Lake Forest sellers are having a tough time adjusting to the realities of today’s market. There are currently 421 active properties in the MLS, and 95 of those (22%) are either foreclosed or short sales. The short sales, in many cases are not really available because it is unknown in if the mortgage holder will agree to discount the loan to avoid foreclosure.
The pricing now starts at $194,900 for a single story, one-bedroom condo that is bank-owned. There is now a 2-bedroom, 2 bath condo available for $224,900, that is also a bank-owned property. A 2-bedroom townhome, with almost 1200 square feet and a single car garage is available as an “approved short sale” for $289,000. The best condo on a price-per-square foot basis is another bank-owned 4 bedroom, 2.5 bath, with 1550 square feet for $369,900.
The lowest priced single family home is now available for $438,900 and it appears to be in attractive condition. (It is not a short sale, or bank-owned!) There are currently 7 other single family homes priced under $500,000 available today.
With interest rates at the lowest level in over 6 months, and competitively priced homes becoming available, I am predicting the activity level to pick up significantly in the near future. I don’t believe the prices will drop enough to attract many investors, but for owner occupants, the outlook is the best I have seen for a long time!
I specialize in Lake Forest, but work the entire Orange County area, and know of many competitively priced properties in other Orange County cities. If you have been waiting for some good buying opportunities, please contact me (Vicki@VickiLloyd.com) as soon as possible to help you find the right one!