Las Flores is an upscale community of 1,339 homes nestled in the soft rolling hills of South Orange County, just north of Ladera Ranch, east of Mission Viejo, west of Wagon Wheel & Coto de Caza and south of Rancho Santa Margarita. There are 14 builder tracts within Las Flores: Avalino, Bel Flora, California Somerset, Greystone Arbor, Magnolia, Sea County, Springfield, Summit at Las Flores, Sundance, Traditions, Veranda, Vista Pointe Estates, Warmington Oaks, and Wyngate.
There are currently seventeen Active Listings reported by SoCal MLS. Of these seventeen, seven are listed as short sales, a couple of which are in default and heading quickly toward foreclosure. Another two properties listed as standard sales indicate that there is a potential for short sale depending on the offer amount.
In the past month (mid-October to mid-November) there have been five homes sold:
Avalino Homes:
California Somerset Homes:
Las Flores home values have dropped signicantly in the past year, and while the market still flounders, the free fall decline appears to have abated. The volume of closed transactions has increased, although a significantly higher number of these are short sales and bank owned homes. Prices are finally getting to the place where buyers are starting to warm to the idea of purchasing.
Las Flores is slightly newer than some areas of Rancho Santa Margarita and was built at a time when builders offered a wide variety of upgrades and buyers had the money and the desire to keep up with the Joneses. As a result, today's buyers may be able to find upgrades in place when they purchase a Las Flores home.
For more detailed information about the Las Flores Community or the housing market in Rancho Santa Margarita and South Orange County, please contact me.
The Cantamar tract in Rancho Santa Margarita's Golf Course Area, is nestled against the Arroyo on the east side of Antonio Parkway. The neighborhood is comprised of 83 homes which are one half mile from Arroyo Vista Park, 1 mile from Tijeras Creek Golf Course, and 2 miles away from the Beach Club.
Cantamar was built by Kaufman & Broad in 1999. The two-story, four and five bedroom homes, all with two and one half baths, range in size from approximately 2500 square feet to 2800 square feet. Floor plans for Cantamar are available upon request.
There are currently two homes for sale in Rancho Santa Margarita's Cantamar - both are approximately 2500 square feet, 5 Bedrooms and 2.5 bathrooms. Both listings are short sales:
Click here to see which Cantamar homes sold in 2008 and the recorded sales prices provided by SoCal MLS.
To see other short sales available in Rancho Santa Margarita click here.
"I dub this property Rancho Santa Margarita's Bargain Home of November, 2008."
Earlier in November there was a condo on Baya in Rancho Santa Margarita that was listed as a short sale for $149,000. The property is now in escrow but is still accepting back up offers. I will be watching this particular property very closely to see just how low the short sale lender was willing to go to unload the property. If it goes at $149,000 I'll be amazed. I think it will be slightly higher.
But that property is old news now. The new title holder for the Least Expensive House For Sale in Rancho Santa Margarita award is a 650 square foot, 1 Bedroom condo on Via Prada. The price? Just under $135,000. Unbelievable!
One thing is for sure: in the one bedroom condo arena we are getting very close to the bottom of the market. We have now reached the point where investor interest is making a come back. With prices this low a savvy investor can actually make a small return on investment. What a concept! An investment property with a positive ROI (return on investment).
Along the same lines, parents who have children who are full time college students should ask their tax professional and financial planner if it makes financial sense to purchase a bargain priced 2-3 bedroom condo using an FHA "kiddie condo" loan. This was very popular up until a couple of years ago, when ridiculous home prices drove the monthly housing expense through the roof. I think with prices as low as we're seeing them now, it is likely that these types of investors will re-enter the market at any moment.
For information about Rancho Santa Margarita or to search the MLS for Rancho Santa Margarita Homes please visit RSM Lifestyles.
Take the mystery out of purchasing Short Sales & REO Bank Owned Homes in Rancho Santa Margarita. Ask me the five steps you can take to increase the chances your short sale or REO offer will be accepted.
Rancho Santa Margarita Mayor Neil Blais stressed last Friday in his State of the City address, that despite the state wide economic crisis, the City of Rancho Santa Margarita has a balanced budget and sufficient reserves to weather the storm. At this time, the City reportedly has upwards of $16,000,000 in reserves.
While all that is encouraging in the face of a just-a-matter-of-time-before-its-technically-declared national recession, Rancho Santa Margarita, like most local city governments, will not be immune from feeling the pinch of lost revenue from business closures. Family Nissan, Linens 'N Things and Barbecues Galore have already closed their doors in RSM and Circuit City has declared bankruptcy. There are a handful of other smaller businesses, including Super Suppers, that have closed shop as well.
Sources of state funds, including vehicle registration fees, that are a significant source of the City's revenue are now projected to be much less than the budgeted amount. With Rancho's strong reserves, however, Rancho Santa Margarita's Mayor assures RSM residents and business owners that their "city is in sound financial condition."
The Orange County Register's John Crandall reported that the five member City Planning Commission approved a liquor license for Mexican Food Chain Carmelita's. The restaurant will be situated on the Lake Front at Mercado del Lago. See the complete Register story here. I'm told Carmelita's has a mouthwatering selection of entrees and will be quite welcome in the community.
As for the housing market, the number of sales for 2008 is significantly higher than for the 2007. The market is far less saturated and prices are much more reasonable. There is an increasing number of standard sales versus REO and short sale listings. Have we hit the bottom? Probably not quite yet, but buyers looking for great deals on one and two bedroom condos will find that competition is increasing.
My advice: Now is the ideal time to identify the location in which you'd like to purchase and to make sure you've got your financing in place. If you will be borrowing at a high loan to value, don't wait until the media announces that the market has turned to start your preparations or you may find it more of a challenge to get an offer accepted. Be smart, watch the market, and don't feel pressured to purchase.
