Check The Appraisal Carefully To Avoid Being A Fraud Victim

Writen by Donna Robinson

There is a type of investor fraud in which an unsuspecting Real Estate investor believes he is buying a property worth a certain amount, when in reality the property is worth much less. This places the investor in a hopelessly upside down situation, owing more money than the property will ever be worth.

The primary way that this type of scheme is enabled is by the use of a “bogus” appraisal that over inflates the value of the property. Once the investor has closed the deal, there is virtually nothing he or she can do to avoid the consequences of having put a 300% Loan To Value mortgage on an investment property.

This basically means that the investor will owe too much to be able to cash flow the property as a rental, and there’s no possible way that he or she will ever sell the property for enough to cover the mortgage payoff. This essentially leaves one with a bankruptcy/foreclosure, “take your pick” financial situation.

Investors who realize they have bought a property that will never be worth what they owe on it, may continue to make payments for months or even years in order to preserve their excellent credit rating. However, once the damage is done, this is essentially throwing good money after bad. Given that this is one of the worst scenarios an investor could ever experience, it behooves each one of us to take the necessary time to carefully examine the appraisal for the property that we are about to purchase, BEFORE we purchase it.

Since this type of fraud is dependent upon an over inflated appraised value, an appraisal with incorrect or deliberately misleading market information will be necessary to perpetrate this fraud. Therefore if a prudent investor is careful to take the time to examine the appraisal prior to closing, or better yet, have their own appraiser do an independent appraisal, one could avoid this scenario completely. In a nutshell, it is potential investing suicide to accept an appraisal at face value without verifying for yourself the information in that appraisal.

When you just don’t know the market, it would be an excellent idea to simply pay the $250 or $300 necessary to have your own independent appraisal done.You do not want to take anyone else’s word for the appraised value of a property. YOU are going to guarantee the loan, so you are the one who must make sure you are not being misled into paying too much.

The vast majority of investor fraud and loan fraud would be avoided if someone took the time to verify the information in the appraisal.

The greater part of a typical appraisal will deal with what are called “compable properties”. These properties are supposed to be very similar in style, quality, and size, to the property which is the subject of the appraisal. The concept of Compable Market Analysis” or CMA, means simply that one property in a given neighborhood should be worth approximately the same amount as other similar properties in the same neighborhood.

A valid appraisal that is a reasonable and accurate estimation of market value would only use similar properties that are within a very small radius from the subject property being evaluated. The official rule is within one mile of the subject property. But in Atlanta, one mile can be the difference between a $50,000 and $500,000 ARV. So, I prefer to see comparables that are located within the very same neighborhood. One mile can make a very big difference.

The question is, “who is responsible for generating the appraisal being provided as an estimate of value?” In typical transaction between a home seller and a home buyer it is the buyers lender who orders the appraisal as part of the process of underwriting the loan. But, in most investor type transactions, the seller may provide an appraisal. When you are the buyer, you should always plan to verify any appraisal provided to you by the seller.

Many fraudulent schemes perpetrated against innocent real estate investors involve a seller who got an appraisal that was over inflated simply by paying an appraiser and asking him to provide a specific value, in order to “make the numbers look good”. Therefore the prudent investor buyer does not want to accept the appraisal provided by the seller at face value. The appraisal should be verified or you should obtain your own independent appraisal prior to closing.

In extreme cases of well organized fraud, it is possible for the seller, the seller’s agent, the closing attorney, the appraiser and even the lender to be involved in trying to lure a buyer into a bad deal.

Usually in this type scenario, the investor buyer is offered a “full service” type arrangement, in which everything is taken care of for them. One should always careful of any deal in which “everything is taken care of for you”. The single most important piece of due diligence on any property is to verify the real market value before you buy. ***

Donna Robinson is a real estate investor, author, and consultant located in Atlanta Georgia. You may read more of her articles on her website at http://www.RealEstateInvestorHelp.com or you may contact her by email at drobinson@reihelp.com or call 404 542 9903.

