4.382%
5-Year ARM 2.500% 3.195%

Gated 2-level-acre property in one of the most desirable Hope Ranch locations –close to the ocean, this spacious 5-bd/3.5-bath original home is a special opportunity for your dream dwelling to come to life.

Address:
4646 VIA ROBLADA SANTA BARBARA, CA 93110
Price: 1,900,000
District: 25 – HOPE RANCH
Total Bedrooms: 5
Total Bathrooms: 4
SqFt.: 4103
Cross Street: Via Bendita

Begin Date 12/05/2011 Days On Market 5
Status Active Status Change Date 12/05/2011

Property Information
TYP Home/Estate Realtor.com Type Residential: Single Family
Total Full Baths 3 Total Half Baths 1
Year Built 1974 Source Measured
Apx # Acres 2
Total #Units 1
Assessor’s Data
Assessor Year Built 1974 Assessor SqFt 3,927
Assessor Lot Acres 2
Neighborhood/Schools
Neighborhood 25 – Hope Ranch Elementary School Vieja Valley
Junior High School LaColina High School San Marcos
To Show LB/VAC

Details
Condition: Poor
Style: Ranch
Construction: Entry Lvl(No Stairs); Single Story
Roof: Tile
Foundation: Slab
Exterior: Stucco
Parking/Garage: Gar #3; Unc #3+; RV; Interior Access
Grounds/Landscaping: Pool; Patio Open; Lawn; Fruit Trees; Fenced: ALL
View: Setting
Location/Topo: Level
Site Improvements: Paved
Proximity: Near Ocean
Rooms: Den/Lbry/Study; Family Room
Dining: Breakfast Area; Formal
Laundry: Room

Amenities: Cathedral Ceilings; Horses
Appliances Included: Disposal
Fireplace(s): 2+; FR; LR; MBR
Flr/Wdw Coverings: Tile; Vinyl/Linoleum
Security: Patrol
Heating/Cooling: GFA
Water/Sewer: La Cumb Wtr; Septic In; Sewer Hookup
Assoc/Park Amenities: Play Area; Other
Zoning: EX-1
Reports Available: Home Inspection; Pest Inspection; Prelim; Septic; CCR’S Inc; NHD; Other
Terms: Cash

Fannie Mae and Freddie Mac announced they will suspend all evictions involving foreclosed occupied single family and 2-4 unit properties with mortgages owned by the GSEs from Dec. 19, 2011-Jan. 2, 2012.

The suspension will apply only to eviction lockouts related to Freddie Mac- and Fannie Mae-owned REO properties and will not affect other pre- or post-foreclosure processes. During this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be permitted to remain in the home.

Click Here to read Gary Woods’ Santa Barbara Real Estate Statistics through November 2011.

Market stability continues. The world waits for Europe, and their ability to deal with debt issues. Standard and Poor’s has put the entire 17 nation EU on debt downgrade review, but the outcome is still uncertain. The dow is above 12,000 pts and rates are still below 5%, so it is the best of both worlds because markets are up and rates are still low.

Product Interest Rate APR

Conforming 1and FHA Loans
30-Year Fixed 4.000% 4.180%
30-Year Fixed FHA 3.750% 4.705%
15-Year Fixed 3.250% 3.565%
5-Year ARM 2.375% 3.199%
5-Year ARM FHA 2.875% 3.052%

Larger Loan Amounts in Eligible Areas – Conforming and FHA.1
30-Year Fixed 4.000% 4.130%
30-Year Fixed FHA 3.875% 4.784%
5-Year ARM 2.625% 3.238%

Jumbo1 Loans – Amounts that exceed conforming loan limits1
30-Year Fixed 4.250% 4.382%
5-Year ARM 2.500% 3.195%

The city of Santa Barbara Parks and Recreation Department developed a plan to improve the landslide damage at MacGillivray Point on the Mesa. It will be reviewed by the City Planning Commission on Thursday December 1, 2011. General Public is welcome to attend.