The Nipomo California real estate market is piping right along with 15 sales in the last 30 days. Of those sales, 4 were short sales, and 8 were bank owned properties, so foreclosures are the dominating force in that market currently. A total of 143 homes and condos are active or contingent. Contingent in this market usually means that the it is a short sale that has received at least one offer that is waiting on bank approval. Fifty eight (58) of the active listings are listed under $500,000, and 16 are listed over $1,000,000. There are 28 short sales listed as active and 22 bank owned (REO) listings.
If you are interested in buying property in Nipomo, please feel free to give me a call at (805) 878-9879 or send me an email at tni@mintprop.com. And, you can always search for Nipomo properties on my website www.CentralCoastRealEstateSearch.com. I will be happy to send you a list of available properties, including foreclosure properties. Nipomo has a great deal to offer those who are interested in golf course communities, a rural setting, homes on acreage and/or horse properties. I would be happy to help you find your Nipomo dream house.
Tni LeBlanc, JD, M.A. , e-PRO
Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com
www.SellMyNipomoHome.com
www.MintProp.com
www.YourMonthlyMint.com
www.SantaMariaRealEstateBlog.com
www.CentralCoastRealEstateSearch.com
*Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or 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.
Are we beginning to turn the corner on foreclosures on the central coast? The number of notices of default ("NODs") filed in both counties marked a sharp decline last month.
For example in Santa Barbara county, in the proceeding 8 months of 2008, the number of notices of default averaged about 302 notices per month, and in August the number of NODs filed was 269. However, in September 2008 that number dropped almost 60% to 112. Prior to that month, the lowest number of NODs filed in one month in SB county was 266 in July 2008, so 112 appears to be quite a significant drop. Further in San Luis Obispo county, foreclosure statistics follow this pattern as well. In June, July, and August 2008, the average number of NODs filed was 156, whereas the number of NODs filed in September 2008 was 88. This marks an almost 45% drop from that previous 3 month average.
Of course one month's stats are only a small part of what is going on in the local housing market. It may indicate that lenders are simply too backed up to file NODs in a timely fashion, or that lenders are doing more loan modifications and workouts with borrowers instead of filing foreclosure actions, it could also mean that we are on the downslope of this trend. And of course, it could be a combination of all those things. If you are interested in receiving additional foreclosure market information, please send a request to me at tni@mintprop.com, or call me at (805) 878-9879.
Tni LeBlanc, JD, M.A. , e-PRO
Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com
www.MintProp.com
www.YourMonthlyMint.com
www.SantaMariaRealEstateBlog.com
www.VAFBRealEstateSearch.com
www.CentralCoastRealEstateSearch.com
*Based on the information from the Stewart Title's Foreclosure Market Summary. Mint Properties does not guarantee or is in any way responsible for its accuracy. Data provided may not reflect all real estate activity in the market.
There is a tremendous amount of interest in buying second homes in this market. Due to the financial crisis and housing crash, some are taking the opportunity to buy a vacation home on the central coast. Although, we have most certainly seen significant price reductions, foreclosure activity is relatively low in Pismo Beach, Arroyo Grande & Grover Beach compared to the nearby northern Santa Barbara communities of Santa Maria, Orcutt, & Lompoc.
When examining the market for single family homes and condos, the Pismo Beach market has 111 active listings, and only abut 10% could be classified as a foreclosure or pre-foreclosure (8 short sales and 4 REOs). Approximately 15% of the active Arroyo Grande market are foreclosures (189 active listings, 16 short sales and 15 REOs). And, almost 25% of the Grover Beach market is similarly affected with 15 short sales, and 7 bank owned properties out of a total of 95 active listings.
In the past 30 days since September 11, 2008, of the 9 sold listings in Pismo Beach, none were foreclosures. In Arroyo Grande, there were 30 sales, one of which was a short sale, and 9 bank foreclosures. So, one third of the sold activity in Arroyo Grande was foreclosure driven. In Grover Beach, 40% of the sold inventory (10) was either a short sale (3) or an REO (1). So, the few foreclosures that are present in these markets are being snapped up at a high rate.
