11/16 Update

Happy Monday. :) Scroll down for rates. Russell says "Rates are smoking hot today. The stock market is attempting to reach new heights but rates just continue to improve, go figure".

New Listing
Central This shows up as a new listing but in reality, is an aging Short Sale just coming back on the market. Maybe the previous buyer got tired of waiting? The price is too good - I would expect a price adjustment from the lender when the negotiation gets down to brass tacks. But, in the meantime, assuming you are prepared for a higher price later, you could gain control over a nice unit. Clean, good location. Easily worth more than it is currently priced. Then again, you could get lucky. Maybe the bank will swallow it - hook line and sinker!

Price Reductions
Main Was 295K, now 285K. Up til now, I have been kind of poo-pooing this one. But, at this price, it is probably lot value. So, for the value of the land, you get a fixer that is livable on a decent sized lot. I'm liking this one now as a good value. Sale is subject to final recording of lot split map - we would have to investigate how close they are to final approval on that.

Wickenden Was $259,900 now $249,900. I had hoped to see more of a price reductin but it's a start anyway. Nice unit. Pretty clean for a bank owned. Good kitchen design. Attached one car garage. Nice private laundry room. For the price, it's a lot of square footage in a nice development. I'd call this a pretty good bargain .... though I would really like to see the bank shave off 20K or so more. I think they are open to suggestion. Make an offer and see where the bank will go.

In Escrow
Monarch Solid but dated house on 6+ acres. Excellent location. Not a great horse property due to topography but a very good value to buyers wanting a quiet, spacious and private location.

Arden This is a short sale requiring lender approval.

Kolding Regular sale. I'll be interested to see where this closes at.

Sold
Six Flags Listed at 356K, closed at 349K. Sold in multiple offer. This was a short sale.

Land
New Alamo Pintado Land Listing 5 acres behind the apple farm. 3 acres are usable. Good view parcel. Water and power to the property. Unless you really want to build, the price seems high based on where 5 acre parcels with a house already in place are selling. You might be better off taking something older or dated and doing a remodel. The selection of 5 acre properties is pretty good right now.

Land Price Reduction Corner of Grand and Alamo Pintado. Busy corner but it is Los Olivos. Good location for a second home? Without looking, I think this is the lowest priced full acre property on the market. Was 699, then 650 now 495K.

Russell’s Rates 11/16/2009

Amazing rates on Super Jumbo Loans: as low as 4.5% on a 5 year Fixed ARM. There is 30 year Super Jumbo money available but the 5 year is most aggressively priced.

Product Rate Fee 10 Year Bond: 3.41

3 Year ARM 3.5% 1 Point 4.000% No Points

5 Year ARM 3.375% 1 Point 3.875% No Points

7 Year ARM 4.000% 1 Point

10 Year ARM 4.500% 1 Point

10 Year Fixed 4.250%

15 year Fixed 4.125% 1 Point

30 Year Fixed 4.500% 1 Point

30 Yr Fixed FHA 4.500% 1 Point

30 Year Fixed (HB*) 4.875% 1 Point

15 Yr Fixed FHA 4.125% 1 Point

*High Balance Conforming Loan Amounts vary by County. Santa Barbara County high limit maximum is $729,750.00. All of the above interest rates are based on an individual with a fico score above 700 and financing their primary single family residence. There are many nuances to the individual file that can greatly alter the interest rate offered, call for specific scenario.

FHA, VA and Reverse Mortgages offered. We underwrite, prepare loan documents, fund and close our own loans. We are FHA Eagle Certified.

Russell Story

Summit Funding Inc.

805-895-8831 cell

rstory@summitfunding.net

www.summitfundingsb.net

11/13 Update

My clients are purchasing a great vintage property in Solvang with a beautiful old Wisteria vine hanging from the arbor. It doesn't look as pretty as the vine in this picture, but it will soon with all the love and care I know my clients will lavish on it. I can't wait to see the whole property returned to it's former glory.




New Listings
Mission Dr. Cute house. Semi odd location as passing through a commercial building parking lot is required for entry. Still, very private little enclave of well maintained homes in convenient mid valley area. The price seems slightly high to me as compared to other homes in this price range but close enough to value that perhaps negotiation will reach a mutually acceptable number.

Back on the Market
Fredensborg Canyon Bummer. Distressed and stripped down by the previous owner but still a charming piece of property and great location. Very park like grounds with lots of mature trees and creek frontage. House needs some repairs but there is still a lot of love left in this one. Excellent price for the location, land and charm. Definitely worth a look if a semi fixer is in your future. Bank owned.

Price Reductions
Grand Much needed 100K price reduction. Big rambling house ideally suited for dual living, lots of kids, extended family etc. Kind of an odd floor plan but for the right person, might be just perfect. Good kitchen layout. Plenty of room for outdoor activities. Pretty location, very private. I would like to see the pricing come down a little more to make it a good deal but it is starting to look like the sellers may be softening somewhat. Might be a good time to see where pricing could go.

In Escrow
Lucca Bank owned. This one lasted longer on the market than I thought it would. Price was slightly elevated but not bad. This house has so much potential. I'm looking forward to seeing what the new owners do with it.

Expired
Grand Price was definitely a barrier to sale.

11/12 Update

Wow. Slow news day. Scroll down for rates.

Withdrawn
Country Rd.  Nice house. Classy yet comfortable. Pricing was a barrier to sale. It started at $1,649,000.

Viendra  You can buy a nice house on 20 acres for that price. Pricing was definitely a barrier to sale on that one.

Expired
Refugio I'm not sure but perhaps pricing had something to do with the lack of sale.

