Lake Forest II Neighborhood Real Estate & Info

The popular Forest Creek neighborhood in Lake Forest has enjoyed a slight uptick in sales this year.  The values are still substantially below the peak of 2005 – 2007, but seem to have stabilized this spring.

The first time buyer & repeat buyer tax credit program may have stimulated the market somewhat, but now that it has ended it will take a few months to be able to actually measure the true demand.

Closings in 2010 have ranged from $537,000 for a bank-owned pool home up to $700,000 for a highly upgraded home with 4 bedrooms, a bonus room, a pool and 3 car garage at the end of a cul de sac.

Both of these extremes sold very quickly.  Additionally, there were 2 investor-owned (“flip”) homes that sold within a month of reducing the prices near the final selling price.  Two other owner-occupied homes sold in under 30 days each.

There are currently 2 homes under contract. One, a bank-owned home, originally sold after 31 days but fell out of escrow and had to be re-sold.  The second one is an owner-occupied home that sold after 37 days on the market.

Active homes on the MLS today range from $575,000 to $649,900. I have visited all except the one that is a short sale, as it was appointment-only and nobody has called me back after leaving messages.  (I am guessing that they don’t really want to sell and are just going through the motions while attempting a loan modification.)  The condition of these properties ranged from “very 1976 original” to “highly upgraded.”  Some are in premium locations with views of the creek and park, and others are in more challenging locations.   They average 78 days on the market, and I don’t expect any of them to sell soon without price adjustments.

If you would like to see any of these homes, or would like an estimate of your home’s value, please call or email me soon!