Real Estate Investing: How to Choose a Lender

Writen by Jeanette Joy Fisher

To become a successful real estate investor it’s vital to have a long term relationship with a good lender. Having a flexible lender who knows your needs and objectives can be the difference between success and failure in your investment career.

Choose several lenders to begin with, and then interview all of them. Ask friends, other investors, and realtors for referrals. Call all of your potential candidates in the same week, so you’ll have identical criteria for comparing their rates, fees, and programs.

Instead of trying to fit into a lender’s program, interview your lenders by finding out how they can accommodate your needs. Here are a few questions to ask:

1. What are their requirements for middle credit scores and income?

2. What are their standard loan costs? These include things like points, processing, underwriting, documentation preparation, filing, and credit report fees. Can you add these fees to the loan amount?

3. Is there a required holding period before you can resell the property? Are there prepayment penalties when you flip your investment properties?

4. Do they require mortgage insurance? If so, what is the minimum percentage you’ll need to put down in order to avoid having to purchase that insurance?

5. How much can you finance, and can you finance fixer houses? How much down payment would be required on such houses?

5. Can sellers help with the loan costs, and to what extent?

After you’ve interviewed your potential candidates, make your choice according to the programs that fit your needs, as well as from the feeling you get from that person. Do they seem as if they’ll be easy to work with from a personal standpoint? Since you’re hoping to use that lender again and again, it’s important that you feel comfortable with them as a person as well as a source of financing.

A good lender wants your repeat business and works hard to find the right loan for each transaction. They may even be able to help you locate potential investment properties. Finding a great lender is a crucial component for your ultimate success as a real estate investor, so choose carefully.

(c) Copyright 2004, Jeanette J. Fisher. All rights reserved.

Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, newsletters, and sales flyer template, see http://www.doghousetodollhousefordollars.com/pages/5/index.htm

Buying Property in Spain

Writen by Allison Thompson

You have made the decision to move to Spain and are now looking for a property to buy? Where do you start?

Firstly, I would suggest you go on to the internet and look at the various agents that are offering properties for sale in Spain. Many of these companies are run by people who have already emigrated to Spain and will know the many problems and pitfalls that arise when buying a property in Spain.

The next step is decide where you want to live, is it in a Town (urbanization), the Country (campo) even the mountains, the lakes or the Coast. If you want everything close at hand to you, then your best bet would be look at properties in a Town or on the Coast especially if you require medical facilities close at hand. You then need to decide whether you want to buy an apartment, townhouse, villa, finca (country house with land) or a property that needs renovation.

You have now made a decision on where you want to live and what sort of property you want to buy. It is now time to start contacting the agents, both those on the internet and those who are located in the town close to where you wish to live. They will not only provide you with the details of properties they feel would be of interest to you, but they should also be able to provide you with details regarding solicitors, banks (if you may need a mortgage to purchase the property), schools, medical facilities in that area. If possible get the bank to confirm with you what sort of percentage of monies they would lend on the purchase of a property, most banks in Spain only provide 75% mortgages.

You have now found the property of your dreams, one of the first things that you should ask of your agent is does the owner of the property have the right to sell the property and if so can they produce the papers confirming this. If no such document is available, then ask if they will be drawn up before the sale. If not, then do not proceed with the purchase.

Also ask your agent if they can confirm that the property being sold has been provided with all the correct planning permissions by the Local Town Hall. If you find that the property has not been provided with the correct planning permissions by the Town Hall, this may mean that the property has been built illegally. At present the Government in Spain is now starting to enforce the laws regarding illegal builds and this has sometimes resulted in properties being demolished and large fines incurred by the developers.

However, the problem above is only a minor one, and as long as you find yourself a reputable agent to help you in your task of finding the property of your dreams then these above problems should be of no consequence to you.

