Portola Hills April Real Estate Snapshot!

Wow, wow, wow, the Portola Hills Real Estate Market took a turn in April and it was a good one.  What happened..... What happened.... you might be wondering...  12 homes closed escrow!! Bigger news there are only 7 homes available to purchase in Portola Hils right now!

Check out the numbers:

Active Listings: 7
Attached: 2 homes Listed:
Amenities: 2 Bedroom, 2 Car Garage
Average Sq. Footage: 1096
Average Price: $292,450
Days on the Market 71
Distressed factor: 50%


Detached: 5 homes Listed:
Amenities: 5 Bedroom, 3 Car Garage
Average Sq. Footage: 2667
Average Price: $617,700
Days on the Market 200
Distressed factor: 60%

Sold Properties: 12
Attached: 11 homes Listed:
Amenities: 2 Bedroom, 1 Car Garage
Average Sq. Footage: 1166
Average Price: $260,950
Days on the Market 50
Distressed factor: 99%


Detached: 1 homes Listed:
Amenities: 5 Bedroom, 2 Car Garage
Average Sq. Footage: 2400
Average Price: $534,000
Days on the Market 0
Distressed factor: 0%



So what do these numbers indicate!!  IT IS A SELLERS MARKET FOR PORTOLA HILLS HOMEOWNERS!! Are you thinking, really how can that be when we hear it is a buyers market? The rule of supply and demand prevail.  There is less than 1 month of inventory on the market.  5 of the homes that sold in April where sold in 0 days, meaning.... buyers waiting!!


In reality this market right now is like a perfect storm.... The demand is high for Sellers and the Interest Rate and Prices are more affordable than they have been in years for Buyers.  PS... Portola Hills also has an FHA Approved Condo complex.... So what does this mean.... You are approved for FHA buyers and many complexes currently are not approved, makes you all the more desirable.


What this market really needs is more homes!! If you are considering listing your home don't miss this opportunity.  Ask yourself is it better to have your home on the market when there is less inventory or more and more is coming.  If you are in a distressed situation, do it now, before the tide turns and it will turn..have you heard of the shadow inventory, it is real!  So there is an opportunity, right now, are you listening.  Remember, It's Possible!  


Of course, we are here to help. Contact us today for a confidential review!

March 2012 Portola Hills Real Estate Sales

Spring has sprung in the Saddleback Valley and the home buying season is jumping into full gear.  But there is a slight problem, where are all the homes?  As I type this Portola Hills only has 10 active listings and out of those listings only 1 condo..   That is less than 1 month of supply.  Generally speaking less than 3 months of inventory means it is a sellers market!! Seller's market really?

March was pretty busy for sales in the area, especially on Condo's.    We all know with the low prices, low interest rates, first time buyers have a huge opportunity to buy now.   Which is about 25% of the buyers entering the market.

However, those buyers are generally utilizing FHA financing, so they can put down 3.5%.  That is where the problem for some, but an opportunity for Portola Hills homeowners lies.   There is a severe shortage of FHA approved condo complexes in South Orange County, in Trabuco Canyon there are 3 and you guessed it, one is in Portola Hills and that is the Montecido complex.  So what does that mean, out of the 9 homes that sold in March, 4 were in the Montecido complex.  

If you are Homeowner in a condo complex, you need to be concerned with this.   The reason many homes do not qualify for FHA financing can vary for different reason, the main reason is in 2011 FHA re-certified all complexes, besides the backlog many of these complexes do not have sufficient financial reserves or the % of owner occupied might be too low, etc.  But you should be aware, especially if you are considering listing your home, as this will limit your buyer pool.  So marketing your property properly is key!

 Ok, back to the numbers, how did the month of March 2012 fair in the Real Estate world?

Active Listings:  10
Attached:  6 Home Listed
Amenities: 3-Bedroom/2-Bath/2-Car Garage
Average Sq. Footage: 1534
Average Price: $358,183
Days on the Market: 115
Distressed Factor 99%



Detached SFR:  4 Home Listed
Amenities: 5-Bedroom/3-Bath/3-Car Garage
Average Sq. Footage: 2808
Average Price: $676,225
Days on the Market: 244
Distressed Factor: 50%


Sold Properties:

Attached:  9 Homes Sold
Amenities: 3-Bedroom/2-Bath/2-Car Garage
Average Sq. Footage: 1189
Average Sold Price: $263,177
Days on the Market: 147
Distressed Factor 66%


Detached SFR:  4 Home Listed
Amenities: 4-Bedroom/3-Bath/3-Car Garage
Average Sq. Footage: 2538
Average Price: $543,750
Days on the Market: 90
Distressed Factor: 99%


Contact us today, to determine if your complex is approved for FHA Financing or how to market this as a strength when listing your home.

If you live in an FHA Approved Condo Complex it is an excellent time to list your home.  The rules of supply and demand rule here!!  The supply is lacking the demand is high!!

It is going to be a busy spring, the phone is ringing, buyers are buying, investors are searching it is a great time to move up to the home you were thinking about and guess what we are here to help!!