I specialize in helping people buy foreclosed properties; my background as an attorney is a tremendous asset in this market. If you would like a list of REO and short sale properties in the Pismo Beach, Arroyo Grande or Grover Beach market delivered to your email account, please send me an email at tni@mintprop.com, or feel free to give me a call to inquire about a specific properties' status (805) 878-9879.
Tni LeBlanc, JD, M.A. , e-PRO
Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com
www.MintProp.com
www.YourMonthlyMint.com
www.SantaMariaRealEstateBlog.com
www.VAFBRealEstateSearch.com
www.CentralCoastRealEstateSearch.com
*Based on the information from the Central Coast Regional MLS & Lompoc Valley MLS. Neither the Association, the Multiple Listing Service, or 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.
The Santa Maria and Lompoc real estate markets are currently dominated by foreclosure listings. Of the 663 active listings for homes/condos in the Santa Maria - Orcutt area, approximately 25% (165) are bank owned properties (REOs), and about 50% (339) were short sales. Similarly in the Lompoc - Vandenberg Village active market for homes and condos, there are 198 total listings, and 20% (39) were REOs and 40% (81) were short sales. This means that 75% of the active market in Santa Maria and 60% of the active market in Lompoc and its surrounding areas could be classified as either a foreclosure or a pre-foreclosure. Certain trends or practices are becoming fairly routine in this market (and in many cases contributing to buyer fatigue):
1) Properties listed as "active" that are not actually available. The local boards have taken the position that unless a written contract signed by both the parties is in the broker's hands, the property should still be listed as active. Because of the bureaucracy of dealing with a bank, it can take weeks to receive signed documents back. During that time the property is still being marketed as active, but in fact they have a verbal acceptance on the property. I disagree with the decision to leave these properties active; but that does not change the practice. This is very frustrating for buyers as they research active properties that are not truly available.
2) Underpriced listings. Yes, properties are actually being listed too low by some banks to attract an intense amount of interest. Two recent examples come to mind, in both instances the bank priced a property almost $100,000 below its current market value and as a result received over 25 offers. This is becoming fairly common tactic, although to a lesser degree than the example given, and many times results in REOs being bid up slightly past the reasonable market value. It is a smart tactic for banks, but it creates a frenzied atmosphere for buyers.
3) The "Highest & Best" counter offer. Instead of countering to buyers individually, (which many times would be impractical with so many offers), banks will simply issue a request for a buyer's "highest & best" offer. This puts the buyer in the position of bidding in the dark against their own first bid. For all they know, they are the highest bidder, and are simply increasing their bid even more. This has also contributed to a stressful environment for buyers. Sometimes, the "winners" of these highest & best contests walk away from their winning bid simply because they don't feel like a winner after they've won!
4) Sitting on an offer until multiple offers are received. When the techniques above don't work, sometimes banks will try to create a competitive situation by sitting on an offer until they receive multiple offers, and then issue a "highest & best" call. I've witnessed situations where there was one buyer and that buyer could not receive a response to their offer for 2 weeks until another offer came in, and the bank then requested both buyers to sign multiple counter offer paperwork. The buyer was understandably furious. Some banks are upfront about the practice and disclose in their listing information that they will not look at any offers the first week their listing is active.
Overall, these effective tactics work for bank sellers but burn out buyers very quickly. Many buyers simply drop out of the foreclosure market. It is a difficult market to buy, but not an impossible one. I have tips and strategies to help you navigate the current market for foreclosures in the Santa Maria and Lompoc areas. Please feel free to give me a call at 805-878-9879; I would be happy to answer any questions you may have about the local real estate market.