I hope that the information provide aboves helps you in make your decision to purchase a property in Spain a pleasant one.

Allison Thompson, living in Spain and partner of a small and friendly real estate company. http://www.inlandpropertyservices.com

Probate Real Estate: Better than Foreclosures

Writen by L. K. Hughes

Try Probate Real Estate Instead Of Foreclosures
Trying to turn a profit working in foreclosures is not easy. It seems like everybody and their brother is in the foreclosure business. In many areas, it is hard to get a piece of that market, even if you are interested.

Foreclosures Are For Vultures, Probate Is For Heroes
When you work with foreclosures you are often dealing with people that do not really want to sell to you. They are usually desperate, have to sell, and are rarely happy about the situation. They are often losing the roof over their heads and some people can get really nasty during the transaction. In probate, it is very different as many people want to sell to you and the house in question is often not the seller’s primary residence. You are dealing with people who are motivated to sell, not highly stressed people. It makes a huge difference.

Many Heirs Are Happy To Sell To You
A friends’ mother passed away in the mid 90s and he inherited a house about five hours away. While talking to him one day on one of his numerous trips back and forth to deal with the property, he said that if someone would offer him a reasonable price for the house, he would gladly take it. He said it didn’t even have to be the best price he could get, just a reasonable deal that could be completed quickly and easily.

When a loved one passes away, along with the property one inherits a very large project which most people don’t need and don’t want to deal with. If you can offer a quick and simple solution, they view you as the answer to their problem. In addition, oftentimes there are several siblings who inherit the property jointly and live in different parts of the country. Disposing of a property that is far away from where they live is very difficult. In most cases, they don’t want the property and they don’t want to figure out how to buy each other out, they just want to split the money from the sale of the property. This is especially true if there are other bills to pay associated with the estate of the deceased.

Property Tax, Another Reason Heirs Might Want To Sell
Many people over 65 years old defer their property tax liability through a senior deferral. Once they pass away, these deferred taxes become due. If children inherit the property and have to deal with the issues of the estate, they also inherit this tax liability. Many people in this situation need to turn the property into cash as soon as possible so that they may pay these taxes and other costs associated with the estate.

To get more information, go to TheBestEver.Net/Probate.

Hurricanes Katrina and Rita Will Mean Increased Costs of Building in the Future, but not Immediately

Writen by Jason Hull

Hurricanes Katrina and Rita will mean increased costs of building in the future, but not immediately

The natural disasters of Hurricanes Katrina and Rita have left upwards of 200,000 homes either destroyed or uninhabitable and needing rebuilding. This country has never seen a disaster on this scale, so the impacts are hard to estimate. The National Association of Home Builders released a report on September 2, 2005 (see http://www.nahb.org/news_details.aspx?sectionID=148&newsID=1572 for the full report) providing historical price increases for building materials after recent major hurricanes. The price increase ranged from 16% to 45%, implying that increases in building supplies are almost certain to occur again.

Spot prices in lumber jumped over 10% in the days following Hurricane Katrina as the markets realized the widespread swath of destruction that the weather created. While this was certainly in anticipation of increased demand, the real demand trigger is many months away. Until areas are cleaned up and made inhabitable again, rebuilding cannot and will not occur. Therefore, do not expect shortages in lumber, plywood, and drywall until spring 2006 at the earliest.

Three factors will impact future demand of basic building materials:

* The speed of the insurance industry’s and governmental responses. While up to $100 billion in uninsured losses may occur (http://www.foxnews.com/story/0,2933,170874,00.html) and at least $20 billion in insured losses may occur (http://www.prnewswire.com/cgi bin/stories.pl?ACCT=109&STORY=/www/story/09 02 2005/0004099642&EDATE=), homeowners are unlikely to receive compensation until adjusters can make their way to affected areas. Additionally, the government will likely step in to ameliorate the uninsured losses to some extent, but such action will take time to work its way to the affected.

