The Lake Forest market, as well as surrounding cities in the South Orange County area, seem to be picking up the pace a little now. The inventory has shrunk some, as many sellers have taken their homes off the market for the holidays, and the prices are now noticeably lower than last summer.
I have heard from several of my agent friends that they also are feeling that the market is picking up from the doldrums, as buyers seem to be cautiously reappearing.
The pricing now starts at $169,900 for a single story, one-bedroom condo that is a short sale, and 3 other short sale or bank-owned condos are on the market priced under $200,000. The 2-bedroom condos start at $203,900 with 9 others priced under $250,000.
There are currently 9 single family homes priced under $500,000 available today. With 205 single family homes on the market, there are many choices for buyers, and "room for negotiations" on price. About 25% of the homes for sale are "distressed" with 10 available that are bank-owned REO properties and 44 that are short sales.
With the current interest rates available in the low 6% range, and competitively priced homes becoming available, I am predicting the activity level to pick up significantly after the first of the year. I don't believe the prices will drop enough to attract investors, but for owner occupants, the outlook is definitely improving.
Hi Vicki,
Good information. I too expect things to pick up after the first of the year, however I feel 2008 will still be a water-shed year for real estate and Realtors alike. Finding a 1 bedroom condo for $169,000 sounds pretty amazing to me for Orange County in general. The lowest price in our city is $275,000 for a 1 bedroom, 1 bath.