Looking at the luxury real estate market in Lompoc California, there are currently 29 homes priced above $400,000 with an average list price of about $592,000 and 145 days on market, and a median asking price of $499,000. Looking at the luxury foreclosure market, there was only one active luxury foreclosure listing and there were 2 available short sales in Lompoc. However, the sold data from the last 6 months creates a different picture, of the 16 luxury home sales, 1 was a foreclosure sale, and 6 were short sales. So, luxury and estate home buyers in the Lompoc real estate market have an appetite for foreclosure and pre-foreclosure bargains.
La Canada Elementary in Lompoc CA
Overall, of sold luxury homes, the average list price was $486,000, and the average selling price was $469,250. So, Lompoc luxury home sellers are getting about 96.5% of their asking price and about $161 per square foot. Looking just at luxury short sales, the average selling price was about $453,000 compared to an average asking price of $446,500. So, luxury short sales in Lompoc are being sold for close to their list price, indicating a competitive market for executive and luxury homes and real estate.
In the Lompoc Valley area, the executive and luxury home market includes developments such as Mesa Oaks, Village Country Club, Vandenberg Village, The Bluffs, and La Purisima Estates and Lane’s End.
*Based on the information from the Lompoc Valley 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.
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 the home is typically covered by the condo association, cutting down on the responsibility for landlords.
The Santa Maria and Lompoc real estate markets are currently dominated by foreclosure listings. Of the 663 active listings for homes/condos in the Santa Maria - Orcutt area, approximately 25% (165) are bank owned properties (REOs), and about 50% (339) were short sales. Similarly in the Lompoc - Vandenberg Village active market for homes and condos, there are 198 total listings, and 20% (39) were REOs and 40% (81) were short sales. This means that 75% of the active market in Santa Maria and 60% of the active market in Lompoc and its surrounding areas could be classified as either a foreclosure or a pre-foreclosure. Certain trends or practices are becoming fairly routine in this market.
