Somerset Gardens Santa Maria Luxury Town Homes - 2011 Real Estate Market UpdateSomerset Gardens is a small enclave of luxury town homes in Santa Maria, California.  The development is located in the southwest of Santa Maria near Country Club Estates and Foxenwood Country Club Estates.  For those who want to travel to Vandenberg Air Force Base, Somerset Gardens is about a 20 minute drive to the main gate.  The Somerset Gardens community was built from about 2003 through 2005 and is comprised of townhomes which range in size from 1600 - 2100 sq.ft.  There are 3 floorplans -- 2 two story plans and a one story end unit floor plan.  Somerset Gardens in Santa Maria offers a community clubhouse and pool, as well as a small putting green.  For those who like to et out and about, Somerset Gard... 04/28/2011

Two Loans with Two Lenders: Short Sale Approval Received in 41 Days! I have another short sale success story to report.  I just closed a short sale that was fully approved by both short sale lenders, Select Portfolio Servicing (SPS) and Specialized Loan Servicing (SLS), within 41 days of submitting the short sale application.  Working with two short sale lenders can be difficult, and I do think that this is the number one reason most short sales fail.  Negotiating between two lenders can add a significant amount of time to the approval process.  However, by staying in almost constant contact with both lenders I was able to negotiate this short sale in record time, with no seller contribution and the deficiency waived on both loans.  If you are considering a short sale of your Orcutt, Ni... 04/19/2011

Historic Carriage District in Santa Maria CA - Real Estate Market Update The Historic Carriage District is one of Santa Maria's oldest and most charismatic neighborhoods.  Have you seen my video about the Carriage District?  Older homes aren't for everyone - they are truly a labor of love.  I grew up in this neighborhood (on Palm Court Drive) and it resides in my heart.  There is a significant amount of Santa Maria history in this neighborhood.  The Carriage District lies on both sides of Speed Street, between Broadway and Miller and it is anchored by the Santa Maria Inn and Santa Maria High School's Ethel Pope Auditorium.  This quiet community has well kept homes, established landscaping, and most of all, variety of design.  Some of these homes date back to the 1920's and each home is ... 04/17/2011

Hidden Pines in Santa Maria CA - Early 2011 Market Update Hidden Pines is a lovely little gated community located in northwest Santa Maria. It has a private park and borders the Santa Maria Riverbed walking trail. The homes were built approximately 15 - 20 years ago and feature tile roofs and 2 car garages. The development is surrounded by other popular developments, Cherry Blossom Ranch, Essex at Willow Creek, as well as the gated community of Regency Estates. Hidden Pines offers convenient access to Highway 101 and is walking distance to Preisker Park and the association fee is about $75 per month. Recent Hidden Pines Home Sales: Address  Date Size Detail Sale Type Sold Price 534 Mayten St. 2/23/11 1470 sq.ft. 3bed/2bath Short Sale $212,000 2419 Lilac St. 4/5/11 2043 sq.ft. 4bed/2.5ba... 04/11/2011

Autumn Glen Townhomes in Santa Maria CA - 1st Quarter 2011 Market Update Located in southeast Santa Maria, Autumn Glen is a small community of newer townhomes built between approximately 2002 - 2004 located at the intersection of Bradley and McCoy.  The Autumn Glen community offers convenient access to Highway 101, as well as major shopping outlets such as Home Depot, Wal-Mart, Staples, and Best Buy.  Each townhome has its own two car garage and shared driveways.  There are two floorplans in Autumn Glen which range from 1500 - 1800 square feet.  One of the floorplans offers a bonus room giving it a third floor and a rare vantage point to view the rolling hills surrounding the Santa Maria Valley.  Autimn Glen is about a 25 minute trip from the main gate of Vandenberg AFB, offers low HOA ... 04/11/2011

Arborwalk in Santa Maria CA - 1st Quarter 2011 Market Update                                     Located in southeast Santa Maria, 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.  And it is about a 20 minute trip from the main gate of Vandenberg AFB.  Imagine walking to everything you need.  Imagine living with all the conveniences of modern life easily within reach while living in a protected gated environment.  Walking distance to grocery outlets Albertson's and Food Maxx, dining at Yanagi Sushi & Grill and Natural Café, and shopping at Target and Pier One.  Arborwalk offers low HOA dues of $88 per month, a fitness trail, a huge greenbelt basin, and inviting rose g... 04/11/2011

