The property you're referring to is vacant land.
It's the second parcel of three down a long driveway in the "lower east" area of town, which is a higher density, lower income section of the City of Santa Barbara. Because the area specifically surrounding this parcel is slightly hilly, homes here offer slight views and sell for more than others in the immediate area. According to the listing, this parcel is just over 7,000 square feet and utilities are at the edge of the site.
This might not be what you're looking for since you've asked for details on a home. While single family homes in the greater Santa Barbara area have come down in price quite a bit over the last year or so, most still sell for more than $500,000, the median price still hovers around $900,000, and the average sale price exceeds $1 million. That said, there have been homes in this and other less expensive areas of town that have sold in the high $300,000s and low $400,000s. Generally they're smaller and/or need work, but there are some great opportunities to get into the market. A good number of condos are selling in this price range as well, though again they're usually smaller, older, and often in need of some updating.
If you would like more information, please contact me directly. I don't specialize in this price range, but am more than happy to refer you to a qualified, full-time agent that does.
(805) 284-3660 direct