Lake Forest

Lake Forest Real Estate Report from 2012

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In November 2012, a report on real estate in Lake Forest, California was released, and it showed that the real estate market there was improving. This came at a time when inventory was dwindling down and multiple offers were driving sales prices above the list prices. This indicated that great bargains wouldn’t be hard to come by and very difficult to find.

The report revealed that the volume of sales was up by 27% during the previous three months compared to the same period in 2011. At that time, there were 39 properties that were in the active status category, with eight of them being foreclosure properties or short sales properties. Also, with sales the way they were, the number represented a 20 day supply.

The lowest price was $180,000 for a two-bedroom condo with two bathrooms and a single carport. The highest price was $890,000, which would have gotten you a four-bedroom home with four bedrooms, as well as a pool and a three-car garage. As for the neighborhood, this would be in the Montbury section.

At that time, we expected the inventory of homes to continue dropping, due to the holidays approaching and most sellers would have probably wanted to wait until January to start selling their homes. In fact, the lowest number of homes available for sale in any given year is in December, and then sale start to slowly go back up once January arrives. This is why they were predicting this was going to happen in the November 2012 report.

If you wanted to sell your home, then you should know that it has been a long time since we have had a fast-moving market. 2012 was actually a good time to consider selling. You might have been able to sell your home fast.

Just make sure you choose to work with a highly skilled and reputable realtor. They will create a strategy that will help you sell your home. Don’t forget to use resources such as realtor.com and Yelp.

Housing Info on the Lake Forest Neighborhood of Forest Creek

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The largest Lake Forest neighborhood is Forest Creek. It has 596 single family homes. These houses range in size from 1,585 square feet single story homes up to 4-bedroom 2-story homes, with a bonus room that is more than 2,700 square feet. There are a couple of homes that come with 3 car garages. However, most of them have a standard 2 car garage included.

There are several mini-parks in the Forest Creek neighborhood, in addition to entry monument signs and private streets. The neighborhood’s homeowners own and maintain these features. The 2012 HOA dues are $103.50. This pays for the operations and services at the Sun and Sail Club, in addition to maintenance for the neighborhood’s streets and greenbelts.

The neighborhood has a very friendly character, which is apparent when you drive through it. You frequently see houses decorated for Valentines Day, 4th of July and Halloween, in addition to the traditional holidays. Due to all of the speed bumps, level streets and cul de sacs, many families that have children are attracted to Forest Creek, although there are also some long-term “empty nester” owners living there as well.

In 2012 the price ranges were high $300,000 up to mid-$600,000.

Rancho Canada is the elementary school that has been assigned to the Forest Creek neighborhood. It is a very good school that has won several national and state awards for excellence.

June 2012 Market Update For Lake Forest

The real estate market recovery is really in progress now! Between the low inventory and low interest rates (at approximately 3.5% on 30 year fixed mortgages), buyers are coming out in droves to bid up prices on houses. It is the norm now for there to be multiple offers, especially on condos priced under $300,000 and single family homes for less than $500,000.

For houses sold during the month of May, the average price was $370,533 (at $230.26 per square foot) and the median price was $368,000. The 29 “distressed” house sales (bank-owned and short sales) sold at $205.24 per square foot on average. Non-distressed houses sold at $250.41 per square foot on average.