The Lake Forest real estate market is tough right now - for sellers, for buyers & for agents! While there are a lot of listings active on the MLS, when they are divided up by size, price, and locations, there really isn't much to choose from. Today, out of 344 properties on the market, 58% of them are either short sales or bank-owned. The nicer homes that are in good condition are more rare, and when they become available on the MLS, there are often multiple offers!
The first quarter of the year has now ended and the preliminary numbers aren't pretty! A large number of foreclosures and short sales currently in the MLS have been dragging the values down, so homeowners who don't have to move, are not putting their homes on the market. Overall, the average price for January through March is $433,236, about 21% below the $550,502 average sale price for the same period in 2007. The price per square foot, $284 in 2008, is 25% below the $370/square foot sold in 2007. For single family homes, the average sales price of $634,850 is only 7.5% lower than last year, but the price per square foot ($309) is off about 20% from last year's $386. For condos, the average sales price of $283,115 is 28% lower than last year's $397,500, while the price per square foot of $265 is 24% below last year's $351.
Buyers - There will be good houses that fit your needs, but they just may not be available today. You still need to do your homework - get pre-approved with a reputable lender, become familiar with the market values, get to know the neighborhoods, and generally become educated so when the right property comes on, you will be ready to jump in with your best offer.
Sellers - You need to be realistic with your price range, keep the house picked up and ready to show, and make it easily available for agents to make appointments to bring their clients through. If it is properly priced and presented, you should be able to sell quickly!
I specialize in Lake Forest, but work the entire Orange County area, and have identified and described several other well-priced properties on my new blog at http://LiveLakeForest.com. If you have been waiting for some good buying opportunities, please contact me as soon as possible to help you find the right one!
ZIP Code: 92630 Location Characteristics: Lake Forest is a newer city in the South Orange County area. It is named for its man-made lakes and eucalyptus forests. Before it became an incorporated city in 1991, it was known as "El Toro", due to its proximity to the (now closed) Marine Base.
The public schools in Lake Forest are part of the well-respected Saddleback Valley Unified School District. Many are nationally recognized "Blue Ribbon" schools, or California "Distinguished" schools.
Lake Forest has the charm of a small community with the convenience of a large metropolitan city. It's the place to live the good life in beautiful, safe, well-planned neighborhoods. The environment is ideal with mild Mediterranean weather, lush green hills, groves of eucalyptus trees, lakes and style. It's family living at its finest with homes to meet all needs, including lake front homes, equestrian estates, luxury condominiums, town homes, mobile home parks and retirement communities.
The city is well-located, just inland from the I-5 and I-405 freeways, south of Irvine, and just north of Mission Viejo. It is about half way between Los Angeles and San Diego. It takes about 15 minutes to drive to Laguna Beach, 20 minutes to get to the John Wayne Orange County Airport, or the world-famous South Coast Plaza shopping center, and only about 30 minutes to Disneyland.
About Vicki Lloyd, e-PRO RealtorŪ, MBA:
I am a 4th generation California RealtorŪ and have been active as a full-time agent in the Orange County market for over 12 years. I love the real estate business and enjoy working individually with my clients to take care of ALL their real estate needs.
As an Internet certified "e-PRO RealtorŪ", I take advantage of the latest technology, including e-mail communication, digital photos, virtual tours, and web marketing. The benefit to my clients, is that they are kept fully informed and educated about local values, and regularly receive all the latest information such as current market trends, notices of new listings, mortgage rates and programs, hints and tips on home improvements, or strategies for pricing a home to sell in your preferred time frame.
I try to update this information every couple of weeks, so if you would like to be the first to know when a new report is available, send an email to * LocalReports@VickiLloyd.com *, or click in the report where it says "Ask Me a Question" and let me know which cities you would like to know about.
I look forward to hearing from you!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
