When looking at the Santa Maria California and Orcutt California market overall, currently there are approximately 700 homes on the market, and approximately 60% of single family homes and condos are either short sales (sometimes referred to as pre-foreclosures) or bank-owned properties (REOs). And, in the past 30 days, approximately 130 single family homes have closed escrow, and about 60% of those were REOs, and around 15% were short sales.
Contrast that with the luxury and executive home market where there are only about 50 homes priced above $500,000 or more in the Santa Maria California and Orcutt California market, and only 20% of them are short sales or REOs. The executive and luxury home market consists mostly of homes in the Orcutt area and includes developments such as Elkhorn Estates, Deerfield Estates, Oakhill Country Estates, Lake Marie, and Foxenwood Estates. But there are also executive homes in Santa Maria proper in the Country Club area and in Hancock Park which is close to Marian Hospital.
Currently, of those homes, only one is priced over 2 million. The average square footage is around 3000 square feet and the average price hovers around $700,000. Although this segment of the market has not been as decimated by the housing crisis as the first time home buyer market in Santa Maria, there have been significant price decreases and your money will certainly buy a lot more than 3 years ago. The key is weeding through the listings and finding the perfect combination of the right seller and the right home. I can help you with this process.
If you are interested in receiving a list of executive, luxury, and golf course homes in the Santa Maria, California, and Orcutt, California area, please send an email to me at tni@mintprop.com, or give me a call at (805) 878-9879. Local association rules prevent posting this information, but I will be happy to provide it to you upon request.
Tni LeBlanc, JD, M.A. , e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.YourMonthlyMint.com
www.VAFBRealEstateSearch.com
www.SantaMariaRealEstateBlog.com
www.CentralCoastRealEstateSearch.com
*Based on the information from the Central Coast Regional 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.
