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.
So many of the first time home buyers in the Santa Maria market today are concerned about whether they will qualify for the $8000 tax credit. Short sale purchases can qualify for the credit , so long as the buyer qualifies for the credit in general. (You should check withb your tax professional on this issue). However, because the timelines on short sales are somewhat undetermined, they can fail to close by the deadline for the tax credit. Right now, it is my understanding that in order to qualify a buyer must have a confirmed contract by April 30th. In the case of a short sale purchase, this means the buyer must have a signed contract and bank approval of the short sale in hand in order to qualify for the tax credit. And, the transaction must close by June 30th.
The California Association of Realtors reports that the newly signed California budget provides for a tax credit of up to $10,000 for new home buyers. The credit will apply to purchases made between March 1, 2009 through March 1, 2010. Buyers are eligible for a credit equal to 5% of the purchase price of the home u to a mxaimum of $10,000. It does not apply to the purchase of existing homes; but it does apply to any buyer (not just first time buyers) as long as they are purchasing a primary residence.
There were a total of 509 homes and condos sold in 2009 in the Orcutt area. Included in these figures are homes in the 93455 zip code which includes some homes and condos in Santa Maria that are south of Betteravia. 439 of the sales were single family homes and 70 were condos/PUDs. The average list price was $339,181, and the average sales price was $332,989 at $182 per square foot with73 days on market. For condos and PUDs, the average list price was $185,185, and average sales price was $179,203 at $132 per square foot with 89 days on the market.
