Hard Money Loans in Santa Barbara: A Beautiful Real Estate Market in a Beautiful City
Santa Barbara’s natural beauty has given rise to a strong economy, blossoming with opportunity for families, professionals, and profitable real estate redevelopment. Santa Barbara is rugged cliffs and the salty Pacific wind in your eyes. Santa Barbara is hearing the cry of seals from the sanctuary below the Carpinteria bluffs. Santa Barbara is bare feet in the winter and a tannic cabernet in the courtyard of a Spanish colonial stucco. It’s the American Riviera.
The area has a particularly strong relationship with university communities, with its proximity to five major institutions of higher learning on the south coast of California (the University of California, Santa Barbara; Westmont College; Antioch University; Santa Barbara City College; and the Brooks Institute of Photography). The students, families, and professionals of Santa Barbara are also served by a strong transportation infrastructure.
A hard money loan from Socotra Capital can get you the financing you need to capitalize on the strong infrastructure and beautiful surroundings of Santa Barbara with a residential rehab project or new development.
Understanding the Santa Barbara Real Estate Market
Besides its appeal as a tourist destination, Santa Barbara has a diversified and professional economy. The university communities, as well as the aerospace and technology industries, provide much of the employment in the Santa Barbara area, along with the service and tourism sectors. The home-buying demographic in Santa Barbara is highly educated, prosperous, and seeking modern, comfortable living. For the investor looking to modernize an older home to suit a contemporary market, Santa Barbara is an ideal location.
The Mesa neighborhood — which literally sits atop a mesa that overlooks the rest of the city, offering gorgeous ocean views — is a particularly desirable residential area in Santa Barbara. Beautiful weather, beachfront trails at Shoreline Park, and easy access to downtown make it particularly attractive to young professional families and college students who are renting while they attend one of the nearby universities. Property values and market demand in the area both continued their upward trajectory in 2015. The average home price in Mesa is currently listed at $915,900, which is lower than the Santa Barbara average of $999,750. Other top neighborhoods in the city include Upper East, Bel Air, Samarkand, and Lower Riviera.
A strong transportation infrastructure in Santa Barbara creates the foundation for growth and development in the region. Whether going by plane, train, or automobile, Santa Barbara is a city well connected to the region and beyond. Highway 101 connects the Santa Barbara area with Los Angeles further south down the coast and San Francisco and the Bay Area to the North. Santa Barbara Airport serves the city, as well as Amtrak. These transportation avenues bring long-term professionals, as well as seasonal workers and tourists. The natural beauty of the Santa Ynez Mountains, Los Padres National Forest, and Channel Islands bolsters ecotourism and stimulates the local economy in tangential sectors such as service and transportation.
All of this means residents, both permanent and transitory, are in need of housing, creating a strong market for fix-and-rent and fix-and-flip properties.
Socotra Capital Provides Hard Money Loans for the Santa Barbara Market
Santa Barbara has an intrinsic beauty that transcends market flux and provides demand for upscale development well into the future. Santa Barbara is an ideal investment location for real estate professionals looking to modernize older homes to meet the demand of a growing upscale market.
At Socotra Capital, we understand the Santa Barbara real estate market and our hard money loans can get you the liquidity you need to make your fix-and-flip ready for the market. Santa Barbara has the potential and infrastructure for long-term growth and prosperity, and with Socotra Capital, it can have your rehabilitated residential development as well.
Socotra Capital is California’s premier hard money lender for your real estate investment needs. Contact us today to get started on your quick approval!