Wow! You could buy a place in a gated community in Foothill Ranch for only $154,900. What a great place for a first time home buyer to get started and take advantage of the current market. This is a Fannie Mae HomePath property! This property is approved for HomePath Renovation Mortgage Financing!
September 2, 2009
Tuscany Foreclosure Starter Condo
Foothill Ranch Highlands upgraded house $775k
This property is on a great street, not far from Foothill Ranch Elementary. The price is low because it does back to Rue de Fortuna which is the residential arterial street for the east side of Foothill Ranch. The comps are interesting on this street. There was a $1,000,000 sale for a highly upgraded house across the street and a foreclosure that sold for $625k.
July 22, 2009
What happend to the wave of foreclosures? Foothill Ranch Market Report
There are 33 properties in Foothill Ranch currently listed on the MLS. (One of them is actually in Portola Hills but entered incorrectly.) 22 short sales, 1 foreclosure and there are 10 normal sales.
14 properties have closed since July 1st: 5 short sales, 5 foreclosures and 4 normal sales.
61 properties are in escrow: 47 short sales, 4 foreclosures and 10 normal sales. When a short sale is in escrow on the MLS most of the time it is still awaiting the banks approval on the terms. Which means the chances of the escrow closing are low compared to normal sales.
To answer my question: What happened to the wave of foreclosures? It may still be coming because many of the 69 short sales in escrow and active on the market will probably become foreclosures in the next 6 months.
June 10, 2009
Tuscany Foothill Ranch foreclosure report
Golfer’s Delight
(This property is no longer on the market.) Fred visited this condo on 6/9/09. This foreclosure is in an interior location overlooking a putting green. The condition was good and the unit was clean. It could use some carpet and paint but it could work as a rental as is. Another unit with the same floor plan is on the rental market for $1499 a month. Assuming that an investor could get $1500 a month this unit will cash flow for approximately 30% down. I spoke to the listing agent about the garage and he is still awaiting the title report to see if it comes with a garage. If it does come with a garage it is a very good deal. This is currently the only foreclosure in Tuscany. The rest of the listings in there are short sales. Call Fred for details.