From the category archives:
Price: $529,000
Style: Single Family Residence, Ranch, Traditional
Bed: 5 Bath: 3
Stories: Two Levels
Year built: 1996
View: Tree top view
ASqFt: 2,100
ALot Size: 3,814
Parking: Direct Access Garage, Driveway, Attached Garage
For more information on this property, click here.
Contact Nick Roshdieh today if you are interested in this property!
-Nick Roshdieh
eVantage Real Estate
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Lake Forest CA Short Sale Success Story – Case Study #19: The team of experts at ShortSalesASAP, closed another short sale listing in Lake Forest, CA, which will be outlined here as Case Study #19. We always eliminate certain details, and give approximate dates and dollar amounts in order to protect the privacy of the previous homeowner. This particular short sale was a 2 bedroom, 1 bath condominium, with 835 square feet of living are, and built in the early 1980’s.
The condo was originally purchase by our client in July of 2005′, for a purchase price of approximately $387,000. This top floor condo was acquired by the homeowner using a 5% down – 5/15/80 purchase money loan. The 1st mortgage loan balance was approximately $308,000 and the 2nd mortgage had a loan balance of around $58,000. Both loans were with Countrywide mortgage and the 1st mortgage was a fixed rate loan, and the 2nd loan was an adjustable rate mortgage. The total loan balance was roughly $366,000.
Lake Forest CA property values have dropped about 36% since the height of the market in mid 2006. Southern California has been hit hard by the nationwide mortgage loan crisis and the recession. The short sale property featured in this article, also dropped in price substantially by about 38% to a value of $242,000, since it was purchased in mid 2005′. This Condominium was upside down by about $125,000. The homeowners income also dropped due to the local recession, and was experiencing difficulty making their mortgage payments. They contacted us as a result of a past client reference, to conduct a short sale.
We first gathered the required documents from the homeowner which includes; 2 months of bank statement, a simple financial statement, hardship letter, Pay Stubs, and bank account balances. Our team of short sale experts review and package this information in the format that the banks request, and deliver to the banks. After some cunning negotiations by our Realtor expert Nick Roshdieh, we convinced the bank who carried both the 1st and 2nd mortgage, to a preliminary short sale approval. This Preparation Phase took about 4.5 weeks to complete, and during this time, the homeowner lived in the home as usual with no interruptions to their daily lives. Due to their hardship, they were unable to make their mortgage and lived payment free for the entire duration of this short sale transaction.
With the preliminary short sale approval in hand, we started the Marketing and Sales process for this property. This Lake Forest condo was marketed on the Multiple Listing Service, and also on the Internet but the short sale status was not displayed on any Internet advertising to the public. The listing price was initially $263,000, which was close to the market value at that time. After about 4 weeks on market, we obtained an offer for $235,000. After several counter offers, our listing Realtor, Nick Roshdieh got the buyers to agree to a price of $243,000.
Our short sale processing team, then went out to gather all of the necessary signatures from the buyer and seller, review the loan qualification status of the buyer, and we opened escrow. Our team then packaged the new purchase offer, along with required Short Sale disclosures and Buyers loan qualification paperwork, and submitted the package to the mortgage banks, to conduct the final short sale adjustments of the terms, conditions and costs.
After some tough negotiations with our expert short sale negotiator, and involving our attorney, we got Countrywide Mortgage to agree to this short sale offer of $243,000. With the final bank short sale approval letters in hand, we moved forward with the buyers closing through escrow. This last step was completed in about 44 days and this short sale was completed and closed escrow in the Fall of 2008′.
After the completion of the short sale, and close of escrow, the $366,000 total mortgage debt on the home was deleted. The homeowner was able to rent a comparable condo and saved about $800 per month. The homeowner was able to live in their home during this short sale process and did not make any mortgage payments. In addition, the homeowners FICO score was not as negatively effected as it would have been if the banks had foreclosed.
