 Rancho S.M. Short Sale Experts |
The Short Sales ASAP group specializes in short sale negotiations and sales here in Orange County and Rancho Santa Margarita. This article reports the current state of total listings, short sales listings and foreclosure listings for Rancho Santa Margarita.
Today, there are 94 detached homes listed for sale ranging in price from $290,000 on up to $1,195,000. Of this total, there are 47 short sale listings and 1 bank owned REO listing. This is a total of 48 financially distressed homes active for sale, which represents 51% of all houses currently on the market for sale in Rancho Santa Margarita.
Currently, there are 76 attached condominiums for sale in Rancho Santa Margarita, of which 46 are short sale listings and 6 are bank owned foreclosures. This total of 52 distressed condos translates to 68% of the total listing inventory in Rancho Santa Margarita.
Looking at detached homes that are under contract, there are a grand total of 98 single family homes currently in escrow in Rancho Santa Margarita, ranging in price from $288,000 on up to $929,900. 69 of these pending properties are short sale listings, and another 4 are bank owned foreclosure homes. This total of 73 financially distressed homes under contract represent 75% of all detached properties currently in escrow in Rancho Santa Margarita
For condominiums under contract, there are a grand total of 150 attached units currently in escrow. Of this total, 122 are short sale listings, and 15 are bank owned REO condos, for a total of 137 financially distressed properties in escrow. This 137 total is 91% of all the attached condos currently in escrow.
In the past 90 days, there have been a total of 109 detached single family homes that have sold and closed escrow in Rancho Santa Margarita, ranging in price from a low of $310,000 on up to $967,000. 44 of these sold properties were short sales and 15 were bank owned REO properties. The total of 59 financially distressed properties that have sold in the past 3 months, is 54% of the total sales during that period of time.
For condominiums that have sold and close in the past 3 months, there have been a grand total of 86 units. 40 of these closed units were short sale listings, and another 16 were bank owned REO condominiums. This total of 56 financially distressed condos is 65% of the total sold attached units in the past 90 days in Rancho Santa Margarita.
A couple of interesting things to note. The financial crisis that has hit the local markets is more negatively affecting the lower price range properties as can be seen in the higher ratios of distressed properties for condos compared to detached homes. And of interest, is the fact the for properties pending in escrow the ratio of financially distressed detached homes and condos to the total listings is 75% and 91% respectively, while for actual closed single family homes and condos the ration of distressed to total listings was a much lower ratio of 54% and 65%. This illustrates that fact that the average short sale listing fails at a high rate since most real estate agents do not specialize nor have the expertise to close short sales at a high rate of success. Before they list their home for sale, a Rancho Santa Margarita homeowner should consult with a short sale expert if they owe more than their home is worth.
Feel free to contact us with questions at: (949) 254-4775 or email us at: Info@ShortSalesASAP.com
