Wednesday, July 14, 2010

Portola Hills - Highest Percentage of Distressed Properties in Orange County

OK, this is disturbing... According to a report in the Orange County Register this morning, Portola Hills has the highest percentage of homes currently on the market that are in distressed situation. 

First, Distressed is identified as any property that is either being sold as a Short Sale/REO/or has a Notice of Default.

Currently in Portola there are 16 active properties listed on the market and 10 of the properties are listed as Distressed.

So if you do the math, 10 of 16 equals 62%, which is high!   But there is a key point missing in this report and that is there are only 16 homes for sale in Portola Hills.  

Overall in Orange County the number of distressed homes on the market equals 30%.

So what does this mean.  There is no doubt Portola Hills like everywhere else is being effected by the current market.   The difference however is the low inventory. With only 16 homes on the market the demand for the area does tend to out weigh negative perception, especially if the home is an Equity or Standard Sale.

Looking at the average days on the market shows where the true demand is.

Overall:                       Average Days on the market 79
Distressed Properties: Average Days on the market 115 days
Standard Sales:       Average Days on the market 32

Still wondering where the good news is here? If you are a Portola Hills (equity) homeowner who is considering selling your home, NOW is actually a very good time to list your home as long as you are realistic with pricing!  The demand is there, but the market is not going to bear over priced homes.

2 comments:

Anonymous said...

Kelly,

Curious about why you're saying there are 16 homes for sale in PH, when Redfin lists 27 for sale in PH and Homeseekers list 26.

Why the difference?

Kelly - Diversified said...

The difference could be two-fold

1. Many websites include properties that are in "back-up" mode as active. Because the homeowner is open to taking back up offers. However, they currently do have an offer. I show only properties that are truly active.

2. There are actually - 8-14 homes that are on the MLS that are listed in the wrong city. They are listed in Trabuco Canyon, when Portola Hills is part of Lake Forest. In addition, 6 of these homes are in the Hidden Ridge complex across from Portola Hills, but is not actually part of Portola Hills.

Thanks for posting your question.