Tni LeBlanc, JD, M.A. , e-PRO
Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com
www.MintProp.com
www.YourMonthlyMint.com
www.SantaMariaRealEstateBlog.com
www.VAFBRealEstateSearch.com
www.CentralCoastRealEstateSearch.com
*Based on the information from the Central Coast Regional MLS & Lompoc Valley MLS. Neither the Association, the Multiple Listing Service, or 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 are approximately 34 active or contingent condo listings in the Orcutt CA area, and the average list price centers around $220,000. This does not include HUD properties, which are not listed on the local MLS, or for sale by owner units. The most expensive Orcutt condo currently listed is a 2 bedroom 2 bath luxury townhome unit in Foxenwood Garden Villas which is selling for about $699,900. Contrast those prices with the nearby Santa Maria condo market which has about 52 active or contingent listings with an average price around $140,000, with the most expensive being a luxury townhouse in Somerset Gardens listed at $385,000.
So, the prices in Orcutt tend to be higher than in Santa Maria. Buyers and local residents cite higher test scores in Orcutt schools as one reason the area is preferred over others. Some Orcutt locations offer more of a rural or rustic feel than in the City of Santa Maria. Orcutt is also close in proximity to Vandenberg Air Force Base. Typically, when newly transferred personnel are searching for off base housing, they consider both the Lompoc and Orcutt areas as they both offer a short commute time to Vandenberg AFB.
Of the 34 units on the Orcutt condo market over half (18) are short sales, and 9 are bank owned properties. So, this market is currently dominated by foreclosures and "pre-foreclosures." This offers special opportunities for buyers. The condo market has seen tremendous price recession locally as the prices must compete with first time home buyer homes which now begin in the mid $200,000's in the Orcutt area. For example, in the Village of Northpoint, which offers residents a lovely secluded setting, a tennis court and pool, there are currently two bank owned units. A 4 bedroom bank owned unit in escrow with an asking price of around $215,000, and a 3 bedroom REO which is still sitting on the market for about $240,000 with no takers thus far. The monthly HOA fees in this gorgeous development range around the mid $200s.
If you would like a list of Orcutt condo foreclosures delivered to your email account, send a request to email@mintprop.com, or if you are coming for a visit to look for housing, I can arrange a personal tour of Orcutt's condo developments, please contact me at (805) 878-9879, I will be happy to assist you.
Tni LeBlanc, JD, M.A. , e-PRO
Broker/Owner
Mint Properties
(805) 878-9879
tni@MintProp.com
www.MintProp.com
www.YourMonthlyMint.com
www.SantaMariaRealEstateBlog.com
www.VAFBRealEstateSearch.com www.CentralCoastRealEstateSearch.com
*Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or 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
Independent real estate broker and attorney.
Tni LeBlanc's family has lived on the central coast for over 20 years. In fact, she was
born in Santa Barbara County. The family returned in 1986 to open a restaurant in the Santa Maria Town Center, and consequently witnessed the tremendous growth that
has taken place in this valley in the last 20 years. Tni attended local schools and began her college education right here at Allan Hancock College in Santa Maria. In 1992, she moved to Atlanta, Georgia to pursue her Bachelor of Arts degree from Clark Atlanta University, which she received, summa cum laude, in 1995.
Subsequently, Tni obtained a law degree and a Master of Arts in philosophy from Georgetown University. After graduation, she began practicing law in Washington D.C., with one of the nation's largest law firms, but always had her eye on returning to California. preparation for that, she took and passed the California Bar on her first sitting. In 2000, she was nominated for and received a "Distinguished Alumni Award" from her alma mater, Allan Hancock College. After a few years of working for Fortune 500 clients, Tni made the move back to the Santa Maria Valley. Soon after her return in 2002, she obtained her broker's license, and began her transition from attorney to real estate broker. In order to solidify her training, Tni initially chose to work with one the largest local real estate firms, and then later with an independent broker here on the central coast. Later, she branched off to create her own brokerage, Mint Properties.
