Lake Forest in Orange County is often described as the entrance to South Orange County with a diverse selection of communities, including Lake Forest North and South, Baker Ranch, Foothill Ranch and Portola Hills. The median price point of single family detached home for Lake Forest as a whole in 2015 was approximatly $690,000 as of November 2015. However there were a record number of higher end properties that closed escrow this past year.
In 2015 there were 19 homes that sold for over a $1,000,000. Out of the 19 total homes 6 were sold in Baker Ranch, 10 in Lake Forest and 4 in Portola Hills. Interesting there were no homes in Foothill Ranch sold in this price category... which honestly surprises me.
Below is a listing of the 10 most expensive homes sold in Lake Forest 2015!
The above 10 homes sold in the following Lake Forest communities: 5 Baker Ranch, 4 Lake Forest, 1 Portola Hills.
The average home sold was 2902 sq. ft with 5 bedrooms and sold for $1,254,880 and was only on the market for 70 days. Average price per square foot was $438.20. The most expensive home was a new home in Baker Ranch for $1,625,888.
Comparing 2014 vs. 2015 Lake Forest had a 48% increase in $1,000,000 sales volume with an average increase of 16% in sales prices. There were only 10 homes sold in 2014 over the $1,000,000 price point and the average price per square foot was $371. Lake Forest homeowners should be pretty happy with these price gains.
What can we expect in 2016..? With the continued low inventory of resales and the launch of the new luxury estates, The Oaks in Portola Hills, which are anticipated to launch at approximatly $1,000,000 for 2600 and go up to 5200 square feet, I would anticipate similar volume for 2016...
In addition, 2016 will be the perfect year for move up buyers looking for Estate Properties but want to stay in the area. Most recently residents looking for Estate homes would relocate to other areas in the Saddleback Valley as the selection of homes was limited. With the addition, of Baker Ranch and The Oaks, this opportunity opens up.
Remember if you are looking to buy new, but need to sale your current home... Speak to your Realtor first. They should be able to develop a strategy with the builder to ensure all sides of your transaction are being looked after. Of course... Our group is here to assist you with any questions.
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