Lake Forest Market Conditions 1/2/2008

The Lake Forest real estate market is pretty quiet right now, and I don’t expect it to pick up much before our traditional spring start of the home buying season – Super Bowl Sunday, which will be February 3rd this year.

The condo prices start at $189,900 for a one-bedroom bank-owned home.  A two-bedroom is also available from a bank for $209,900 and the least expensive three-bedroom is priced at $289,900.  There are a total of 152 condos and townhomes available today. 

Single family homes now total 192, with prices ranging from $449,900 up to $1.8 million.  There are currently 14 houses priced under $500,000 and 15 homes priced over $900,000.  Ten of the properties at the high end are on the Lake Forest II lake front, and the others are in either the Montbury Estates neighborhood or Normandale Heights. 

The current available inventory is a little lower today than over the most recent few months, due mostly to lots of listings that expired or were withdrawn the last few days of the year.  Many of these will probably come back on the market as “new listings” within a few weeks – many with a new listing agent and a new price.  Out of the 350 actives, the distressed segment of the market makes up about 40%, with 39 homes that have been foreclosed, and 101 that are offered as “short sales” and require bank approval to sell for less than the current owners owe on their mortgage.

If you are considering selling your Lake Forest home, or any other home in Southern California, you need to make sure it is priced at today’s value and forget about what your neighbor sold for in 2005!  The mortgage market has tightened up, and the rare buyers who can qualify for a loan are pickier than ever!

Note : I will be adding my year end review of the 2007 Lake Forest real estate market in about a week to allow time for all the end-of-the-year closings to be reported to the MLS. 

To search Lake Forest, or any other area in Orange County, please check my search page.

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