The Santa Barbara

The Santa Barbara is located on the north side of 4th Ave., about 2 blocks west of MacDonald.

This is a strata development which has three levels, including one below grade. There are several unit sizes available.

There is no construction nor financing risk as the project was built in 1998.

As is the case along the west coast, prices at this project are down at this project.

A two-bedroom unit listed for $599,000 in May and sold shortly thereafter. A near identical unit recently listed for $515,900 and has been repriced for $499,000 after not selling. A one bedroom unit likely peaked at $499,000. A one-bedroom unit recently listed for sale at $429,000 and has been reduced to $384,000 after not selling. Price risk is average for similar product in the same neighborhood.

Maintenance fees in this project are higher than average for this type of product. And owners are renovating units in the first 10 years of ownership. North facing units experience higher than normal levels of road noise. Operational risk is higher than average.

We were unable to assess rainscreen capabilities, however the building is rainscreened. Environmental risk is average.

Recommendation: Buy*, with the exception of below grade, and street facing units.

*Recommendations are general in nature. Specific recommendations are based on unique investor requirements and profile.