Most of executive and luxury homes in the Santa Maria area are in the unincorporated area of Orcutt which is located to the south of the city of Santa Maria. From the secluded affluence of Lake Marie Estates, the tony gated community of Elkhorn Estates, to a variety of high end horse properties, Orcutt has a lot to offer the executive and luxury home buyer. In Orcutt you can still obtain a rustic casual elegance or a satisfying surburban sophistication. With great test scores for their schools, a Farmer’s Market every Tuesday, and the revitalization of downtown “Old Orcutt” as a walkable core with shops and restaurants, many would choose no other spot to live on the Central Coast.
There are currently 186 active or contingent homes and condos in and around the Orcutt area. Approximately 33 of those are REOs (bank owned properties), and 78 are short sales. In the month of December 2008, approximately 41 homes sold in the Orcutt area, with a low of $206,330 and a high of $820,000. The average price of a resale home in Orcutt was around $365,000, compared to an average of about $220,000 in Santa Maria during that same period. Of the 41 homes that sold last month in the Orcutt area, 19 were foreclosures (REOs) and 4 were short sales.
In the popular Foxenwood Estates area, there were approximately 6 re-sales in December, with an average selling price of $585,000. They ranged from a $474,000, 2600 sq. ft. home built in 1985 (which needed updating) to a fully updated and upgraded 3300 sq. ft., 4 bedroom, 3 bath executive home on a lot just shy of an acre which sold for $820,000. As the Foxenwood Estates homes were built beginning in the late 70’s, many need updating to the kitchen and baths. The homes that have not been updated tend to sell for less, but they provide an opportunity for a new owner to purchase a home in a desirable area at a lower tax basis and then customize it to their taste. For those who want the area, but desire a little less space, there are also re-sale townhomes in Foxenwood Estates, which offer floor plans around 2000 sq. ft. and are priced starting just shy of $300,000. Newly built townhomes in the area are priced between $500,000 – $600,000.
The entire Santa Maria area has been severely impacted by the foreclosure crisis. Here and there, opportunities to obtain luxury and executive homes at foreclosure prices arise. Currently, there is a 2900 sq. ft. foreclosure in the Foxenwood Estates area priced at $459,900; it was built in 1977 and is need of updating and new flooring. There are two short sales (pre-foreclosures) in executive level homes as well. One in Elkhorn Estates priced at $989,000, and a home in Westrails Estates (which offers equestrian facilities) priced at $895,000.
If you would like a list of available executive and luxury homes in the Orcutt area, please send an email request to me at tni@MintProp.com, or search the local MLS on my websites www.iLoveOrcutt.com, www.SantaMariaRealEstateSearch, or www.BuySantaMariaForeclosures.com. Each site offers a different method to searching for property. Also, if you are interested in selling your Orcutt home, please visit my site www.SellMyOrcuttHome.com and I will provide you with an evaluation of your home’s current market value.
*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.
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.
Today's information is encouraging. As reported in the MLS, currently in the Santa Maria and Orcutt areas, there are 720 homes on the market, 127 homes that are pending or contingent, and in the past thirty days, 73 homes sold. So, the market is still moving at a steady clip. Inventory had fallen below 700 homes at one time, so it has edged up, I believe in anticipation of the upcoming spring buying season.
The California Association of Realtors reports that the newly signed California budget provides for a tax credit of up to $10,000 for new home buyers. The credit will apply to purchases made between March 1, 2009 through March 1, 2010. Buyers are eligible for a credit equal to 5% of the purchase price of the home u to a mxaimum of $10,000. It does not apply to the purchase of existing homes; but it does apply to any buyer (not just first time buyers) as long as they are purchasing a primary residence.
Finally! Those of you who read my blog recall my recent blog post on buying a foreclosure and not receiving your keys until the day after it closes. It appears that the Claifornia legislature has take a stab at the heart of the problem, which was the fact that buyers were not allwoed to pick their own excrow companies in these transactions. Banks would hire title and escrow companies to complete their foreclosure proceeding and when they turned around to sell the property as an REO, they would compel the buye to use that same title/escrow company to complete the purchase.