The Traditions at Bradley SquareThe Traditions & Classics homes in southeast Santa Maria were built from 2003 – 2006, and are surrounded by newer shopping in the Bradley Square area, as well as other newer home developments. Classics were meant to be the more affordable of the two developments with smaller floorplans and smaller lots, although that distinction blurred during the housing boom as prices zoomed upward. The Traditions offer 6 floorplans, 3 two story models, and 3 one story models, and the floorplans begin at around 2000 square feet and end around 3000 square feet.
These homes are within walking distance to shopping centers which include popular new restaurants such as Panera Bread, Starbucks, Natural Cafe, and Yanagi Sushi. Also close are Albertsons, Food Maxx, Wal-Mart and Home Depot. The Traditions and Classics developments are at the center of some of the best new shops in Santa Maria. Both Homeowners Associations have a relatively low association fee under $200 per year, and the community is also host to a new fire station, Robin Ventura Field, and Rotary Centennial Park. The Bradley Square area is truly a great place to live on the Central Coast of California.
From October – December 2008, a total of 12 homes sales were reported in the Traditions and Classics homes. Four were REOs (foreclosures) and 5 were short sales. So, foreclosure related activity is driving the market in those areas as well. Sold prices in the Classics at Bradley Square ranged from $290,000 to $375,000. A 3 bedroom, 3 bath, 2364 sq.ft. bank owned (REO) home on Niverth Place sold for $290,000 on December 27, 2008. That was the lowest sale price during that time period. The highest resale during that period was a 4 bedroom, 3 bath, 2351 sq. ft. short sale listing on Niverth Place which sold on December 3, 2008 for $375,000. Sold prices in the Traditions ranged from $375,000 to $504,000 during the same period. A 3 bedroom, 2 bath, 2068 sq.ft. home on Singleton sold for $375,000 on October 28, 2008, and a 3 bedroom, 3 bath, 2326 sq. ft. home on Long Terrace sold for $504,000 on October 20, 2008. Current asking prices in both developments range from $279,900 to $469,000, with the median asking price at approximately $350,000.
If you are thinking of buying or selling in either of these developments, please give me a buzz at (805) 878-9879, or send me an email at tni@mintprop.com and I will email you a complete list of current listings or recent sales. I also handle short sales if you must sell and owe more than your mortgage balance.
*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.
Are Santa Maria CA short sales getting a little easier? Maybe I'm on a high because I just received a short sale approval the other day, and I'm in escrow on another approved short sale that will close in less than 30 days. But, it seems like more and more short sales are being approved every day. A buyer of mine received an approval on another short sale they bid on this month, and lately I'm noticed an increase in the amount of "approved" short sales on the market.
For those looking to buy your first rental property, or pick up an extra one now that prices make sense again, be aware that lenders have rolled back the down payment requirements for investment property. Most lenders I polled recently say that a 20% down payment is required for an investment property. Many of us remember when lenders required a 30% down payment for investment property, and I wonder how long it will be until we are back to those days. Lenders slowly but surely increased the down payment requirement for investors during the housing boom and have slowly but surely increased that obstacle again.
You would be surprised how many times I am asked this question with amounts varying from as little as $5000 to $50,000. And my answer to that is an easy no. I even had someone ask me about an $81,000 home in Foxenwood Estates! When I ask these potential buyers where they are getting this type of information, they point to the various foreclosure related websites. After sampling a few, for properties that are in pre-foreclosure (i.e. a Notice of Default has been filed) the amount of the payments that are in arrears, or the amount of the second loan owing on the property shows up as the list price, when in fact the home may not even be listed with a broker.
