Lake Forest 2 Homes & Neighborhoods

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The homes in the Indian Hills neighborhood are currently priced from $559,900 for a 4 bedroom + loft bank-owned REO, up to $729,000 for the same model, not owned by a bank.  They each have a 3 car garage, and are in fairly good locations.  The bank-owned home, not surprisingly, needs some work, but the price @ $218 per square foot makes it one of the better values on the market today.

Here is the Year to Date report for Indian Hills

Lake Forest II homes are not immune to the conditions of the real estate market.  So far this year, 35 (1% of the total HOA) bank owned (REO) properties have been offered for sale in Lake Forest II.  Today, we have 6 homes available in the active status, 8 in escrow, 1 on hold, and 20 that have closed this year.  (There may be a few more that I missed, because listing agents didn’t check the right box that they are bank owned.)

The pricing has ranged from a low of $240,000 for a 3 bedroom condo in Lakeside Park, to $724,900 for a lake front attached home in the “Villas” neighborhood of Lake Forest Keys. 

Here is the year-to-date Lake Forest II REO Activity

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It looks like the first closing in the Oaks neighborhood this year will be a bank-owned home.  It is one of the 4 bedroom single story homes that came on the market on August 22, priced at $474,900, and went in to escrow on September 15.   Since it was on the market more than a week, I will bet that the sale price will be somewhat less than asking.

When this closes, it will not help the comps for the other 5 listings that are on the market, but that is the state of our real estate market today.  Bank-owned homes have made up over 41% of all closings in Lake Forest for the most recent 90 days!

 Year to Date Activity for The Oaks

Here is a link to other posts about The Oaks

The homes in Lake Forest Keys are a lot less expensive this year than last!  A short sale was just posted as closed today at $725,000 for a home that had sold almost exactly a year ago for $1,250,000!  That is definitely not good news for the comps in the neighborhood.  It was the first distressed home on the waterfront that has closed this year, but there is also a bank-owned waterfront that came on the market about 10 days ago at $763,900.  Several listings have been cancelled recently as those who don’t have to sell are deciding to wait for better times.

I just figured out how to embed Google Maps into this blog, so I will be adding them for each neighborhood!  Here is the one for the Keys : (You can click on it to zoom in for a close-up)

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Click below for the latest market report of all real estate activity this year in the Lake Forest Keys neighborhood:

Lake Forest Keys Homes YTD 9/02/2008

Do you want to search for other homes?  Click here to view all 14,000+ homes in the MLS!

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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

Do you want to search for other homes?  Click here to view all 14,000+ homes in the MLS!