Are you starting to see a pattern here?

Russell’s Rates 11/12/2009

Amazing rates on Super Jumbo Loans: as low as 4.5% on a 5 year Fixed ARM. There is 30 year Super Jumbo money available but the 5 year is most aggressively priced.

Product Rate Fee 10 Year Bond: 3.41

3 Year ARM 3.75% 1 Point 4.375% No Points

5 Year ARM 3.500% 1 Point 3.875% No Points

7 Year ARM 4.000% 1 Point

10 Year ARM 4.500% 1 Point

10 Year Fixed 4.250%

15 year Fixed 4.250% 1 Point

30 Year Fixed 4.750% 1 Point

 30 Yr Fixed FHA 4.750% 1 Point

30 Year Fixed (HB*) 4.875% 1 Point

 15 Yr Fixed FHA 4.250% 1 Point

*High Balance Conforming Loan Amounts vary by County. Santa Barbara County high limit maximum is $729,750.00. All of the above interest rates are based on an individual with a fico score above 700 and financing their primary single family residence. There are many nuances to the individual file that can greatly alter the interest rate offered, call for specific scenario.

FHA, VA and Reverse Mortgages offered. We underwrite, prepare loan documents, fund and close our own loans. We are FHA Eagle Certified.


Russell Story

Summit Funding Inc.

805-895-8831 cell

rstory@summitfunding.net

www.summitfundingsb.net

11/11 Update

Scroll down for rates.

New Listing
Calzada How many 9000 square foot houses have you been in? :) High end everything. A very special and unique property. Price .....uh, well, it is definitely at the upper end of our pricing.

New Land Listing
Hwy 101 Unusually large parcel in very unique location.

Sold
Numancia Listed at $405,900, closed at $391,000. This was a bank owned property. Property needs a lot of TLC but this is adequately reflected in the price.

Expired
San Marcos Nice house but price was a barrier to sale.

Withdrawn
Calzada Pretty house but location and pricing were definite barriers to sale.

Russell’s Rates 11/09/2009

Amazing rates on Super Jumbo Loans: as low as 4.5% on a 5 year Fixed ARM. There is 30 year Super Jumbo money available but the 5 year is most aggressively priced.

Product Rate Fee 10 Year Bond: 3.47

3 Year ARM 3.75% 1 Point 4.375% No Points

5 Year ARM 3.500% 1 Point 3.875% No Points

7 Year ARM 4.000% 1 Point

10 Year ARM 4.500% 1 Point

10 Year Fixed 4.250%

15 year Fixed 4.250% 1 Point

30 Year Fixed 4.750% 1 Point

30 Yr Fixed FHA 4.750% 1 Point

30 Year Fixed (HB*) 4.875% 1 Point

15 Yr Fixed FHA 4.250% 1 Point

*High Balance Conforming Loan Amounts vary by County. Santa Barbara County high limit maximum is $729,750.00. All of the above interest rates are based on an individual with a fico score above 700 and financing their primary single family residence. There are many nuances to the individual file that can greatly alter the interest rate offered, call for specific scenario.

FHA, VA and Reverse Mortgages offered. We underwrite, prepare loan documents, fund and close our own loans. We are FHA Eagle Certified.

Russell Story

Summit Funding Inc.

805-895-8831 cell

rstory@summitfunding.net

www.summitfundingsb.net

11/10 Update

New Listings
Sagunto Corner location on Cuesta and Sagunto. These are cute houses with open floor plans. Nice neighborhood. Easy stroll into town for a coffee or night cap. Pool does take up a large portion of the back yard. Good curb appeal. I like the price so far.

Ontiveros Wow. A stunner for sure. On the high side for only 10 acres but the house, car barn and guest quarters are exceptional. Highly sought after location. Plus,  all of the 10 acres is usable. Compare that to a 20 acre Woodstock or Ynecita property where only a small fraction of the ground is flat. So, all in all, I'm liking the price and the property.

11/9 Update

Happy Monday!

New Listings
Mattei Rd. This is a short sale. Was on the market as a traditional sale but is now short. One loan (American Home Mortgage for $1,190,000). The pricing on this one may be artificially low. On appraisal, I wouldn't be surprised to see the lender ask for more. Still, could be a good deal. House needs lots of work inside and out. Definitely a fixer.

Back on the Market
Cimarron Too bad. Nice house. Failed escrow not due to any problems with the property. It is in beautiful condition with a kitchen and pool that will knock your socks off.

In Escrow
Freya In escrow again. Lets hope it sticks this time. Great property at an equally great price.

Sold
Tims Rd. Listed at $3,995,000 closed at $3,500,000. This one actually closed bck on 10/23 but wasn't reported to the mls until today.

11/6 Update

As per the usual, this is my last post of the week. More good and/or interesting news will be forthcoming on Monday. I hope you all have an excellent weekend wherever you are. Here, it was a lovely and warm fall day with the weekend looking like more of the same. Best wishes for beautiful weather where you are too.

New Listings
Glennora Nice house. Awesome price. Some remodeling done. Backs up to polo pony hill. This one is bank owned.

Sky Drive Fixer on 5 acres. Might be priced slightly high however the in demand location may make the price worth it to some buyers. House needs a lot of work but does have character. Estate sale, price set by an attorney. Lower offers can be made.

Price Reductions
Bundy Was 369K, now 359K. Really cute house. Only two bedrooms but very spacious. Good location. Nice back yard. If you don't need the extra bedrooms, it's a good buy.

In Escrow
Dawn Cute house, good price. Regular sale.