Sep. 16, 2008 - Orcutt CA Condo Foreclosures (REOs & Short Sales)

There are approximately 34 active or contingent condo listings in the Orcutt CA area, and the average list price centers around $220,000. This does not include HUD properties, which are not listed on the local MLS, or for sale by owner units. The most expensive Orcutt condo currently listed is a 2 bedroom 2 bath luxury townhome unit in Foxenwood Garden Villas which is selling for about $699,900. Contrast those prices with the nearby Santa Maria condo market which has about 52 active or contingent listings with an average price around $140,000, with the most expensive being a luxury townhouse in Somerset Gardens listed at $385,000.

So, the prices in Orcutt tend to be higher than in Santa Maria. Buyers and local residents cite higher test scores in Orcutt schools as one reason the area is preferred over others. Some Orcutt locations offer more of a rural or rustic feel than in the City of Santa Maria. Orcutt is also close in proximity to Vandenberg Air Force Base. Typically, when newly transferred personnel are searching for off base housing, they consider both the Lompoc and Orcutt areas as they both offer a short commute time to Vandenberg AFB.

Of the 34 units on the Orcutt condo market over half (18) are short sales, and 9 are bank owned properties. So, this market is currently dominated by foreclosures and "pre-foreclosures." This offers special opportunities for buyers. The condo market has seen tremendous price recession locally as the prices must compete with first time home buyer homes which now begin in the mid $200,000's in the Orcutt area. For example, in the Village of Northpoint, which offers residents a lovely secluded setting, a tennis court and pool, there are currently two bank owned units. A 4 bedroom bank owned unit in escrow with an asking price of around $215,000, and a 3 bedroom REO which is still sitting on the market for about $240,000 with no takers thus far. The monthly HOA fees in this gorgeous development range around the mid $200s.

If you would like a list of Orcutt condo foreclosures delivered to your email account, send a request to email@mintprop.com, or if you are coming for a visit to look for housing, I can arrange a personal tour of Orcutt's condo developments, please contact me at (805) 878-9879, I will be happy to assist you.

Tni LeBlanc, JD, M.A. , e-PRO
Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com
www.MintProp.com
www.YourMonthlyMint.com
www.SantaMariaRealEstateBlog.com
www.VAFBRealEstateSearch.com
www.CentralCoastRealEstateSearch.com

*Based on the information from the Central Coast Regional 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

Sep. 12, 2008 - How to Buy HUD Home and Condo Foreclosures on the Central Coast

San Luis Obispo and Santa Barbara Counties have seen a dramatic increase in foreclosure and pre-foreclosure listings. Bank owned and short sale listings currently dominate and/or drive many of the local markets here on the central coast, and along with that we are beginning to see more HUD homes for sale. HUD homes (or condos) are properties that have gone through foreclosure and been taken back by the federal agency "HUD" (U.S. Department of Housing and Urban Development) which insured the original defaulted mortgage.

HUD properties are not marketed through traditional channels and are not placed on our local Multiple Listing Service. You have to search for them on their agent's website. Only real estate brokers who have been qualified by HUD to sell their properties can show you a HUD home. Bids are placed electronically, and the status of those bids can also be checked online. I am a HUD selling agent, and I can show you any listed local HUD home or condo.

Buying a HUD home offers particular advantages. They are usually priced to offer significant discounts to the buyer, and the earnest money deposit required is nominal, with the minimum being between $500 - $2000. HUD homes are also set up to work hand in hand with the FHA loan program which is designed to get first time home buyers (who are usually cash strapped) into homes. In some cases, HUD gives advantage to bidders who intend to occupy a residence over an investment buyer. Owner occupants must certify that they haven't purchased another HUD owned property in past 24 months as an owner occupant, and that they will occupy the residence for at least the next 12 months.

