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.
Cash buyers are getting the best deals in this competitive market. I've found that the best deals tend to be bank owned homes vs. short sales, and cash does help in the ban owned bidding process. Banks tend to be more conservative about selling prices for short sales where they still have the borrower on the hook. So, I find that short sales tend to close right at current selling prices or slightly higher. Whereas, the goal with REOs is to move that asset off of the books quickly. So, you will see bigger price discounts on bank owned properties.
The majority of foreclosure activity in Santa Barbara county centers in the Santa Maria and Lompoc markets. Most of the time, banks demand that their own contracts be used when selling foreclosures. In a typical real estate transaction, the parties use the forms produced by the California Association of Realtors. However, bank sellers have special issues they want to address in their contracts and they use their own team of lawyers to draft their contracts.
The upscale Foxenwood neighborhood is popular with buyers due to its location, which is directly adjacent to Old Orcutt, and its proximity to Vandenberg AFB (15 minute drive to the main gate). The location of the development is off the beaten path, yet close enough to enjoy the amenities of downtown Orcutt. The Foxenwood neighborhood is bordered by other prestige areas such as Lorraine Estates, Deerfield Estates, and the new developement of Old Mill.
