Market Conditions for Lake Forest California February 2008

Like most of Orange County, Lake Forest has a lot of homes for sale right now.  “Distressed” properties currently make up 44% of the total 357 properties available, with 116 short sales and 40 foreclosures.  Due to the long wait times for lender approval of short sales, most of these are being ignored by the buyers, and many of the foreclosures aren’t realistically priced until after the banks have let them sit on the market for over 60 days.  With 62 homes now under contract, if the distressed properties are taken off the list of availables, the remaining properties represent a little less than a 5 months supply, which puts us closer to a more “balanced” market.

The good news is that there are real buyers around, and they are purchasing the homes that are priced and presented well. Of the 111 properties that have come on the market since the first of the year, 12 have already sold and closed escrow.  There are 2 homes that I personally saw come on the market in the last month, that were clean, staged, available to show, and priced competitively, and they both sold with multiple offers in the first few days!

Single family home prices now start at $409,900 for a 3 bedroom, 2 bath bank-owned home.  There are 33 now listed at $500,000 or less.  The highest priced home is on the lake front, priced at $1,595,000.  Condo prices now start at $164,900  $153,640 (as of 2/24/08) for a 1 bedroom foreclosed property.  There are 13 available today at less than $200,000.

For details about any neighborhood in Lake Forest, please call me or send me an email.   If you would like to search for homes without having to register, click here.

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2 responses to “Market Conditions for Lake Forest California February 2008

  1. What a difference in price from one year ago.

  2. The market there makes me feel better about Northeast Ohio’s market. For some reason I didn’t think they would be so similar. Of course the prices are typically less here, but I’d take California over Ohio anyday.

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