Looking at the luxury real estate market in Santa Maria and Orcutt California, there are currently 57 homes priced above $400,000 with an average list price of $657,303 and 179 days on market, and a median asking price of $515,000. Looking at the luxury foreclosure market, there were no active luxury foreclosure listings (there was one luxury REO and it was pending), and there were 7 available short sales. However, the sold data from the last 6 months creates a different picture, of the 34 luxury home sales, 5 were foreclosure sales, and 3 were short sales. So, luxury and estate home buyers in the Santa Maria and Orcutt area have an appetite for foreclosure bargains.
Overall, of sold luxury homes, the average list price was $510,270, and the average selling price was $499,382. So, Santa Maria & Orcutt luxury home sellers are getting about 97.8% of their asking price and about $188 per square foot. Looking just at luxury foreclosures (REOs), the average selling price was $437,200 compared to an average asking price of $423,940. So, luxury foreclosures in Santa Maria and Orcutt are being bid over asking price indicating a competitive market for executive and luxury foreclosure homes and real estate.
In the Santa Maria area, the executive and luxury home market consists mostly of homes in the Orcutt area and includes developments such as Elkhorn Estates, Deerfield Estates, Lorraine Estates, Oakhill Country Estates, Lake Marie, and Foxenwood Estates. But, there are also luxury and estate homes in Santa Maria proper in the Country Club area, Hancock Park (near Marion Hospital), and in the Carriage District in downtown Santa Maria.
*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.
There is a common scam run on websites (Craig’s List in particular, but not exclusively) whereby properties that are listed for sale with an agent are fraudulently advertised for rent. Typically, the person running the rental ad tells potential renters that they are overseas working (in the armed services or as a missionary, etc.) and they advertise very cheap rent. They ask the potential tenant to send a cashier’s check for the first and last month’s rent and/or a prepayment of several months of rent in exchange for them mailing the keys at a later date. Unfortunately, once your money goes out of the country, there is very little you can do to recover it. These people are very clever; they will access property records and create fake email accounts with the real property owner’s name.
Local teachers in Santa Maria & Lompoc may be eligible for the home ownership loan programs available through the California State Teachers Retirement Program ("Cal STRS'). Eligible participants can apply for several different loan options which can increase borrowing power and lower down payment requirements. Currently, Cal STRS offers a zero down option using a two loan 95% and 5% structure, as well as a low down option using a two loan 80% and 17% structure
