Market activity in Lake Forest finally seems to be starting to show some signs of life. We are still substantially below our historic levels of 90 – 100 sales per month, but have made some significant improvement since the miserable numbers in January and February this year. The “Distressed” properties (foreclosures and short sales) make up almost 60% of the available inventory, so if you are looking for a home to live in and need a quick answer to your offer along with “move-in” condition, the pickings are slim!
Prices now start at $135,000 for a one-bedroom foreclosed condo that last sold for $250,000 in 2005, using 100% financing. It has now been on the market for 35 days at that price. The interior photos show it to be in pretty rough condition – with missing flooring, and doors off their hinges – if those photos are showing the best parts of the property, I’m afraid of what the rest of it looks like!
Current state of the Lake Forest Real Estate Market (includes all property types) :
Active : 335 Range : $135,000 – $1,800,000
Current REO listings : 44
Current Short Sale listings : 154
Total Distressed : 198 (59% of Active!)
In Escrow : 106 Range : $144,342 – $1,400,000
Closed in April : 50 Range : $165,600 – $830,000
Average : $493,219 ($285/sqft)
On Hold : 19 Range : $144,900 – $949,000
New Listings in April : 104
Expired, Withdrawn, Cancelled in April : 54