Inland Pacific, a local builder, built Pacific Crest Estates beginning in about 2005. Because the homes were sold new during the height of the housing boom, many if not most of the current and recent sales in the development are foreclosures or distress sales. That trend continues now. In the past 6 months, there have been 14 sales in the Pacific Crest Development, 2 were new homes sold by the developer, one was an investor flip, 5 were foreclosures, and 6 were successfully closed short sales. The average sale price was $295,476, compared to an average list price of $297,715; average price per square foot paid by Pacific Crest buyers was $141.47, with a brisk 75 days on market (not bad with all the short sales included). Sellers are receiving about 99.2% of their asking prices in this development, indicating that the development still has much appeal for buyers.
There are 5 currently pending home sales in Pacific Crest in Santa Maria. One is a regular sale, one is an investor flip, two are short sales, and one is a foreclosure. There are two contingent short sales in the development, and of the active properties, 5 are short sales and two are REOs. So, it seems that the currently listed homes at Pacific Crest are almost exclusively distress sales at this time.
In my opinion, there are some floor plans in Pacific Crest Estates that are some of the best that Inland Pacific has done in Santa Maria, and they continue to stand out even among the newer home inventory in Santa Maria and Orcutt. Neighboring developments to Pacific Crest include Westgate Ranch, Strawberry Creek, Harvest Glen, LaVigna at Westgate Ranch, Cherrywood, Paseo del Sol, and Montelegre. If you are looking for a new or newer home in one of these Santa Maria developments, call me today for an appointment (805) 878-9879.
*Based on the information from the Central Coast Regional MLS. The Association, the Multiple Listing Service, nor 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
In July 2006, Mint Properties opened an office in the Mission Creek Plaza on Santa Maria Way. Tni’s stated aim is to offer the highest quality representation and professional service to her clients. Independence affords her the ability to avoid a volume driven approach; the result is prompt, reliable, individualized service coupled with straightforward advice. Indeed, she brings the same level of professionalism to real estate as she did to the law.
What is an approved short sale? Let's start with what a short sale is -- a short sale is where the owner owes more on their loan than their home is worth but they still must sell the home. So, the home is placed on the market and offers are accepted -- subject to lender approval. Lender approval can take months to obtain. An approved short sale is a short sale where the seller has already received approval from the bank. So, usually they list the property at a price that the bank has already indicated that they will accept, and they typically indicate how much closing costs credit and any repair credits the bank will allow.
It may seem like small news, but in Santa Maria it is big news that we got a Trader Joe's. For those of us who have been making the treck up to Arroyo Grande for years -- the arrival of Trader Joe's in Santa Maria is a real treat. I can't wait to zip up the street for the fresh organic produce and meats. It is conveniently located in south Santa Maria near Costco, right off the 101 Stowell exit. Since Santa Maria is now the largest city in Santa Barbara county -- it is about time! Welcome Trader Joe's! They are set to open on March 16th.
