SDR – Thanks for your information. However, I did some research on my own and got a little bit different picture than you did.
I found a total of eight homes for sale: two in Vista Santa Barbara (non-gated, smaller lots) and six in Santa Barbara (gated, larger lots). Below I have listed the asking prices as well as the most recent purchase price and date.
In addition, the home you referred to that sold in Santa Barbara was at 5448 Valerio Trial and it sold for $ 1.8250 recently and as far as I know it is not on the market. The listing you refer to at $ 1.929 is at a different address.
According to my research no one has sold for a loss nor have they listed at a price which would produce a loss. I know most of the sellers (or the agents) on the homes listed for sale in Santa Barbara and to the best of my knowledge, none of them are desperate (but they are trying to push the envelope on pricing in some cases), so I don’t see any sales that could produce a loss, except for possibly the first one listed below (assuming they got desperate, which they are not).
Another home on Valerio Trail at Santa Barbara recently sold and was listed value range pricing between $ 1.7490 and $ 1.9490 (I believe) and I think it was listed “Help U Sell” or something like that. It was at 5562 Valerio Trail and was purchased in 04/03 for a total of $ .9130 and rented for two years prior to sale. The owner put in a pool, upgraded landscaping and upgrades (new flooring and carpet) prior to sale to the tune of about $ 150,000.
So again, I think predicting the way these sales might go is an interesting exercise but to gauge the market, we need to look at exactly what is happening right now and as I have stated before, I see no losses on purchase prices nor do I see any desperation.
Lastly, six homes in Santa Barbara for sale out of 109 = 5.5 % of the total housing stock there. Not a huge amount in my estimation.
VT= Valerio Trail
EP = El Presidio Trail
MG = Moreton Glen
SP = Sunset Point
ESC = Evening Sky Ct.