Santa Maria 1st Quarter 2011 Home & Condo Market Report First Quarter 2011 First Quarter 2010 126 Santa Maria CA Homes 150 Santa Maria CA Homes Average Sales Price $226,150 Average Sales Price $208,468 85 Days on Market 69 Days on Market $134 per square foot $138 per square foot 53 Santa Maria CA Foreclosures 70 Santa Maria CA Foreclosures 32 Santa Maria Short Sales 44 Santa Maria Short Sales * Stick built SFR, Condo & PUDs - Zip codes 93454 & 93458 only. 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 real estate market. 04/06/2011

Santa Maria CA Condos & Orcutt CA Condos: Oak Creek Villas & Mission Creek Villas - First Quarter 2011 Real Estate Market Update The Mission Creek Condos and Oak Creek Villas were built by local builder, Inland Pacific, who also built Pacific Crest, Classics at Bradley Square and La Ventana.  Oak Creek and Mission Creek offer the same basic floor plans and amenities; however, there are subtle differences for buyers to consider. Oak Creek Villas condos are slightly older; they were built beginning around 2001. Mission Creek condos are slightly newer as building began around 2004. Both offer two floor plans: a 2 bedroom/2 bath unit and 3 bedroom/2 bath plan, each with room for a stackable washer dryer. The square footage of the 2 bedroom and 3 bedroom units are essentially the same, somew... 04/04/2011

Classics at Bradley Square Homes in Santa Maria CA - 1st Quarter 2011 Market Update The Classics at Bradley Square homes in southeast Santa Maria were built from 2003 - 2006, and are surrounded by newer shopping in the Bradley Square area, as well as other newer home developments.  These homes are within walking distance to shopping centers which include popular new restaurants such as Panera Bread, Starbucks, Natural Cafe, and Yanagi Sushi. Also close are Albertsons, Food Maxx, Wal-Mart and Home Depot. The Traditions development is at the center of some of the best new shopping in Santa Maria.  The Homeowners Association has a relatively low association fee under $200 per year, and the community is also host to a new fire station, Robin Ventura Field, and Rotary Centennial Park. The Br... 04/03/2011

Traditions at Bradley Square Homes in Santa Maria CA - 1st Quarter 2011 Market UpdateThe Traditions at Bradley Square homes in southeast Santa Maria were built from 2003 - 2006, and are surrounded by newer shopping in the Bradley Square area, as well as other newer home developments.  The Traditions at Bradley Square offer six floorplans, 3 two story models and 3 one story models.  The floor plans begin at around 1800 square feet and end around 3000 square feet.    These homes are within walking distance to shopping centers which include popular new restaurants such as Panera Bread, Starbucks, Natural Cafe, and Yanagi Sushi. Also close are Albertsons, Food Maxx, Wal-Mart and Home Depot. The Traditions development is at the center of some of the best new shopping in Santa Maria.  The Ho... 04/03/2011

River Oaks Homes in Santa Maria CA - 1st Quarter 2011 Market Update River Oaks is a newer subdivision of homes located in northeast Santa Maria. Building began around 2001 and there are at least 5 different floor plans. The subdivision is home to Taylor Elementary School which lies at the center of the development, a man-made lake, and direct access to riverbed adjacent biking and walking trails.  There are two one story plans, both are 3 bedroom 2 bath homes which range from about 1400 sq.ft. to 1600 sq.ft.; the two story plans begin at about 1900 sq.ft. and go up to at least 2700 sq. ft., depending on the options the original owner selected. Some of the two story models have 3 car garages, one plan has a downstairs master bedroom, and at least one of the other plans had a downstairs g... 04/03/2011

Pacific Crest Estates Homes in Santa Maria CA - 1st Quarter 2011 Market Update Local developer, Inland Pacific Builders, began construction on Pacific Crest Estates homes in 2005.  Pacific Crest is conveniently located on the south end of Santa Maria and is a short 20 minute drive to the main gate of Vandenberg AFB.  The one and two-story homes include three to five bedroom plans, two to four car garages, grand master suites, spacious kitchens, and vaulted ceilings.  The homes range from 1,200 to 2,500 square feet in size.  Pacific Crest floor plans are among my favorites built in Santa Maria.  There have been a number of short sales and foreclosures in Pacific Crest as many of the homes were sold at the height of the market. This translates into significant discounts on homes that are ... 04/03/2011

La Ventana Santa Maria CA -- 2011 Market Update The most exciting news about the La Ventana development in Santa Maria is the fact that it will soon be a gated community.  I think this is a good decision and will improve the desirability of the neighborhood overall.  There are many buyers looking for a gated community in the Santa Maria and Orcutt area, and the La Ventana community has a lot to offer:  a beautiful community club house and pool, generous floor plans, gorgeous luxury town homes, and a convenient location near Marian Medical Center.  Lately, there have been quite a few sales lately in the development. Recent La Ventana Townhome Sales: 1757 Bilbao Dr. 12/15/10 1674 sq.ft. 3bed/2bath Builder Sale $280,000 1726 Bilbao Dr. 12/30/10 2143 sq.ft. 3bed/2.5bath Foreclosure $240,000... 04/01/2011