For information about Rancho Santa Margarita or to search the MLS for Rancho Santa Margarita Homes please visit RSM Lifestyles.
Dove Canyon, like most communities in South Orange County has been hit by a wave of short sales and foreclosures. Unlike some of the surrounding areas, however, there have been a number of standard sales mixed in with the special condition sales.
This past week there were three new listings in Dove Canyon - and none of them were short sales or REOs. So what does that mean in terms of market trends? On it's own, probably not too much, but combined with a number of other factors however, it might pay to look a little closer at Dove Canyon. If you're looking to purchase in a beautiful gated community, this might just be the market you're looking for.
13 Greenspring, in the Waterford Crest tract is a beautiful property with a slightly higher price tag than 27 Lawnridge, the last model match comp that sold in June, 2008 for $770,000. The last recorded sales price for 13 Greenspring was $880,000 per SoCal MLS.
6 Club Vista, in the Emerald Crest tract is situated on a single loaded street and has a panoramic view of Dove Canyon Golf Course and the Saddleback Mountain Range. I don't see much in the way of closed sale comps within the past year other than two slightly smaller homes with two car garages and no views. Those homes sold respectively at $720,000 in February and $680,000 in June. 6 Club Vista is listed at $829,870, but is definitely a superior property in terms of location and view. 17 Wakonda, a smaller three bedroom, three bath home, again with no view is listed at $670,000 and is currently in escrow but accepting backup offers. The last recorded sales price for 6 Club Vista was $975,000 in May, 2006 per SoCal MLS.
7 Ravensridge, in the Laurels, is another 3000+ square foot home listed in Dove Canyon. This property has a western view, facing toward Catalina Island rather Saddleback Mountain. There are currently three active listings in this builder tract. 7 Ravensridge is listed at $899,000. The last model match comp, 21 Bell Canyon, sold in October for $840,000.
Please contact me for additional information about Dove Canyon or to see properties currently listed in Dove Canyon.
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Helping buyers find and buy homes for sale in Rancho Santa Margarita, Mission Viejo, Ladera Ranch, Dove Canyon, Coto de Caza, Lake Forest
I have worked with Orange County buyers and sellers in both residential sales and lending for over fifteen years.
I am a licensed real estate broker in the State of California. I am a member of the NATIONAL ASSOCIATION OF REALTORS®, hold an ABR® designation and am e-PRO® Certified.
As the majority of my business is derived from past client referrals, I take particular care to ensure that each and every one of my clients is satisfied with their transaction and is satisfied with the service that I provide.
I believe that one of the most important ingredients of a successful transaction is regular and effective communication. This is especially true between the principal and the agent.
My commitment to my clients:
I hold the following three recent awards:
Community Specialist: I am a South Orange County native - familiar with the many communities, builder tracts and floor plans.
Lending Background: My extensive mortgage background benefits my buyers as they work through the preapproval and lending processes. It also allows me to work cohesively with my buyer's lender to ensure a timely close of escrow. My sellers benefit because I am able to provide a lending risk analysis for each offer they receive on their home.
1031 Tax Deferred Exchanges: I work with seasoned investors in the exchange of tax deferred properties. I am familiar with current I.R.S. guidelines for 1031 Exchanges and their potential impact on investors. I work closely with my clients and their tax professionals to ensure transactions close promptly and within the required I.R.S. time frames.
Prop 60 & Prop 90: I work with seniors looking to take advantage of Prop 60 or Prop 90
Relocation: I specialize in Relocation and am committed to making sure my client's transfer is coordinated with exceptional care. I know the potential challenges involved with relocation and how to mitigate any surprises. If you are unfamiliar with Orange County and all it has to offer, and would like information about the area prior to your visit, please contact me and I will assist you.
First-Time Buyers: I work with many first-time buyers and understand the first-time buyer learning curve. Your first home purchase should be a special experience and I have system in place that works. I educate my first-time buyers about the entire purchase process and work with them to find their dream home. I emphasize that no questions are dumb questions! Please call or email for a first-time buyer information packet. Next month this could be you!
For Rancho Santa Margarita Community Information please click here.
Kelly Kilpatrick, REALTOR®, ABR®, e-PRO®
Regency Real Estate Brokers
Office: (949) 707-4387 Cell: (949) 903-0030 Fax: (949) 209-4511
http://www.rsmlifestyles.com
"Kelly's knowledge and thoroughness are unsurpassed. She listed our home and negotiated a sales price that was well over what we had anticipated. She kept us informed at all times and both our sale and new purchase closed on schedule. We will definitely use Kelly for any future transactions." - J. Cafferty RSM
"Kelly Kilpatrick was extremely helpful with the sale of my home. Her knowledge, experience and professionalism were evident at all times. Kelly went through every detail of the sale and made sure that I really understood everything in the mountain of paperwork. I would highly recommend Kelly to anyone thinking of buying or selling in the area." - D. Barber, RSM
"We're writing this letter to let you know how much we appreciate your help in the purchase of our home. Thank you for being there for us every step of the way.
Of all the real estate agents with whom we've worked, you have been the most resourceful and hardworking. It is evident that you really care about your clients. You are a true professional and my husband and I can't thank you enough for getting us through this difficult transaction." - D. LaFargue - LN
"Our experience with Kelly has always been positive. She is very personable and will go the extra mile for her clients. We will continue to use Kelly for our real estate needs." - K. Stecher - FUL
"I can't thank you enough for everything you did to help us realize our goal of home ownership. We thought we'd be renters forever. Thank you for walking us through the loan qualification and for spending hours and hours answering our many questions and taking our late-night calls. Your advice was invaluable and we've learned so much through this process. My husband and I will be recommending you to all of our friends and co-workers." - T. Lewis - LF
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