Santa Maria – Orcutt CA 2008 Market Update & MLS Search
A total of 1230 single family homes sold in Santa Maria CA and Orcutt CA in 2008.
Santa Maria CA Gated Townhome Communities, Arborwalk & Lavigna
Built in 2004 and 2005, Arborwalk is located at the intersection of Miller & McCoy in the heart of "New" Santa Maria. This gated development is close to shopping, banks, and restaurants and it offers a fitness trail, greenbelt basin, and rose gardens throughout. Once you drive home you truly don't need your car; you can get out and walk to everything; units in this development earn high "walkability" scores. These detached town homes are excellent for buyers who don't want the obligations of yard work but still need a little outdoor space for their pet and/or a BBQ grill. Also, these homes are fantastic for investors who plan to market a rental to nearby Vandenberg Air Force Base. Arborwalk is tremendously attractive to potential renters as it sits adjacent to grocery stores, coffee shops, and restaurants.
Orcutt CA Executive & Luxury Foreclosure Market Update & Home Listing Search
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.
The Traditions & Classics at Bradley Square Update (Santa Maria CA – Orcutt CA)
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.
Should I Sell My Santa Maria CA Home in this Market?
Many Santa Maria - Orcutt CA home owners who have the equity to sell without a short sale are trying to wait this market out. Sellers who have to sell due to job relocation, loss of income, or divorce don't…
Santa Maria CA & Orcutt CA Homes For Sale
There are currently 528 homes for sale in the Santa Maria CA (and Orcutt CA) area. Approximately 250 of those homes are short sales where bank approval is necessary to complete the sale. About 141 of the remaining homes are bank owned / foreclosure listings. Thus, approximately 50 percent of the Santa Maria inventory is short saled, and about 25% is bank owned (REOs). You can search for short sales and REO Santa Maria homes at www.iLoveSantaMaria.com and www.iLoveOrcutt.com.
Buying Bank Owned Properties (REOs) in the Santa Maria/Orcutt and Lompoc/Vandenberg Village Foreclosure Market
The Santa Maria and Lompoc real estate markets are currently dominated by foreclosure listings. Of the 663 active listings for homes/condos in the Santa Maria - Orcutt area, approximately 25% (165) are bank owned properties (REOs), and about 50% (339) were short sales. Similarly in the Lompoc - Vandenberg Village active market for homes and condos, there are 198 total listings, and 20% (39) were REOs and 40% (81) were short sales. This means that 75% of the active market in Santa Maria and 60% of the active market in Lompoc and its surrounding areas could be classified as either a foreclosure or a pre-foreclosure. Certain trends or practices are becoming fairly routine in this market.
Orcutt CA Condo Foreclosure Market Update (REOs & Short Sales)
There are approximately 34 active or contingent condo listings in the Orcutt CA area, and the average list price centers around $220,000. This does not include HUD properties, which are not listed on the MLS, or for sale by owner units. The most expensive Orcutt condo currently listed is a 2 bedroom 2 bath luxury townhome unit in Foxenwood Garden Villas which is selling for about $699,900. Contrast those prices with the nearby Santa Maria condo market which has about 52 active or contingent listings with an average price around $140,000, with the most expensive being a luxury townhouse in Somerset Gardens listed at $385,000.
