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.

Comments

Portola Hills Living with Kelly Turbeville 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.
July 18, 2010 at 9:47 AM
Post a Comment

Popular posts from this blog

Portola Hills Annual Food Drive - Hosted by Realtor Kelly Turbeville

Image
It's that time again.  Each year we host an Annual Food Drive in the Community of Portola Hills to support the local community and the efforts of South County Outreach! It is super simple to participate.  See the list below of needed food items, simply text us with for pick up. We are picking up food the week of May 6th.  Last year we collected over 930 lbs of food!  We hope to beat that this year!  Reach out direct to Realtor Kelly Turbeville with any questions. FOOD DRIVE UPDATE:  THANK YOU PORTOLA HILLS, WE COLLECTED OVER 1000LBS OF FOOD TO SUPPORT SOUTH COUNTY OUTREACH!!   We couldn't have done it without your support! 
Read more

Where are all the houses for Sale?

Image
If you are thinking about a move, downsizing, relocating and have been searching for a home, you are probably thinking "where are all the homes for sale" isn't this time of year that we would see them? The answer to the later is yes!  May is typically the busiest month in real estate.  However with over 80% of homeowners refinancing to the low rates over the last couple of years, homeowners are in no hurry to make a move into a higher rate.  Is this you?   But life happens and buyer demand is pretty strong in most price points.  One reason... is the equity position homeowners have.  Just released over 67% of homeowners homes are either paid off or they have less than 50% remaining on their mortgage.  That means there is a ton of equity in the market!  In addition, buyers have come to terms with interest rates.  They understand they can refinance later. As we do anticipate home prices to sky rocket due to this inventory issue not being resolved and rates will come down. He
Read more

Is your Portola Hills home going to be your first Rental Property?

Image
Did you know there are over 200 original owners here in Portola Hills.  The community was started in the late 80's so that is nearly 40+ years of equity growth for those homeowners.  Especially with the median price of the area nearing $1 million dollars.   Most of those homeowners have very low mortgages or the homes are paid off, which provides them with a wonderful opportunity to leverage their equity into other rental properties.  Perhaps the original home could become or has become their first investment property. With rising rents, right now is an excellent time to perhaps take the jump to become a landlord.   Check out these 3 Mistakes we see first time investors make in the real estate market. 1.  Not doing a cash flow analysis. 🤑 It is easy to say, oh my mortgage is this, I can rent it for that and do the math.  But it goes much deeper than that, understanding your overall cost is critical step in planning. 2.  Not working with a real estate agent. 💁‍♀️ Truth, having a R
Read more