Lake Forest 2 Homes & Neighborhoods

I have downloaded the lists from several sources of foreclosure data, but I can see many discrepencies that will need more analysis. Some of the properties labeled as “bank owned” were actually purchased by investors. Some of the properties that are scheduled for auction, are in escrow, or have already been sold as short sales, but the records have not yet been updated. And a few are in the middle of loan modifications. It takes some digging to get an accurate picture of what is really going on out there!

The gross data right now shows troubled homes by neighborhood :
Forest Creek – 14
Indian Hills – 5
Lake Forest Keys – 8
Lakeside Park – 7
Lake Park West – 10
Parkwood Estates – 3
Parkwood Estates 2 – 5
Park Place – 2
Prairie Ridge – 4
Ranchwood – 3
Serrano Ridge – 9
Serrano Woods – 3
The Oaks – 4
The Woods – 5

I’ll work over the data and figure out the actual status on each neighborhood tomorrow!

The foreclosed homes in Lake Forest have slowed in recent months, probably due to the new California law that requires lenders to document their attempts to work out the loans with the delinquent borrowers.  Today, there are only 35 REO homes in the active status on the MLS.

Here is the list of the 4 that are within the Lake Forest II association.  I linked this directly from the MLS so that all the photos will show for each listing.  This link will automatically update if the listing status changes and it will expire and no longer work in 30 days.

There are several other bank-owned homes that will be coming on the market soon, after the banks figure out what price to put on them.  If you think you may be interested in buying one of these homes, you will need to be pre-approved by the bank’s favorite lender, and you will have to accept the house in “as is” condition.  Sometimes the “as is” simply means that it is dirty and needs new paint and carpet, but I have also seen a few lately that need serious (and expensive) repairs.  Having a home inspected by a professional home inspector is highly recommended!

PS – I will be hosting an Open House tomorrow afternoon, so if you are out and about, please stop in and say hello!

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There are currently 5 active listings in The Woods neighborhood.  Two of them are bank-owned, 2 are short sales, and 1 is a traditional owner occupied listing.  The 2 bank-owned homes are priced at $519,900 and $630,000.  The one at $519,900 was in escrow, but fell out yesterday.  The other bank-owned home appeared to be aggressively priced for the large size (2912 square feet) and good cul-d-sac location when it first came on, but when I went through it, I saw that there has been some (probably water) damage to the hardwood floors, so the expense involved to repair it may be substantial. 

Real Estate Activity in The Woods of Lake Forest II in California

Other Posts about The Woods

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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

After 6 months of no activity in the ParkPlace neighborhood, we finally have a new listing!  Unfortunately, it’s a bank-owned foreclosure that backs in to the corner of Lake Forest and Serrano.  The list price is $549,900 which isn’t too bad for a 2600 square foot home with a pool.  I haven’t looked at it yet, so I don’t know the actual condition inside. 

The history on this home is interesting – it last sold in February 2002 for $401,000 after 55 days on the active market.  At that time, the home had a wood shake roof, which was old enough that its age probably affected the final sale price (lower.)  Here is the photo used on that listing :

Sold 2002

That buyer refinanced the home several times over the next few years, taking out cash each time and spent some of that cash on a new roof, which is mentioned in the details of the listing that was offered last year at $835,000 then later reduced $795,000.  There was no sign on the property, no lockbox, and to view it, you had to make an appointment with the owner, but there was no phone number to call the owner.   Not surprisingly, that listing expired unsold.  The photo below is what showed as the only photo on the MLS for this home that now had a new roof :

Expired 2-28-2008

Today, that same house in on the market as an REO.  Knowing that banks don’t paint or landscape foreclosed homes, I’m now wondering if the last listing agent ever even drove by the home that he had listed for $795,000!  (Actually, since there was no sign or owner phone number, I am wondering if he ever had a valid listing!)  Here is the current photo provided by the bank’s agent: 

Bank owned home - 4 bedrooms + loft + pool: $549,900

There has still been only one closing this year in the Ranchwood neighborhood.  There are currently 3 homes in escrow: 2 bank-owned homes and 1 short sale that has been waiting for lender approval since mid January.  The 2 active listings are both short sales.  

Ranchwood Homes Sales Report

Lakeside Park currently has 6 active listings on the MLS – 5 of them are short sales, and one is a bank-owned foreclosure.  Of the 4 properties in escrow, 3 are bank-owned and one is a short sale.  The closings have all both been foreclosed properties so far this year.

Lakeside Park Year-to-Date Real Estate activity 5-23-2008

View other posts about Lakeside Park