ShortSaleASAP is licensed with the California Department of Real Estate, and our services are free to the homeowner, for we are paid by the mortgage bank(s). If you have any questions regarding Short Sales, contact our team of experts at: (949) 388-3396 or drop us an email at: Info@ShortSalesASAP.com
Today in Lake Forest, CA. their are currently 444 homes nd condos actively listed for sale. Of these, 214 (48%) are attached Condos, and 230 (52%) are detached Single Family Residences.
Of these 444 properties listed for sale, 188 are Short Sales which represent 42% of the total inventory. Also, 45 of the homes and condos active for sale are Bank Owned foreclosures which represent 10% of the total inventory. The total number of distressed properties is 203, which represents 46% of total inventory.
Currently, there are 167 properties that are under contract and pending in escrow in Lake Forest, California. Of this total, 40 properties are short sales, which represent 23% of the pending properties. In addition, there are 62 Bank Owned foreclosure homes and condos under contract in escrow, which represent 37%. The total number of distressed properties pending in Escrow is 102, which represents 61% of the total pending properties.
For the month of April, there were 74 properties that sold and closed escrow in Lake Forest, Calif. Of these, 10 properties where short sales that sold that month, which represent 13.5% of the total sales. In addition, 24 sales were Bank Owned foreclosures (REO) which closed escrow in the month of April in Lake Forest, which represent 32% of the total sales. The total distressed sales were 34, which represents 46% of the total sales.
Nestled in the rolling hills is located the large estate homes in the J.M Peters tract of Portola Hills, Ca. These fine homes were built in the early 1990’s by the builder J.M. Peters. This subdivision is located at the end of Fawn Ridge Road at the top of the hill, and many of the lots within this tract offer spectacular views.
The JM Peters subdivision consists of 62 single family detached homes ranging in size from 3,054 square feet up to 3,584 square feet, and comprise of 4 spacious floor plans as follows:
Each floor plan is a 2 story home with fireplaces, separate family and living rooms, and interior laundry areas. Some f the floor plans have a downstairs bedroom. These fine homes were built on full sized lots ranging in size around 5,500 square feet. The HOA dues are approximately $120 per month (subject to change).
The Streets that comprise of the JM Peters Portola community are named as follows: Jasper Hill Rd., Quiet Hill Ln, and Red Bluff Dr.
This subdivision is serviced by the respected Saddleback Valley Unified School district. The elementary school is Portola Hills, and the intermediate school is Serrano Middle School. The high school is El Toro High.
Due to this subdivisions popularity and the slow down in the southern California marketplace, there is currently only one home for sale in this subdivision which is currently price at $1.25 Million for the Plan 206 model. In the recent past, prices have ranged from the high $900’s to the low $1 Million.
Visit our main website to view all homes for sale in Portola Hills and Lake Forest. If you would like to see the inside of any of these homes for sale, drop us an email at: Info@OCRealtyGroup.com or give us a call at: 949-388-3396 or Text Message us at: 949-283-4679
The real estate market in Orange County Ca. has softened substantially in the past 16 months, and the same holds true for lake forest, California. The rate of sales are down to their lowest levels since the mid 1990’s and prices have decreased about 10% in the past 14 months in Lake Forest. We will analysis the price of Condos and Detached homes as compared to the peak in pricing 16 months ago.
In the past 4 months, there have been 92 condos that have sold and closed escrow in Lake Forest Calif. The median price of these 92 Condos was $390,000 and the Average price was $405,489. The Average Price per square foot was $364/SqFt and the average days on market was 68 days.
The peak of the market with regard to pricing occurred in the Spring of 2006′, and prices have pulled back from that point. We’ll compare today’s prices to the peak pricing period in 2006′ For the 4 months from March through end of June of 2006′ there were 206 Condos that sold and closed Escrow in Lake Forest CA. The Median price of these 206 condos was $423,000 and the Average price was $443,159. The Price per Square foot was $400/SqFt and the average Days on Market was 51 days. These figures translate as follows: The median price has decreased by about 7.8%, and the Average price has decreased by about 8.5% and the price per square foot has dropped by approximately 9% fir attached Condos.
