Tracey Thomas Calabasas, CA Real Estate

As of January 22, 2010 there are almost 350 distressed properties in Chatsworth, CA 91311. Short sales and bank owned properties continue to drive the market in the San Fernando Valley of Southern California. For more information on buying or selling distressed properties, call Steve Stratton (818) 414-0200.

As of January 22, 2010 there are almost 200 distressed properties in Calabasas, CA. In this video, I'll show you the breakdown of homes that have a notice of default filed, a notice of trustee sale filed and also the  bank owned properties. For more information regarding buying or selling property in Calabasas, CA, please call Tracey Thomas at (818) 652-2937

It looks like housing prices may creep up this spring here in Calabasas, CA. There are only 141 homes on the market as I write this blog and another whopping 74 in escrow! If you’re only counting active listings, that’s less than five months of inventory.

In The Oaks at Calabasas there are only 17 homes for sale. You can get a four bedroom, five bath, 4479 square foot mini mansion for $1,599,000 or scoop up a luxurious seven bedroom, nine bath estate with a pool, water slide, guest house, security cameras and more for a cool $12,500,000. In Mountain View Estates off of Mureau Road there are nine houses for sale, all of them over 6,000 square feet, ranging from $1,999,999 to $4,500,000. In Mont Calabasas there are only three homes for sale and 26 in Calabasas Park and Calabasas Hills combined.

If the demand for homes continues to outweigh the supply, prices will certainly start inching up. The graph below shows the housing inventory decreasing almost 40% since the fourth quarter of 2006. The mortgage meltdown occurred in July of 2007 and you’ll notice this is when houses under contract (in escrow) fell sharply.

For more information on Calabasas home sales and prices, please call me at 818-652-2937 or email me at tracey@tracey@traceyrealtor.com.

"I'm looking for a steal in The Oaks of Calabasas". At least once a week I get a call or email from a buyer hoping they can steal one of these McMansions for a song. Yes, yes, there are great deals, but no you're not going to get one of these houses for under a million dollars. So here are the foreclosure facts for The Oaks of Calabasas.

More than 10% of the distressed properties in Calabasas are located in the The Oaks. According to Dataquick there are 205 properties in Calabasas, CA that have a Notice of Default filed, Notice of Trustee Sale, or are Bank Owned as of today. Of these properties, a whopping 28 (13%) are located in The Oaks. Not surprisingly most of these homes were built in 2006 and 2007. Chase seems to be the big loser here holding 10 (36%) of these super jumbo mortgages.

In reviewing the histories of these homes it doesn't take a rocket scientist to see that there was trouble in paradise long before real estate prices started to decline. All of these homes but two have a first and second mortgage and some even a third. Most of them have been refinanced several times in their three short years increasing the balance each time. Some of them have mortgages totaling 178% of their estimated current value according to Dataquick.

Not all of these distressed properties are listed for sale...yet. In fact of these 28 in The Oaks of Calabasas, only 8 are are currently listed on MLS. Many of these homeowners manage to refinance yet again or liquidate other assets to hang on yet another few months. But deals exist for savvy buyers if you're willing to wait long enough for a short sale to be approved or be aggressive enough to have your REO offer accepted.

If you'd like more information on Short Sale and Bank Owned properties in The Oaks of Calabasas call of email me for a list that is updated daily.

Compared to the surrounding areas, Calabasas Real Estate has survived quite well. Although there have been some monthly variances, overall the median home price has decreased only 10% from January 2007 to January 2009. Our neighbors right next door in Agoura haven't been so lucky. They have experienced a 22% drop in the median price while Woodland Hills (South of the boulevard, 91364) home prices dropped 37% since January 2007.

The excellent Las Virgenes School district plus the low percentage of foreclosures in Calabasas has helped Calabasas homeowners to hold on to their equity.

To get monthly Calabasas Real Estate reports sent to you please call me at (818) 652-2937 or email me at tracey@traceyrealtor.com.