Lake Forest 2 Homes & Neighborhoods

Here is the latest activity in the Lake Forest Keys neighborhood.  Prices now start at $539K for the smallest home on the greenbelt, and go up to $1,595,000 for the point home on Arrowhead.  There is one short sale listed now at a price of $699,000. 

One of the point homes just closed at $1,350,000 (list price had been $1,600,000) and the other one is still pending at $1,395,000.  Currently the least expensive waterfront home is listed at $929,000 for a 2100 sq ft attached home with a “main channel” view.

I have added my comments in brackets [ ] in the general description areas when a property is listed as a short sale or REO. 

Real Estate Activity in Lake Forest Keys Neighborhood Lake Forest California

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Here is the update (pdf) for Serrano Ridge :

Real Estate Activity in Serrano Ridge Neighborhood in Lake Forest California

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There are currently 9 active homes in the MLS in Lakeside Park. All of them are short sales. There are 2 in escrow that are bank-owned, and 1 has closed this year, also a bank-owned home.

Real Estate Activity for Lakeside Park in Lake Forest California (PDF)

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There are currently 2 homes on the active MLS in the Oaks, and there have been no sales or closings yet this year.   Neither of the available homes is a short sale, or bank-owned, so if you are looking for a home in this neighborhood, you should be able to make and offer and get an answer! 

The Oaks Homes YTD 3-14-2008

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There are currently 2 active listings in the MLS, and one in escrow.  Both active listings are short sales, and require the approval of their lenders to forgive some of the mortgage balance in order to be sold.  The one in escrow is also a short sale, so it may or may not close.  There have been 2 other properties offered for sale in the neighborhood this year, but both listings have been cancelled or expired, and are now owned by lenders.  They will probably be coming back in the market in the next few weeks.

Ranchwood Homes In Lake Forest II

Read other posts about the Ranchwood neighborhood here.

The 13 homes in the active status on the MLS range from $569,000 for a 3 bedroom single story on the greenbelt, to $1,595,000 for a 4 bedroom, almost 2600 sq ft point home.  There are no short sales included in the active listings at this time.  There have been 2 foreclosures in the Keys since the first of the year – both single story homes off the lake.  Neither of these has come back on the market yet, but probably will in the next month or so.

There are 3 homes currently in escrow – one single story on the greenbelt with a very nice view, and 2 point homes.  I will update the comps list as soon as any of these close.

The average time on the market for Lake Forest Keys is now running about 110 days for the 4 that have closed this year, and 112 for those that are currently active, or in escrow.

The year to date market details are available by clicking the link below:
Lake Forest Keys Market YTD 3-14-2008

Read other other posts about the Lake Forest Keys neighborhood here.

We have had 2 closings so far this year, and there are currently 3 actives on the MLS.  One of the sold homes was a bank-owned, and sold quickly (in 10 days) and the other was an agent-owned home that he priced to move quickly, which it did in 11 days!

There are couple of homes in escrow – one is a short sale, so nobody knows what will happen to it, and the other is a motivated seller who is being transferred out the the area.  Both sold fairly quickly.

The Woods Homes in Lake Forest II – YTD 3-14-08

There are 8 active listings in Lake Park West today, but no closed sales yet this year.  One home is in escrow, after 134 days on the market. 

Of the 8 actives, 3 are bank-owned, 2 are short sales, and 1 is owned by a relocation company. 

The bank-owned home on Crane was previously offered as a short sale, and I heard there were offers submitted to the bank in the $680K range.  The sellers had what appeared to be a true hardship with huge medical bills (wife’s cancer treatment) and the husband’s job loss.  If any property would qualify for a short sale, this looked likely, but the bank instead choose to foreclose.  It is now offered by the bank for $614,900.  It is really a nice house, with a good floor plan, and decent location (doesn’t back up to Lake Forest Drive.)  I will be surprised if it doesn’t sell soon.

Lake Park West YTD 3-14-08