New Public Library in Santa Maria, CA1275 single family homes sold in Santa Maria and Orcutt in 2009. This excludes PUDs, condos, and manufactured homes. This figure is slightly higher than the 1255 homes which sold last year. Of the 1275 homes sold this year in Santa Maria, 661 were bank owned foreclosures (REOs), 273 were short sales, and only 29 were estate/probate sales. So, approximately 73% of the home sales in the Santa Maria market were foreclosures or pre-foreclosures in 2009. Last year, that figure was 76%, so there was a very slight drop. 175 condos and PUDs sold in Santa Maria – Orcutt during the same period in 2009; compared to 130 units in 2008. 105 bank owned foreclosures (REOs), 37 short sales and only 2 probate/estate sales. So, 81% of the condos and PUDs sold in Santa Maria and Orcutt in 2009 were foreclosures or pre-foreclosures. Last year that figure was 79%, so there was a very slight increase in the number of foreclosure units in this category. The average sale price in Santa Maria was about $218,000 at $139 per square foot. And in Orcutt, the average was $333,000 at $182 per square foot.
Overall, the number of home/condo sales in Santa Maria and Orcutt is up from 2008. About 34% for condos/PUDs, and only about a 1% increase for homes. But keep in mind that throughout 2009, buyers experienced low inventory and bidding wars for foreclosure properties. It does not look like we are anywhere near finished with foreclosure activity in this market. Clearly without foreclosure and short sale homes, we would not have much to sell in Santa Maria – Orcutt.
If you would like a list of currently available short sale and foreclosure properties in the Santa Maria – Orcutt market, send an email request to me at tni@mintprop.com. Or give me a call at (805) 878-9879 and set up a buyer consultation today. You can also search for foreclosures on my website: www.BuySantaMariaForeclosures.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.
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.
Short sales are common these days. Santa Maria has 255 active short sale listings, Lompoc lists 72 short sales on the market, Nipomo has 14, and Arroyo Grande also has 14 active short sales. The difficult part is obtaining “lender approval” which adds delays to the process. Because approvals attach to a specific buyer, it is vital to find a committed buyer for your short sale. Often lenders require the process to start over if the buyer abandons their offer. This can draw out the process even further. But it is important to note that short sale transactions are closing all over the Central Coast. In the month of December, 18 short sales closed in Santa Maria (2 of these were my listings), 2 in Lompoc, 2 in Nipomo, and 1 in Arroyo Grande.
It has a private park and borders the Santa Maria Riverbed walking trail. The homes were built approximately 15 - 20 years ago and feature tile roofs and 2 car garages. The development is surrounded by other popular developments, Cherry Blossom Ranch, Essex at Willow Creek, as well as the gated community of Regency Estates.
Is it a great time to buy? Yes. Interest rates are at historic lows, Congress just passed an $8000 tax credit for first time buyers, and prices just keep getting better and better. There are plenty of folks who are taking advantage of this opportunity. As such, jumping into the current market for foreclosure properties in Santa Maria - Orcutt CA can be a rude awakening for potential buyers. Currently, there is a lot of competition for foreclosed properties. REOs comprise the majority of sold properties in the Santa Maria and Orcutt housing market.
