2009 June | Live Lake Forest

Cheapest REO $60,000

The foreclosures on the market today are selling quickly, and at the moment, our inventory is the lowest that I’ve seen in the last year with a total of only 405 bank owned properties on the MLS for all of Orange County.

The low end of the REO menu is priced at $60,000 for a one bedroom condo in Laguna Woods (previously known as Leisure World), and the highest priced one is $3,299,000 for an 8,700 square foot custom home in the guard-gated Covenant Hills section of Ladera Ranch. I like the photo best on the 3rd most expensive REO, so that’s the one I included here. (They just accepted an offer on 5/26, so it is no longer available!)

: San Clemente Custom $2.4 million

There are currently 1,086 bank-owned properties in escrow at an average price of $330,871, or $216.51 per square foot. The average time on the market is 33 days, but ranges from 0 to 706.

Since the foreclosure moratorium ended in early April, the notices of default have increased, which will probably lead to more bank-owned homes coming on the MLS in the next few months. The buyers who have been waiting and think that they can buy a bank-owned home for 50% of market value, will be disappointed. In the last 90 days, there have been 2,297 closed sales of REOs in Orange County ranging in price from$39,900 up to $2,450,000 . The average sale price is $320,507 and that is 97% of the list price.

Click here to see what REOs are available in the South County cities

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