Microscope on the Market – Wagon Wheel
Wagon Wheel
Wagon Wheel is small community in Trabuco Canyon located off Oso Parkway not far from the south gate of Coto de Caza. The homes were built in the mid 90’s by Kaufman & Broad who subsidized the original mello roos bonds making it known in part, for it’s very reasonable tax rate.
Homes range in size from the condos in the Dakotas (835 to 1,117 square feet) to the gated community of Stonecliff (up to just over 3,000 square feet).
Current market conditions in Wagon Wheel are not dissimilar to Orange County as a whole. The upper price points remain very slow and the lower price points are plagued by distress inventory.
Market Conditions
Note that there is very little bank owned inventory on the market currently, but given the recent completion of the moratorium on foreclosures, we are seeing Notice of Defaults on the rise again and in the coming months, I expect to see bank owned homes back on the rise in Wagon Wheel and all over Orange County.
The highest sale year to date is in the California Laredo tract at $725,000 in February. The next closest sale was $600,000. The poor sale history for the upper price points is not isolated to Wagon Wheel and is seen across the market due to the lack of available financing and buyer cautiousness.
The highest sale in the last 30 days was in the California Landmark tract, a traditional sale for $556,000. Between $500,001 and $750,000, there are 5 available properties and 3 in escrow.
Under $500,000 is plagued by distress sales. Currently 4 out of 5 active listings are short sales, yet the 4 equity sellers currently in escrow reflect the buyer demand – buyers are often reluctant to wait out the lengthy short sale process and opt for a traditional sale.
Questions?
If you are wondering how these statistics and trends impact your buying, or selling process, please don’t hesitate to let me know. I’m always happy to help. No pressure and no obligations. I can be reached at (949) 939-2514 or emailed at linsey@ocrealestatevoice.com.
This information and stats are from SoCalMLS and are deemed reliable but not guaranteed.
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Linsey Planeta
[...] like they are pointing themselves in the affirmative direction.. Foreclosure/Short Sales – lender Microscope on the Market – Wagon Wheel – ocrealestatevoice.com 04/29/2009 Wagon Wheel Wagon Wheel is small community in Trabuco Canyon [...]