Portola Hills: Top OC spot for distressed listings

Posted on by Listify Me

The overall Lake Forest home market — older parts of the city plus Foothill Ranch and Portola Hills — had 192 residences listed for sale as of Jan. 5 with 62 new deals opening in the past 30 days.

That means, by one theory, it would take 3.10 months to sell all inventory at current pace of new escrows in the town vs. 3.65 months countywide.



That’s the buzz from the biweekly housing market report from Steve Thomas of ReportsOnHousing.com that includes the fact that Portola Hills had the county’s highest share of distressed listings.

The Lake Forest communities combined had 108 residences listedthat were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 56% of supply of homes for sale vs. 38.7% countywide.

By neighborhoods:

 

LAKE FOREST

  • 134 residences listed in brokers’ MLS system with 44 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time” (months in would take to sell all inventory at current pace of new escrows) of 3.05 months vs. 2.61 months found two weeks earlier vs. 3.49 months seen a year earlier. Countywide, latest market time was 3.65 months vs. 5.10 months a year ago.
  • Of the homes listed for sale in this community, 74 were either foreclosures or short sales. So distressed properties were 55.2% of supply of homes for sale vs. 38.7% countywide.
  • Homes for sale in Lake Forest represent 1.7% of Orange County inventory — and 2.4% of all the distressed homes listed for sale in Orange County. New escrows here are 2.0% of all Orange County’s new pending sales.

FOOTHILL RANCH

  • 42 residences listed and 9 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time”of 4.67 months vs. 2.11 months found two weeks earlier vs. 3.83 months seen a year earlier. Countywide, latest market time was 3.65 months vs. 5.10 months a year ago.
  • Of the homes listed for sale in this community, 20 were either foreclosures or short sales. So distressed properties were 47.6% of supply of homes for sale vs. 38.7% countywide.
  • Homes for sale in Foothill Ranch represent 0.5% of Orange County inventory — and 0.6% of all the distressed homes listed for sale in Orange County. New escrows here are 0.4% of all pending sales.

PORTOLA HILLS

  • 16 residences listed and 9 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time”of 1.78 months vs. 1.07 months found two weeks earlier vs. 4.00 months seen a year earlier. Countywide, latest market time was 3.65 months vs. 5.10 months a year ago.
  • Of the homes listed for sale in this community, 14 were either foreclosures or short sales. So distressed properties were 87.5% of supply of homes for sale vs. 38.7% countywide.
  • Homes for sale in Portola Hills represent 0.2% of Orange County inventory — and 0.4% of all the distressed homes listed for sale in Orange County. New escrows here are 0.4% of all pending sales.

Compare these trends to countywide patterns:

  • Cities with highest level of distressed properties among their listings? Portola Hills was tops — 87.5% — followed by Rancho Santa Margarita at 66.4% of listings and Ladera Ranch at 66.1% of listings.
  • Fewest? Corona Del Mar was tops — 4.4% — followed by Seal Beach at 4.7% of listings and Laguna Woods at 8.1% of listings.

 

 

For more real estate news, CLICK HERE! For ZIP-by-ZIP homebuying trends, CLICK HERE! And for the latest housing foibles of Real Housewives of Orange County cast, CLICK HERE!

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