* The rate of permanent displacement. If displaced citizens decide to permanently relocate to areas such as Baton Route and Houston, those areas will need to increase housing supply to meet the new, unexpected demand. This will create surges in need for building supplies.

* Speculation in affected areas, particularly New Orleans. The displaced may decide to sell their properties for reduced prices, potentially fueling speculation. As real estate investors look to turn a profit from their purchases, they will need to either rehabilitate or rebuild on the properties, creating new demand for supplies.

Another factor to consider is mortgage rates. The Federal Reserve Bank had been on a trajectory to increase rates before Katrina, and while the damage was widespread, it was a relatively small amount compared to national GDP. While the Fed may temporarily halt the increase in rates, such a slowdown is unlikely to be long term as long as the economy continues its growth. This will mean, in relative terms, that the cost of building with borrowed money, will increase in the future, regardless of demand for building materials. Therefore, the two factors may combine to compound price increases.

What this means for you

If you are considering building a house in the next three years, you may want to consider starting the process now. Even if you do not plan to actually start in the near future, builders can order future delivery of supplies now. By buying now, builders can lock in current prices and hedge the risk of future increases. Plus, future purchases increase the likelihood of delivery, as supplies will be allocated to the previously made purchase. In past natural disasters, shortages of building supplies were widespread. “Six months after [Hurricane] Ivan, it was really difficult to get drywall and lumber,” says Tony Glanville, director of construction services at Bridlewood, a Virginia home builder. By locking in contracts now, you can reduce the chances of facing supply shortages and price increases in the future.

Visit http://www.bridlewoodproperties.com for more information.

© 2005 Jason Hull

About the author

Jason Hull is a principal in Bridlewood, a custom home builder serving the Central Virginia market. Bridlewood builds custom homes and vacation getaways for discriminating buyers. They are committed to providing the highest levels of professional service and consistent communication throughout the design and building process.

Visit http://www.bridlewoodproperties.com for more information.

Fremont California Real Estate

Writen by Jennifer Hershey

Fremont, California, is located in Alameda Count and 17 miles NW of San Jose, California. Fremont has a population of 203,413. Though the fourth largest town in the San Francisco Bay Area, Fremont retains its small town, friendly atmosphere. Fremont’s proximity to many Silicon Valley companies, and its own position in the East Bay make Fremont a desirable place in which to live. Residents enjoy the natural beauty of the area, including sailing on Lake Elizabeth and outdoor sports. Institutions of higher learning include Ohlone College, a local community college. Fremont boasts a highly successful school district and a very diverse local population.

Fremont Homes

Fremont properties pool is 68,237 residential properties including Fremont new homes. The median age of real estate in Fremont is 1975. The average household size is 3.34 people. 3% are one bedroom homes, 14% are 2 bedroom homes, 42% are 3 bedroom homes, 33% are 4 bedroom homes, and 6% are 5+ bedroom homes.

Fremont Mortgage Statistics

Homes With No Mortgage 14%
Homes With Mortgage 86%
First Mortgage Only 65%
First & Second Mortgage or HELOC 21%

Fremont Area Real Estate Tax

Fremont Real estate Tax: Median Real Estate Taxes (2000) were $2,412 comparing to 1999 Median Family income $ 82,199. Compare to USA median yearly Real Estate Tax $1,300 and USA median Family Income $42,000 (1999).

Fremont School District: Children make up 25.8% of Fremont population. Fremont has 52,452 under 18 years old residents, or 0.52 kids per one worker, or 0.77 kids per one household.

Fremont Real Estate & Fremont Homeownership

There are 11600.29 or 17% one person households, 20471.1 or 30% two person households, and 13647.4 or 20% three person households in Fremont, California. Median residents age is 34.5, Senior citizens (65+) make up 16,967 or 8.3%% of Fremont population.

