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.
Built in 2004 and 2005, Arborwalk is located at the intersection of Miller & McCoy in the heart of "New" Santa Maria. This gated development is close to shopping, banks, and restaurants and it offers a fitness trail, greenbelt basin, and rose gardens throughout. Once you drive home you truly don't need your car; you can get out and walk to everything; units in this development earn high "walkability" scores. These detached town homes are excellent for buyers who don't want the obligations of yard work but still need a little outdoor space for their pet and/or a BBQ grill. Also, these homes are fantastic for investors who plan to market a rental to nearby Vandenberg Air Force Base. Arborwalk is tremendously attractive to potential renters as it sits adjacent to grocery stores, coffee shops, and restaurants.
