ZERO LEFT IN LAKE FOREST on the MLS!…., but I have 2 Standard Sale “Pocket Listings” in the mid 200K’s.

Would you believe that there are ZERO 1001+ sq. ft. 2-bed, 2-bath homes with a garage in the entire city of Lake Forest that are Standard Sales?  That is right.  When they come on the market, they fly off!   Did you also know that rents are going up, up up?  That is right as well.   Let me tell you about 2 upcoming listings that I know about.  Both are tenant occupied and the tenants would like to stay, if you want them to:

1) Lower level approx 1050 sq. ft. 2-bed, 2-bath Tierra Vista property with dual master suites at opposite ends of the condo.  It has a wide yard with french door access  from bedrooms.  New appliances, pottery barn-looking dining room/kitchen fixtures and faucets.  2-tone decorator paint. One year old Karastan carpets in the bedrooms and ceramic tile in the common areas.  Laundry room and direct access garage and one assigned parking space.  The tenant pays $1700/month and is on a month to month and would like to stay.  Some of these same units across the street were kept as apartments, not condos and they rent for $1900 to 2,200+/month. Low dues of $262/mo with no mello roos.  Rents are VERY strong right now so it is very hard for buyers to find a place.  Good time to be a landlord.  The tenant has expressed interest in buying it because the love their home so much.  They cannot qualify and would have to get family members to buy it.  Price is $265-275K.  Investor 25% down total payment would be in the $1500’s/mo while 5% down buyers can buy it for “same as rent”

2)  Serrano Woods 2-bedroom, 1242 sq.ft. townhome that has 1-1/2 baths. The couple would like to sell their own home and rent it back.  They hope some time in the next few years to move out of state if they gets jobs in their new area.  They have lived there many years and have upgraded the home.  Kitchen and bath remodels, composite (granite type) counters and center island. Ceramic tile in kitchen and baths.  There is a small back yard that connects to their direct access garage.  This home comes with the Sun & Sail Club across the street  with HOA dues in the 280’s/month.  (Youtube ‘Jenean Hill 4’ to see more about living in lake forest). You can go on a sunset cruise on your own kayak if you lived here or if you are the landlord and did not convey the membership.  Market rent is about $1700-$1800 which they would be able to pay to stay in their own home.  Price would be about $250,000. Investor 25% down would probably be a total cost somewhere in the $1400’s/month.  5% down buyers can buy it for “same as rent”.  (Photo is that of a model match that I sold last year for $275K)

 The first one will go quickest as I am starting to tell people about it.  Please call ASAP if you are interested in buying these NON-distressed properties that you can close escrow on and enjoy all year long.

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