Real Estate Tasting Room

Santa Ynez Valley Properties Sold in Record Time This Past Week

Published by: Doris Banchik
Published on April 15th, 2012
Categorized under: Buyer Advisory, Sellers Advisory

Is The Price Gap Closing Between Distressed and Non-Distressed Properties?

This week, the Santa Ynez Valley real estate market saw four properties going into escrow.  Two sold within 2 days of coming to market, one within 6 weeks and the last in the more typical 9 months.  Also, all four of these were regular sales, meaning neither foreclosures nor short sales. Both the short shelf life of the three and the fact that they were all regular sales is notable.

While it is too early to call this a trend, this market activity does suggest that the price span between distressed and non-distressed properties appears to be closing. Why buy a distressed property with its uncertainties, deferred maintenance and lack of significant recourse (if you discover a problem after closing), when you can buy a non-distressed property at a similar price?

This information may be of help to buyers trying to get their arms around pricing.

Went Into Escrow

2129 Village Lane, Solvang $249,950. This seemingly lovely condo on Village Lane went into escrow in 2 days as a regular sale. The Santa Ynez Valley Realtors did not even get to see this on caravan. This unit is in one of the most desirable locations in that Association and looks to have some appealing upgrades and a loft. Condos in general are in short supply, so I am not surprised by quick sale.

2909 Stadium Way, Solvang $495,000. I had written about this property in two prior posts, as it has a lot to offer those starting out or starting over. Nice clean 3 bedroom home on nearly 2/3 acre with ample space for a horse, 4-H, gardens and pool. Its location behind the Santa Ynez Valley High School is a plus for families with children; less so for folks wanting full time peace and quiet. This property was listed for about 6 weeks and was a regular sale.

2050 School St, Ballard $1,495,000. I gave a “Prelisting Alert” on this great property one month ago, thinking that this one will get snapped up fast. And it did in just 2 days. Its rare to find 10 acres right in the town of Ballard, and this one has a beautifully finished home (small), guest house and a huge hobby barn. Its like a little farm in a very desirable location. If you are in the market to buy, you might want to check out my prelisting alerts for an early showing.

1271 N. Refugio, Santa Ynez $499,000. This is the one sale that has gone in the more typical time frame, about 9 months. While it is on almost an acre with a pool, the house is very basic and the property directly effected by Refugio road noise. It will be interesting to see the final sales price.

For information on these sales or the Santa Ynez Valley real estate market, please contact me.

Cheers!