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Santa Maria Orcutt Luxury Foreclosures: Homes & Real Estate Update

October 15, 2010

Santa Maria-Orcutt Luxury Foreclosures Real Estate Update


Santa Maria Orcutt Luxury Homes $400,000 – $500,000

Elkhorn Estate

Elkhorn Estates

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.

Santa Maria Orcutt Luxury Homes $500,000 – $600,000

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.  

Santa Maria Orcutt Luxury Homes $600,000 – $700,000

Oakhill Country Estates

Oak Hill Country Estates

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. 

Santa Maria Orcutt Luxury Homes $700,000 and up

*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.

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