In July 2006, Mint Properties opened an office in the Mission Creek Plaza on
Santa Maria Way . Tni's stated aim is to offer the highest quality representation and professional service to her clients. Independence affords her the ability to avoid a
volume driven approach; the result is prompt, reliable, individualized service coupled
with straightforward advice. Indeed, she brings the same level of professionalism to real estate as she did to the law. Her clients range
from sophisticated long term real estate investors to first time buyers. And the diversity of services offered by Mint Properties reflects her legal background; she handles all manner of real estate transactions from commercial leasing to probate sales and purchases.
Tni maintains her commitment to and involvement
with the local legal community by serving as a board member for the Legal Aid Society of Santa Barbara County, and has pledged to make a donation to that organization upon each real estate closing. Legal Aid is committed to providing access to the legal system
to victims of domestic violence, elder abuse, and housing discrimination. In support of the local business community, Mint Properties joined and is
a proud member of the Santa Maria Valley Chamber Commerce. In her spare time, Tni enjoys classical singing, ballroom dancing, and has begun a love
affair with all things Italian. She just became the proud owner of the best little dog in the world, a Pomeranian named CocoPuff.
Purchase and sale of:• single family residences• homes on acreage• lots and land• condominiums• townhouses• multiple family residences• apartment complexes· commercial office buildings
· self-directed IRA purchases
· first time buyers
Areas serviced include:• Santa Maria• Orcutt• Nipomo• Guadalupe• Los Alamos• Santa Ynez• Solvang• Buellton• Los Olivos• Lompoc• Oceano• Pismo Beach• Grover Beach• Shell Beach• Avila Beach• Arroyo Grande
TESTIMONIALS
From start to finish, Tni made our first home buying experience manageable. During our initial meeting, when she took us to see properties that met our budget and preferences, we valued her perspective into the ins and outs of Santa Maria real estate. We appreciated her willingness to answer our questions about the home buying process, which helped up prepare for each step in advance. Her honesty and ethics coupled with her positive attitude encouraged us through the ups and downs of closing. It was Tni's persistence that carried us through; her daily contact with everyone involved in our escrow kept us right on schedule. With Tni, we always knew we had someone on our side, making the road a little less bumpy. Patricia and Ted Lazowski
Orcutt, California
What I admire most about Tni is her level of integrity. She went the extra mile for me to ensure that I was fully informed about the properties I was viewing, the local area, and property values. In a declining market, agents stand to make less and less on real estate transactions because their commission is based upon the sale price. Even so, Tni was just as motivated to get me the best deal she could as I was. She was very diligent about checking comparable values, right up to the last minute, to ensure that our offer was in line with the market. Because of her effort in this regard, she saved me over $10,000.
Tni is unstoppable. She connected with me nearly every day to keep me up to date about my transaction. She stayed on top of the seller's agent to ensure that timelines were met. I had a particularly difficult seller and dealing with them required extra paperwork and extreme diligence, which Tni provided with a smile. Because of her legal background, she was able to further ensure contract compliance on both sides of the table and stay on top of my contractual obligations so that the transaction went as smoothly as possible.
Tni stands out on a personal level as well. Not only does she provide legal savvy, integrity and diligence, but she is a joy to work with because she is so cheerful and positive. She laughs easily and often. She handles difficult people (including me) and situations with professional poise. She is generous with her time. And it is obvious that she loves not only the industry and profession in general, but that she takes joy in helping people achieve their dreams. When it's time to sell, I'm definitely going to call her. I hope that you do the same.Tracy Griffin
Arroyo Grande, California
As a first time home buyer, I thought I didn't need my own agent when I bought a new condominium from a developer. After I signed the purchase contract, I realized that was a mistake. I made a few minor requests concerning the closing and the builder flat out refused them! Only then did I realize, that no one was working for ME in the transaction. Basically, I was saving the developer the cost of a commission and receiving no real representation in exchange! Because of her expertise, I consulted with Tni. She reviewed the contract language and was able to help me negotiate a $6000 reduction in the purchase price. I will NEVER try to buy a home without my
own agent again! Thanks, Tni! Terri Stroud
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