Orcutt CA homes Archives | Page 2 of 3

The Edgewood Homes in Orcutt, CA, Market Update

November 15, 2009
Vandenberg AFB Homes
Santa Maria

The Edgewood Homes in Orcutt are a delightful collection of one and two story homes just west of Bradley Road and north of Union Valley Parkway, adjacent to the Oak Knoll neighborhood and St. Joseph High School. These homes are about a 20 minute drive to Vandenberg AFB. They were built in the mid to late 1980's and range in size from 1300 sq. ft. to 1800 sq. ft. The development includes a private park that is gated and for the use of residents only.

Where Have all the Houses Gone in Santa Maria – Orcutt?

When I searched the MLS for active properties this morning, I came up with 158 single family homes or condos for sale. 29 of those listings are short sales, and 35 are active REO listings. There are 234 contingent listings, and 222 of them are short sales. In the last 30 days, 131 homes have sold, with an average price of about $250,000, average price per square foot of $150, and averaging about 75 days on market. 28 of those sold homes were closed short sales, and 61 were REO (bank owned property) sales. Average days on market for short sales were about 120 days (this reflects the time period to obtain bank approval), and average days on market for REO listings was about 53 (this includes the time it takes to get the contract finalized by the bank).

Central Coast Investor Tip — 20% Down Payment Required

March 22, 2009
Vandenberg AFB Homes
Buyer Info, Central Coast Real Estate, Lompoc / Vandenberg Village, Santa Maria

For those looking to buy your first rental property, or pick up an extra one now that prices make sense again, be aware that lenders have rolled back the down payment requirements for investment property. Most lenders I polled recently say that a 20% down payment is required for an investment property. Many of us remember when lenders required a 30% down payment for investment property, and I wonder how long it will be until we are back to those days. Lenders slowly but surely increased the down payment requirement for investors during the housing boom and have slowly but surely increased that obstacle again.

The Santa Maria Real Estate Market is Hot!

I know the media is saying that the real estate market is in the dumps. And I guess if you were hoping to get housing boom level prices for your home, it is. But if you are a Santa Maria or Ocutt home owner who needs to sell your home, you should know that the Santa Maria real estate market is hot! Why do I say that? Because homes that are priced in line with today's market that are not short sales, sell in less than a week. I feel as if this is a hidden secret of today's market place. Everyone believes that it is hard to sell your home right now, but even short sales that are well priced are receiving multile offers right now.

Can I find 100% Financing in the Central Coast market?

I get this question all the time forom buyers looking to jump into the market. For the most part, the answer to that is no. There is a program through the USDA that provides 100% financing for rural properties. I'm told by a local lender that this applies to some areas of Guadalupe, and also some areas of Nipomo, but I haven't been able to verify it. There is also the Veterans Affairs (VA) Loan Program which offers 100% financing to qualifying veterans. But unless you have some military service under your belt, you are not eligible. Other than that, right now I don't know of any 100% financing program available to buyers.

Buying Central Coast Foreclosures: Pre-Qualification Blues

March 3, 2009
Vandenberg AFB Homes
Central Coast Real Estate, Foreclosure / Bank Owned (REO) Info

Home buyers focusing on central coast foreclosure properties are running up against lender pre-qualification requirements when bidding for bank owned properties. Many of the bank owned (REO) property listings require that potential buyers get pre-qualified with their company in order to place a bid on the property. Countrywide, Wells Fargo and Fannie Mae (Express Path) listings frequently have this requirement.

Buying Central Coast Foreclosed Properties at Auction

I attended a foreclosed home property auction hosted by Hudson & Marshall in Ventura last evening. Fortunately, my client was successful in his bid so it was worth the trip down for both of us. He was also able to save about $80,000 off the list price of the property. It was an exciting event and we were both still on a high while we waited with the other winners to sign contracts. All the winning bids are subject to investor/bank approval which will take about 5-7 days to obtain, so we will know if the deal will stick in about a week.

Village of Northpoint Condos, Orcutt CA Market Update

February 20, 2009
Vandenberg AFB Homes
Santa Maria

The Village of Northpoint condominium community offers a tucked away feel in the heart of Orcutt to its residents. Located just off Foster Road and within walking distance of both Righetti and St. Joseph's High Schools, this development boasts a pool, clubhouse and tennis courts. Mature trees line the blacktopped streets dotted by clusters of townhomes with blue tinted tile roofs. There are 3 and 4 bedroom plans, each with the bedrooms upstairs and the main living space downstairs.

Santa Maria CA Foreclosure Buyer Alert – $8000 First Time Home Buyer Credit Approved

February 13, 2009
Vandenberg AFB Homes
Santa Maria

If you are sitting on the fence about buying, Congress just gave you another reason to jump into the market for foreclosures in Santa Maria, CA. The recently passed stimulus bill modestly increases the first time home buyer credit from $7500 to $8000. But more importantly, buyers now do not have to pay the credit back as long as they stay in the home a minimum of 3 years.

Luxury Townhomes in Santa Maria – Orcutt CA – The Villas at La Ventana & Somerset Gardens

Both the Villas at La Ventana and Somerset Gardens townhomes were built by a well respected local builder, Inland Pacific, who is currently finishing the Pacific Crest development in the Westgate Ranch area. The townhome floor plans offered in each community are virtually identical. There are three basic floor plans in each. These upscale townhomes offer no maintenance patios, gas fireplaces, and two car garages. The standard features in these communities were very generous, so even units that were not upgraded with granite countertops and the works still have a very elegant feeling.