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Santa Barbara Homes for Sale

When looking for Santa Barbara homes for sale, the best place to find great Santa Barbara Real Estate is by beginning your search for the perfect home with Jon Mahoney. Jon is a 3rd generation Santa Barbara Realtor who represents both buyers and sellers in the search for Santa Barbara homes in Montecito, Hope Ranch, Goleta, Carpinteria & Santa Ynez. Santa Barbara is sometimes referred to as the American Riviera. Beautiful beaches, majestic mountains and colorful culture make Santa Barbara a premier resort destination.

World-class accommodations and dining await it's many visitors. Santa Barbara is just a 1 1/2 hour drive north from Los Angeles or a short hop from any corner of the world via the Santa Barbara airport. Santa Barbara's harbor is home to the world famous Stearns Wharf where you can find many restaurants and shops as well as the Ty Warner Sea Center. From the City, you are just minutes away from the Santa Barbara wine country. The gorgeous Santa Ynez Valley, is home to such notable attractions as Solvang and the Chumash Reservation & Casino. Whether you enjoy hiking, fine-dining, lounging on the beach, culture, or a great night-life, Santa Barbara has something for you.

JonMahoney.com is your complete Santa Barbara Real Estate Guide for buying or selling homes in the Santa Barbara area. Use this site as your number one resource to search for Santa Barbara Real Estate, Montecito Real Estate, Hope Ranch Real Estate, Goleta Real Estate, Carpinteria Real Estate & Real Estate in the Santa Ynez Valley. JonMahoney.com is also a great resource to discover all that Santa Barbara has to offer. We will be continually updating the site to provide more information on Santa Barbara Real Estate, the history of Santa Barbara, and all Santa Barbara has to offer.

Jon Mahoney has traveled extensively all over the world and can honestly say that Santa Barbara truly is Paradise. Jon Mahoney is the ultimate professional who treats every transaction as though he is dealing with his own money! Jon is committed to providing his clients with the highest standards of professionalism. Simply view his client testimonials page to see what his client's think.

          

Santa Barbara Home Value

 

 

September 19, 2017

JUST SOLD! 3425 Madrona Drive | Spectacular San Roque Home

JUST SOLD!
3425 Madrona Drive
 
Spectacular San Roque Home
Sold for $1,584,000
 
www.SanRoqueRetreat.com
3D.SanRoqueRetreat.com

August 29, 2017

7 first-time homebuyer mistakes to avoid

It’s tough being a first-time buyer in today’s housing market.

Home prices are hitting record highs in many parts of the country, often selling for more than the asking price.

Don’t make it even harder (or more expensive) for yourself by making these common mistakes:

1. Assuming you won’t get approved for a mortgage

Ideally, you’d like to have as little debt as possible, an impeccable credit score, and a 20% down payment before borrowing money for a home. However, even borrowers with less can get loans in today’s market, thanks to options like Federal Housing Authority loans, which are meant to help first-time buyers.

2. Interviewing only one lender

The fees and rates offered by lenders may vary substantially, and they all offer different service levels and different loan products. Be sure to at least chat with a big bank, a regional bank or credit union, and an online lender.

3. Not getting pre-approved early on

Getting pre-approved for a mortgage serves two important purposes: First, it gives you a realistic understanding of how much you can spend on the house. Second, it shows sellers that you’re serious and gives you slightly more standing if you’re competing for homes with all-cash buyers.

Make it less stressful by gathering up relevant financial documents like bank statements, tax returns, and pay stubs, and by checking your credit report for errors in advance. Given the competitive interest rate environment and the competitive housing market, it’s a good idea to be prepared and organized before you start the process.

4. Maxing out your mortgage limit

Just because a lender says that you can borrow a certain amount, doesn’t mean you should borrow that much. Staying below that limit will give you more financial flexibility to cover the added expenses that come with purchasing a home, as well as long-term changes to your income.

Create a budget that includes how much money you can spend on housing costs each month, and then use those numbers to figure out what your “real” limit should be.

5. Letting your emotions control your decisions

Buying a home can be a long and frustrating process. These days, starter homes go quickly, and it’s common for first-time buyers to experience rejection on the first offers they make. In that kind of environment, it’s easy to fall in love with a house that’s out of your budget, or get caught up in the heat of a bidding war and end up paying more than you expected.

It’s OK to get excited when you think you’ve found your house, but you don’t want to put yourself in a bad spot.

6. Waiving contingencies without understanding the risks

In highly competitive markets, it’s becoming increasingly common for buyers to make offers that aren’t contingent on financing or inspection. While waiving contingencies can make your bid more desirable to a seller, it can make the transaction much more risky for you. Have a conversation with your realtor and a lawyer before opting out of contingencies in your contract. In a worst-case scenario, you may end up losing your deposit.

