Looking at the luxury real estate market in Santa Maria and Orcutt California, there are currently 57 homes priced above $400,000 with an average list price of $657,303 and 179 days on market, and a median asking price of $515,000. Looking at the luxury foreclosure market, there were no active luxury foreclosure listings (there was one luxury REO and it was pending), and there were 7 available short sales. However, the sold data from the last 6 months creates a different picture, of the 34 luxury home sales, 5 were foreclosure sales, and 3 were short sales. So, luxury and estate home buyers in the Santa Maria and Orcutt area have an appetite for foreclosure bargains.
Overall, of sold luxury homes, the average list price was $510,270, and the average selling price was $499,382. So, Santa Maria & Orcutt luxury home sellers are getting about 97.8% of their asking price and about $188 per square foot. Looking just at luxury foreclosures (REOs), the average selling price was $437,200 compared to an average asking price of $423,940. So, luxury foreclosures in Santa Maria and Orcutt are being bid over asking price indicating a competitive market for executive and luxury foreclosure homes and real estate.
In the Santa Maria area, the executive and luxury home market consists mostly of homes in the Orcutt area and includes developments such as Elkhorn Estates, Deerfield Estates, Lorraine Estates, Oakhill Country Estates, Lake Marie, and Foxenwood Estates. But, there are also luxury and estate homes in Santa Maria proper in the Country Club area, Hancock Park (near Marion Hospital), and in the Carriage District in downtown Santa Maria.
*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.
1) Be prepared for an “as-is” purchase. Many times there is deferred maintenance on short sale listings. Often owners in financial distress stop performing maintenance on the home either willfully and because they lack the funds. You can ask a short sale seller to make repairs, but often they are unable or unwilling to do so since they are losing their home. You can also approach the short sale lender and ask that they allow the cost of the repairs to be deducted from their “net” but often the answer will be no, even if the repairs are required by your lender in order to originate your new loan.
So many of the first time home buyers in the Santa Maria market today are concerned about whether they will qualify for the $8000 tax credit. Short sale purchases can qualify for the credit , so long as the buyer qualifies for the credit in general. (You should check withb your tax professional on this issue). However, because the timelines on short sales are somewhat undetermined, they can fail to close by the deadline for the tax credit. Right now, it is my understanding that in order to qualify a buyer must have a confirmed contract by April 30th. In the case of a short sale purchase, this means the buyer must have a signed contract and bank approval of the short sale in hand in order to qualify for the tax credit. And, the transaction must close by June 30th.
