Porter Ranch (Northridge, CA) Gated Communities seeing more Short Sales.
For the most up to date and current information about whats going on in Northridge aka Porter Ranch, the Porter Ranch Neighborhood Council website is very informative and found at www.prnc.org. Having lived in Porter Ranch, I have had a chance to see it develop over the years. I remember when Rinadi ended at Tampa going West and those hills were all open trails for hiking, biking and off roading. Now that area is the Porter Ranch Town Center with anchor stores including Ralphs, Best Buy, and WalMart but also with 3 banks, In & Out Burger (my fave), Starbucks, Islands, TGI Fridays and many more stores. The last couple of decades has seen the development of gated communities throughout Porter Ranch as well as neighboring Chatsworth and Granada Hills. They are still currently developing in Porter Ranch although demand has slowed. A new upcoming addition is the new K-8 school pictured which is set to be completed in Fall of 2012 and should be a big help for the already overwhelming demand for the highly sought after Castlebay Elementary school.
Porter Ranch Estates is one of the older gated communities and is located on the south east corner of Tampa and Sesnon. Homes were built around 1989. Homes range in size from 1500 sq ft to over 4,000 sq ft. This upscale 24 hr guard gated community offers two swimming pools, playground and barbeque area. Some of the other older Porter Ranch gated communities include Highlands, the Heights and the Vistas.
One of the nicest and newer gated communities in Porter Ranch is the Renaissance Summit. The entrance is on the corner of Senson and Porter Ranch Drive. Homes in the Renaissance Summit were build around 2001- 2007 and they are still building today. Some are one story with 3 to 4 bedrooms and approximately 3600 square feet and others are two story and typically much larger. Homes range in size from 3300, 4100, 5000, 5500 and up to 7000 square foot. Ongoing construction is occurring on the west side adjacent to Mason Ave. Some of the other newer gated communities include Verona, Portofino, Sorrento, and Tuscany with ongoing development in the newest communities of Bella Vista, Cortile, Las Braisas and Milano with homes ranging in size from 1074 to 1641 square feet in Cortile and Las Braisas and the larger homes in the Bella Vista and Milano ranging from 2251 to 4117 square feet. Prices vary with the market so call me for the prices please.
Since most of the newer gated communities like Renaissance and in Porter Ranch were built and sold by the same developer mostly during the peak of the market, the majority of these properties have total loans on the property over $1,000,000. Many homeowners in this community have a negative equity and this will likely cause some additional turnover going forward. It is difficult to imaging even the higher net worth homeowners in this community being able to continue to afford these loans given the prolonged weakness in the economy and since many of the loans are set to adjust.
The Porter Ranch Neighborhood Council meetings are regularly held in locations throughout Porter Ranch. I primarily serve the struggling homeowners of Porter Ranch by assisting them in working with their lenders for solutions to avoiding foreclosure. Many homeowners have homes which have lost all of their equity and savings accounts are dwindiling. The sooner you can stop this depletion of savings, the quicker monthly expenses can be reduced. I believe there will be more short sales to come in the newer Porter Ranch communities since many have very large loans and some have second loans as well. By working with the lender, there are options such as short sale which can help to workout the loans.
Porter Ranch (Northridge, CA) Gated Communities Short Sales are likely to rise.
