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Matthew Kelly
Specializing in Central Coast Investment Properties
Exclusive Buyer & Seller Representation
The Channel Group offers a complete range of commercial and residential real estate advisory services along the Central Coast. Our mission is to build and preserve client wealth through sound real estate investments. We provide clients with innovative marketing strategies, superior market knowledge, and expertise throughout every aspect of a real estate transaction. Our commitment to client service, combined with professionalism and integrity is the cornerstone of our philosophy: client satisfaction.
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Greetings!
Please take a moment and check out last week's new listings, recent sales, and breaking news impacting our city and real estate market. Please note while some of these listings may be marketed directly by The Channel Group, others may be marketed by other professional colleagues in the Santa Barbara area.
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July 24 - July 31, 2011
Key News
- Congressional lawmakers to vote on last minute debt-ceiling deal today for a White House-backed deal to raise the U.S. borrowing limit and advert an unprecedented debt default. The plan is to cut at least $2.4 trillion over 10 years, form a powerful new congressional committee to recommend a deficit-reduction package by late November, and raise the U.S. borrowing limit through 2013. Complete Article.
- According to a recent report from Moody's, the national commercial real estate sector continues to show improvement, leading to an optimistic forecast for the market, especially the multifamily sector. While the overall commercial sector received an average score of 67, the multifamily sector received an average score of 88. The Ventura County multifamily sector received a score of 94 out of 100. Complete Article.
Local News
- Pacific Capital Bancorp, parent company of Santa Barbara Bank & Trust reports Second-Quarter net income of $21 million for the first 3 months ended June 30th, compared with $16.8 million during the First-Quarter. "Pacific Capital Bancorp has delivered its third consecutive quarter of strong performance since our successful recapitalization last August," CEO Carl Webb said. Complete Article.
- Chase Bank is set to open a new private wealth client office branch at 3307 State Street. It's the 5th in the Santa Barbara area and will provide 15 new jobs. The branch will be the first Chase Private Client office in California, which offers clients lending products and investment advice. Complete Article.
Recent Multifamily Sales
- 1212 - 1216 Alta Vista Road, Santa Barbara - 10 Units sold for $2,760,000. Unit Mix: 8 (2BD/1BA) & 2 (1BD/1BA). Consisting of 5 detached cottages. Over a $1,000,000 invested in capital improvements.
- 6839 Trigo Road, Isla Vista - Single Family Home sold for $735,000. 4 Bedroom / 2.5 Bath. Currently leased at $5,000 / month. Multiple offers resulted in property selling $25,000 over list price.
Distressed Property Listings (Featured properties)
(1) 1403 South Jameson Lane, Montecito - New Listing (Short Sale): 2 Units - 1 (3BD/2BA) & 1 (2BD/1BA). Cottage style units located by Miramar Beach. DOM: 28 - Asking $1,350,000 - Click to View Listing. (2) 2522 Orella Street, Santa Barbara - Price Reduction (Short Sale): 2 updated homes by Cottage Hospital . Both units 2BD/1BA. DOM: 202 - Asking $799,000 - Click to View Listing.
(3) 2626 Calle Real, Santa Barbara - New Listing (Bank Owned Foreclosure): Duplex - Each unit 2BD/1BA. Great starter investment. DOM: 20 - Asking $445,000 - Click to View Listing. (4) 530 West Anapamu Street, Santa Barbara - Back on Market (Foreclosure Sale): 13 Units - 2 (4BD/2BA), 7 (3BD/1.5BA) & 4 (2BD/1BA). DOM: 22 - Asking $3,700,000 - Click to View Listing.
(5) 5155 Tabano Way, Santa Barbara - New Price Reduction (Bank Owned Foreclosure): 2 Units - 1 (4BD/2BA) & 1 (2BD/1BA). DOM: 95 - Asking $675,000 - Click to View Listing. Click Here to Access & Preview this Week's Distressed Property Update!
