Santa Ynez Valley Real Estate Market Report | Feb 2018

FEBRUARY real estate market report | 2018

1775 STILL MEADOW ROAD

1775 STILL MEADOW ROAD 4 Bedrooms | 6 Bathrooms | Offered at but $5,250,000 All information provided is deemed reliable, has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018. villagesite.com/property/details/18-109/1775-still-meadow-rd-solvang

IN SUMMARY santa ynez valley

TOTAL SALES

31

(-18.75% change from 2017)

SINGLE FAMILY RESIDENCE SALES

29

(-6% change from 2017)

CONDOMINIUM SALES

2

(-33% change from 2017)

All information provided is deemed reliable, but has not been verified & wedonotguaranteeit. Werecommendthatbuyersmaketheirowninquiries. DRE #01206734. Data taken from CORT February 2018.

IN SUMMARY santa ynez valley

As your local Real Estate Company we are keeping our community in our hearts and are humbled by the strength of our hometown. We’ve had many questions about how recent events in Montecito are affecting the real estate market as a whole. In this report you will find the sales data by area as it compares to last year for the Santa Ynez Valley area.

With tax season fast-approaching, we thought it best to spend a bit of time reflecting on the 2018 Tax Reform Law as it relates to Real Estate. Please see the chart included to take a look at how it may affect you.

2018 TAX REFORM Tax Reform Law Chart: Prior Law vs. New Law PRIOR LAW

NEW LAW

Mortgage Interest Deduction

Capped at $1,000,000

Capped at $750,000

State & Local Tax Deduction

Unlimited

The total of income, sales & property tax deductions is capped at $10,000

Capital Gains Exemption on Sale of Exclusion of up to $250,000 Primary Residence ($500,000 if married) of gain realized on sale or exchange of principal residence if lived in for 2 of last 5 years

No change

1031 Like-Kind Exchanges

Applied to all classes of property (e.g., personal & real)

Limits non-recognition of gain to real property

Personal Deduction

Allowed

Eliminated

Standard Deduction

$6,350 individual & $12,700 if married

$12,000 individual & $24,000 if married

MID for Second Homes

Capped at $1,000,000

Capped at $750,000

Home Equity Loan Deduction

Capped at $100,000

Not deductible unless the proceeds are used to sustainably improve the property

Moving Expense Exclusion & Deduction

Deduction for moving expenses Eliminated except for members of incurred in connection with change armed forces on active duty that in work place move pursuant to military orders

Child Tax Credit

$1,000 for each child

$2,000 for each child

Deduction for Qualified Business None Income of Pass-Through Entities including Independent Contractors

20% deduction of taxable income phased out above $157,000 ($315,000 if married) for brokerage services

Depreciation Recovery Period for Real Property (Residential Rental)

Recovery period is 27.5 years

No change

Depreciation Recovery Period for Real Property (nonresidential)

Recovery period is 39 years

No change

Depreciation Recovery Period for Real Property (leasehold improvements)

Recovery period is 15 years

No change

Source: California Association of REALTORSÂŽ as of 3/10/2018

All information provided is deemed reliable, but has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.

1762 VIBORG ROAD 3 Bedrooms | 3 Bathrooms | Offered at $797,000 villagesite.com/property/details/17-2307/1762-viborg-rd-solvang

736 HILLSIDE DRIVE 3 Bedrooms | 2 Bathrooms | Offered at $550,000 villagesite.com/property/details/18-100/736-hillside-dr-solvang

All information provided is deemed reliable, but has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.

SINGLE FAMILY santa ynez valley

AVERAGE SALES PRICE

MEDIAN SALES PRICE

$884,077

$800,000

-4% change from 2016

+33% change from 2016

CONDOMINIUM santa ynez valley

AVERAGE SALES PRICE

MEDIAN SALES PRICE

$435,000

$435,000

-12% change from 2016

+25% change from 2016

All information provided is deemed reliable, but has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.

222 KIM SUE LANE 3 Bedrooms | 3 Bathrooms | Offered at $559,900 All information provided is deemed reliable, but has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018. villagesite.com/property/details/17-3484/222-kim-sue-ln-buellton

BUELLTON

SINGLE FAMILY RESIDENCES

CONDOMINIUM HOMES

total sales

total sales

9

2

average sales price

average sales price

$454,944

$435,000

median sales price

median sales price

$497,000

$435,000

All information provided is deemed reliable, but has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.

BALLARD

SINGLE FAMILY RESIDENCES total sales

1 average sales price

$1,275,000 median sales price

$1,275,000

All information provided is deemed reliable, but has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.

All information provided is deemed reliable, but has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.

2411 ALAMO PINTADO ROAD 3 Bedrooms | 3 Bathrooms | Offered at $2,195,000 All information provided is deemed reliable, but has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018. villagesite.com/property/details/17-1690/2411-alamo-pintado-rd-los-olivos

LOS OLIVOS

SINGLE FAMILY RESIDENCES

CONDOMINIUM HOMES

total sales

total sales

0

0

average sales price

average sales price

N/A

N/A

median sales price

median sales price

N/A

N/A

All information provided is deemed reliable, but has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.

SOLVANG

SINGLE FAMILY RESIDENCES

CONDOMINIUM HOMES

total sales

total sales

13

0

average sales price

average sales price

$937,885

N/A

median sales price

median sales price

$800,000

N/A

All information provided is deemed reliable, but has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.

922 COLLEGE CANYON ROAD 3 Bedrooms | 2 Bathrooms | Offered at $899,000 villagesite.com/property/details/17-3898/922-college-canyon-rd-solvang

All information provided is deemed reliable, but has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.

2740 ONTIVEROS ROAD 4 Bedrooms | 4 Bathrooms | Offered at but $5,650,000 All information provided is deemed reliable, has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018. villagesite.com/property/details/18000719/2740-ontiveros-road-santa-ynez

SANTA YNEZ

SINGLE FAMILY RESIDENCES total sales

11 average sales price

$1,695,409 median sales price

$1,700,000

All information provided is deemed reliable, but has not been verified & we do not guarantee it.

We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.

1575-95 CALZADA AVENUE 15+ Useable Acres | 2 Separate Parcels | Offered at $2,495,000 All information provided is deemed reliable, but has not been verified & we do not guarantee it. villagesite.com/property/details/18-257/1575-95-calzada-ave-santa-ynez We recommend that buyers make their own inquiries. DRE #01206734. Data taken from CORT February 2018.

WRAPPING UP santa ynez valley

Are you ready to take advantage of this market?

The Santa Ynez Valley real estate market has opportunities for both buyers and sellers.

Contact your Village Properties agent today!

The numbers included in this report are courtesy of Fidelity National Title.

SANTA YNEZ 3615 Sagunto Street, Santa Ynez, CA 93460 | 805.688.1620 MONTECITO 1250 Coast Village Road, Montecito, CA 93108 | 805.969.8900 SANTA BARBARA 1436 State Street, Santa Barbara, CA 93101 | 805.681.8800