At one of my open houses last weekend, I was overhearing a conversation between two sets of buyers. Buyer A was busy telling Buyer B that foreclosures are skyrocketing here and therefore there will be some good deals happening and pricing going down. Just in case this rumor is circulating around by this overconfident person or others, foreclosures are certainly not skyrocketing. Not by a long shot. Just to make sure, I double checked my source before I posted this today. There are a total of 18 pre-foreclosures or properties with actual foreclosure action. Just 18. Not 180 or 1800. 18. I don't know about you but I'm not feeling like 18 is a threat to our collective values here. Plus, several of them on the list have been on there for years. Yes, years! There are 18 total. 7 are in pre-foreclosue so they have missed some payments and the bank has filed a Notice of Default but have not yet moved to foreclose. The remaining 11 are in actual foreclosure with dates planned ..... which change all the time. There are all manner of ways you can keep the ball in the air and get extensions, bankruptcy being the most used tool. There are others that astute attorneys employ to keep banks from foreclosing. And in reality, most of the time, unless you have a lot of equity, banks don't want your property. As soon as they own it, the bank starts spending money on field services to secure the property, warding off squatters, hiring real estate agents, buying appliances and anything else the prior owner took with them, paying off tax liens and the like. They don't want it so often we see postponement after postponement. Sometimes for years. So I'm not too worried about our measly 18 properties on the foreclosure list. Some may go to the auction on the courthouse steps but so far, the valley has seen very little of that in recent times.
1678 Eucalyptus #A, Solvang (2/3 condo) 475K Let me get the best part said up front. This is an end unit. In this development, as in many, the end unit has an extra big back yard. Check it out ... you actually need a lawn mower, that's how generous this condo back yard is. The #2 reason end units are so good (maybe #1 for you) is the added extra light and privacy from no neighbor on one side. You get windows on the sides that the interior units don't have and nobody to make noise or peek over your fence. Nice sized living room with a fireplace and two sliders to the back yard, tasteful kitchen, nice bathrooms. Attached garage. Very spacious at over 1400 square feet. HOA here is $410 per month.
370 Beech Court, Buellton (3/2 on .18) $711,900 21 days on market.
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Sharon Currie | Realtor DRE#01357602
Berkshire Hathaway Home Services BRE#01317331
Physical: 2933 San Marcos Ave #102, Los Olivos
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