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Featured Listing
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621 West Ocean Avenue
Lompoc, CA
| | List Price: $405,900
6 Units
New Listing Located close to downtown 4 (2BD/1BA) & 2 (1BD/1BA) Total monthly rent: $3,715 GRM: 9.11 (Actual Rent) Cap Rate: 5.85% (Actual) Price / Unit: $67,650 Year built: 1958 6,969 sq.ft. lot (o.16 Acres) Zoning: R3 Property has onsite laundry room & 6 uncovered parking spaces in the rear of property Separately metered for gas and electricity Owner provides water & trash Garden-style complex Ideal cash flow property Click to View Listing |
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New Listing
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617 West Canon Perdido Street
Santa Barbara, CA
| | List Price: $550,000
Duplex
Property is a Short Sale Wachovia Bank holds note Located close to SBCC & downtown in the lower West side of town 1 (3BD/2BA) & 1 (2BD/2BA) Total monthly rent: $3,650 GRM: 12.56 (Actual Rent) Year built: 1954 4,792 sq.ft. lot (0.11 Acres) Zoning: R-3 Separately metered for gas and electricity Owner provides water & trash Features a 2-car garage Each unit has a fireplace Ideal owner/user investment or cash flow investment Click to View Listing |
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New Listing
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515 West Quinto Street
Santa Barbara, CA
| | List Price: $699,000
Duplex
Located by Cottage Hospital Sansum Clinic & Oak Park Non-distressed Sale 2 detached homes on 1 lot 1 (3BD/1.5BA) & 1 (1BD/1BA) Projected rent: $3,500 7,841 sq.ft. lot (0.18 Acres) Zoning: R-3 Both homes enjoy private yards & nice landscape Separately metered for gas and electricity Owner provides water & trash Property features one detached garage Front home features a wood burning fireplace Ideal owner/user investment Click to View Listing |
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Remember... As a valued client, you can search all available properties on the MLS by visiting our website. Click here.
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For more information on any of the properties listed above or if you have questions on any other properties, please contact Matt Kelly at (805) 705-0318 or email matt@channelgroupsb.com for immediate assistance.
Given the state of the economy and local real estate market, it is my opinion the best buying opportunities are occurring right now and will continue to occur over the next 6 - 12 months. Distressed properties continue to place a significant strain and downward pressure on real estate prices. On a positive note, overall investor activity has increased over the past few months while access to financing has become more readily available. Looking into the near future, I believe the market is going to see a noticeable rise in real estate transactions.
Whether you are looking to buy or sell, I am one of the few real estate brokers & realtors that specialize solely on multifamily investment properties. My goal is to provide clients with up-to-date market information that they can use to make sound investment decisions. If you are curious about the value of you property and/or portfolio, please contact me as it would be my pleasure to analyze and prepare a complimentary opinion of value for you.
If you have any friends, family members, or colleagues that are looking to invest into multifamily real estate, please feel free to refer my contact information. It would be a pleasure to help assist their real estate needs.
Sincerely,
Matthew S. Kelly |
Matthew Kelly
Broker, Principal & Realtor
Mobile: 805-705-0318
Office: 805-618-1664
Fax: 805-617-1788
Email: matt@channelgroupsb.com
Website: www.channelgroupsb.com
CA Broker License #01718357Office Location:100 North Hope Avenue, Suite 3A I Santa Barbara I CA I 93110 Personal Information: Since founding The Channel Group in February 2008, I've been actively engaged in Santa Barbara real estate since 2004. Over the years, I've worked with several different real estate investment & brokerage companies focusing directly on multi-family and commercial real estate. I've personally been involved in some of the South Coast's largest apartment sales transactions. Regardless of size, I've developed a thorough understanding of our local market and apartment brokerage; including acquisitions, dispositions, underwriting, and negotiation. To better serve my clients, I'm currently studying towards earning a degree as a Certified Commercial Investment Member (CCIM). Besides real estate, my passions in life are surfing, traveling, hanging out with friends & family, and continually trying to learn and push my physical & mental capabilities. I graduated from the University of California, Santa Barbara with a Bachelor of Arts in Global Studies. My plan is to stay involved within the Santa Barbara community and raise a family. I'm also a member of the California Association of Realtors (CAR) and the National Association of Realtors (NAR).
Recent Testimonials:
"Over the years, I've purchased 12 different income properties on the Central Coast and needless-to-say, Matt is the best realtor I have ever worked with. He was on time, professional and well informed of all available properties on the market. I think you will find him very helpful in your search for investment properties in the Santa Barbara area."
