Focus On South Side Lompoc

The south side of Lompoc has long had a little bit of a cachet. It's generally a desirable area, with some very nice established neighborhoods. There are a broad range of property types here, mostly single family houses with some multi-family mixed in, along with a few condo complexes. This is "Old Lompoc" - there are several homes in this part of town dating from the first few decades of the 20th century. But there are a lot of boom-era 1960ish homes here, as well as neighborhoods here that were built in the 70's and 80's. We also have one big new construction development, Crown Point.

For the purposes of this report, I'm omitting Crown Point (which I covered in the newer construction a couple of weeks ago) and condos. Let's take a look at the activity:

We have 11 active and 4 contingent listings here as of today. As is true for most of the market, a big chunk of these are distressed properties - 4 REO's and 4 short sales. We have 5 pending units, all of which are REO's. Over the past three months, we've seen 8 sold units, including 3 REO's and 3 short sales. The foreclosures were slightly less prominent here in 2008 than the market as a whole. Of the 50 sold units in the area, exactly half (25) were REO's, and 5 were short sales.


Values here have dropped pretty much in line with the market as a whole, about 25% over the past year and about 45-50% from the peak. I expect that this area will probably recover faster than the overall market when the change comes owing to the desirability of the neighborhoods.

I'm going to tack a quick REO numbers update onto the coming Monday Morning Numbers post. Then I'll come up with something for later in the week, to be determined. I have a couple of topics in mind to break up the neighborhood/market segment focus I've done for the past few weeks.