Portola Hills Jan.2011 Real Estate Recap:
- 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!