- Lynda Williams-Terres
"I worked with Matt for over a year and throughout the process Matt provided me with general real estate advice, opinions about specific properties as well as insight regarding future trends on the local market. Matt was spot on with his predictions about the real estate market. He never pushed me and I never felt presured, in fact, he encouraged me to be patient. Matt has a thorough understanding of bank owned real estate, which ultimately allowed us to close escrow almost 2 weeks early. I definitely plan to use Matt for future real estate transactions and I would recommend him to anyone looking for an honest, professional and hard working real estate agent."- Aidan Basinger "Matt has represented me in the purchase and sale of 3 different investment properties in Isla Vista over the past two years. His natural understanding of the market, ability to identify and overcome potential problems with any given transaction, and professionalism is why I've chosen to work with him and will continue to do so in the future. I recommend Matt's services to anyone looking to buy or sell real estate in Isla Vista. Matt has helped me acquire 6525 Del Playa Drive, 6885 Pasado Road and represented me in the sale of 6593 Madrid Road."
- James Gelb, Owner of Del Playa Rentals
"Matt recently assisted us in acquiring a 99 unit apartment complex in downtown Santa Barbara. Due to the size and nature of the transaction, there were a variety of obstacles hindering us from acquiring the building. Matt's professionalism and communication between the parties ultimately helped bridged the gap and enabled us to close escrow. Due to his efforts we were able to acquire a large asset in the downtown area. We're appreciative and pleased with Matt's performance and would recommend his services to others."
- H&R Investments LP.
"We selected Matthew Kelly to represent us in the sale of our San Roque duplex because of his professional approach and enthusiasm. He was personable and pleasurable to work with throughout the entire process. He kept us informed in his weekly emails and called us frequently to update us on market conditions. Matt handled communications with our tenants in a caring and efficient manner. We would definitely work with him again."
- Tom & Liz La Rovere
"I have known Matt professionally for several years. But when I went to buy my first house, I didn't start with Matt. Not because I didn't have faith in him, but because I know that he specializes in commercial real estate. I ended up working with two realtors, both of whom I was very disappointed with. When Matt heard about my experiences and offered his help, I jumped on the opportunity. For over a year, Matt has worked tirelessly on my behalf. Throughout this process, he was always ready with honest, straight-forward advice, whether it was what I thought I wanted to hear or not. Matt was with me through every step of the way. I ended up getting the home of my dreams and I know that if I didn't have Matt on my side, it's unlikely everything would have worked out as well as it did. Matt will always be my "go-to" guy for any real estate transaction I may have."
- Tamara Cribley
"I inherited this investment property located in Isla Vista from my father in February 2008. After deciding to market the property for sale and two unsuccessful attempts, I located Matthew Kelly, Broker of The Channel Group, and he had agreed to sell the property for me. Throughout the transaction, Matt was very good about keeping me up-to-date about prospective buyers looking at the property and offers coming in. He personally delivered the offers to me in Simi Valley and did a good job explaining to me the differences between the offers and which one I should go with. Given the fragile state of the economy, he explained the condition of the market to me clearly and was always friendly and courteous."
- Debra DeGoey
Click here to see what people have to say about The Channel Group.
