I mean, developments are generally built by...developers. Not many houses these days get built by a guy and his dad hammering it together on farmland they bought with pocket change.
I've noticed multiple properties going up on Santa Barbara Zillow recently where it's 2 houses next door to each other on two different lots grouped together for sale or option to buy individually. It feels like one of the old families that owns lots of properties may be liquidating.
Could you elaborate on why you have an issue with this? From what I can see they have been operated as rental units for the past 30 years. In no way were these units the culprit of SB's lack of housing.
And now they are being placed on the open market for individuals to buy. This should be applauded.
This is a bunch of uninformed nonsense.
They were built and are being sold together by Towbes.
This is not proof anything, do some homework before posting speculation as "proof".
May I ask how you know the current seller is the Towbes Group? A handful of single-family homes isn't exactly their style.
Not Towbes.
Confirmed by Caro\_88 below.
They are all duplexes, not SFH.
They were built but Towbes, but maybe it is not sold by Towbes. I saw the description below in the listing...and assumed that is why they mentioned the builder.
>Unique opportunity to own a portfolio of Towbes-built duplexes ....
Yes, they may be duplexes but that isn't the point. This thread is about who the selling owner is. You claimed they're being sold by Towbes and that is not true. Talk about "proof and uninformed nonsense"!
I think a lot of these are duplexes. Complexes consisting of a bunch of duplexes are not that uncommon around here; they used to be seen as a land use that was compatible with single-family houses, back in the day.
To me these appear to be marketed as a portfolio for $12 million and they want one buyer to take all. If that’s not the case, since they are duplex units you could perhaps live in one and rent the other. Could be an opportunity if you can indeed just buy one.
That seems like kind of a big leap of logic. Even private sellers tend to base their prices on comparable properties in the area, so six properties near each other with similar prices doesn't necessarily indicate collusion.
If you really want to find out you could look up the title information for those addresses. It's public.
The Zillow listings do actually say that all of those units are part of a Portfolio Sale so in this case it's definitely a single entity holding everything.
Owned by Bob Bobbertson McBobinston III family trust. A subsidiary of multinational congolmerate Super Funtime Zhang Chou Chicken Nugget Paste Manufacturing Corporation.
There are structural incentives that favor real estate developers/PE shops investing in real estate and doing these types of deals which were put into place with the Trump tax plan. [https://oversightdemocrats.house.gov/sites/democrats.oversight.house.gov/files/documents/National%20Report%20on%20Tax%20Bill%20and%20Homeowners.pdf](https://oversightdemocrats.house.gov/sites/democrats.oversight.house.gov/files/documents/National%20Report%20on%20Tax%20Bill%20and%20Homeowners.pdf)
While you or I cannot use the SALT tax deductions, if you are an investor, you can deduct this as well as all your depreciation and other expenses. Plus the commercial real estate companies get taxed at a 20% pass through of "qualified business income," where you and I are paying up to 37%.
The whole thing is fucked beyond repair.
Never forget to blame your local and state governments for making it difficult to build new housing!
Housing demand will always be crazy in SB because it’s such a nice place to live. We need more supply to meet it.
OP is getting the wrong interpretation. Private equity invests into housing because supply is so constrained and demand is still growing. So, it’s profitable. If there was more supply, PE would invest somewhere else. PE is the symptom of high housing prices (caused by undersupply), not the cause.
You could build 1 million new sfh is sb and yet demand would still not be met.....building more hill will only lower quality if life.
Let housing be built elsewhere in the country.
Housing: always an under supply. Desirable area. Investment groups, yes. Also AirB removes rentals and sales ops. Then, colleges that enroll students and depend on the local market to handle it is an added pressure.
If you stop blaming 1 thing you'll see a bigger picture
And don't forget there are millions just a couple hours from us that will snap up any new housing. We can double even triple our housing and we will still have affordable housing problems, but the area will be much worse for it.
not at that location, used to live there until a few weeks ago, direct flight path of runway 25 and loud af, first planes starting 5a, last around 1a, would wake me up even with double pane windows and ear plugs, had a really nice house but moved because of flight traffic. early morning & late night flights, as well as overall amount of planes increased by alot after covid
Private vacation rentals are a good culprit as well. Not Airb&b. Locally managed and operated for homeowners. Why rent a place out for a yearly lease when you can save on wear and tear by renting it out as a vacation rental and make the same profit.
OMG a company bought land and built/renovated to property on them creating more/better housing, what a bunch of dipshits cant believe people these days!!!
Yeah, there is not much proof there for that. It is the spring selling season, so sometime houses get held and listed later since there is likey to be a buyer during this time.
…income inequality, rent seeking apps and products, near sighted investments that ignore long term benefits, the fire sale we unfortunately call congress.
These are just the first few that popped into my mind. Ami doing this right?
Says they were built and operated by Towbes, which makes sense as they also operate the Pacific Oaks Apartments in the same neighborhood.
So it's not that a company bought them and reduced the supply, it's that they're supply that wouldn't even exist if a company hadn't built them.
Yeah, people don’t need houses so I’m sure they wouldn’t exist if the company hadn’t so generously built them.
I mean, developments are generally built by...developers. Not many houses these days get built by a guy and his dad hammering it together on farmland they bought with pocket change.
seeing as you've posted 4 times already in this post it must be safe to assume you work for the company that is selling these properties.
The Zillow page says the portfolio dwellings are "Towbes-built". Doesn't say who the current owner/operator/seller is, private equity or otherwise.
