SANTA BARBARA, CA—Not only is Santa Barbara recovering from the devastating fires of last year but a State Street development is the first to offer single-level residences in more than 30 years, signaling added growth to the area. The development, Estancia, is located at 3714 State St., within walking and biking distance to schools, dining, cultural destinations, beaches and entertainment in the historic State Street area.
“Despite the recent devastation from natural disasters in the region, Santa Barbara's real estate market is very strong, and we're seeing more and more revitalization of the area,” John Schuck, president of Franciscan Developments, tells GlobeSt.com. “With the unfortunate circumstance of people having to move from their homes, many are deciding to not re-build but right-size for their life, whether it be for a smaller home since their family is grown, etc.”
The vision for Estancia is the result of a collaboration between two Santa Barbara-based firms, Franciscan Developments, led by Schuck and Brian Cearnal's The Cearnal Collective. Sales are being led by the Agency Development Group.
Its 72 residences and townhomes feature traditional Spanish Colonial architecture, a water feature and shaded veranda. Estancia offers a collection of multi-story townhomes and single-story residences. Two- and three-bedroom floor plans range from 1,459 to 2,063 square feet featuring 10-foot ceilings, expansive windows, French doors, private outdoor terraces, custom oak floors and quartz countertops. Residents may choose from three interior design schemes.
“Since its groundbreaking, we have received extremely strong interest from local and national buyers,” said Mike Leipart, managing partner of The Agency Development Group. “We anticipate a strong sales momentum, given the pent-up demand in the market for luxury new product located along State Street.”
Prices start at $965,000 for the two-story townhomes, and $1.125 million for the single-story residences and three-story townhomes.
“Since mid-April, we've had 140 local brokers touring for a sneak peek of the property and have had a tremendous response in those showings,” Schuck tells GlobeSt.com. “We currently have 13 residences in escrow and there have been buyers from the East Coast to Hawaii.”
Estancia is in close proximity to the Funk Zone arts district, West Beach, the Cabrillo Promenade and the famed Urban Wine Trail.
“We're also seeing increased interest in our Upper State Street area, which further emphasizes the area's continued revitalization and growth in the market,” Schuck tells GlobeSt.com. “For example, we now have retailers such as Target and notable restaurants such as Lure Fish Bar and Islands, high-end apartment complexes such as The Mark with rents starting around $2,500, and a brand new senior housing facility on the horizon.”
In addition, Montecito's market hasn't taken much of a dip and demand is strong, Schuck says.
“Due to many affected from the fires currently living in temporary i.e. mostly rental housing, there will likely be a big boom for construction,” he tells GlobeSt.com.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