Recent Multifamily Sales by The Channel Group: 1) 4921 Nautilus Drive, Oxnard - 6 units sold for $950,000 (Represented the Seller). 2) 1251 West 7th Street, Oxnard - 4 units sold for $545,000 (Represented Buyer & Seller). 3) 1020 Placido Ave., Santa Barbara - Detox Facility sold for $865,000 (Represented the Buyer) 4) 2904 State Street, Santa Barbara - 9 units sold for $1,150,000 (Represented the Buyer) 5) 1311 Hull Place, Oxnard - 4 units sold for $535,000 (Represented the Buyer) 6) 257 Mathilda Drive, Goleta - 6 units sold for $1,143,500 (Represented the Buyer & Seller) 7) 6626 Trigo Road, Isla Vista - Duplex sold for $490,000 (Represented the Seller) 8) 120-126 Brentwood Avenue, Ventura - 4 units sold for $752,000 (Represented the Seller) 9) 29-31 San Roque Road, Santa Barbara - Duplex sold $715,000 (Represented the Seller) 10) 1931 North Ventura Road, Oxnard - 4 units sold for $440,000 (Represented the Buyer) 11) 201 South D Street, Oxnard - 10 units sold for $835,000 (Represented the Buyer) 12) 6885 Pasado Road, Isla Vista - SFR sold for $815,000 (Represented the Buyer) 13) 232 North 10th Street, Santa Paula - 5 units sold for $390,000 (Represented the Buyer) 14) 483 South Evergreen Drive, Ventura - Triplex sold for $680,000 (Represented the Buyer) 15) 573 North Olive Street, Oxnard - Duplex sold for $215,000 (Represented the Buyer) 16) 1441 West Devonshire Drive, Oxnard - 4 units sold for $480,000 (Represented the Buyer) ~ Your Referrals are Greatly Appreciated ~
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Resource Center:2 - 4 Unit Financing Options: - Justin Kellenberger (RPM Mortgage) Office: (805) 256-1614 Email: jkellenberger@rpm-mtg.com Located at 222 East Carrillo Street, Suite #300, Santa Barbara, CA 93101 - Susan Schniepp (Broadview Mortgage) Office: (805) 563-1100 Email: susan.schniepp@broadviewmortgage.com Located at 1826 State Street, Santa Barbara, CA 93101 - Bromi Krock (Prospect Mortgage) Office: (805) 898-4236 Email: Bromi.Krock@prospectmtg.com Located at 3780 State Street, Santa Barbara, CA 93105 - Joel Maloney (McAdams Financial) Office: (805) 963-1496 ext. 124 Email: jmaloney@mcadamsfinancial.com Located at 217 East Anapamu Street, Santa Barbara, CA 93101 5+ Unit Apartment Financing Options: - John Barbie (PNC Real Estate / ARCS) Office: (818) 676-3236 Email: john.barbie@pnc.com Located at 26901 Agoura Road, Suite #200, Calabasas Hills, CA 91301 - Tom Peters (Santa Barbara Bank & Trust) Office: (805) 564-6210 Email: tom.peters@pcbancorp.com Located at 20 East Carrillo Street, 2nd Floor, Santa Barbara, CA 93101 - Bill Hain (Venture West Funding) Office: (310) 706-4467 Email: BHain@ventwest.com Located at 1500 Rosecrans Avenue, Suite #312, Manhattan Beach, CA 90266 - Alan Risch (Union Bank) Office: (310) 806-9232 Email: alan.risch@unionbank.com Located at 12100 Wilshire Blvd., 8th Floor, Los Angeles, CA 90025 Local Title & Escrow Companies: First American Title - 3780 State Street, Santa Barbara, CA 93105 - Cathy Tajima (Assistant - Sandra Mahoney) Office: (805) 569-6134 Email: ctajima@firstam.com - Raegan Erdman (Assistant - Kris Randolph) Office: (805) 687-1581 ext. 263 Email: rerdman@firstam.com - Ann Hamilton Office: (805) 569-6130 Email: ahamilton@firstam.com Fidelity National Title - 3700 State Street, Santa Barbara, CA 93105 - Susan Lowe (Assistant - Carolyn Laforce) Office: (805) 879-9401 Email: Susan.Lowe@fnf.com - Griselda Madrigal Office: (805) 879-9413 Email: GMadrigal@fnf.com - Renae Ransom Office: (805) 879-9434 Email: renae.ransom@fnf.com Chicago Title Company - 1019 Chapala Street, Santa Barbara, CA 93101 - Trisha Kenney Office: (805) 565-6900 Email: trisha.kenney@ctt.com - Anna Ortiz-Wines Office: (805) 963-8661 Email: winesa@ctt.com
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Looking for an Apartment for Rent? Click Here
(Shoreline Property Management & SB Realty is the most comprehensive website I've found that includes almost every local property management company along with contact & website information)
Realtor.com - Official site of the National Association of Realtors. Click Here
(Good website for basic information on all aspects of real estate and an easy way to search for properties nationwide)
Information on Santa Barbara School Districts - Click Here
The Real Estate Encyclopedia - Click Here
(Everything you need to know about real estate at your fingertips)
S&P Case-Shiller Home Price Index - Click Here List of the most popular real estate websites:
- Zillow.com (Online real estate database that uses a proprietary algorithm called the "Zestimate" to appraise property values)
- Redfin (Online property MLS search for most major metropolitan areas)
- Trulia (find real estate, homes for sale, recently sold properties, local school information and much more)
Mortgage News Daily - Click Here
***Check back frequently for new updates***
This information has been obtained from sources deemed reliable, however we make no guarantee or representation to its accuracy
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