Prices of many condos are finally well beneath $100,000 in Santa Maria and Lompoc, which make some condos a good option for investors even with the added expense of a monthly condo fee. There have been some 2 bedroom condos listed as low as $59,000. If you compare a home in the local area that you can purchase for $100,000, you would be looking at a much older home or a smaller cottage with limited rental value and appeal. Everything on the exterior of a condo is typically covered by the condo association, cutting down on the responsibility for landlords. Most importantly, associations are responsible for common area maintenance which means no landscaping bills, or checking up to make sure tenants are mowing the lawn.
Be aware, some associations limit the number of units that can be rented out, as a high rental occupancy makes financing difficult for the other units to obtain. Also recently, lenders I have spoken to on the subject say that there have been very recent changes which prevent them from underwriting ANY investor purchases in condo complexes. So, anyone seeking to buy a condo as an investment would have to pay all cash and also check the association by-laws for rental restrictions. But at prices that are just above $50,000, all cash is a good possibility for many.
If you are interested in receiving a list of condo foreclosures in Santa Maria, Orcutt, or Lompoc, send me an email request at tni@MintProp.com. If you would like me to arrange a tour of the existing condo inventory, please give me a call at (805) 878-9879. Or search for property on my websites: iLoveLompoc.com, www.CentralCoastRealEstateSearch.com, iLoveSantaMaria.com, www.BuySantaMariaForeclosures.com.
Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
- Based on the information from the Lompoc Valley & 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.