Lake Forest, CA

With estimated population of 79,000 people, Lake Forest, California, includes Foothill Ranch and Portola Hills. Lake Forest (along with neighboring cities Mission Viejo and Irvine) is ranked as one of the safest cities in the country.

This city has business and employment positions in medical, banking, finance, education, high tech, service, real estate, research and development.There are now 269 homes for sale at LAKE FOREST ... with average time of 95 days on the market ... average list price of $443,931.

157 of the LAKE FOREST homes now for sale are SHORT SALES not yet lender approved (58 percent of the homes now on market)

18 of the LAKE FOREST homes now for sale are REO bank owned (6.6 percent of homes now on the market)

187 of the LAKE FOREST homes are now under contract and in pending escrow.

64 of the LAKE FOREST homes have been sold with escrows closing during the past thirty days since February 23, 2009. Average sold price was $351,803 ... with average time of 64 days on the market.

12 of of the sold LAKE FOREST homes during the past thirty days were short sales.

29 of the sold LAKE FOREST homes during the past thirty days were REO bank owned.

So 41 of the sold LAKE FOREST homes this past month were distressed in some way, REO, short sale, in foreclosure, etc. Therefore, 64 percent of the homes sold during past thirty days were distressed.

At current rate of sale (269 homes now on the market ... divided by 64 homes sold during past 30 days) ... LAKE FOREST now has has 4.2 months of supply of homes currently for sale.

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Search here for Lake Forest, California, homes and properties for sale.

We prepared this market report as a summary of information provided to us by the SoCal Multiple Listing service.

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If you want information about homes and properties at Lake Forest, California, please contact us. Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, at 949-854-7747.

I have been noticing some benefits for the neighborhoods that have foreclosed properties. I know you are asking yourselves, benefits? Yes, properties that were brought with no down, hardly able to make the payments and nothing left over for upkeep, are now being turned around. Not all neighborhoods had this happening but in the lowerest priced detached homes this was true. I am seeing the type of clients buying, that want a home, are looking to stay there and build something for themselves. Some investors a picking up these houses at the auctions and with paint, cleaning, and repairs they help the whole neighborhood look better. Prices will do better as the neighborhoods recovers.

I am now recommending areas, that last year I would of told my clients to stay away from. The type of buyers will make the differences.

Wondering how the Portola Hills Real Estate Market closed out in 2008. This is your look. There was good and bad but I am sure you are like most, looking forward to a new year. But when it comes to real estate we can't move forward without understanding where the past has left us so this report was designed with that in mind. Enjoy!

Kelly Turbeville is one of South Orange County premier Real Estate Advisors focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, and Foothill Ranch. Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on venturing into real estate investments or helping a client review their mortgage options, Kelly is committed to making it happen! For Kelly, it has never been just about selling you a house! Her success comes from developing a business that is a trusted place to turn to when you need anything Real Estate!

It’s Possible!

The above information is provided as an opinion and is deemed reliable but not guaranteed.

The annual Lake Forest Keys Boat Parade around the lake was held on Saturday, December 13. About 25 boat owners, battled the cool breezes and sprinkles off and on all day, but still turned out to show off their decorations on Saturday evening.

Several lakefront homeowners who were having parties at their homes, offered to provide judges for the decorating contest. (This also makes a good party game!) At the end of the evening, a few judges forgot to call in their results, so the final tabulation had to wait until Sunday morning, but the winners were announced, and prizes delivered by Sunday evening.

The grand prize (also known as the "Clark Griswald" award for most lights) went to John & Evy Gasca, on Arrowhead Lane. Their grandson, Bryan, gets most of the credit for the design and decorating of their boat. The "Most Creative" boat, was designed and decorated by Rex Buxton, from Huron Lane, for his very realistic looking ‘57 Chevy in an authentic turquoise and white combination. Kathy Griffen's boat, from Ponchartrain Lane, won the "Most Festive" category - based on the boat's passengers appearing to be having the most fun. (No, ladies, this is not Mardi Gras - you didn't have to flash anyone to win!)

Thanks go out to the Lake Forest Keys Association as well as to Keys resident, Tina Ross at "Our Place Restaurant" for her donation of gift certificates for prizes, and to our local music diva, Kim Beaney, of Superior Lane, for allowing us to include her song on the video.

Wouldn't you love to live in this great neighborhood and participate in the fun next year?

Check the current list of 12 homes for sale, ranging from $569,000 up to $1,650,000.

Portola Hills eNews

Portola Hills Mello Roos - Wonder what the maturity dates of the mello roos bonds in the area are:

• S2 Mello Roos – Current bond is schedule to mature 2016
• R3 Mello Roos – Current bond is schedule to mature 2015
• Q1 Mello Roos – Current bond is schedule to mature 2011

One thing to keep in mind w/Mello Roos bonds they have individual terms and though the maturity dates could continue further. Example – The S2 Mello-Roos has no specified end date, however the bonds that have been issued thus far are scheduled to mature in 2016. The district has not yet issued up to the maximum authorized amount of bonds which means they could issue more bonds if they see a need and Mello-Roos could continue until all authorized bonds have been issued and are paid off.

When attending the Community update of the Portola Hills Center it was mentioned that the new development may help in reducing these bonds for current residents as they would spread over the new development.

Portola Center Update: Wondering what is the next phase of the development is? I had a quick conversation with the developer to see what the status was and he noted the following:

“We are in the process of preparing the next round of plans for Portola Center, which include an Area Plan and subdivisions maps. We hope to submit these plans to the City in about a month. Based on these plans the City will have to prepare an Subsequent EIR evaluating the environmental impact of the proposed plans. That process should take about 9 months”

Have Loan Modification Questions? We are hosting a webinar 11/12 to help you learn more about the possibilities. Check it out from the comfort of your own home! Contact Kelly to reserve your reservation link.

Kelly Turbeville is one of South Orange County premier Real Estate Advisors focusing in the Saddleback Valley and the communities of Lake Forest, Portola Hills, and Foothill Ranch. Whether she’s helping a first time buyer accomplish the goal of homeownership, or coaching a homeowner on venturing into real estate investments or helping a client review their mortgage options, Kelly is committed to making it happen! For Kelly, it has never been just about selling you a house! Her success comes from developing a business that is a trusted place to turn to when you need anything Real Estate!

It’s Possible!

The above information is provided as an opinion and is deemed reliable but not guaranteed.