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market conditions: Short Sales Still Plaguing Las Flores - 09/01/09 09:35 AM
The Bad News Unfortunately, the short sales in Las Flores are abundant at all price points. Short sales comprise nearly half of all the inventory - 7 of 15 current active listings. The bulk of them (5) are in the $500 to $750 marketplace. The one big failing in my video post is the lack of mention in the short sale closings - there are none in the last 30 days. It's important to note because of the abundance of active homes and those in escrow that are short sales - in 30 days we haven't had 1 short sale … (2 comments)
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market conditions: Upper Price Points Still Stalled in Las Flores - 04/28/09 01:35 AM
Las Flores continues to suffer some of the same conditions we are seeing in the overall South Orange County market - very little activity in the upper price points, a large number of short sales, and very low bank owned activity.
As of today, there are 23 homes on the market in Las Flores and 10 of them are short sales, and presently there are no bank owned homes active. Unfortunately, I'm fully expecting the foreclosures to increase in the next 30 to 120 days (refer to my post on OC Real Estate Voice) and subsequently bank owned listings to increase.
… (1 comments)
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market conditions: Market Update for Las Flores - 04/01/09 09:46 AM
As March comes to an end, it's time to do a quick recap of the active inventory on the market in Las Flores, as well as examining what has sold. Because the price point has a big impact on what is currently moving, I've broken it down by price point and distress sales.
Take note that while the bank inventory is currently at zero, it will come back. The moratorium on Notice of Defaults ended (which is the first step in the foreclosure process) and sadly, the NOD filings are back to previous levels. Stay tuned for more on that.
Please … (1 comments)
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market conditions: Microscope on Mission Viejo - 03/13/09 10:37 PM
Today the microscope is on Mission Viejo. (BTW Dear Friends/Readers, if you find this number crunching downright boring - stay tuned. I always come back to the conversations that are much more fun than this! :)
So many of the media numbers focus on Orange County performance, but real estate performance can vary dramatically within our large county and particularly at various price points.
I'm going to spend the next several posts breaking down each of the South Orange County cities to give you an idea of local performance. Whether you are buying, selling, or just keeping an eye on your … (0 comments)
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market conditions: Las Flores Market Update - Slow Sales - 02/24/09 06:43 PM
Las Flores is not unlike many communities these days in Orange County. We are plagued by low demand and a good deal of short sale inventory. Short sales are when the encumbrances/loans against the property are higher than today's market value plus costs of sale.
Currently we have 19 Active Listings in Las Flores. Of that inventory, we have no bank owned homes presently and 8 homes, or 42% of the inventory, are short sales.
Consumers that have actively been looking understand the challenges today with short sales and unless they are very attractively priced, they generally shy away from them. … (0 comments)
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market conditions: It's a Buyer's Market - Or Is It? - 11/25/08 02:09 AM
My last post had quite a heated debate on Active Rain (which I dig BTW). How do you educate clients about when to buy?
I did some research for a client tonight. The findings are important to share with readers here. If you are a serious buyer or seller, this information is telling. Please stick with the tedium of the stats because the story it tells is meaningful.
My particular buyer is looking in Mission Viejo between $450,000 and $550,000. He wants a single family residence. With that criteria, I hit the MLS looking for a picture of where we really … (4 comments)
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market conditions: "Real Estate is Back" - 11/13/08 09:10 PM
Maybe.
I remember in the early stages of the boom, there were whispers of a 'bubble'. By 2005, it had turned into a dull roar. In 2006, economists were shouting at us while many of us were turning a deaf ear, convinced that this market was an exception. I know - not you - just the rest of us. :)
Today, I'm hearing whispers of a different sort. There are signs (albeit very small ones) that there is a light at the end of the tunnel. The Wall Street Journal reported today that a CNBC 'talking head' announced that "Real estate … (7 comments)
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market conditions: Why Orange County Median Home Price May Fall another $75,000 - 09/08/08 06:36 PM
If you take a look at some of the neighboring counties in So. California, it's interesting to map their history.
Take a look at Riverside County (Light Blue) or San Diego County (Purple). Both of these areas are back to early 2003 pricing. Where is Orange County (Dark Green)? We're still at May 2004 pricing.
Suppose we found ourselves at early 2003 pricing in Orange County; that could put us under the $400,000 mark for a median home price. Interesting...but is it possible? Given the current housing and mortgage climate, I think so. Stay tuned....
For the original post go … (4 comments)
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market conditions: 40% of California's 2nd Quarter Sales Were Foreclosures - 08/04/08 10:05 AM
'Foreclosure frequency in O.C. looks pretty good vs. the rest of the state, where 40% of second-quarter sales had previously been through a foreclosure (And it was 73.3% in Merced!)', according to Jonathon Lansneron his Orange County Real Estate Blog. He also stated that Orange County didn't look too bad by comparison. 25.1% of OC sales 'were residences that had been involved in a foreclosure in the previous 12 months'.
Unfortunately, the numbers are likely to get worse before they get better. The nice pick up in the market that we saw in May and June(characteristic of some summer buying activity) had … (6 comments)
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market conditions: Market Conditions in Rancho Santa Margarita - 05/28/08 05:44 PM
The short sale condition in South Orange County continues to have a severe impact on our market and on prices. Until some of the Bank Owned and Short Sale inventory diminishes - we will continue to have pressure on prices.
That being said, you can see from the following graphes that the # of escrows is on the rise. Whether that is temporary seasonal buying, or an actual improvement in our market remains to be seen but I suspect the former.
If you break down the inventory by price, the number of distress sales is even more alarming in the … (0 comments)
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