Foxenwood CondosThere 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. Some Orcutt locations offer more of a rural or rustic feel than 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.
Foxenwood Garden VillasOf 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.
*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.
You would think that once a bank found a willing buyer, who won the "highest and best" bidding process for a foreclosure property, they would be hot to close the transaction. Well think again. I've actually had an all cash buyer trying to close in 10 days (or less) and the bank and their escrow company simply were not able to do it! The buyer couldn't believe it, but having dealt with REO properties many times before I certainly could There are several delays that seem to happen time and time again in bank owned purchases:
The Traditions at Bradley Square is community of newer homes for sale in southeast Santa Maria; it is near much of the new shopping in south Santa Maria (Best Buy, Home Depot, TJ Maxx) and it is also adjacent to the award winning Rotary Centennial Park.
The first half of 2010 has been pretty dramatic with the $8000 federal tax credit extension and the introuction of the $10,000 California new home and first time home buyer credit. Buyers were on a roller coaster with the first two months having moderate activity, then a blaze of acvtivity in March and April followed by low activity in May and June. Overall sales for the 6 month period were high with 553 properties being sold in the Santa Maria Orcutt area.
