Capo Unified School District in Orange County sharpened their pencils, utilized the $1 million dollars raised by parents and the govenor's revised budget numbers for the schools, and have reinstated the 265 teachers that had previously received termination notices. But, it's not all good news.
It's another year with temporary solutions and band aids on long term educational funding problems that countless bake sales will not fix.
Not all markets are hurting. Coto de Caza has seen some tough times in the under $1.5 million price range but the higher price points seem to be hanging in there.
Ken Bowen with Remax recently sold this home in Coto de Caza for $19,500,000 - $4.5 million over the last highest sale ever recorded in Coto.
I actually showed this home well over a year ago to a client. It is a stunning property, but WOW. On the market for 582 days. Worth the wait I'd say. Congrats to Ken.
The short sale condition in South Orange County continues to have a severe impact on our market and on prices. Until some of the Bank Owned and Short Sale inventory diminishes - we will continue to have pressure on prices.
That being said, you can see from the following graphes that the # of escrows is on the rise. Whether that is temporary seasonal buying, or an actual improvement in our market remains to be seen but I suspect the former.
If you break down the inventory by price, the number of distress sales is even more alarming in the lower price points:
Properties over $600,000 have significantly less Distress Sales, however there is much less movement in the higher price ranges.
Please Note the following : This represents properties in Rancho Santa Margarita according to the MLS (which includes Dove Canyon, Wagon Wheel, and Robinson Ranch). 'Distress Sales' are defined as those properties that are either Short Sales, Real Estate (Bank) Owned, Foreclosures, Auction, or Probate sales according to the MLS. All information gathered from SoCalMLS and deemed reliable but not guaranteed.
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