Category Archives: Forest Creek

Forest Creek Homes

Forest Creek Homes in Lake Forest

Rorest Creek Neighborhood

Forest Creek has always been one of my favorite neighborhoods in Lake Forest.  While there are quite a few original owners who still live there, it continues to be very attractive to younger families who like the cul de sacs, the excellent elementary school, and the proximity to the Serrano Creek Park.

There are currently 7  homes for sale in the MLS, with one in escrow.  There have been 2 closed sales this year. 

Forest Creek Homes April 2009

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Vicki Lloyd

Forest Creek Homes in Lake Forest, California

There are currently 7 homes to choose from in the Forest Creek neighborhood, ranging in price from $549,000 to $699,000.  Of those listings, 3 are short sales, and 4 are traditional offerings.   One home has closed so far this year. 

While the short sales may look like pretty good values, there is no guarantee that the lender will approve the sale, and there is no limit to the time that it will take them to accept or reject it.  Short sales take a lot of patience on the buyer’s part, plus the ability to be flexible about a close date.  The listing agent also has to spend countless hours waiting on hold on the phone, trying to get through to the decision maker.  Often the “decision maker” moves to a different department and the process has to start all over again!  The best buyer for a short sale is one who is currently renting on a month-to-month basis and has a lot of flexibility.   

Forest Creek Year to Date Sales 3-13-2009

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Thanks for visiting!

Vicki Lloyd

2008 Sales

Sales in Lake Forest II were pretty slow in 2008, with the majority of them being either short sales, or bank owned.  The following reports are all PDFs and include all sales for each neighborhood in 2008.

The Oaks 2008 Sales

Ranchwood Sales 2008

The Woods Sales 2008

Lakeside Park Sales 2008

Lake Forest Keys Sales 2008

Indian Hills Sales 2008

Forest Creek Sales 2008

Serrano Woods Sales 2008

Lake Park West 2008 Sales

Parkwood Estates Sales 2008

Park Place Sales 2008

Prairie Ridge Sales 2008

Serrano Ridge Sales 2008

There were no closed sales in Parkwood Estates II neighborhood in 2008.

Lake Forest II Neighborhood Updates

There are only 31 active listings in Lake Forest II neighborhoods as of January 6, 2009 :

Forest Creek – 4 actives

Indian Hills – 2 actives

Lake Park West – 1 active

Lakeside Park – 2 actives

Lake Forest Keys – 10 actives

Parkwood Estates 2 – 1 active

Ranchwood – 2 actives

Serrano Ridge – 1 active

The Oaks – 4 actives

The Woods – 3 actives

There are currently no active listings in Serrano Woods Condos, Parkwood Estates, Park Place, or Prairie Ridge.  (If you have been thinking about selling, there is very little competition right now!) 

Lake Forest 2 Market Update 12/02/2008

I decided to update all the neighborhoods in one post today so you can see all the year-to-date activity for each neighborhood.  I am trying out a new report format, so let me know if you like it or not. 

I like this new report because it includes all the photos for each property, and will update itself if the price or status changes.  A new field called “Special Conditions” is under the property description and will tell you if the property is a short sale, or REO listing.  It also shows the $/square foot price of each property which I think may be valuable to the analytical types.  These links will all expire in 30 days, but I will provide all the new reports before then. 

Serrano Woods Condos

The Oaks

Forest Creek

Indian Hills

Lake Park West

Lakeside Park

Park Place

Parkwood Estates

Parkwood Estates 2

Prairie Ridge

Ranchwood Homes

Serrano Ridge

Lake Forest Keys

The Woods

Neighborhood Real Estate Reports 11-11-2008

Several Lake Forest II neighborhoods have had recent real estate activity, but, like the rest of Lake Forest, most of the sales have involved “distressed” properties – either short sales or foreclosed homes.

Needs some work!

Even though the national election is behind us, real estate activity is still being slowed by questions of what the economy will do, as well as concerns about the lending environment.  In California, the foreclosures have slowed noticeably, but it’s not clear whether that is because lenders are waiting to see what the $700 billion bailout will offer them, or because of California’s new law that requires lenders to document their attempts to work with borrowers before foreclosing.

It is still extremely frustrating for both buyers and sellers to complete short sales, and many times, the buyers give up and buy another property before getting a final answer.  Also, the lenders are taking so long to reach decisions regarding short sales, that the values are declining below the “approved” price, and the properties no longer appraise for value needed for the buyer’s loan!

There are currently foreclosed homes in almost every neighborhood in Lake Forest II, and the banks are pricing them to attract multiple offers.  Last month, out of 81 homes sold in Lake Forest, 40 of them were foreclosures, and 30 of those sold for over list price, and were on the market an average of only 15 days.  In reality, the 15-day average was inflated by the lender refusing to respond to any offers for the first 7 days, then giving all of those potential buyers another 5 days to re-write their offers with their “highest and best” terms.  I have represented several buyers in this type of “blind auction” bidding.  Since you don’t know how many, or how qualified the other buyers really are, the only way to respond is to think about what value would make you feel satisfied that you “won” without feeling that you were tricked into it.  It’s very difficult!

There are 12 foreclosed homes on the market in Lake Forest II neighborhoods today.  If you have a good imagination and don’t mind spending time, energy and money to update or repair a home to your own taste, one of them may be a good investment for you!  Contact me if you would like further information!

Here are the year-to-date activity reports for several Lake Forest II neighborhoods.  I will be adding the rest of them in the next few days.

Serrano Woods Condos 11-11-08

Forest Creek in Lake Forest YTD 11-11-2008

Park Place YTD 11-11-2008

Lakeside Park YTD 11-11-2008

Parkwood Estates II YTD 11-11-08

Forest Creek Homes in Lake Forest 9-02-08

Forest Creek had 2 more closings at the end of August, bringing this year’s total up to 11.  One of those sellers moved due to a job transfer, and the other one is retiring out-of-state.  Both listings sold quickly. 

In a “normal” year, we would expect around 16 to 18 of the homes in the neighborhood to sell by now, but so far, the majority of sales have been either distressed (short sales & foreclosures), or sellers who have been transfered. 

There are currently only 3 homes on the active market and 2 of them are foreclosures.  Click the link below to see all the real estate activity for Forest Creek this year :

Forest Creek Homes in Lake Forest 9/02/2008

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