PORTOLA HILLS LIVING by Kelly Turbeville

We took a quick look at what is happening in the Portola Hills real estate market so far in the month of June.  Typically as we enter June, the real estate market starts to slow down; people are focused on finishing school and making vacation plans.  But with COVID-19 and people being home for the last three months, we are seeing the real estate market pick up! Below is snapshot of real estate activity in Portola Hills since June 1st. As you can see in Portola Hills there are.  5 New Listings 8 Homes went Under Contract 2 Homes Sold 2 Coming Soon What is important to note, here is the number of homes moving into escrow and closing as it is greater then the number of new homes coming on the market. This is important as it reflects, buyer demand!  Demand is strong across the county.  But especially for homes priced under $700,000.  Low Interest Rates + High Buyer Demand + Low Inventory, makes it the ideal time to be a move up buyer.  Feeling cramped in your home, since the stay at home o

We are in about our 7th week of quarantine in Orange County and if you are anything like me, I am sure you are getting restless.  We just really hope no one in the community has been too affected by this virus either with their health or financially.  We get many questions asking how the real estate market is performing during this time? The good news is, it is hanging in there.  This is not like 2008!  The current inventory levels are extremely low compared to what we saw during the last recession.  The biggest impact to the real estate market is going to be unemployment, but pleasantly the numbers and activity in Portola Hills remained strong in April, as you can see below!  Looking at the above numbers you can see the strength of the market in two indicators.  First the list to sale price ratio. Seller's received over 100% of what they were requesting when they listed their home. Actually the received over! Most likely from multiple offers. The second indicator is the months o

Wanted to give residents a quick update on what is happening in the Portola Hills real estate market since COVID19 landed on Orange Counties lovely doorstep.  The Portola Hills real estate market started 2020 in a very strong Sellers Market.  With Inventory low and demand high!  Low interest rates were bringing winter buyers out early. Below is a look at the how the real estate market in Portola Hills is doing currently. Year to Date Sales: 25 Homes Sales Average Specs: 3 Bedroom/ 3 Bath / 2018 sq.ft.  Average Price: $789,158 Days on the Market: 34 Home Values up 20% from the same time period in 2019 Currently there are 20 active homes on the market, with 13 of those being new builds in IronRidge and The Oaks.  There are also 5 homes in Hold status.  The directive from the California Association of Realtors, is Realtors are not allowed to hold open houses or do any face to face showings until the stay is lifted. We are working to get further clarification if we

The Portola Hills community has a variety of condominium and townhome  communities, ranging in price from about $400,000 - $575,000, these include Montecido, Bell Palermo and Canyon View.  In addition, in 2019 two new communities came to the community in the Ironridge community, Copperleaf  and SilverOak  that are priced from $600,000-$750,000.  Looking at what sold in 2019, this segment of the market in Portola Hills was strong,  but looking at pricing it trailed what is happening in other cities in the valley.  Below is a comparison of what homes sold for in the Portola Hills, Foothill Ranch and Rancho Santa Margarita and overall values. Community:           Style:                  Sq.Ft.           Price :            Days on the Market Portola Hills        2Bed/2Bath          1063          $443,589              54 Foothill Ranch    2Bed/2.25Bath     1124           $471,352              51 RSM                   2Bed/2.35Bath     1192           $479,822              55

How does the saying go, "that's it folks"!  2019 is over, as is the last decade, or is it? We took a look at the real estate market in Portola Hills for the year and below you will find a quick recap of how the market performed.  Overall the market was very strong with record breaking pricing.  The highest priced home sold in The Oaks community at just over $1.8 million. Below is a look at the overall market. Pricing and sales volume were up overall. While this price will help drive pricing up in the community, we are now competing with communities such as Baker Ranch, Irvine and Coto. Resale homes have a bit of a harder task when competing against new builds.  As buyers like pretty new homes.  So when they are up on the hill and looking at both, your home needs to be priced right, presented well and marketing to the right buyer to capture those buyers.  Certainly IronRidge and The Oaks brings buyers up the hill, so homes on the market should be getting very

Who loves Fall? My favorite season here in Portola Hills, well maybe except for those lovely Santa Ana winds.  Fall to me feels like home. The day's are shorter, which actually makes me stop and relax, vs the summer and spring when it is go, go, go.  How about you! The real estate market also tends to slow down this time year, though this year buyers are out in force due to the lower interest rates and low inventory.  So how has Portola Hills fall market began this year, take a peek below. Looking at the numbers below we see a slight decrease in pricing from the same time last year, but I am not really concerned as the mix of homes sold in 2018 vs. this past month was much different.  The average size of home sold last year was 3100 square feet with 6 new homes selling vs. this year the average square footage was just over 2600 square feet and there were only 2 new homes sold.  The new homes in The Oaks and Ironridge are certainly impacting the area, but resal

Every month we take a look at the local market and compare it against what happened at the same time last year vs. this year.  We also take a look at what is happening in the surrounding area to see if the community is on trend with the rest of the area.  In September Portola Hills had 15 homes sell, 11 Single Family Homes and 4 Townhomes/Condo's, which shows the sales volume is up slightly from 2018.  The difference being this past month, we had about 50/50 mix of new homes and resales, where as in 2018, 80% of the homes that closed escrow in September were all new homes.   When comparing the two years, values is is going to be significantly different as the mix was so different between the two years.  Below is a snapshot of how the Portola Hills real estate market performed in September 2019!   As you can see the above values show there was about a 12% decline in values from September 2018.   But when looking at the overall year to date numbers