Lake Forest 2 Homes & Neighborhoods

Values in the Oaks have declined substantially since their highs of a few years ago.  The current pricing is now in the low $400,000s to mid-$500,000s range.

Greenbelt in The Oaks

The record for the smallest model, the “A” plan with 2 bedrooms + den and 1560 square feet, sold for $684,900 in July of 2006.  For the “B” plan, with 3 bedrooms and 1700 square feet, the record price was $698,000 in February 2006.  The “C” plan, with 4 bedrooms & 1880 square feet, sold for $690,000 in March 2005.  The rare 2-story “D” plan, with over 2100 square feet,  completely missed the big run-up of prices, (none came on the market in 2004, 2005, or 2006) and the highest price ever paid was $532,000 in October of 2007.

All homes in the Oaks have ground floor bedrooms, and gated entries, so they have always appealed to those who want privacy and the convenience of not having to climb stairs regularly.  Although the Oaks is not age-restricted, it has always been very “senior-attractive” and the turnover of homes has always been less than other neighborhoods in the area. 

The Oaks YTD Sales Report 8-02-2009

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Parkwood Estates has been pretty quiet this year, but that is not unexpected since they are some of the largest (and most expensive) homes in the Lake Forest II Association.  There are currently 3 homes that I am aware of that are in the early stages of foreclosure.  They may be able to get a loan modification, or they may come on the market as short sales, or foreclosures. 

One bank-owned “Ontario” floor plan with a pool has sold for $545,000 after 17 days on the active market, one “Geneva” was listed at $674,900 and expired after 77 days on the market, and one other “Geneva” listed at $549,900 to $599,900 is currently in escrow after 13 days on the market.

Update 8/1 – a new listing came on today that is not a short sale, or a foreclosure.  It’s the largest model (the “Superior”) with 2,976 square feet, 4 bedrooms upstairs, and a bonus room.   It is “teaser priced” at $449,000 and may not be shown until Saturday 8/8.  Agent remarks say to bring your best over-list price offer.    It doesn’t back up to a busy street, so even if it’s a wreck inside, it should attract multiple offers, and the one with the biggest down payment and shortest escrow period will probably win.  I am betting that it closes around $535K. 

Parkwood Estates YTD 8-1-2009

About Parkwood Estates

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