Score
0Santa Barbara, CA
747 Palermo Dr
1.6M
3 beds
2 baths
1,177 sqft
3 bd • 2 ba • 1,177 sf
This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$1,595,800
Price/Sq.Ft
$1,356
Year Built
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
The property at 747 Palermo Dr, Santa Barbara, CA 93105 boasts several positive attributes. Its location in Santa Barbara offers a highly desirable coastal lifestyle with a Mediterranean climate. The Spanish-style architecture with a clay tile roof adds charm and fits perfectly with the local aesthetic. The lush, well-maintained landscaping creates excellent curb appeal and suggests pride of ownership. The property features a spacious front yard with a manicured lawn and a beautiful stone pathway, adding to its overall appeal. The 3-bedroom, 2-bathroom layout in 1,177 sqft is efficient and suitable for small families or couples. At $1,595,800, while expensive, it's relatively in line with Santa Barbara's notoriously high property values, especially given the median income of $109,018 in the area. The potential rental income for a 3-bedroom home in Santa Barbara is strong at $4,040 per month (2023 data), suggesting good investment potential with a gross yield of about 3% annually.
The Bad
The price per square foot of $1,355.82 is significantly higher than many other markets, even for Santa Barbara. This high cost may limit the pool of potential buyers. The house size of 1,177 sqft is relatively small compared to the national average, which could be a drawback for some buyers, especially given the high price point. The lack of listed features or a detailed property description makes it difficult to assess any recent upgrades or unique selling points, potentially putting the property at a disadvantage in a competitive market. The unknown year built raises concerns about potential hidden issues or outdated systems that may require costly updates or replacements.
The Ugly
The extreme price point of $1,595,800 puts this property out of reach for many buyers, even those with above-average incomes. The total monthly ownership costs could be prohibitively high, potentially exceeding $8,000 per month when factoring in mortgage payments (assuming 20% down), property taxes (estimated at 1.25% of property value annually), insurance (higher due to wildfire risk), and maintenance. Santa Barbara's susceptibility to natural disasters, particularly wildfires and earthquakes, poses significant risks and could lead to very high insurance premiums. The lack of information about the property's age and features suggests potential for major system replacements or upgrades being necessary in the near future, which could add substantial costs for the new owner.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for affluent buyers with a household income of $300,000+ annually, who prioritize location over space. It's ideal for those seeking a lock-and-leave property in a desirable coastal California location, such as retirees, vacation home buyers, or high-income professionals who work remotely. Investors looking for long-term appreciation in a consistently strong market might also find this property attractive, given Santa Barbara's limited housing supply and enduring appeal.
Not For
This property is not suitable for first-time homebuyers or those with moderate incomes, given its high price point and potential for additional costs. Families requiring more space or those seeking a primary residence with room for home offices would find the 1,177 sqft limiting. Budget-conscious investors looking for high cash flow returns would likely find better opportunities elsewhere, given the high purchase price relative to potential rental income.
Demographics
Area Median Income
$109,018
Property History
Price History
Ownership Timeline
$727,000Financed
Sep 25, 2012James Leon Leopold, Edith W Leopold Survivors TrustWendy A Dempsay Skiles
Grant Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Sep 25, 2012Arthur James SkilesWendy A Dempsay Skiles
Intrafamily Transfer
Non-Arm's Length Transactions
$0Cash Purchase
Jun 23, 2012Edith W LeopoldEdith W Leopold, Edith W Leopold Survivors Trust
Intrafamily Transfer
Non-Arm's Length Transactions
$0Financed
Jul 14, 2008James L Leopold, Dana A LeopoldEdith W Leopold
Grant Deed
Non-Arm's Length Transactions
$845,000Cash Purchase
Nov 30, 2007Deutsche Bank National Trust Co, Certificateholders Of Soundview Home LoaEdith W Leopold, James L Leopold
Grant Deed
Standard Sale (Purchase/Resales)
$888,840Cash Purchase
Jun 26, 2007Michael MorinDeutsche Bank National Trust Co, The Certificateholders Of Soundview Home
Trustees Deed
Foreclosure
$1,000Cash Purchase
Nov 14, 2006Michael MorinMercury Affiliates
Grant Deed
Non-Residential Arm's Length Transactions
$1,000Cash Purchase
Oct 18, 2006Michael MorinBayside Group
Grant Deed
Non-Residential Arm's Length Transactions
$1,000Cash Purchase
Sep 13, 2006Michael MorinVenice Affiliates
Grant Deed
Non-Residential Arm's Length Transactions
$1,080,000Financed
Oct 28, 2005Michael CarlyonMichael Morin
Grant Deed
Standard Sale (Purchase/Resales)
Sunlight Analysis
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Sunlight Analysis
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Financials
Monthly Costs
Market Rent (3 bed)
Get a detailed estimate on Zillow$2,340
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$1,595,800
Price/sqft
$1,356
Layout
3 bd•2 ba
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$1,084,667
47.1%
Your price is 47.1% above average
Median Price
$1,100,000
45.1%
Based on 6 recent sales
Price per Sq.Ft
$960
41.2%
Your price is 41.2% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 1776 Calle Poniente, SANTA BARBARA, CA 93101 | $1,625,000 | 1,222 | 3 | 2 | $1,3301.9% | 11/20/2024 |
| 675 Northview Road, SANTA BARBARA, CA 93105 | $1,100,000 | 1,230 | 2 | 2 | $89434.0% | 10/10/2024 |
| 1227 Stonecreek Road #C, Santa Barbara, CA 93105 | $860,000 | 952 | 2 | 2 | $90333.4% | 11/24/2024 |
| 3639 San Remo Drive #16, SANTA BARBARA, CA 93105 | $915,000 | 1,046 | 2 | 2 | $87535.5% | 10/9/2024 |
| 1209 Rebecca Lane #A, SANTA BARBARA, CA 93105 | $875,000 | 952 | 2 | 2 | $91932.2% | 11/4/2024 |
| 3853 Cinco Amigos, Santa Barbara, CA 93105 | $1,133,000 | 1,354 | 3 | 2 | $83738.3% | 10/18/2024 |
1776 Calle Poniente, SANTA BARBARA, CA 93101
Price: $1,625,000
Sq.Ft: 1,222
Beds/Baths: 3/2
$/Sq.Ft:
$1,3301.9%
Sale Date: 11/20/2024
675 Northview Road, SANTA BARBARA, CA 93105
Price: $1,100,000
Sq.Ft: 1,230
Beds/Baths: 2/2
$/Sq.Ft:
$89434.0%
Sale Date: 10/10/2024
1227 Stonecreek Road #C, Santa Barbara, CA 93105
Price: $860,000
Sq.Ft: 952
Beds/Baths: 2/2
$/Sq.Ft:
$90333.4%
Sale Date: 11/24/2024
3639 San Remo Drive #16, SANTA BARBARA, CA 93105
Price: $915,000
Sq.Ft: 1,046
Beds/Baths: 2/2
$/Sq.Ft:
$87535.5%
Sale Date: 10/9/2024
1209 Rebecca Lane #A, SANTA BARBARA, CA 93105
Price: $875,000
Sq.Ft: 952
Beds/Baths: 2/2
$/Sq.Ft:
$91932.2%
Sale Date: 11/4/2024
3853 Cinco Amigos, Santa Barbara, CA 93105
Price: $1,133,000
Sq.Ft: 1,354
Beds/Baths: 3/2
$/Sq.Ft:
$83738.3%
Sale Date: 10/18/2024
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