As you’ve read in some of my most recent posts, there are a good number of distressed properties currently on the market in Orange County. These are a great deal for first-time buyers, investors, and individuals or families interested in living in beautiful Orange County but who have not been able to afford the home prices.
Somewhat surprisingly, recent reports show that towns in South County foothills dominate the list of Orange County communities with the highest level of distressed homes among residences listed for sale (data courtesy of Steve Thomas of ReportsOnHousing.com). Portola Hills tops the list with 75% of its properties listed as foreclosures being resold by banks or short sales by owners. Rancho Santa Margarita is a close second with 68.9% of listings and Ladera Ranch is third with almost 67% of properties listed as distressed.
Which Orange County towns have the lowest number of distressed properties listed for sale? The beautiful oceanside community of Corona Del Mar has only 3.8%, followed by Seal Beach at 5.2% of listings, and Laguna Woods at 7.6% of listings. It’s amazing the difference in the number of foreclosures and short sales in just a few mile radius.
For more information on short sales, foreclosures, and other distressed properties, call Cheryl Marquis today. Cheryl and her team of experienced real estate agents and experts can help you find the perfect Orange County home.