If you’re looking to purchase or invest in real estate in Southern California, there’s a booming new market that is definitely worth your attention, time, and research energy. If you’ve never heard of the beautiful city of Santa Barbara, you’re in for a major surprise. This city has grown quite a bit in the last few decades, from a slightly bucolic suburban town to a booming city of nearly 100,000 people. And this amazing growth spurt is far from finished. Santa Barbara is a town to keep your eyes on, from both a civic and economic perspective.
The Future Is Bright And Promising
Real estate industry professionals in the area, such as Kenny Slaught and many others, tend to disagree on many things, but on one issue they are solidly unanimous: The value of Santa Barbara real estate is going to increase by a handsome margin as the city continues to grow and expand. While this may pose problems for some segments of the population, the fact is that Santa Barbara real estate is going to be a seller’s market for quite some time to come. Therefore, investment in this area is an excellent idea.
Market Value In The Area Is Skyrocketing
Were you aware that the estimated median value of both single homes and condominium units in the city of Santa Barbara has skyrocketed in value to a total of $834,700 within the past fifteen years? The previous value was listed as $469,300 for the year 2000. That’s a jump of $365,000. And the profits don’t end there. The median rent for apartment housing in Santa Barbara reached an all time high of $1,553 in 2012, and there is every reason to believe that property ownership for rental purposes will become even more lucrative in the years to come.
Possible Contributing Factors To This Amazing Success
There are a number of factors that can be cited as contributors to this amazing story of success. For one thing, the old adage, “Location! Location! Location!”, is as true today as it has ever been. Santa Barbara is situated on some pretty prime real estate. Sunny, warm Southern California winds blow over the beautiful water, providing an excellent climate for young professionals and recent retirees alike. Likewise, the high concentration of professionals means a higher quality of neighbor.
Mopping Up The Overflow
There is also the fact that many refugees from overcrowded cities in the area, such as San Diego and (especially) Los Angeles are finding a whole new venue in relatively unexplored towns like Santa Barbara. While this “flight to the suburbs” is contingent upon a whole array of factors that are too numerous to be listed here, the short term takeaway is that smaller neighboring cities, Santa Barbara certainly among them, stand to gain. If you’re interested in getting on the fast track to success, investing in real Santa Barbara real estate might just be your ticket to the big leagues.