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.
La Ventana is a community of single family homes and luxury townhomes in northeast Santa Maria; its location is ideal for those who need to be near Marian Medical Center and the surrounding medical office complexes. Local builder, Inland Pacific, began selling homes in the La Ventana development around 2005 and because these Santa Maria homes were sold new during the height of the housing boom, many if not most of the recent re-sales in the development are foreclosures or distress sales.
I typically recommend local lenders because I find that they are more accountable. Even if a buyer is using a national bank, I find it is better to have a local representative on the file. Nothing is more frustrating than working with some 1-800 number lender who becomes conveniently absent when a deal starts heating up, or timelines get tight on a transaction.
