Newly Listed Orange County Homes for Sale – a Tale of Three Markets
Orange County home sales are picking up steam, despite the major news of the government rescue plan, Lehman Brothers, AIG, and the Stock Market. There is movement in the Orange County Real Estate Market – but things are a little bit different depending on which of the three markets you are looking at.
Home buyers in the Orange County market these days must be aware of the three different types of sales in the market today. There are “regular” homes for sale - this is a home where the seller either has equity or has enough money to pay off the difference between what they buyer pays and what they owe the bank. A Short Sale is when a seller needs to move on and the home is not worth as much as they owe the bank. A Bank Owned or REO property is when one that now belongs to the bank - the seller/owner has been through foreclosure and the property is now vacant.
New Bank Owned Homes for Sale in South Orange County
This week, 102 Bank Owned properties came on the market for sale in South Orange County. Of these, 57 are already IN ESCROW – sold in less than 7 days (the average was 4 days to sell.) That means 56% of all new REO listing sold in the same week they were listed. This is where the massive movement in our market is occurring.
New Short Sale Homes for Sale in South Orange County
120 new Short Sale listings hit the Orange County Real Estate market this week. 53 of them sold this week as well – that’s 44%. Amazing numbers. Again, the movement is in the distressed market. And remember the difference between a Short Sale and an REO transaction – the Short Sales that sold this week means that they buyers’ offers (usually multiple buyers are bidding for these homes) are submitted to the bank for consideration, and may wait 2 – 4 months for a response. In the case of an REO, these buyers who put in offers on REO listings this week have already gotten a response from the bank, negotiatd price and terms, and are in escrow, usually working toward a 20 to 30 close. HUGE DIFFERENCE.
New Non-Distressed Homes for Sale in South Orange County
And now for the new “normal” homes for sale this week in South Orange County – 250 entered the market for sale – 28 more than the combined total for Short Sale and Bank Owned homes for sale – which I think is a good sign. 35 of the new non-distressed homes sold in the same week they came on the market – also a good sign, but that is equilavent to only 14% of these properties – significantly lower that the remarkable stats for the distressed properties.
Hot Picks of the Week
REO Picks – Obviously, these will sell quickly!
Aliso Viejo – Condo – 2 bd 2 ba 852 Sq Ft – listed at $230,000
Coto de Caza – Single Family – 4 bd 3 ba 2980 sq ft – listed at $804,900 (what’s with that price?)
Laguna Hills – Condo – 2 bd 2 ba 980 sq ft – listed at $179,900
Ladera Ranch – Single Family – 5 bd 4 ba 2600 sq ft – listed at $765,000
Lake Forest – Condo – 2 bd 1 ba 904 sq ft – listed at $179,000
Mission Viejo – Single Family – 3 bd 2 ba 1516 sq ft – listed at $530,000
There are great deals on homes for sale in all Orange County cities, towns, and neighborhoods.
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