The above information is provided as an opinion only and deemed reliable but not guaranteed.

More Houses for Foothill Ranch, Portola Hills and East Lake Forest

So have you heard.... the City of Lake Forest is considering 3 new housing developments in Foothill Ranch. These are in addition to the already 4100 homes approved by the city that include Portola Center in Portola Hills and the Baker/Shea development off of Bake/Alton.

Below are the details of the planned new developments:

• 700 Apartments to be located on the former El Toro Sand/Gravel Mining Company near the 241 and Rancho/Portola Parkway.
• 151 Condominiums located and 75 single-family "motor-court" located at the auto dealership off of Portola Parkway.

As noted above, these new developments are in addition to the 930 homes scheduled to be built in Portola Hills and the 2379 homes scheduled to be built off of Bake/Alton.

Being in real estate, new developments are generally good for property values and I know the small businesses located in the area could use more foot traffic.  However, being a resident of the this area, I must say the amount of traffic does concern me.

At a recent association meeting the City of Lake Forest traffic engineers noted that the traffic at the intersection of Bake and Portola is rated as an F, yes F as in Fail.  With the opening of Alton Parkway, the they noted the traffic will only be improved to a E level. (Umm, if I go back to my school days, I guess an E is really a F+)

With the addition of the proposed new developments, this would add approximately 9200 more cars on the roadways. This is where the concern lies.  Driving down Portola/Rancho Santa Margarita is already pretty tight between Marguerite and Alton, adding approximately 10 more driving trips per day is scary and if the city knows the traffic can not be improved, why make it worse?

Though many of these developments have already been approved, if you have concerns you can voice them along with your questions at the Lake Forest Council Meetings or simply go to Ask Lake Forest and send a quick note.

Portola Hills January 2011 Real Estate Recap!

Wondering how the first month of 2012 ended for the Portola Hills Real Estate Market, here you go!  One of the biggest indicators for my personal business was the fact that my phone was consistently ringing.  Customers are looking for rentals, first time buyers getting into the market and moving up buyers looking to move to the area and the buying season hasn't taken a hold yet.  Good sign?..... hope so!

Portola Hills Jan.2011 Real Estate Recap:

Sold Properties - 4


Attached/Condo's             2

• Description:                        2-Bedroom/2-Bath, 
• Average Sq.Footage:         1126
• Sold Price:                         $227,000 - $202 price per sq.ft.
• List to Sale Price Ratio:      99%
• Days on the Market:           70
• Distressed Factor:              50%
• 
  
• Single Family Residences   2
• Description:                        5-Bedroom/3-Bath, 
• Average Sq.Footage:         3450
• Sold Price:                         $830k - $240 price per sq.ft.
• List to Sale Price Ratio:      92%
• Days on the Market:           28
• Distressed Factor:              0%

Leases: - No closed leases in January

So what do these numbers indicate......? Though only two single family residences closed escrow in July the fact that they closed and at over $800,000 is good news.  Lending at the higher value has still been restricted, but we are starting to see this open up.

On the Condo side, there is a major issue plaguing Condo buyers and that is the fact that less than 20% of the condo's on the market are FHA approved and this is the financing most buyers will be using to purchase.  Luckily 2 of the complexes in Portola Hills are approved for FHA Financing and those complexes are Monticedo and Canyon Rim.  If you are a condo owner and thinking of selling ask your HOA if they are working on the process of being re-approved?  We can help!

Thinking a Short Sale may be the way to go ---- Please keep in mind, right know the Mortgage Forgiveness Debt Relief Act of 2007 is scheduled to expire at the end of this year.  Though the length of time to close short sales is approving, this is something you should be considering in your planning.

Should you have any questions or looking for a more detailed market review please do not hesitate to contact us.

PS...Did you watch the Super Bowl....what did you think of the Century 21 commercial?  I loved it!

Why I love working with First Time Home Buyers

I was just watching this video and I liked it because it gives First Time Home Buyers an idea of the excitement when buying a home.  Now of course that comes with some trepidation... but with the right research, planning, education and of course Team, it is a wonderful life event.


http://bcove.me/b2nlykq0

The video is from the California Association, should you have any questions please do not hesitate to give Kelly a call.

26 Sandpiper, Aliso Viejo Just Listed - Hurry Won't Last

We just listed a great condo in Aliso Viejo that would make a great investment for my Portola Hills Investors, First Time Buyers and for parents looking to help get their children started in a home.  Priced at just $185,000 this 2 bedroom, 2 bath condo is located in the complex of Seagate Colony in Aliso Viejo.  No work needed it is light, bright and clean!

Tell A Friend!

Portola Hills 2011 Year End Market Recap

Wondering how real estate ended in 2011..... Here is a quick snapshot per square footage of how each housing segment ended the year.  We heard many times through the year that hottest market in Orange County was Portola Hills.  This is a direct result of supply and demand.   No supply, high demand and with just 54 listing sold in Portola Hills in 2011 that was evident.  In 2010 96 homes sold.

Wondering how this relates to your home, give us a call and we would be happy to run the numbers for you.
One thing is for certain.  Opportunity is knocking!!