7. Allowing your credit score to change before the close

A pre-approval letter is not a guarantee of funding, and if your credit score or income levels change drastically between the pre-approval and the closing of the loan, lenders may change their terms or rescind the offer entirely. While you’re home shopping, be sure to pay all your bills on time and steer clear of new credit accounts, even if that means you have to wait to pick out your furniture. If possible, try not to switch jobs until after you close, particularly if you’re moving into a new industry.

—————————————————

Jon Mahoney

Director, Luxury Homes Division

Professional Financial Planner

Keller Williams, Santa Barbara

(805) 689-0532

BRE# 01269717

info@JonMahoney.com

www.JonMahoney.com

August 24, 2017

Tax Free Exchange: A Valuable Alternative To A Home Sale

Congress is currently talking tax reform. Two very important real estate benefits are on the so-called “chopping block”, either to be completely eliminated or significantly curtailed.

It is doubtful that the home owner exclusion of up to $500,000 (or $250,000 if you file a single tax return) of profit will be impacted; there are too many homeowner voters who will forcefully object. But investors do not have the same strong lobbyist who can make the case for preserving the “like kind” exchange. So if you have an investment property, now might be the time to consider doing an exchange.

Residential homeowners have a number of tax benefits, the most important of which is the exclusion of up to $500,000 (or $250,000 if you file a single tax return) profit made on the sale of your principal residence. But real estate investors — large and small — still have to pay capital gains tax when they sell their investments. And since most investors depreciated their properties over a number of years, the capital gains tax can be quite large.

There is a way of deferring payment of this tax, and it is known as a Like-Kind Exchange under Section 1031 of the Internal Revenue Code. In my opinion, these exchange provisions are still an important tool for any real estate investor.

The exchange process is not a “tax free” device, although people refer to it as a “tax-free exchange.” It is also called a “Starker exchange” or a “deferred exchange.” It will not relieve you from the ultimate obligation to pay the capital gains tax. It will, however, allow you to defer paying that tax until you sell your last investment property — or you die.

The rules are complex, but here is a general overview of the process.

Section 1031 permits a delay (non-recognition) of gain only if the following conditions are met:

First, the property transferred (called by the IRS the “relinquished property”) and the exchange property (“replacement property”) must be “property held for productive use in trade, in business or for investment.” Neither property in this exchange can be your principal residence, unless you have abandoned it as your personal house.

Second, there must be an exchange; the IRS wants to ensure that a transaction called an exchange is not really a sale and a subsequent purchase.

Third, the replacement property must be of “like kind.” The courts have given a very broad definition to this concept. As a general rule, all real estate is considered “like kind” with all other real estate. Thus, a condominium unit can be swapped for an office building, a single family home for raw land, or a farm for commercial or industrial property.

Once you meet these tests, it is important that you determine the tax consequences. If you do a like-kind exchange, your profit will be deferred until you sell the replacement property. However, it must be noted that the cost basis of the new property in most cases will be the basis of the old property. Discuss this with your accountant to determine whether the savings by using the like-kind exchange will make up for the lower cost basis on your new property. And discuss also whether you might be better off selling the property, biting the bullet and paying the tax, but not have to be a landlord again.

The traditional, classic exchange (A and B swap properties) rarely works. Not everyone is able to find replacement property before they sell their own property. In a case involving a man named Mr. Starker, the court held that the exchange does not have to be simultaneous.

Congress did not like this open-ended interpretation, and in 1984, two major limitations were imposed on the Starker (non-simultaneous) exchange.

First, the replacement property must be identified before the 45th day after the day on which the original (relinquished) property is transferred.

Second, the replacement property must be purchased no later than 180 days after the taxpayer transfers his original property, or the due date (with any extension) of the taxpayer’s return of the tax imposed for the year in which the transfer is made. These are very important time limitations, which should be noted on your calendar when you first enter into a 1031 exchange.

In 1989, Congress added two additional technical restrictions. First, property in the United States cannot be exchanged for property outside the United States.

Second, if property received in a like-kind exchange between related persons is disposed of within two years after the date of the last transfer, the original exchange will not qualify for non-recognition of gain.

In May of 1991, the Internal Revenue Service adopted final regulations which clarified many of the issues.

This column cannot analyze all of these regulations. The following, however, will highlight some of the major issues:

1. Identification of the replacement property within 45 days. According to the IRS, the taxpayer may identify more than one property as replacement property. However, the maximum number of replacement properties that the taxpayer may identify is either three properties of any fair market value, or any larger number as long as their aggregate fair market value does not exceed 200% of the aggregate fair market value of all of the relinquished properties.

Furthermore, the replacement property or properties must be unambiguously described in a written document. According to the IRS, real property must be described by a legal description, street address or distinguishable name (e.g., The Marc).”

