For those looking to buy your first rental property, or pick up an extra one now that prices make sense again, be aware that lenders have rolled back the down payment requirements for investment property. Most lenders I polled recently say that a 20% down payment is required for an investment property. Many of us remember when lenders required a 30% down payment for investment property, and I wonder how long it will be until we are back to those days. Lenders slowly but surely increased the down payment requirement for investors during the housing boom and have slowly but surely increased that obstacle again.
short sales. So, 74% of the Lompoc and Vandenberg Village real estate market was either a foreclosure or a pre-foreclosure short sale. This is a slight increase over 2008 when “only” 64% of the Lompoc market was a foreclosure/pre-foreclsoure sale. The price range for Lompoc sales ranged from a low of $53,411 for a one bedroom, one bath condo on Cypress up to a high of $738,000 for a 4 bedroom, 4 bath, 3079 sq.ft. home in Mesa Oaks which sat on 1.34 acres. The average listing price was about $233,000 and the average selling price was $230,000. So, it appears sellers are getting offers close to their asking price (at least when their asking price is attractive to buyers at all!). The median price for sales is somewhat lower at $203,000.There were 360 single family homes sold in Lompoc and Vandenberg Village in 2009. This excludes manufactured home sales. This figure is down approximately 10% from the 401 homes/condos that were reported sold in 2008. Of the 360 homes/condos sold in 2009, 305 were single family detached homes, and 55 were attached/condo dwellings. 217 of the sales were foreclosures (REOs) and 50 were
Looking just at Vandenberg Village home and condo sales, there were 72 sales in 2009. 59 were detached homes, and 13 were attached/condo dwellings. Prices ranged from a low of $137,000 for a 2 bedroom, 1 bath condo on Cassini Circle in Providence Landing to a high of $499,000 for a 3 bedroom 2 bath home in the Country Club area of the Village. The median list price was $312,000 in the Village, and the median sales price was $302,500. Nine of the sales were short sales, and 23 were bank owned foreclosures (REOs). So, “only” 44% of the sales in Vandenberg Village were foreclosure related, which is a lower percentage than when looking at the Lompoc CA market overall.
In general, the number of home/condo sales in Lompoc and Vandenberg Village is down from 2008, but the percentage of foreclosure sales is up. Buyers and sellers should keep in mind that throughout 2009, buyers experienced low inventory and bidding wars for foreclosure properties. And, it does not look like we are anywhere near finished with foreclosure activity in this market. If you would like a list of currently available short sale and foreclosure properties in the Lompoc CA and Vandenberg Village CA market, send an email request to me at email@example.com. You can search for foreclosures on my website: www.BuyCentralCoastForeclosures.com. Or give me a call at (805) 878-9879 and set up a buyer consultation today.
*Based on the information from the Lompoc Valley 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.