45% of Las Flores Homes for Sale are in Distress

In the last 12 months, we’ve had 66 sales in Las Flores and 38 of those sales have been in some form of distress (either short sales or foreclosed homes).  That means that about 58% of our closed sales were distressed, which can certainly have a negative impact on values.  As of today, nearly 45% of our current active listings are in some form of distress.

You Are Not Alone

For those struggling with the tough questions of what to do, these can be dark days.  Personally, I’m in a family filled with people in real estate – commercial construction and development, residential construction, and of course residential sales.  No one has been protected from the economic impact of this, so it’s important to know that you really aren’t alone in facing tough decisions.

When Will Home Values Go Back Up?

For many of you, I see you at Starbucks, at the school, or at the grocery store, and the question is often the same:  “When will the market return?”  In a recent post I described some of the reality we are facing; essentially, we are just returning to the levels we would have seen had we not experienced a real estate bubble at all.   And unfortunately, we are also facing one of the great economic downturns in our nation’s history.  The answer: it’s gonna be a while.

It’s been a wild ride in Las Flores over the last several years and there is no doubt we’ve felt the pinch of declining prices and distressed circumstances in our real estate market.  Recently for OC Real Estate Voice, I ran the numbers for individual cities within Orange County to see how they were faring…markets within the market.  If you are curious as to how Las Flores compares, check it out.  Suffice it to say, we aren’t the best (that would be Irvine), and we aren’t the worst (that would be Talega or Covenant Hills).

Latest Las Flores Market Trends

Here are the numbers from the current listings, pending sales, and closings from the last 30 days.