The IML Real Estate Blog

Market Analysis - August 24th, 2010 (DETACHED HOMES - 26 / 158)

26 Closed Sales: As of the 24th there are 26 closed transactions (detached homes) in RSM.  At the same point in July, 38 sales had already closed so we are definately seeing the effects of the tax credit expiration and the national downtrend in existing home sales reflected here in our market as well.

Month to date sale prices have ranged from $366,000.00 for a 3 Bed / 2.5 Bath 1,200 sf Short Sale in the Los Abanicos tract to $860,000.00 for a 6 Bed / 5 Bath 4,100 sf Bank-Owned home in the Muirfield tract.  In my mind the best "deal" so far this month was $367,000.00 for a 3 Bed / 2.5 Bath 1,400 sf Bank-Owned home in the Fiesta tract.  Can't beat that price for the square footage and the home is in good condition with lot's of upgrades (flooring, etc).

158 Active Listings: Of the 158 Active listings in Rancho Santa Margarita 76 are standard (equity) sellers, 65 are short sales and 12 are bank-owned (REO). List prices range from $345,000.00 for a 3 Bed / 2.5 Bath 1,150 sf Short Sale in the Los Abanicos tract to $1,185,000.00 for a 4 Bed / 3.25 Bath 3,510 sf Golf Course View home in Estates tract of Dove Canyon (Standard equity sale).

REMINDER: List Price of a Short Sale does not necessarily equate to the price the lender will approve.  Potential Buyers & Sellers should learn as much as possible about short sales before considering.  Visit our All About Short Sales pages for some solid short sale information.