HUD also orders a thorough inspection of the property before it is listed. The results of that inspection are publicly available for review online even before you place a bid on the property. Many times, HUD will wait 10 days before taking any bids. This allows sufficient time for buyers to personally inspect the property, get their pre-qualification in order, get the certified check they will need for earnest money deposit, and complete the HUD sales contract. This 10 period can be very helpful, such as in in the hustle and bustle of the current Santa Maria market, where many times choice foreclosed properties are snapped up the same day they hit the market by investors who sit ready and waiting to pay cash. In certain instances, when bidding for a HUD property, owner occupants are allowed to bid before investors even get a chance to place bids. So, there are opportunities for first time buyers with HUD homes that you will not find in the larger foreclosure market.

Overall, I believe HUD properties offer an excellent avenue for first time home buyers to get into the local housing market. If you have any additional questions about buying a HUD home here on the central coast, or have a property you would like to view in person, please feel free to give me a call at (805) 878-9879

Tni LeBlanc, JD, M.A. , e-PRO
Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com
www.MintProp.com
www.YourMonthlyMint.com
www.VAFBRealEstateSearch.com
www.SantaMariaRealEstateBlog.com
www.CentralCoastRealEstateSearch.com

Sep. 7, 2008 - Rice Ranch Master Planned Community in Orcutt California

On Labor Day, I visited the models at Rice Ranch in nearby Orcutt, California. Rice Ranch is a master planned community which will have new single family homes, high end condominiums, and a 26 acre sports complex and community park. The Orcutt California community will have over 300 acres of preserved open space. After viewing the master planned community, "Summerlin," in Las Vegas over the Labor Day weekend, I was sold on the concept of a master planned community and curious to see how Rice Ranch was turning out. I also read the recent article in the Santa Maria Sun regarding how sales were going well. Unfortunately, many new home developers are filing bankruptcy, and leaving those who have already purchased homes questioning when or how their developments will be completed, so it was encouraging to hear that Rice Ranch was prepared to deal with the market in its current form. This project was a long time in the making (15 years), and they are prepared for sales to last through the current market downturn. Price information on the high end condominiums was not on display -- and it appears that they are not yet selling those units. However, the Sun article indicated that they would be priced around $300,000.

I viewed the single family home models. One stories lined up on one side, two stories on the other. The first one story I viewed stood out as my favorite. Most of the models featured the dark hardwood flooring that buyers tend to prefer. The prices began at $485,000 for the 1777 sq. ft. model and topped out at $665,000 for the 2878 square foot model. Inevitably, most home buyers want to compare these prices to what you can get on the resale market. However, I would note that there isn't anything on the local existing home market which offers what Rice Ranch promises to be; a 500+ acre master planned community. That said, you can definitely get a lot of bang for your buck on the "newer" home market. For example, check out my listing built in 2007 in La Ventana, a premier development in north east Santa Maria which features single family homes with generous floorplans, high end townhomes, and a gorgeous community clubhouse and pool. www.203Orie.com, www.203OrieCt.com, www.203OrieCourt.com. 203 Orie Court was the most popular plan and offers 2500 sq. ft. on one story with 3 bedrooms, 3 baths and a 3 car garage.

Importantly, Rice Ranch does allow you to bring a buyer's agent as your representative. That agent will be paid by the builder as long as they accompany you on your first visit to the sales office. Since the builder will pay for you to have representation, I would highly recommend that you employ a buyer's agent when viewing the models. It is important to have an experienced professional working on your side when buying a home, you don't simply want to rely on the sales staff who work exclusively for the builder. When buying a new home, I typically provide the following services for my clients; I attend contract signing and the walk through inspection, provide comparative price per square footage information for other new home developments, provide comparative information on the newer home resale market, provide comparative incentive information with other local new home builders, and provide advice on options that will have the most impact on future resale. It makes sense to have representation. If you had a friend who viewed, bought and sold hundreds of homes, wouldn't you ask their advice when buying a home? Having an experienced buyer's agent is the same thing. I've looked at more homes than you would ever care to view, and I would be happy to take you on a tour of local new home developments.

Tni LeBlanc, JD, M.A. , e-PRO Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com
www.MintProp.com
www.YourMonthlyMint.com
www.VAFBRealEstateSearch.com
www.SantaMariaRealEstateBlog.com
www.CentralCoastRealEstateSearch.com