In this exclusive OC180NEWS report, we look at homes on the market and distressed homes in Rossmoor as of January 14, 2012. The number of distressed properties in Rossmoor went up for the third month in a row in the latest data.
As of January 14, 2012, there were 27 distressed homes in Rossmoor, up from 25 one month earlier. This is the highest number of distressed properties in Rossmoor since January 2011, when the number was also 27 units.
From last January through September, the number of distressed homes in Rossmoor fluctuated between 21 and 27. The numbers bounced around within this relatively narrow range with no pattern. But, the last three months were different. Since distressed homes hit a low of 19 units in October, they increased in each of the next three months, suggesting an emerging negative trend.
As of January 14, only 3 of the distressed homes were officially listed as for sale. The remaining 24 homes were in the off market shadow inventory. We track the changes in distressed homes because they represent a price lid on the market and could suggest the market’s future direction.
As of January 14, 7 Rossmoor homes were facing a formal default notice, up from 6 in December. Foreclosure auctions are already scheduled on 14 Rossmoor homes, up from 12 last month and up from 10 in November. Three Rossmoor homes are owned by the bank, unchanged from December.
Consistent with seasonal expectations, the number of homes listed for sale in Rossmoor decreased from 29 in December, to 27 as of January 14. Last year at this time there were 25 homes for sale in Rossmoor.
There is one bright spot for Rossmoor-the number of days homes are remaining on the market decreased for the second consecutive month. Two months ago, the average number of days the active inventory had been on the market was 104. It decreased to 81 in December. One reason the average days on market fell is because the home at 3251 Woodstock RD came off the market in December. In our mid-November report, this home had been on the market for 242 days. At that time, it was the second longest time on the market, so it really pushed the November average up.
In January, the average fell again and now stands at 75. Just like last month, the average dropped in part because a long standing listing (2861 Coleridge) was withdrawn from the market.
There have been five new listing since our last report. Just coming on the market is the home at 3212 Hillrose Dr. This 3 bedroom/2 bath home is listed at $679,000. This home has 1,617 square feet on a lot of 7,665 SF. The price is $419.91 per SF. The average of all current Rossmoor homes is $398.53 per Sf.
The Hillrose home is the smallest and least expensive of the new Rossmoor listings, but it’s not the cheapest home in the area.
Also only a few days on the market is the property at 3081 Brimhall Dr. This 4 bedroom/2 bath home is offered at $987,000, or $411.25 per SF. The property has 2,400 SF on a lot of 8,250 SF.
The home at 2621 Oak Knoll Dr has been on the market for 10 days and is listed at $749,000, or $384.69 per SF. This property has 4 bedrooms, 2 bathrooms, and total size of 1,947 SF. The lot is 8,580 SF.
Another new listing is located at 2801 Coleridge Dr. This home is offered for $949,000, or $431.36 per SF. This home has 4 bedrooms, 3 bathrooms, total size of 2,200 SF, and a lot of 7,700 SF. This property has been on the market for 11 days.
The remaining new listing is at 3252 TIGERTAIL DR. This property has 4 bedrooms, 2 bathrooms, total size of 2,088 SF and the lot is 7,665 SF. The listing price is $899,750, or $430.91 per SF.
The real estate data in this article was supplied by Glenn Gaspar, REALTOR® with First American Team Realty, Inc. OC180NEWS thanks Glenn for providing the data and expertise without which this article would not be possible. The analysis and text are by OC180NEWS.
Glenn may be reached at:
Glenn Gaspar
First American Team Realty
DRE License #01048604
(714) 612-0995
(562) 427-7765 ext: 144
www.GlennGaspar.com
http://www.glenngaspar.com/
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About Dolores Barr, Publisher
Dolores Barr has lived in Rossmoor since 1992 and has created this site to provide local news for the people of Los Alamitos, Seal Beach, Rossmoor, Leisure World, Sunset Beach, and Surfside, California. My husband and I have had two students graduate from the Los Alamitos Unified School District and currently our Grandson, Ricky Apodaca, grade 3 at Weaver Elementary, is actively involved in youth baseball through LAYB and youth football through FNL.
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