Nipomo & Oceano Real Estate Market Update

According to the Santa Maria Times, the Santa Maria Planning Commission approved the application for two new hotels to be placed on Roemer Court. The municipal code had to be modified to allow for the height of the structures. The plan is to build a Fairfield Marriott and a Candlewood Suites. The developer is aiming to attract tourists to the Fairfield, and business travellers to the Candlewood property. This will add 160 hotel rooms to our city.

The Nipomo real estate market remains healthy with 202 active listings. My last snapshot took place April 21, 2007, and at that time there were 206 homes on the market. Forty eight homes are under contract as pending or contingent, so the pipeline looks good too. In the past 30 days, 19 homes have sold, 16 listings have expired and 41 homes have been newly placed on the market. The most expensive new listing during that time is a multifamily property which sits on 40 acres and boasts a single family residence, a guest cottage, as well as two additional rentals. It is being offered at $1,750,000.

The inventory of the Oceano real estate market continues its march upward. On April 7, 2007, there were 48 active listings, and currently there are 62 homes up for sale. There are 8 pending transactions. And in the past month, only 2 homes sold even as 29 homes were placed on the market (compared to 10 new listings at the monthly snapshot on April 7th). During that same time, 4 listings expired. The most expensive home placed on the market in the past month is a 3 bedroom 3 bath home currently used as a vacation rental. It is steps from the beach, and being offered for $1,195,000.

Contact Tni LeBlanc today for an initial buyer consultation. Let me help you navigate today’s complex real esate market here on the Central Coast. I can be reached on my direct line at (805) 878-9879.

*Based on the information from the Central Coast Regional MLS for the 30 days prior to this posting, May 4, 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.

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