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Upper Price Points Still Stalled in Las Flores
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.
Ironically, even with the abundance of active short sale listings, there have been no short sales that have successfully closed in the prior 30 days. There are currently 5 short sales in escrow. These can be in escrow for as much as 6 months, so we can expect the number of short sale closings won't be dramatic in the coming days. As a matter of fact, the MLS notes only 2 short sales have successfully closed year to date in Las Flores, the last one was 2/17.
The highest closed sale in the last 30 days is in the Avelino ... more

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