Even though we are well past the melt down years around 2008, I still keep an eye on the foreclosure activity here in the valley. If you were reading this blog way back then, you might remember we had 100+ properties in some level of distress at any given time from short sales to pre-foreclosures to foreclosures. Today we have 13 on the list. Just thirteen. The low 2 digits instead of 3 digits. But "stuff" happens. There will always be some on the pre-foreclosure or foreclosure list but I for one am so glad that only a few of us "valley people" are experiencing the dismay and dislocation of a forced sale and/or move. Here is what has changed though. The way in which these properties are being sold off and the public pipeline to purchase these foreclosure properties has morphed in some cases. We still have the "courthouse steps" type auctions where its only a cash deal, no loans allowed (if you need to know the basics of how this works, let me know). Deed in lieu voluntary forfeitures can get packaged off to investors for instance and become rentals or fix and flips. In some cases properties are offered at online auctions via sites like Hubzu where in some situations you can use loans and/or sometimes specifically renovation loans to purchase these already bank owned properties. Some properties that are taken back by the bank are packaged off to investors who remodel and turn them over or are bought at auction by fix and flip investors that have cash and a lot of it. Don't assume all foreclosures will show up as bank owned listings on the MLS as fixer deals for you to purchase and remodel. That simply is not the case as much anymore. Some will surface that way but by and large, that is not the case in recent times. There are online portals to foreclosure information which cost on average around $50 per month or more which is worth it to those actively seeking deals and have cash. For most mortals out there however, its a big expense just to satisfy your curiosity. Being a big supporter of curiosity satisfaction myself, I do pay for access to foreclosure information so if there is ever a foreclosure property anywhere in our county that you want information about, let me know. I'll be happy to share what information I can get and from time to time, I'll post actual bank owned online auctions here (not still owned by the humans). In fact, and the reason for my mentioning this, Hubzu has an auction going on right now for a bank owned property in Buellton. You can click here to see that online auction information which as of this writing has about 17 hours left on it (and no, you can't see it, walk around it, look in the windows or otherwise trespass - just don't do that please as people can still be occupying). I hope in my lifetime we never see those sad days of 2008 again. With regard to the number of distressed properties in our area, I like the number 13 a lot better than 100+.
Available Now (1)
1270 Poppy Valley Road, Buellton (3/3 on 20 acres) $2,495,000 Sharon: For those of you searching for modern or contemporary, this is one of the few we have. Listed by Patty Murphy of Sothebys
Price Reduction (1)
5510 Baseline Avenue, Santa Ynez (main house plus legal second unit on 5+ acres) Sharon: Was $1,875,000 with a new price of $1,835,000. This is a listing in our own inventory. Pristine, move in condition, flat and usable with really nice views. Exceptionally private too. Many people think 5 acres will give them privacy but that is not always the case. In this location, the land is elevated with no road visibility at all. If you want move in condition and a mini ranch, this is a good one to consider. Nina: One of our own listings, this property has so much to offer - location, usable land, move-in ready home and a legal second residence. It is worth a second look or schedule a showing if you have not yet seen it. The views off the back of the property are just beautiful and you really can't beat the location, a short drive to town and easy access to the 154 - it's a hop, a skip and a jump to Santa Barbara. Listed by us!
Under Contract (1)
2110 Adobe Canyon Road, Solvang (5+ acres, land only) 745K Listed by our very own Nina Stormo!
3519 Baseline Avenue, Santa Ynez (3/2 on 1.5 acres) Sharon: Listed at 795K and sold for 685K. 98 days on market with no price reductions and closing at about 86% of list price. Sometimes it pays to make an offer. Listed by Micah Brady and Jennifer Nation of Sothebys.
20 Augusta Street, Los Alamos (3/3 on 1.03 acres) Sharon: Listed at 975K and sold final for 852K with only 16 days on market. Sold for around 87% of list price. What I said above ... never hurts to ask. Listed by Ealand and Sideris of BHHS
**Click on each hyperlink to see the listing office related to each property. Property links may not open if you are using Internet Explorer as your browser. Transactions noted here were completed by myself and other Realtors. I clearly identify those that I participated in. The hyperlink to each listing shows the listing office name if you would like to contact them directly. If you aren't already, please ask to be on my Daily Real Estate Update email list to receive the complete blog post with pics and aerials sent to you daily via email versus you having to remember to check my website or Facebook. Due to recent copyright issues, pics only appear on the email version. The identity of those on my list is not shared and I don't spam anyone. My daily updates are not a complete list of everything that happened today but instead events the general reader might find interesting or items you need to know to make good decisions. These informational items are also readily available on a variety of other sites. Readers should consult other venues of information gathering to find out more or to complete their information gathering efforts but this is a great place to start and I write every day Monday through Friday letting you know what I know. I will NEVER send you a request to wire money. If you ever receive a request from me to wire money, it is a scam. Do not reply to it but do forward it to me at email@example.com for further investigation by our company tech staff. Real estate related wire fraud is rampant worldwide.
Sharon Currie Realtor License #01357602
Nina Stormo Realtor License #01341678
Berkshire Hathaway Home Services BRE#01317331
Physical: 2933 San Marcos Ave #102, Los Olivos
Mailing: P O Box 778 Los Olivos CA 93441
p: 805.448.2727 f: 805.233.6461
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