There are 100,215 workers (over 16 years of age) in Fremont. Of these, 89.8% drive to work. Approximately 5.01% of workers in Fremont take public transportation. An estimated 1.09% walk to work. There are eight major business districts in Fremont, most of which house technology companies, but also small and independent businesses. These include the Ardenwood Business District and Niles Business District with charming antique shops and ethnic restaurants.

Median Fremont homeowner’s housing expenses are 22.5%

Crime in Fremont (2003), crimes per 10,000 residents per year
Violent Crimes 21.29
Robberies 6.88
Aggravated Assaults 12.63
Property Crimes 279.87
Burglaries 52.06
Larceny Thefts 190.55
Motor Vehicle Thefts 37.26

Invest in Fremont Properties

When making a decision about buying real estate in Fremont California area, you should consider following statistical data:
Near Medium City
Near Large City San Jose, California
Fremont Zip Codes 94536, 94538, 94539, 94555
Fremont Area Codes 510
White population 47.67%
African American population 3.1%
Asian 36.95%
American Indian & Alaskan
Hispanic (of any race) 13.47%
Median Family Income (1999) $ 82,199%
Population Below Poverty Level 5.37%

Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of http://www.explainingmortgages.com/, a real estate and mortgage resource site devoted to making mortgage terms and products easy to understand.

Sunny Isles Real Estate: Sunny Isles Condos and 5 Tips to Boast Profit

Writen by Andrew S. James

Sunny Isles Condos appreciated 25% last year. The exciting news is learning about who is investing in Sunny Isles real estate.

Sunny Isles beach is 2.5 mile long fine sand beach offering luxury oceanfront living boating, fishing and tennis, abundant shopping, dining and entertainment options. Combine that with highly rated school district.

Oceania, Trump Royale, Trump Grande, Trump Towersjust a few of the new ocean front luxury condos that offer the beautiful south Florida life style. It’s the City of Sun and Sea (being called the new American Rivera), located on a barrier island in Miami Dade County, bounded by the Atlantic Ocean on the east, the Intracoastal Waterway on the west.

The Leading Players

Few weeks ago, Donald Trump was in Sunny Isles Beach celebrating his recent project “Trump Towers”. By 2008, three oceanfront Trump Towers will be ready for occupancy. They are offered now at Preconstruction prices from the 800’s. The first 2 towers sold in record times and only few units remain in the 3rd tower.

Trump joined forces with large developers in the area to build the towers. This major financial commitment by Trump and partners is a vote of confidence in the future of Sunny Isles beach real estate and the Condo market. Trump is also involved in other luxury projects in South Florida.

Buyers of Sunny Isles beach real estate have been rewarded with high returns on their investment.

5 tips when buying a condo to protect your investment:

Buy from reputable developers to ensure quality and avoid costly mistakes

Ensure your view is protected (research future projects)

research local market prices for comparable projects

If you plan on renting your condo, research occupancy rate and rental policy to ensure that there is no waiting period to rent your unit

If you are not local, find a management company or consider Condo Hotels where major operators can manage your condo and share the profit. There is condo hotel preconstruction in Sunny Isles Beach that is presenting a good value and return on investment.

Sunny Isles is being transformed in many aspects. It’s in preparation for future residents of Trump Towers and similar class of luxury condos.

It’s historical time and great area to own value real estate to enjoy and profit.

Andrew James
(786) 326 7776
Info@MiamiNewConstructionGuide.com
http://www.MiamiNewConstructionGuide.com

Andrew S James is an acknowledged expert realtor and resident of Sunny Isle Beach Miami. Andrew brings over 20 years expertise in Real Estate Investing combined with strong background in 1031 Exchange, tax savings strategies, Internet and computer engineering. Miami New Construction Guide has an impeccable reputation for its integrity and marketing ability. They guarantee to save buyers 20K.

