Las Flores is an upscale community of 1,339 homes nestled in the soft rolling hills of South Orange County, just north of Ladera Ranch, east of Mission Viejo, west of Wagon Wheel & Coto de Caza and south of Rancho Santa Margarita.  There are 14 builder tracts within Las Flores:  Avalino, Bel Flora, California Somerset, Greystone Arbor, Magnolia, Sea County, Springfield, Summit at Las Flores, Sundance, Traditions, Veranda, Vista Pointe Estates, Warmington Oaks, and Wyngate.

There are currently seventeen Active Listings reported by SoCal MLS.  Of these seventeen, seven are listed as short sales, a couple of which are in default and heading quickly toward foreclosure.  Another two properties listed as standard sales indicate that there is a potential for short sale depending on the offer amount.

In the past month (mid-October to mid-November) there have been five homes sold:

Avalino Homes:

• 19 Willowbrook Lane - 3 Bedroom / 2 1/2 Bathroom / 1700 square feet (closed 1/31/08 for $520,000)
• 9 Acorn Ridge - 3 Bedroom w/ loft / 2 1/2 Bathroom / 1700 square feet ( closed  11/12/08 for $525,000)

California Somerset Homes:

• 23 Woodsong - 5 Bedroom / 2 1/2 Bathroom / 2200 square feet (closed 10/23/08 for $662,000
• 46 Castletree - 5 Bedroom / 2 1/2 Bathroom / 2300 square feet (closed 11/6/2008 for $640,000
• 39 Castletree - 4 Bedroom / 2 1/2 Bathroom / 2400 square feet (closed 11/12/2008 for $725,000

Las Flores home values have dropped signicantly in the past year, and while the market still flounders, the free fall decline appears to have abated.  The volume of closed transactions has increased, although a significantly higher number of these are short sales and bank owned homes.  Prices are finally getting to the place where buyers are starting to warm to the idea of purchasing. 

Las Flores is slightly newer than some areas of Rancho Santa Margarita and was built at a time when builders offered a wide variety of upgrades and buyers had the money and the desire to keep up with the Joneses. As a result, today's buyers may be able to find upgrades in place when they purchase a Las Flores home.

For more detailed information about the Las Flores Community or the housing market in Rancho Santa Margarita and South Orange County, please contact me.