For detached Single Family Homes, there were 106 homes that sold and closed escrow in the past 4 months. The median price was $703,900 and the average price was $730,191. The average price per square foot was $365/SqFt and the average days on market was 64 days. Now let’s compare these figures to the Spring f 2006′. For the period of March through the end of June of 2006′ there were 205 detached single family homes that sold and closed Escrow in Lake Forest CA. The median price of the 205 homes was $727,900 and the average price was $744,132. The average price per squar foot was $400/SqFt and the average days on market was 46 days.
These statistics result in the following: The median price has dropped by about 3.3%, and the average price has decreased by just 1.9%. On the other hand the price per square foot has dropped by 8.8% in the past 16 months.
Why the big discrepancy in the home pricing numbers you may ask ? Simply put, the Median and even more so the Average price calculations, can be skewed by changing buyer habits from one period to the next. The current fact is that there are more higher price and larger detached homes selling today then lower priced smaller homes… and back 16 months ago, the reverse was happening. That’s why we use the price per square foot as a much more accurate barometer.to the movement of prices.
For Active homes currently lsite for sale, there are 319 detached home on the market currently in Lake Forest, CA. These detached homes range in price from $455,000 for a 2 bedroom, 2.5 bath, 1,074 square foot home on Rue Fontaine in the Foothill Ranch area. On up to $1,975,000 for a 4 bedroom, 3.5 bath, 4,300 square foot lake front estate on Erie Ln in the Lake Forest Keys tract. The median price for these 319 homes in $699,900.
Currently there are 9 homes that are currently pending in escrow. These home range in price from $598,900 for a 3 bedroom. 2.5 bath, 1,500 square foot home on Skylark Dr. in the Meadowood Homes tract, up to $919,900 for a 5 bedroom, 3 bath, 3,200 square foot estate on Milwood Rd. in the Crestmont subdivision. The median price for these 9 homes is $629,900.
For attached condominiums, there are 290 condos that are Active for sale. These condos range in price from $215,00 on up to $1,550,000 for a Lake Front condo. The median price for the condos listed for sale is $387,900. There are currently 25 condos that are pending in escrow in Lake Forest, CA.. These prices range from a low of $224,000 up to $679,900.
If you would like to see the inside of any home listed for sale in Lake Forest, CA., please feel free to contact us at: 949-388-3396 or email us at: Info@OCRealtyGroup.com To view all Lake Forest homes for sale online, click here to visit out MLS Search webpage.
Pheasant Creek Condos in Lake Forest, CA. is a beautiful and tranquil community located close to the corner of El Toro Rd. and Marguerite Parkway and is just down the street from the internationally known Saddleback Valley Church. This condominium community was built by Sterling homes and construction began in 1980 and the last condos were completed in 1983. This fine community contains 256 condo units and boasts of a meandering creek with waterfalls that runs throughout the neighborhood.
Pheasant Creek condos incorporate 3 basic floor plans and each floor plan has an upper and lower option as listed below:
Every Condo has an laundry area within each unit, and some of the units come with a detached enclosed garage. The association includes a sparkling pool, heated spa, tennis courts and basketball courts. As of the date of this article the association dues are approximately $280 per month (subject to change) and include water, trash pickup, hazard insurance and general exterior maintenance.
Because of their relative affordable price and great location, Pheasant Creek condos in Lake Forest, CA. have been popular with first time home buyers. Buyers can use conventional financing as well and 3% down FHA loans, 0 % down Veteran (VA) loans and the CalHFA (CHFA) loan. The CHFA loan program is a little known loan government subsidized program geared for first time home buyers (ie; can’t have owned a home in less then 2 years) which provides 0% down financing at below market rates amortized over 30 years. For example, on the day of this article, the fixed interest rate was 6% with Zero down payment.
