There was an important article affecting Santa Maria property owners in the Santa Maria Times recently. Apparently, FEMA has submitted a preliminary draft of their revised flood maps indicating that most of Santa Maria is in a flood plain. This would mean that most Santa Maria property owners would be required to buy flood insurance. A follow up piece by the Times indicates that if the Santa Maria levee is repaired, the need for federal flood insurance will be eliminated. As the first article indicates, it may be advantageous to obtain flood insurance now. You wll have to make an educated guess on what is best for you.
Now turning to the Arroyo Grande real estate market update. Slight increase in the number of new listings from the last snapshot on March 28, 2007, inventory increased from 284 houses to 289 houses on the market. There are sixty pending or contingent listings. In the past 30 days, 28 homes were sold (versus 39 at my last look), 62 homes were newly listed, and 22 listings expired. The most expensive home sold in AG in the past 30 days had 4400 sq. ft. and sat on 5 acres.
Next up is Grover Beach. An increase in inventory there with 86 active listings compared to the previous 75 homes at the last snapshot. A decrease in the number of pending and contingent homes, with 16 homes being the current number, compared to the previous figure of 27. In the last 30 days, 18 homes have sold compared to the last figure of 13 homes, and an increase of 31 new listings compared to 23 on the last report, and 11 expired listings. Here is the most expensive home sold in Grover during that period.
*Based on the information from the Central Coast Regional MLS for the 30 days prior to this posting, April 11, 2007. 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.