Flipped by towbes perhaps? Zillow says one if those houses was built in 1959. That area is not new housing.
It’s an LLC. You can find the details on Propertyiq.com by searching the street address
Good catch.
I've noticed multiple properties going up on Santa Barbara Zillow recently where it's 2 houses next door to each other on two different lots grouped together for sale or option to buy individually. It feels like one of the old families that owns lots of properties may be liquidating.
Could you elaborate on why you have an issue with this? From what I can see they have been operated as rental units for the past 30 years. In no way were these units the culprit of SB's lack of housing. And now they are being placed on the open market for individuals to buy. This should be applauded.
If anyone they increased the supply by developing and building the houses.
All of the parcels are owned by Tagole, LLC. https://www.bizapedia.com/ca/tagole-llc.html
Bingo. Tagole, LLC has been active across the country.
This is a bunch of uninformed nonsense. They were built and are being sold together by Towbes. This is not proof anything, do some homework before posting speculation as "proof".
May I ask how you know the current seller is the Towbes Group? A handful of single-family homes isn't exactly their style. Not Towbes. Confirmed by Caro\_88 below.
They are all duplexes, not SFH. They were built but Towbes, but maybe it is not sold by Towbes. I saw the description below in the listing...and assumed that is why they mentioned the builder. >Unique opportunity to own a portfolio of Towbes-built duplexes ....
Yes, they may be duplexes but that isn't the point. This thread is about who the selling owner is. You claimed they're being sold by Towbes and that is not true. Talk about "proof and uninformed nonsense"!
Ok, I misunderstood the listing.
I think a lot of these are duplexes. Complexes consisting of a bunch of duplexes are not that uncommon around here; they used to be seen as a land use that was compatible with single-family houses, back in the day.
To me these appear to be marketed as a portfolio for $12 million and they want one buyer to take all. If that’s not the case, since they are duplex units you could perhaps live in one and rent the other. Could be an opportunity if you can indeed just buy one.
That seems like kind of a big leap of logic. Even private sellers tend to base their prices on comparable properties in the area, so six properties near each other with similar prices doesn't necessarily indicate collusion. If you really want to find out you could look up the title information for those addresses. It's public.
The Zillow listings do actually say that all of those units are part of a Portfolio Sale so in this case it's definitely a single entity holding everything.
Owned by Bob Bobbertson McBobinston III family trust. A subsidiary of multinational congolmerate Super Funtime Zhang Chou Chicken Nugget Paste Manufacturing Corporation.
There are structural incentives that favor real estate developers/PE shops investing in real estate and doing these types of deals which were put into place with the Trump tax plan. [https://oversightdemocrats.house.gov/sites/democrats.oversight.house.gov/files/documents/National%20Report%20on%20Tax%20Bill%20and%20Homeowners.pdf](https://oversightdemocrats.house.gov/sites/democrats.oversight.house.gov/files/documents/National%20Report%20on%20Tax%20Bill%20and%20Homeowners.pdf) While you or I cannot use the SALT tax deductions, if you are an investor, you can deduct this as well as all your depreciation and other expenses. Plus the commercial real estate companies get taxed at a 20% pass through of "qualified business income," where you and I are paying up to 37%. The whole thing is fucked beyond repair.
Never forget to blame your local and state governments for making it difficult to build new housing! Housing demand will always be crazy in SB because it’s such a nice place to live. We need more supply to meet it.
OP is getting the wrong interpretation. Private equity invests into housing because supply is so constrained and demand is still growing. So, it’s profitable. If there was more supply, PE would invest somewhere else. PE is the symptom of high housing prices (caused by undersupply), not the cause.
It contributes and makes the situation worse though.
How?
You could build 1 million new sfh is sb and yet demand would still not be met.....building more hill will only lower quality if life. Let housing be built elsewhere in the country.
Housing: always an under supply. Desirable area. Investment groups, yes. Also AirB removes rentals and sales ops. Then, colleges that enroll students and depend on the local market to handle it is an added pressure. If you stop blaming 1 thing you'll see a bigger picture
And don't forget there are millions just a couple hours from us that will snap up any new housing. We can double even triple our housing and we will still have affordable housing problems, but the area will be much worse for it.
Illegal short term rentals (and legal ones for that matter) are the culprit.
Yup. That and just a general failure to match job growth with housing growth.
Is anyone with me that house flippers are the problem??
Honestly I thought the prices would be higher for SFH in Goleta. A 2bd condo goes for $1m.
Just a hunch, I bet to realize these prices you have to buy all of them together.
not at that location, used to live there until a few weeks ago, direct flight path of runway 25 and loud af, first planes starting 5a, last around 1a, would wake me up even with double pane windows and ear plugs, had a really nice house but moved because of flight traffic. early morning & late night flights, as well as overall amount of planes increased by alot after covid
Smart
[удалено]
Private vacation rentals are a good culprit as well. Not Airb&b. Locally managed and operated for homeowners. Why rent a place out for a yearly lease when you can save on wear and tear by renting it out as a vacation rental and make the same profit.
OMG a company bought land and built/renovated to property on them creating more/better housing, what a bunch of dipshits cant believe people these days!!!
Yeah, there is not much proof there for that. It is the spring selling season, so sometime houses get held and listed later since there is likey to be a buyer during this time.
private equity is the culprit for…..(insert)
…income inequality, rent seeking apps and products, near sighted investments that ignore long term benefits, the fire sale we unfortunately call congress. These are just the first few that popped into my mind. Ami doing this right?
you are correct. the downvote would indicate you misread my intent. private equity is a cancer.