Superbowl plans fall through? There are a couple of spots in Santa Maria where you can go catch the game with strangers who will soon become friends depending on who your team is. Since both sides of my family are originally from Louisiana, (although my mom was born and raised in Texas, her family is from Minden, Louisiana), and my Dad was born in New Orleans — it should be obvious who I’m pulling for although I think there is just too much pressure on the Saints! I’m hoping for the best. Quite frankly, just getting there is such a victory for New Orleans. I visited New Orleans just this past December, and you could have heard a pin drop in the French Quarter while the Saints were playing, every place we went people were watching the game or listening to it on the radio. The city of New Orleans is so united behind this team.

This year the City of Santa Maria Recreation and Parks is hosting a Superbowl party for teens at the Abel Maldonado Community Youth Center at 600 S. McClelland. Food, fun, and a 72″ screen to watch the big game. The party begins at 3pm and ends when the game does. $3.00 for teens and $5.00 for adults accompanying a teen.

For adults, Orcutt Brew Company (formerly known as the Loading Dock) on Broadway in Old Orcutt is hosting an event called “R U Ready to Rock the Dock” Superbowl party that will begin at noon on Superbowl Sunday. For more information you can give them a call at (805) 934-3471.

Enjoy the festivities! Geaux Saints! Who Dat?

There were 16 home and condo sales in Los Alamos, CA in 2009. Sales are down from the 20 homes that were sold in 2008. Overall, average prices are also down from 2008, when the average sale price was $417,000. In 2009, the average sales price was $353,000 with 117 days on market at $208 per square foot. Days on market are up as the 2008 average days on market was 95. Price per square foot was about the same as 2008, when it was $209, so only $1 less per foot in 2009. The least expensive sale was a 3 bedroom, 2 bath home built in 1974 on a .23 acre lot (a short sale) which sold for $237,500 in April 2009. The most expensive sale was a REO property (foreclosure), a 4 bedroom, 2 bath, 2100 sq. ft. home on Foxen Lane built in 2007 which sold for $500,000 in June 2009.

Looking at the foreclosure market in 2008, 70% or 14 of the 20 sales were bank owned properties or short sale — 12 REOs and 2 short sales. In 2009, that figure is about the same with 11 out of 16 sales being foreclosures or pre-foreclosures. However, there was a slight decrease in REOs (only 4) and increase in short sales (7 total). In 2009, average price of foreclosed homes in Los Alamos was $375,000 with 43 days on market at $207 per square foot. And, the average price of short sales in Los Alamos was slightly lower at $340,000 with 193 days on market and $196 per square foot.

Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.MintProp.com
www.iLovetheCentralCoast.com
www.SellMyCentralCoastHome.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.

If I had to say three things Santa Maria California was known for it would be strawberries, tri-tip barbeque, and now its wine country:

• Strawberries are honored at the yearly Strawberry Festival. And although the number of strawberry stands has decreased over the years, you can still get some of the best strawberries in the country from Santa Maria fields.

• As for barbeque, well, it took awhile for me to realize that barbeque was a big deal here. My mom is from Texas, and for me barbeque ain’t barbeque unless there is sauce on it. Santa Maria barbeque is a different kind of animal. No sauce, red oak, salt and pepper. That’s Santa Maria style. Just take a run down Broadway on Saturday or Sunday and follow the smoke and you’ll find some. Barbeque lunches and dinners are a fundraising favorite for almost every type of organization in Santa Maria and Orcutt.

• “Wine Country” is a relatively new moniker for the Santa Maria Valley, although the wineries have been here for years. However, after the movie Sideways, our region really began to be known for its grape juice. Now you can’t go anywhere in town without hearing about a new wine tasting room or vineyard popping up.

How many houses are for sale in Santa Maria right now? I get this question all the time. Many buyers feel as if there are no houses for sale in Santa Maria. When I surveyed the MLS this morning, there were 163 houses listed for sale in the Santa Maria and Orcutt CA area. Of those 163 homes, 29 were foreclosures (REOs) and 45 were short sales. It is interesting to note that the average list price of the these active listings was $377,000, which is much higher than the average price of homes sold in Santa Maria in 2009 ($218,000), and also higher than the average price of homes sold in Orcutt in 2009 ($333,000). So, it appears that most of the available houses for sale in Santa Maria and Orcutt are at the higher end of the market. So, that may explain why most buyers feel as if there aren’t any homes on the market.

