PORTOLA HILLS LIVING by Kelly Turbeville

The Montecido complex located in the city of Lake Forest in the community of Portola Hills is a lovely townhome community that offers 2 and 3 Bedroom spacious floorplans. In addition many of the homes have good size yards with views. This is always a popular complex for condo buyers who are looking in the south eastern area of South Orange County. In terms of sales there has been 14 homes sold so far this year.  Below is a listing of the Montecido homes that have sold so far in 2015... Montecido Portola Hills 2015 YTD sales As you will note the lowest priced home was a 2 Bedroom, 2 Bath Carriage Unit which sold for $327k earlier in the year.   The highest priced home recently closed escrow at $467,500 and it was the largest model a 3 Bedroom, 3 Bath, 2 Car Garage plan. The median price per square foot is $337k, comparing this to 2014 it is up 1%. The median price for the Montecido complex was $333 in 2014 for the same time period and 17 homes sold. 

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

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