In this exclusive OC180NEWS report, we look at homes on the market and distressed homes in Rossmoor as of February 15, 2012. For the first time in four months, the number of distressed properties in Rossmoor went down.
As of February 15, 2012, there were 26 distressed homes in Rossmoor, down from 27 one month earlier. This small decrease brings the distressed properties in Rossmoor back down to the level of last September, and remains one unit higher than it was two months ago. From January through September, 2011, the number of distressed homes in Rossmoor fluctuated between 21 and 27. The numbers bounced around within this relatively narrow range with no pattern.
The fluctuations fell out of this range when the number of distressed Rossmoor homes dropped down to 19 units last October. Next followed three months of steady increases from November through January. This mini-trend topped out last month at 27 distressed homes. Thus, the drop this month back to 26 units is where it presently stands.
As of February 15, only 2 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 February 15, 9 Rossmoor homes were facing a formal default notice, up from 7 in January. The number of Rossmoor homes for which foreclosure auctions are already scheduled finally decreased after going up for three months.
As of mid-October 2011 only 9 Rossmoor homes had foreclosure auctions scheduled. That number increased during November, December, and January, up to 14 units. This month, the number of foreclosure auction homes in Rossmoor fell back to 13 units. The number of bank owned Rossmoor homes also went down this month. Last month there were 3 Rossmoor homes owned by financial institutions, now there are only two such properties.
While the number of distressed properties was improving, the inventory of homes for sale in Rossmoor was growing. Thus, potential buyers had a higher portion of equity sales to choose from. In our mid-January Rossmoor housing report, distressed properties made up exactly 100% of the number of homes on the market. As of February 15, distressed homes are equal to only 84% of the number of homes for sale in Rossmoor.
There have been ten new listings in Rossmoor since our last report. Just coming on the market is the home at 3082 Yellowtail Dr. This 3 bedroom/2 bath home is listed at $599,000. This home has 1,684 square feet on a lot of 7,665 SF. The price per square foot is $355.70. The average per SF price for all current Rossmoor listings is $401.18, up from $398.53 one month ago.
Another new Rossmoor listing is at 3172 Quail Run Rd. This home has 4 bedrooms, 2 baths, total size of 2,325 SF, and the lot is 7,700 SF. The listing price is $819,000, or $352.26 per SF.
The highest priced new listing is at 3101 Walker Lee. This home has 4 bedrooms, 4 baths, total size of 3,800 SF, and the lot is 8,250 SF. The home is offered at $1,499,000, or $394.47 per SF.
The lowest priced Rossmoor home is still the property at 12721 Martha Ann Dr.
The price on this home was recently lowered to $520,000, or $359.12 per Sf. This home, which has 3 bedrooms, 2 baths, total size of 1,448, and a lot of 7,700 SF, has been on the market for 354 days, longer than any other Rossmoor home.
By way of contrast, the most expensive Rossmoor property is at 3091 Inverness. This home has 5 bedrooms, 5 baths, 3,800 SF, and a lot of 8,360 SF. The listing price is $1,699,000, or $447.11 per SF. The home has been on the market for 66 days.
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: 154
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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