There is a tremendous amount of interest in buying second homes in this market. Due to the financial crisis and housing crash, some are taking the opportunity to buy a vacation home on the central coast. Although, we have most certainly seen significant price reductions, foreclosure activity is relatively low in Pismo Beach, Arroyo Grande & Grover Beach compared to the nearby northern Santa Barbara communities of Santa Maria, Orcutt, & Lompoc.
When examining the market for single family homes and condos, the Pismo Beach market has 111 active listings, and only abut 10% could be classified as a foreclosure or pre-foreclosure (8 short sales and 4 REOs). Approximately 15% of the active Arroyo Grande market are foreclosures (189 active listings, 16 short sales and 15 REOs). And, almost 25% of the Grover Beach market is similarly affected with 15 short sales, and 7 bank owned properties out of a total of 95 active listings.
In the past 30 days since September 11, 2008, of the 9 sold listings in Pismo Beach, none were foreclosures. In Arroyo Grande, there were 30 sales, one of which was a short sale, and 9 bank foreclosures. So, one third of the sold activity in Arroyo Grande was foreclosure driven. In Grover Beach, 40% of the sold inventory (10) was either a short sale (3) or an REO (1). So, the few foreclosures that are present in these markets are being snapped up at a high rate.
I specialize in helping people buy foreclosed properties; my background as an attorney is a tremendous asset in this market. If you would like a list of REO and short sale properties in the Pismo Beach, Arroyo Grande or Grover Beach market delivered to your email account, please send me an email at tni@mintprop.com, or feel free to give me a call to inquire about a specific properties’ status (805) 878-9879.
*Based on the information from the Central Coast Regional MLS & Lompoc Valley MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.
In July 2006, Mint Properties opened an office in the Mission Creek Plaza on Santa Maria Way. Tni’s stated aim is to offer the highest quality representation and professional service to her clients. Independence affords her the ability to avoid a volume driven approach; the result is prompt, reliable, individualized service coupled with straightforward advice. Indeed, she brings the same level of professionalism to real estate as she did to the law.
Oceano is one of California true beach towns. It is not saturated with deliberate commercialism, yet still sports cutesy names like Beach, Ocean and Surf Ave on its streets. Off the beaten path of Highway 101, Oceano instead straddles the scenic route, Highway 1. Known for the Oceano Dunes, a sand dune area of the coastline preserved for off road vehicle recreation and exploration, Oceano attracts many from the inland areas who seek to beat the heat.
Appraisal Fears. It appears that banks are beginning to fear appraisals. In the last two months, twice I had banks come back and make my buyer agree that they would stick with the offered purchase price even if the home did not appraise. Frankly, I think this stinks. Buyers are forced to bid up on popular properties, and now they must risk that if the appraisal doesn't come in, they will have to walk away from the property or pay the difference out of pocket. For buyers without a large pool of cash, this in effect will keep them from buying the property.