Adjustable Rate Mortgages vs. Fixed Rate Mortgages

Writen by Yon Olsen

Many people have a hard time choosing between an adjustable rate mortgage and a fixed rate mortgage. It’s not hard to understand why someone would be concerned. Do you opt for the lower up front rate and hope for the best in years to come or do you go for the always safe fixed rate that never changes? The answer to the question actually depends on your specific needs and circumstances.

Let’s say you’re purchasing a home that you only plan to stay in for one or two years. An adjustable rate mortgage offering a lower initial interest rate than available fixed rate mortgages would make more sense. However, if you plan on staying in the home for the rest of your life, an adjustable rate mortgage can be quite a gamble. As people who took out adjustable rate mortgages during the lending industry’s record lows a few years back can tell you, interest rates can skyrocket at the drop of a hat.

The best way to figure out whether you should choose an adjustable rate mortgage or go with a fixed rate mortgage is to estimate what will happen to the loan’s interest rate and payments in specific scenarios. By calculating worst case scenarios, you can see if you would be at risk of losing your home should interest rates spiral out of control. Calculating “what if” scenarios can also help you determine if a fixed rate mortgage would actually give you a lower monthly payment than your adjustable rate mortgage if interest rates take even a slight hike.

Let’s say you were buying a long term home for $250,000 and you were thinking about taking out a 3/1 ARM with an interest rate of 5 percent but that rate would only hold for three years. After that three year period, the rate would fluctuate according to the Treasury index plus a margin of 2.5 percent. On the other hand you could take out a fixed rate mortgage with a 6.5 percent interest rate. What should you do?

You can take the adjustable rate mortgage, but if your interest rate goes up just one percent a year, five years after you buy your home you’d be paying more for the adjustable rate mortgage than you would have paid had you taken out the fixed rate mortgage.

In the above scenario, a $200,000 30 year ARM with an interest rate of 5 percent would cost you approximately $1,075 a month. If that interest rate increases by just 1 percent during the first adjustment period, your monthly payment will jump to approximately $1,190. If the same thing happens at your next adjustment, your payment amount goes up to more than $1,300. One more time and your payment is already at about $1,430 a month. To make matters worse, the amount of your payment applied to principal is going down and the amount applied to interest is going up. If you would have opted for the fixed rate mortgage with a 6.5 percent interest rate, your payments would have stayed at a steady $1,264 a month. Not a pretty situation.

While an adjustable rate mortgage may be a better choice for short term home purchases, people who plan on living in their home for many years to come may want to avoid the “what if” scenario and opt for a fixed rate mortgage.

Article by Yon Olson, President of Accelerated Capital, Inc. - A Bend Oregon loan and mortgage company specializing in home and commercial real estate loans for all credit types. Call Yon at 541.617.0876 or visit us online for your Bend Oregon home loan or mortgage http://www.acc cap.com/

Advice On Selling A House

Writen by Steven Gillman

Maybe you’ve read lots of advice on selling a house. But do you know the biggest mistake many people make when selling a house? Not understanding real estate value.

You see, it doesn’t matter what you think your home is worth. It doesn’t matter what youdid to make in nicer for your family. The value of your home is determined by buyers. What you enjoyed about your house may be irrelevant when it’s time to sell. Think in terms of what buyers want, and use some of the following advice on selling a house.

1. Know the market. What other similar houses have sold for? Have those examples ready to show potential buyers.

2. Decide on a minimum price the price below which you just won’t move. Don’t tell your agent what this minimum is, but negotiate with any buyers who make an offer near or above it.

3. Concentrate on the visible things first. A new mailbox is often a good idea. When buyers fall in love with the house before they even enter it, they forgive a lot of problems.

4. Clean the neighborhood. If a neighbor’s yard is a mess, give their kids $10 to pick up the yard. Spend $20 to put flowers in any common areas, and buyers will have a better first impression of the neighborhood.

5. If you or your agent aren’t getting many calls, try something new. Is more advertising necessary? Is the price too high? If price is the problem, drop it fast. That perfect buyer might pass on by while the the home is still over priced.