Today, there are 11 Pheasant Creek condos active for sale ranging in price from $276,000 for a 1 bedroom, 1 bath unit up to $375,000 for a 2 bedroom, 2 bath, 950 square foot floor plan. Also on this day, there are 5 condos sold In Escrow in Pheasant Creek that range in price from $270,000 for the 1 bedroom, 1 bath, 710 square foot floor plan on up to $368,000 for the 2 bedroom, 2 bath model.
In the past 6 months, there have been 13 Pheasant Creek condos that have sold and closed escrow. These condos ranged in price from $262,500 for the 1 bedroom, 1 baht, 710 square foot plan, on up to $380,000 for the 2 bedroom, 2 bath floor plan. The median price for these 13 condos was $285,000 and the average price was $310,926. the average price per square foot was $363/SqFt and the average days on market was 61 days.
Pheasant Creek in Lake Forest, CA. is serviced by the award winning Saddleback Valley Unified public school district. K through 6th grade classed are conducted at the Montevideo elementary school. The middle school in La Paz Junior high school and the upper classes are conducted at Trabuco Hills High School.
If you would like to view all homes listed for sale in Lake Forest, please visit our website at: Lake Forest Real Estate. If you would like to get more information about the CalHFA zero down loan for first time home buyers, please email us at: Info@SearchOCHomes.com
The real estate market in Lake Forest CA. has slowed down substantially from a Sellers market 10 months ago to a Neutral market today. The Months of Inventory is a common statistic used to indicate the strength of any residential real estate market. Currently, the months of inventory for detached homes in Lake Forest is standing at about 4.4 months, and 4 to 6 months is considered to be a Neutral market. The months of inventory for attached Condos in Lake Forest is now 5.3 months.
Currently there are 200 detached homes for sale in Lake Forest. The lowest priced detached home is a 2 bedroom. 2.5 bath, 1,250 square foot home priced at $549,000 in the Brittney tract of Foothill Ranch. The most expensive detached house for sale in Lake Forest California is a 4 bedroom, 4.5 bath, 4,100 square foot home priced at $1,399,000 in the Montbury tract. The Median priced home is $759,000 and the Average price of these 200 homes is $777,974. The average days on market is 47 days, and the average price per square foot is $420.
Today, there are 68 detached homes under contract In Escrow in Lake Forest. The least expensive home is a 2 bedroom, 1 bath, 943 square foot home for $525,000 in the Countryside tract. The most expensive home In Escrow is a 4 bedroom, 2.5 bath, 3,300 square foot home for $1,324,900 in the Montbury tract. The Median home price for these 68 homes is $740,000.
In the past 90 days, there have been 147 detached homes that have sold and closed escrow in Lake Forest, CA. The least expensive home was a 2 bedroom. 2,5 bath, 1,256 square foot in the Brittany. The most expensive home sold that closed escrow in the past 90 days in Lake Forest was a 4 bedroom, 4 bath, 3,312 square foot estate for $1,070,000 in the Crown Pointe community. The median price of the homes that have sold is $730,000 and the average price was $749,667. The average days on market was 47 days and the average price per square foot was $391/SqFt.
For attached Condominiums, there are 205 Condos currently for sale in lake Forest. The least expensive condo is a 1 bedroom, 1 bath, 685 square foot home for $264,000 in the Aliso Creek tract. The most expensive Condo was a 3 bedroom, 2.5 bath, 2,190 square foot attached Lake Front home in the Villa Del Lago tract and is part of the Sun and Sail Club. The median price of the 205 condos is $424,900 and the average price is $438,288. The average days on market is 54 days, and the average price per square foot is $410/SqFt.
At this time, there are 57 condominiums under contract In Escrow. The least expensive Condo in escrow is a 1 bedroom, 1 bath condo in the Pheasant Run community. The most expensive Condo currently in escrow in Lake Forest is a 5 bedroom, 3 bath, 2,562 square foot attached home for $1.480,000 on the Lake Front. The Median priced home is $430,000 for the 57 condos in escrow.
