It's not realy an alternate - but I think it should be mentioned. Most time you have this kind of code during initialization. So why not use this:
StatusProgressBar spb = new StatusProgressBar() {
IsIndeterminate = false,
Visibility = Visibility.Visible,
Minimum = 0,
Maximum = 100,
Value = 50
};
So if you only want to save typing during object creatio, this is the way to go. No performance penalty (no delegate, or extra variable instance needed).