6. Listen to prospects. They’ll be more objective than you. If you hear several times that the kitchen is dark, get out the white paint.

7. Find the average sales time for your area. If your house is taking longer than average to sell, there’s a problem, and usually it’s the price.

8. Ask your real estate agent what she plans to do before you sign a listing agreement. Write down what she says, and hold her to her promises.

9. If there are known problems, such as an old roof, get an estimate for repairs. The sellers may want a $7,000 allowance for a new roof until you show them your $4,000 estimate.

10. Do improvements that can realisically get you at least a two to one return on investment. If $300 to seal the driveway is likely to add $600 to the sales price of the home, do it. Always consider first those things that are most visible.

There are dozens of things you can do to sell your house faster, and get a better price. Start with the ones that will get the most “bang for your buck.” Also, read and USE good advice on selling a house.

Steve Gillman has invested in real estate for years. See a photo of a beautiful house he and his wife bought for $17,500 on his home page, or go straight to the section on Investing In Real Estate: http://www.HousesUnderFiftyThousand.com

Hope Ranch Real Estate and a Little History

Writen by Gary Woods

Hope Ranch Real Estate really got going as a residential project when Harold Chase started the Santa Barbara Estates and La Cumbre Estate companies. From the beginning the development was meant to have equestrian interests as part of the package. It was said that a person had to be able to ride down his or her driveway and turn right or left to enjoy the rest of his ride. To that end Mr. Chase sectioned off the property in parcels ranging from 1.5 to about 3.5 acres each and with even some parcels as large as 50 acres.

Every subdivision needs a grand entrance so to that end 360 Palm trees were planted along what is now Las Palmas drive to serve as a grand entrance into the ranch. Radiating off of Las Palmas drive several streets were put in and about 700 lots were carved up. There are still approximately 20 lots which have not been developed so opportunity still beckons in the Ranch. Originally lots in Hope Ranch went for anywhere between $100 to $2,500 and today there are two lots for sale, one for $3.75 million and one for $6.475 million.

In 1904 when the Palms were planted the Hope Ranch Park Homes Association was established. This Association keeps careful watch on all things Hope Ranch, looking at things like how a member would develop or alter their property. Taking care of the miles of horse trails and supervising the private beach facility.

As far as Hope Ranch Real Estate today prices are still skyrocketing. The good news for those living in Hope Ranch is that the Average Sales price of those properties which have closed this year is up 33% over last year. The sold prices have gone from $2.48 million in ‘04 to $3.3 million today and it is the highest priced area in Santa Barbara.

The highest priced home that has closed escrow this year is a $7.95 million dollar home that has 5 Bedrooms and 5.5 Baths. The least expensive home that has closed escrow this year is $1.989 millions dollars and has 3 Bedrooms and 3 Baths.

Some other homes that have closed escrow this year include:

A $6.995 million dollar home with 5 Bedrooms and 8 Bathrooms.
A 5 Bedroom 6 Bath home for $4.995 million
A $4.4 million dollar home with 5 Bedrooms and 5 Baths
And a 4 Bedroom 5 Bath home for $3.599

Right now the highest price home for sale in Hope Ranch is listed for $21.5 million and features over 7 acres of grounds and a 5 Bedroom 5 Bath home. The least expensive home currently listed is $2.795 and has 4 Bedrooms and 2.5 Baths.

Some other homes currently on the market include:

A $11.9 million dollar home with 5 Bedrooms and 8 Baths
A 5 Bedroom 4.5 Bath home for $8.95
A $7.995 million dollar home with 4 Bedrooms and 4.5 Baths
And a 3 Bedroom 4 Bath home $4.195 million

And that’s it for Hope Ranch Real Estate for now

Gary Woods is a Real Estate Broker in Santa Barbara California and is the Computer Trainer for the Santa Barbara Association of Realtors. You can hear him on Radio 1290 AM Mondays from 9 10AM in Santa Barbara