2. Who is the neutral party? Conceptually, the relinquished property is sold, and the sales proceeds are held in escrow by a neutral party, until the replacement property is obtained. Generally, an intermediary or escrow agent is involved in the transaction. In order to make absolutely sure the taxpayer does not have control or access to these funds during this interim period, the IRS requires that this agent cannot be the taxpayer or a related party. The holder of the escrow account can be an attorney or a broker engaged primarily to facilitate the exchange.

3. Interest on the exchange proceeds. One of the underlying concepts of a successful 1031 exchange is the absolute requirement that not one penny of the sales proceeds be available to the seller of the relinquished property under any circumstances unless the transactions do not take place.

Generally, the sales proceeds are placed in escrow with a neutral third party. Since these proceeds may not be used for the purchase of the replacement property for up to 180 days, the amount of interest earned can be significant — or at least it used to be until banks starting paying pennies on our savings accounts.

Surprisingly, the Internal Revenue Service permitted the taxpayer to earn interest — referred to as “growth factor” — on these escrowed funds. Any such interest to the taxpayer has to be reported as earned income. Once the replacement property is obtained by the exchanger, the interest can either be used for the purchase of that property, or paid directly to the exchanger.

The rules are quite complex, and you must seek both legal and tax accounting advice before you enter into any like-kind exchange transaction.

—————————————————

Jon Mahoney

Director, Luxury Homes Division

Professional Financial Planner

Keller Williams, Santa Barbara

(805) 689-0532

BRE# 01269717

info@JonMahoney.com

www.JonMahoney.com

August 16, 2017

$50,000 Price Reduction!
 
3425 Madrona Drive – Santa Barbara
Now Offered at $1,599,000!!
 
5BD 4BA San Roque Home with a Legal Rental, Over 2,800 SqFt, Outdoor Pool & Spa, 3 Fireplaces!!
 
OPEN THURSDAY 10-1
OPEN SATURDAY & SUNDAY 1-3
 
www.SanRoqueRetreat.com
Interactive 3D Tour: 3D.SanRoqueRetreat.com
 
805-689-0532 Jon

July 21, 2017

100k Price Reduction!

100k Price Reduction!
Spectacular San Roque Home complete with its own Legal Rental
 
3425 Madrona Drive – Santa Barbara
Now Offered at $1,649,000
 
OPEN SATURDAY 1-3
OPEN SUNDAY 2-4
 
www.SanRoqueRetreat.com
Interactive 3D Tour: 3D.SanRoqueRetreat.com

June 2, 2017

NEW LISTING! Montecito Elegance with all of the conveniences of Downtown Santa Barbara | OPEN SUNDAY 2-4

www.SBSpanish.com 

3425 Madrona – NEW PRICE! Spectacular San Roque Home | OPEN SUNDAY 2-4

www.SanRoqueRetreat.com

May 12, 2017

1710 Mission Ridge Rd

OPEN THIS WEEKEND 1-4

www.OceanViewContemporary.com

April 12, 2017

Why Millennials Choose to Buy [INFOGRAPHIC]

 Some Highlights:

  • “The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.”
  • At 93%, the top reason Millennials choose to buy is to have control over their living space.
  • Many Millennials who rent a home or apartment prior to buying their own homes dream of the day that they will be able to paint the walls whatever color they’d like, or renovate an outdated part of their living space.

—————————————————

Jon Mahoney

Director, Luxury Homes Division

Professional Financial Planner

Keller Williams, Santa Barbara

(805) 689-0532

BRE# 01269717

info@JonMahoney.com

www.JonMahoney.com

April 5, 2017

Looking to Move-Up to a Luxury Home? Now’s the Time!

If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! I recently shared data from Trulia’s Market Mismatch Study which showed that in today’s premium home market, buyers are in control.

The inventory of homes for sale in the luxury market far exceeds those searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer, or can be found at a discount.

Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call your house their new home.

The sale of your starter or trade-up house will aid in coming up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.

But not all who are buying luxury properties have a home to sell first.

Some high-earning millennials save money until they are in their early 30s to buy a place and just skip over that starter-home phase. They’ll stay in an apartment until they can afford to pay for the place they want.

 

Bottom Line

The best time to sell anything is when demand is high and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs, and are looking to step into a luxury home… Now’s the time to list your house for sale and make your dreams come true.

—————————————————

Jon Mahoney

Director, Luxury Homes Division

Professional Financial Planner

Keller Williams, Santa Barbara

(805) 689-0532

BRE# 01269717

info@JonMahoney.com

www.JonMahoney.com

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  KW Luxury Homes
Director
Luxury Homes Division Keller Williams
Santa Barbara

Cell: 805.689.0532
Fax: 805.563.4787
1435 Anacapa St.
Santa Barbara, CA 93101
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