Destruction from bad real estate loans, recession, and unemployment continues to take a toll on West Orange County residential real estate. Even though June marked the sixth consecutive month of job growth in Orange County{see related article below}, , the number of people who are on the verge of losing their homes in Seal Beach, Rossmoor, and Los Alamitos has not improved much since our Unlisted Distressed Properties Report last month.
As of July 16, 2010, there were a total of 71 homes in West Orange County which were in some phase of foreclosure. That’s down by 3 units since our June report {see related article below}. College Park East, College Park West, and Rossmoor each had one less distressed property in July than in June.
With 28 properties in serious trouble, Rossmoor has by far the most distressed homes than any of the West OC neighborhoods. These are not some far away statistics, they are familiar addresses – like Orangewood Ave, Kensington Rd, Foster Rd, Oak Knoll Dr, Montecito Rd, Copa de Oro Dr, And Quail Run Rd.
Of the 28 Rossmoor homes in distress, 3 are already owned by banks, auctions are scheduled on 15 others, and 10 have received formal notices of default.
For the 15 homes scheduled to go on the auction block, ”these auctions will more than likely take place within the next 45 days or less,” reports Glenn Gaspar, REALTOR® with First American Team Realty, Inc.
Since our last report, the number of homes on the market in Rossmoor increased from 38 to 43, but none of the distressed properties referred to above are included in the active listing of properties for sale. In addition, you cannot buy one of these properties at auction with normal bank real estate loans. “There is no financing available - auctions are all cash deals, which are why investors, or cash rich buyers, chase these properties,” said Gaspar.
The most expensive home currently on the market in Rossmoor is located at 3121 Salmon Dr. This 5,600 square foot, sf, home is one of the largest houses in Rossmoor and sits on an 8453 sf lot. The property has been on the market for 440 days and was first priced at $2,560,000. It is now priced at $2,199,000.
At the other end of the spectrum in Rossmoor is the home at 12611 Foster Rd which is priced at $699,900. This home, which has been on the market for only 18 days, has 1,730 sf, but with a lot size of 10,700, it sits on one of the largest lots in Rossmoor. The home has three bedrooms and one and three quarters baths.
Behind Rossmoor, with 17 unlisted distressed properties is Los Alamitos. But, unlike Rossmoor, or any other West OC neighborhood, with only a grand total of 11 homes on the market, there are more unlisted homes in trouble in Los Al than there are homes already on the active listings.
Of these 17 distressed homes, 8 are scheduled for auction, another 8 have received formal notices of default, and 1 is already owned by a bank. These homes are on such familiar streets as Howard, Cherry, Kempton, Humbolt, Green, and Antietam.
We asked Gaspar if the homes going to auction are empty. He told www.OC180NEWS.com “the Marshall will post a sign on the door to the property stating the home is going to auction and advising the home owners that they will need to vacate the property. Those home owners who have a system in place to save or delay the auction will still be in the home. Those who have just given up will have vacated the property.”
The number of distress properties in Seal Beach Old Town, College Park East, College Park West, and Leisure World, are all pretty small. With three homes set for auction and one with a formal notice of default, there are a total of four homes in serious trouble in Old Town.
The rest of Seal Beach – sometimes referred to by realtors as “North of PCH”, has 13 distressed homes and only 10 homes – not the same homes – in the active listings. Of these distressed properties, three homes are already owned by banks.
With regard to bank owned homes, “more then likely the home is still occupied by the owner,” said Gaspar. “It is not uncommon to discover that some of the home owners have not made a single mortgage payment in over a one year period. Then there are those who are in denial and hope to discover a solution to their problem.”
All of the real estate data in this article was supplied by Glenn Gaspar, REALTOR® with First American Team Realty, Inc. www.OC180NEWS.com thanks Glenn for providing the data and his expertise without which this article would not be possible.
Glenn may be reached at:
Glenn Gaspar
First American Team Realty
DRE License #01048604
(714) 612-0995
(562) 427-7765 ext: 144
http://www.glenngaspar.com/
Return to www.OC180NEWS.com next Monday for our continuing biweekly series on countywide residential real estate supply and demand trends.
