Monthly Archives: April 2008

Lakeside Park Real Estate Report 4-26-2008

Lakeside Park Homes

The Lakeside Park neighborhood has been plagued with short sales and foreclosures.  There are currently 7 active short sales on the market, 1 in escrow along with another foreclosure in escrow, and 3 bank-owned homes that have closed.

Lakeside Park Real Estate Report 4-26-2008 

Previous posts about Lakeside Park

View other homes that are on the market.  Search for homes all over Orange County, or get a Free Market Analysis Here. 

 

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Parkwood Estates in Lake Forest California

Parkwood Estates Homes

The homes in Parkwood Estates are some of the largest in the Lake Forest II community, so they often command the highest prices.  These large homes are well-located with the Sun & Sail Club, Serrano Creek Park, Heritage Hill, the Ralph’s shopping center only blocks away, and having a top-rated elementary school right within the tract. 

There are 3 homes on the active market today, priced from $775,000 to $839,000.  One home has closed at $670,000 so far this year.

Parkwood Estates Home Sales Report 4-26-2008

 

Serrano Woods Condos in Lake Forest California

The first closing of the year in Serrano Woods Condos should be coming soon.  One that was bank-owned came on the market, priced at $329,900 for the two story townhome and went into escrow almost immediately in March, so it should be closing in late April, or early May.  There are 3 condos currently in the active status on the MLS – 2 short sales priced at $269,000 and $319,000 and 1 that isn’t a short sale, but is priced at $363,000 for the upper unit that has 920 square feet.   

Serrano Woods Condos

Do you want to see other homes that are on the market?  Search for homes, or get a Free Market Analysis Here. 

Parkwood Estates II and Park Place Homes in Lake Forest

Park Place and Parkwood Estates 2 are the smallest neighborhoods (and currently the most stable) in the Lake Forest II community with a combined total of only 176 homes.  So far this year, neither neighborhood has had any real estate activity at all!  There are no active listings, no closings, and none in escrow.  The last activity for either neighborhood was during 2007 and that was only 1 home in Parkwood Estates 2!

 

 

The Woods of Lake Forest California

The Woods of Lake Forest II currently has 6 homes available on the MLS.  One of them is a foreclosed home that I wrote about on my other blog when it was auctioned in February.  After sitting vacant and neglected for over 6 months, the bank decided that an auction would be the best way to unload this property.  Apparently, the auction buyer couldn’t really qualify to buy that house, and after trying for over 2 months, finally gave up and cancelled the escrow.  The house came back on the market last Friday, but the listing agent didn’t bother forgot to put the key in the lockbox, so it couldn’t be shown until Monday afternoon!

I have had several buyers interested in this house, and two of them came very close to buying it.  Another agent, that I had bumped in to when we went to see it on Friday and found no key, told me that her client, a general contractor had later taken a look, but decided that dealing with the required repairs and upgrades, as well as removing the rat poop from the attic, were more than he wanted to deal with.  Rumor has it that the bank received several offers and, as is typical in this situation, they are now asking for “highest and best.”  I will report on this again later when  if it closes. 

The Woods YTD 4-26-2008
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Ranchwood Homes in Lake Forest California

The homeowners in the Ranchwood neighborhood that are not under financial pressure to sell, are not putting their homes on the market right now.  There are currently 2 short sales offered on the MLS, 1 short sale in escrow, and 2 foreclosures that have not yet been put back on the market.  The only closing so far this year, a 2 bedroom home with 920 square feet, looked like a bargain at $450,000 when it closed, but may turn out to be the highest $/square foot sale of the year!

Ranchwood YTD 4-26-2008

Previous posts about Ranchwood

Forest Creek Homes in Lake Forest

Forest Creek has always been one of my favorite neighborhoods in Lake Forest.  Since my kids went to the elementary school at Rancho Canada, many of their friends lived in Forest Creek, and we attended many birthday parties, and Girl Scout meetings, and we usually trick-or-treated there with their friends on Halloween.  Due to the speed bumps on the streets, and the many cul de sacs, it has always attracted more families than singles, but there are many long-term owners who are now empty-nesters and still enjoy the neighborhood.  

Forest Creek Neighborhood in Lake Forest, California

The homes along Via Del Rio that back up to Serrano Creek Park, have nice views of the forest and creek.  While visiting some friends for dinner there last night, and relaxing in the back yard, I noted that the views also included the many walkers, joggers and horseback riders who pass by on the trail behind the houses.  I asked my hosts if they ever felt a lack of privacy, due to the trail users being able to see into their yard, but they assured me that the enjoyment of their view more than offset any privacy concerns.  The additional feature/benefit that I noticed was the almost constant sound of the crickets and frogs chirping in the background.  They told me that some of their neighbors love those sounds so much that they can’t get to sleep without them!

This year, the real estate activity has been pretty quiet in Forest Creek, with only 3 closings so far.  There is one foreclosed home on the market today, and 2 others should be coming on fairly soon.  Two of these were purchased at the peak of the market, using 100% financing, and probably “stated income – liar loans.” 

Forest Creek YTD Activity to 4/26/2008

 

What other homes are on the market?  Search for homes, or get a Free Market Analysis Here.