Arborwalk is a gated community of townhomes at the intersection of McCoy and Miller; it is near much of the new shopping and commercial development in south Santa Maria. Watt Developers began building Arborwalk in about 2004. 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. In the past 6 months, there have been 6 sales in the Arborwalk Development, one was an investor flip, 2 were foreclosures, and 3 were successfully closed short sales. The average sale price was $255,500, compared to an average list price of $261,233; average price per square foot paid by Arborwalk buyers was $128.00, with a brisk 73 days on market (not bad with the short sales included).
So,Sellers are receiving about 97.8% of their asking price in the Arborwalk development, indicating that the development still has much appeal for buyers. There are no currently pending home sales in Arbowalk in Santa Maria, but there are three contingent short sales.Of 7 the active properties, 1 is an approved short sale, 2 are HAP sales (military relocation program), one is an REO, and 3 are “regular” short sales. So, it seems that the majority of currently listed homes in Arborwalk are distress sales at this time.
In my opinion, Arborwalk is one of the most innovative newer developments in Santa Maria and Orcutt and it offers a truly truly walkable lifestyle for its townhome residents given its ideal location.
Other gated home communities in Santa Maria and Orcutt include Creekside Villas, Hidden Pines, La Vigna at Westgate Ranch, Preisker Gardens, Regency Estates, and the residents of La Ventana and the Villas at La Ventana are considering gating that community. If you are looking for a home in a gated community in one of these Santa Maria or Orcutt 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
Sometimes, the second lien in a short sale situation is held or serviced by the same bank as the first mortgage. This can make the situation a little easier than whe that note is owned or serviced by two separate entities. But, not always. Often banks will "charge off" a second mortgage once it becomes too delinquent or after a Notice of Default is filed by the 1st mortgage. In those cases, the note can be sold for pennies on the dollar to what is essentially a collection agency. And, with that you are dealing with a completely different animal.
It's the end of the year and time to begin compiling data and drawing conclusions about what the real estate market was like in Santa Maria and Lompoc this past year. Often, sellers and buyers rely on "days on market" to tell them additional and useful information about the real estate market. However, as with any one statistic, days on market can be an unreliable and misleading indicator of true market conditions.