February 2011 Santa Maria CA Sold Home Market Review* February 2011 February 2010 39 Santa Maria CA Homes 47 Santa Maria CA Homes Average Sales Price $237,738 Average Sales Price $216,472 87 Days on Market 63 Days on Market $131 per square foot $142 per square foot 16 Santa Maria CA Foreclosure 22 Santa Maria CA Foreclosures 11 Santa Maria Short Sales 13 Santa Maria Short Sales * Stick built SFR. Zip codes 93454 & 93458 only.  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 real estate market. 03/27/2011

Will the Bank Pay My HOA Dues As a Part of My Short Sale? The short answer is maybe.  Often once Santa Maria CA homeowners are no longer able to make their mortgage payments they throw in the towel on paying taxes, insurance, and HOA fees too and this can complicate a short sale.  Each one of these can be a big mistake for different reasons, and I will write another post about the payment of taxes and insurance in the future.  However, potential short sale sellers should be aware that the payment of past due HOA fees can loom large.  Now of course, if you don't have the money, you don't have the money -- I understand that.   But that also supports my other advice for Santa Maria short sale sellers -- start early.  If a financial hardship is imminent, you should be aware that your lender... 03/26/2011

Is "Lease to Own" A Scam? We took the Aerial Tramway up the last time we were in Palm Springs.  While up there, we met a cute young couple who live in Southern California.  We joked, took pictures, and shared appetizers before we raced out to catch the next tram down.  Of course I gave them my card.  The girlfriend decided to give me a buzz today because she noticed that the back of my card indicated that I help people buy foreclosures and short sales in my area, Santa Maria CA and Orcutt CA.  She wanted to run a lease option scenario by me.  Unfortunately, she didn't have the name of the company on her.  But some company approached her about a rent to own arrangement where she would give them $160 and they would give her access to a database of homeowners who instead of getting a forec... 03/19/2011

January 2011 Santa Maria CA Homes Update January 2011 January 2010 34 Santa Maria Homes 32 Santa Maria Homes Average Sales Price $214,563 Average Sales Price $207,046 81 Days on Market 80 Days on Market $141 per square foot $137 per square foot 18 Santa Maria CA Foreclosures          16 Santa Maria CA Foreclosures 6 Santa Maria Short Sales   10 Santa Maria Short Sales * 93454 & 93458 zip code only.  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 real estate market. 02/12/2011

Do I Have the Right to A Short Sale? Often these days I am asked by potential short sale sellers whether they have the "right" to a short sale.  Hmmmm.  As in a constitutional right to a short sale?  No...not yet at least.  I know there is a lot of talk these days about loan modifications and short sales in the media and on the streets.  But, it is important to know that there are still no guarantees about the short sale process.  In order to better answer that question though, I would like to clarify that there are at least two types of short sales.  One is a "traditional" short sale and the other is run through the HAMP/HAFA process.  If the lender who holds the first mortgage on your home has agreed to participate in the HAMP/HAFA program, you might have the "right" to be considered ... 02/07/2011

Short Sale vs. Foreclosure:  The Foreclosure That Wouldn't End Can a foreclosure go on and on?  Unfortunately the effects of it can linger.  Right now in California, we have very favorable anti-deficiency laws protecting home owners from being pursued after a foreclosure or a short sale.  However, there are still limits to those protections.  Homeowners weighing their options should consult with a competent attorney and CPA before deciding on bankruptcy, short sale, loan modification, deed in lieu of foreclosure, or a foreclosure.  Recently, I met with a prospective buyer who had a foreclosure four years ago and would like to buy again.  Most lenders I chatted with said that given the time frame it would not be a problem as long as everything else was in order.  However, everything else... 02/07/2011

How Can I Do A BPO When I Don't Know Anything About the Property? Yeah, I know I can be a stickler.  And, I take BPO assignments mostly just for fun.  Doing BPOs occasionally provides me with information about what the process is like, it is paid research about my market, and it also helps me to appropriately criticize BPOs on my own files.  I had a good thing going with one BPO company for awhile, but I must have received a bad remark on a file that I turned back in due to a sudden conflict of interest.  Since then I've been on the open market for a new BPO provider, and it is interesting to see how other companies handle their BPOs.  I have already had the experience of not being paid for my work, and on my most recent BPO I was penalized because I insisted on getting accurate informa... 02/06/2011