In the past 90 days, there were 144 condos that have sold and closed escrow. The least expensive Condo that has sold is a 1 bedroom, 1 bath, 710 square foot home for $285,000 in the Pheasant Creek tract. The most expensive Condominium sold is a 4 bedroom, 2.5 bath, 2,350 square foot attached home on the Lake Front for $8700,000 in the Lake Terrace community. The median priced Condo sold in the past 90 days was $428,000.
Even though the local real estate market has slowed down, it is still decent market to both buy and sell in. To view all Homes for Sale in Lake Forest, visit our website at: Lake Forest Real Estate.
Technorati Tags: Lake Forest, Orange County, Homes
The City of Lake Forest, CA. boasts of the popular Sun and Sail Club which is located by the intersection of Lake Forest Dr and Toledo Way. The Sun and Sail Club is by private membership and is made available to the home owners in the surrounding area that are part of the association. The Sun and Sail Club of Lake Forest has many amenities such as: Lake with sailing, boating and fishing, 6 tennis courts, 3 swimming pools, Jacuzzi, complete exercise gym, large clubhouse, tot lot, Volleyball court and more.
There are currently 20 detached single family homes for sale that have membership to the Sun and Sail Club. These homes range in price from $649,900 for a 3 bedroom, 2 bath, 1,256 square foot home, on up to $1,025,000 for a 2 bedroom, 2 bath, 1,700 square foot lake front home in the Lake Keys tract. The median price for these 20 homes is $750,000 and the average price is $790,000. The average days on market is 55 days, and the average price per square foot is $439/SqFt.
The homes in this area were constructed by various developers and builders in the 1970’s. One of the fine communities that is part of the Sun and Sail Club is Park West Estates. The homes in ParkWest were constructed by the prolific builder S & S Homes starting in 1978 and completed in 1981. Park West homes comprise of 9 distinct floors plans as follows:
Each fine home incorporates a family room, 2 car garage, fireplace and more. Park West Estates incorporate the following street names: Alice Ave., Angela St., Anette Ave., Cindy Ln., Heidi Ave., Hoi Cir., Kathy Ave., Mae Cir., Mimi Ln., Sandra St., and Tina Pl.
Park West Estates is serviced by the award winning Saddleback Valley Pubic School district. Grades K thru 8 are serviced by Aliso Elementary school. The middle school is Serrano Intermediate school, and the upper classes are serviced by El Toro High School.
If you would like to view all homes for sale in Lake Forest, please visit our website at: Lake Forest Real Estate.
Technorati Tags: Lake Forest, Orange County, HomesThe Orange County Register just reported that the recent National Crime rate survey published by Morgan Quitno Press ranks Mission Viejo and Lake Forest in there list of the top 10 safest cities in America. This crime survey evaluates medium sized cities throughout the USA with populations from 75,000 to 100,000. The survey evaluates nearly 700 cities across America that have a population size from 75,000 to 100,000. This is no surprise to the locals and the city police department, for Mission Viejo has been ranking in the top 10 for eight years in a row, This Morgan Quitno Press survey is based upon six crime statistics which are: Burglary, Homicide, Rape, Aggravated Assault, Robbery and motor vehicle theft.
The extremely low crime rate is one the many attractions why peopl choose Mission Viejo and Lake Forest as their home. Aliso Viejo, Laguna Niguel, Dana Point and San Clemente also have comparable low crime rates but are not included in this Morgan Quitno Press survey since the populations are less than 75,000.
Yes, south Orange County has is all… Ocean close neighborhoods, beautiful homes on rolling hills offering many views, near perfect weather, close proximity to high paying jobs, award winning public schools, clean air, all types of outdoor recreational activities within a short drive, and has some of the lowest crime in America. The only thing we’re lacking is affordable homes, but with all of the above going for it, it’s no wonder houses are priced where they are.
If you would like to view online any home listed for sale in Orange County, just visit our website at: Orange County CA. Real Estate.