In addition to the 163 houses for sale in Santa Maria there were 162 contingent listings. Twenty were contingent REOs (foreclosures), and 138 were contingent short sales. A contingent REO is a foreclosure listing where the bank has verbally accepted an offer and they are waiting on the parties to complete the contract paperwork. A contingent short sale is a short sale listing where the owner has already accepted an offer and they are waiting on the bank to approve that offer so they can begin the escrow period.

If you are interested in buying a home in the Santa Maria or Orcutt area in the near future, please call me today at (805) 878-9879 to schedule a buyer consultation. Or, send me an email and request a list of available properties in the Santa Maria and Orcutt areas.

Tni LeBlanc, JD, MA, e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.iLoveSantaMaria.com
www.SellMySantaMariaHome.com
www.BuySantaMariaForeclosures.com
www.SantaMariaRealEstateSearch.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.

So many of the first time home buyers in the Santa Maria market today are concerned about whether they will qualify for the $8000 tax credit. To be sure, short sale purchases can qualify for the credit. (You should check with your tax professional to see if you qualify generally for the credit). However, because the timelines on short sales are somewhat undetermined, they can fail to close by the deadline for the tax credit. Right now, it is my understanding that in order to qualify a buyer must have a confirmed contract by April 30th. In the case of a short sale purchase, this means the buyer must have a signed contract AND bank approval of the short sale in hand by April 30th in order to qualify for the tax credit. And, the transaction must close by June 30th. It is important to note that I have been in the situation where the short sale lender gave an approval one day before it expired and then took an additional month and a half to simply give us an extension so that we could close. Those types of variables that occur with a short sale purchase could interfere with your ability to close in time for the tax credit.

So, if a buyer is beginning with a new short sale right now they do run the risk that the short sale approval will not be received by April 30th or that the initial approval will not allow them to successfully close by June 30th and they will then miss the deadline for the first time home buyer credit. Looking back at 2009, the average days on market for closed short sales was 167 days! That includes the time period spent waiting on bank approval and does not include the escrow period after bank approval is received. Because of these timelines, first time home buyers who wish to get the tax credit should be aware that they may not qualify for the $8000 tax credit if they pursue a short sale.

If you are a first time home buyer and looking to buy a home in the Santa Maria CA area, please give me a call at (805) 878-9879, and I can help you get started on the process of buying a home today.

Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.iLoveLompoc.com
www.iLoveSantaMaria.com
www.BuySantaMariaForeclosures.com
www.SantaMariaRealEstateSearch.com

*Based on 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. This blog does not offer legal or tax advice; buyers and sellers should consult with their own attorneys and tax advisors.

2009 may go down in history as the year of the loan modification — that’s all anyone is talking about these days. And every week I speak to local homeowners who are frustrated with the process of obtaining a loan modification. I know there are a lot of people out there that claim they can guarantee results, etc. However, I am doubtful of those claims. And in my experience, whether you will get a loan modification depends mainly on who your lender is (servicer) and who the investors are behind the loan. Since you already have the loan and are in a bind (i.e. can’t refinance), you can’t do anything about who your lender is now; who you have is who you have. Some lenders are reaching out to their borrowers and have modifications wrapped up in a week or less. However, I have spoken to homeowners who have spent 18 months working through their lender’s system only to be rejected for the second or third time.

If you’ve already been through the paces and haven’t been able to work out a loan modification, you may want to consider a short sale if you are behind in your payments and facing foreclosure. A short sale may be more advantageous for your credit than foreclosure. Specifically, you may be eligible to obtain an FHA backed mortgage 3 years after a short sale. And importantly, even if you don’t qualify for a loan modification with your lender, you may still be able to qualify for a short sale. If your lender has already rejected your loan modification request, you should consider a short sale before accepting a foreclosure. Call me at (805) 878-9879 today for a short sale consultation.

Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.iLoveLompoc.com
www.iLoveSantaMaria.com
www.BuySantaMariaForeclosures.com
www.SantaMariaRealEstateSearch.com

* This blog does not offer legal or tax advice; buyers and sellers should consult with their own attorneys and tax advisors before entering into a short sale.

First time buyers using FHA financing should be aware that the US Department of Housing and Urban Development (HUD) recently announced policy changes that will increase the cost of FHA financing. In early spring, the Mortgage Insurance Premium that is required on low down payment FHA loans will increase from 1.75% to 2.25%. This fee is typically financed into the loan, and the higher fee amount will result in an increase in overall loan costs and, when financed, a slight increase in the monthly payment FHA borrowers will see. HUD is also increasing the down payment required if a borrower has less than a 580 credit score. Borrowers with a credit score of 580 or less will have to put down a minimum of 10% instead of the 3.5% allowed to borrowers with a higher score. Frankly, I don’t think this new policy will have that much impact. In my experience, most lenders were requiring FHA borrowers to have a minimum credit score of about 600-620 anyway to qualify for a 3.5% downpayment, and this rule just reinforces that.

In early summer, the amount of seller paid concessions is now being limited from 6% down to 3%. I don’t understand why HUD is making this adjustment now, just as I didn’t understand why they did away with down payment assistance programs just as the housing market was trying to crawl out of its darkest hour. I can understand that this type of change makes the quality of borrowers better. What I don’t understand is the timing and also coupling this action with the push on the other end to give buyers an $8000 tax credit and very low interest rates in order to encourage home ownership. The government is not being consistent in its policies — go figure.

What does this mean for first time buyers? Well, first time buyers will have to save more money to be prepared to enter the housing market. The seller can “only” cover up to 3% of the purchase price in closing costs, and if your closing costs exceed that amount — which they easily can if your purchase price is under $200,000, you will have to pay the remaining costs. Ironically, this will probably impact buyers who are being conservative and spending less money on a home since it is expressed as a percentage cap. For example, if you are buying a home or condo at $150,000, your closing costs could easily be as much as $6000, but the maximum the seller could contribute under the new guidelines is $4500. So, the borrower would have to come up with the remaining $1500 in order to close on that loan. It is already a good idea to save your closing costs as well as your down payment when preparing to buy a home. This new policy simply makes being prepared even more important.

If you are interested in buying a home on the central coast, I strongly recommend using a local lender. If you would like a list of available properties, please send me an email, or give me a call at (805) 878-9879.

Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.MintProp.com
www.iLovetheCentralCoast.com
www.BuyCentralCoastForeclosures.com
www.CentralCoastRealEstateSearch.com

Trying to beat the heat? Looking for a vacation home in Pismo Beach CA? It is a great time to pick up a beach getaway on the central coast — prices are down and there are more opportunities to buy a Pismo Beach foreclosure property. The number of homes reported sold in Pismo Beach in 2009 was down 14% compared to 2008, and the average sales price is also down 10%. The number of foreclosure sales (REOs) tripled from the previous year. In 2008, there were only 4 REO sales in Pismo Beach, and in 2009 there were 12 foreclosure sales. The number of successfully closed short sales also shot up from only one in 2008 to 9 in 2009.

In 2009, there were 83 homes reported sold in Pismo Beach, and in 2008 there were 97 sales. 69 homes were sold, and 14 condos/PUDs. The average selling price of the homes/condos was $758,000 with 117 DOM at $430 per square foot. Looking just at condos/PUDs, the average was $610,000 at $422 per square foot. And, for just homes in Pismo Beach the average was $788,000 at $432 per square foot. In 2008, the average sale was $848,000 with 112 days days on market and $449 per square foot paid. The average price of foreclosures sold was $763,000 with 96 days on market and $384 per square foot paid. Short sale average was somewhat lower at $755,000 with 284 days on market and $407 per square foot paid.

If you would like a list of available Pismo Beach or Shell Beach homes and condos, please send me an email at tni@MintProp.com. If you would like a list of bank owned (REO) beach property in the Pismo Beach area please indicate that in your email, or give me a buzz at (805) 878-9879 and I will set up email alerts for you so you know exactly when these properties hit the market. You can also visit one of my websites to search for Pismo Beach property: CentralCoastRealEstateSearch.com, or iLoveFiveCities.com.

Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.iLoveFiveCities.com
www.SellMyPismoBeachHome.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.

I spent last night at the Santa Maria Elks Lodge on Bradley Road. And even though I’ve lived in Santa Maria for many years, and been to the Elks many times, I’ve never been a member, nor have I attended on Friday night when attendance is open to the general public. The Elks are responsible for the local Elks Rodeo and Parade which are a tradition in Santa Maria. I was invited to attend by the local Keller William Realty Coastal Valley office, as they were hosting a dinner there for non-KW agents who KW agents enjoyed working with throughout the year. I was nominated by a local REO agent, my nomination was voted on and accepted by the other agents at KW’s Santa Maria office, and I had the honor of attending the celebratory dinner last night.

Every Friday night from 6 – 8:30pm, the Elks has a “Cook your own Dinner” theme. You can select, steak, ribs, chicken or fish (last night it was halibut). They have an enormous barbeque pit in its own building where the heat from the burning oak is so intense that I didn’t even notice when someone opened the door. The food is arranged by type – fish at the end, then chicken, etc. You put a little wooden stick on your meat and write your name on it and throw it on the grill after applying some Santa Maria Susie Q seasoning. You can pick up a baked potato, salad, and salsa, use cash or a ticket to pick up a drink at the bar, buy a raffle ticket or two, and listen to the DJ spin some – ahem – “classic” tunes.

The decor is down home no frills with the kind of tablecloths that probably aren’t really “cloth.” Folks got out and started cutting a rug — young and old alike. The festivities began with that old standard — “Celebrate” by Kool and the Gang, and when Michael Jackson’s “Don’t Stop Till You Get Enough” came on people got off the wall and started getting down. We had a good time, and upon reflection, I think you can get a better picture of what Santa Maria is all about by going to the Elks on a Friday night than going anywhere else in town. And although, I don’t think I could join an organization that actually asks whether I’ve been a member of the Communist Party on it’s application form (Isn’t that McCarthy guy dead?), I could probably enjoy another Friday night at the Elks.

There were a total of 509 homes and condos sold in 2009 in the Orcutt area. Included in these figures are homes in the 93455 zip code which includes some homes and condos in Santa Maria that are south of Betteravia. 439 of the sales were single family homes and 70 were condos/PUDs. The average list price was $339,181, and the average sales price was $332,989 at $182 per square foot with 73 days on market. For condos and PUDs, the average list price was $185,185, and average sales price was $179,203 at $132 per square foot with 89 days on the market. Short sales are skewing the days on market information as they do not accurately portray the speed of the current market, or the bidding wars that buyers are experiencing. In the Orcutt area, the least expensive home sale was a 3 bedroom, 2 bath home on Telephone Road which sold for $189,000 at auction. I represented the buyer in purchasing this home. The most expensive was a 4000 sq. ft. Tuscan style home built in 2006 in Lake Marie Estates which sold for $865,000 on November 20, 2009.

There were 205 REO (foreclosure) sales in Orcutt in 2009, and 97 successfully closed short sales. So, approximately 59% percent of the sales in the 93455 zip code were foreclosures or pre-foreclosures. This percentage is slightly lower than when looking at the Santa Maria and Orcutt area overall where that figure is 73%. Looking at just the foreclosure inventory in Orcutt, the average foreclosure sales price was $ 261,962 at $160 per square feet with 41 days on market. So, much of the foreclosure activity in Orcutt in 2009 was at the lower end of the price range. Short sales closed at a slightly higher price in the Orcutt area. The average sale price for short sales was $285,223 at $162 per square foot with 166 days on market.

If you are interested in buying or selling property in the Orcutt area, feel free to search for properties on my website www.iLoveOrcutt.com, or give me a call and set up a buyer consultation today to take advantage of low interest rates and the first time buyer tax credit which expires on April 30, 2010. I can be reached at (805) 878-9879.

Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.iLoveOrcutt.com
www.SellMyOrcuttHome.com
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.