Arborwalk is a gated community of townhomes at the intersection of McCoy and Miller; it is near much of the new shopping and commercial development in south Santa Maria. Watt Developers began building Arborwalk in about 2004. Because the homes were sold new during the height of the housing boom, many if not most of the current and recent sales in the development are foreclosures or distress sales. In the past 6 months, there have been 6 sales in the Arborwalk Development, one was an investor flip, 2 were foreclosures, and 3 were successfully closed short sales. The average sale price was $255,500, compared to an average list price of $261,233; average price per square foot paid by Arborwalk buyers was $128.00, with a brisk 73 days on market (not bad with the short sales included).
So,Sellers are receiving about 97.8% of their asking price in the Arborwalk development, indicating that the development still has much appeal for buyers. There are no currently pending home sales in Arbowalk in Santa Maria, but there are three contingent short sales.Of 7 the active properties, 1 is an approved short sale, 2 are HAP sales (military relocation program), one is an REO, and 3 are “regular” short sales. So, it seems that the majority of currently listed homes in Arborwalk are distress sales at this time.
In my opinion, Arborwalk is one of the most innovative newer developments in Santa Maria and Orcutt and it offers a truly truly walkable lifestyle for its townhome residents given its ideal location.
Other gated home communities in Santa Maria and Orcutt include Creekside Villas, Hidden Pines, La Vigna at Westgate Ranch, Preisker Gardens, Regency Estates, and the residents of La Ventana and the Villas at La Ventana are considering gating that community. If you are looking for a home in a gated community in one of these Santa Maria or Orcutt developments, call me today for an appointment (805) 878-9879.
*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
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.
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.
