Great Opportunity for New Condo Development in Downtown Santa Barbara

If you are looking for a new condo / townhome to purchase in the downtown area of Santa Barbara, most of the time the options start at around the $700,000 price point with many of the units around the $900,000 to $1.3 million price range.  For the first time in many years, there is a great new complex in the downtown area (The East Beach Collection) being developed right now with units selling from $380,000 to $450,000. 

In total there are 48 units within the East Beach Collection with 8 selling at market rate (no restrictions) and 40 units selling “below market” since they are only available to be purchased by homeowners that are working in the South County of Santa Barbara.  It is not an affordable program and it is not income restricted.  The true caveat is that the buyer has to be a home owner and be working in the South County.  This eliminates any investors, family members buying for their children going to University, second homes etc.

The design of the units are going to be Spanish/Contemporary town homes with 2 car garages, patios, relatively low HOA fees and the project is a LEED Certified Community complete with individual solar panels.  Most units are 2 bed 2.5 bath around 1200-1400 sqft.  Scheduled completion is August and September 2011 for the first 2 phases with 2 more additional phases shortly after this.

For me as a real estate agent, this is one of the better condo buys I have seen in the last several years for the right buyer.

Further Reading:

1. Taking Sides on The Future Path of Downtown Santa Barbara Projects
2. Is Downtown Santa Barbara Vertically Challenged?
3. Santa Barbara CA Neighborhoods – Downtown
4. Santa Barbara Rated Amongst The Best Mid-sized Downtowns in California
5. The New Expansion of Luxury Townhomes and Condos in Santa Barbara CA.

For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.

Thank you for reading.  I hope you find Santa Barbara Real Estate Voice informative.  Please feel free to contact me or comment below with any thoughts.

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This entry was posted on Sunday, June 5th, 2011 at 7:59 am and is filed under Downtown Neighborhood, Green Housing & Living, Santa Barbara. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Kathleen Waldron said at June 9th, 2011 at 12:11 pm

   I see that there are restrictions on the below market value units. I am retired. Does the “working in the South County” eliminate me?
   Thank you.
   Kathleen

2. kevinschmidtchen said at June 11th, 2011 at 12:01 pm

   Kathleen

   Not sure about this. I will check this out and get back to you to see what I find out.

3. Pat Caldonne said at February 14th, 2013 at 8:08 am

   Are any of these condos currently available?

4. kevinschmidtchen said at February 14th, 2013 at 9:07 am

   Pat…Unfortunately all of these sold out about a year ago. They were very good investments and now in hind sight with what the market has done…they were way underpriced. Let me know if you have further questions or needs here…I would be happy to be of help with any real estate related needs.

   take care

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