I continue to see below market pricing of foreclosure properties in the Santa Maria and Orcutt area resulting in a large number of offers which drive up the price.  Last week, a bank owned property came on the market in Old Orcutt which was listed at $189,900.  The previous owner bought the property for $469,500 in September 2004 and it was subsequently valued at $665,000 in December 2006, per a title search.  The property is over 2300 square feet on a 10,000+ square foot lot, has a swimming pool (in disrepair) and has a number of upgrades, including kitchen and bath.  It still needs a lot of work and is an ideal property for a contractor or handyman.  I showed it to several buyers and we had to wait in line for our turn.  There were multiple offers on the property and we won’t know the final price until it closes escrow, but I can assure you that it is going well over the asking price.