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Reload this Page What's up with real estate in Lake Forest? (Santa Ana: sale, foreclosed)
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Old 12-27-2008, 10:18 PM
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Default What's up with real estate in Lake Forest?
The median home price last month was only $285k (combining SFR and condos) according to:

DQNews - California Home Sale Price Medians by County and City

That's over $100k below the OC average and down 44% in a year. What's going on there? I always thought Lake Forest was one of the nicer areas in the county but those numbers look like Santa Ana. Is something skewing the numbers, like a lot of small condos being foreclosed on?

Also, does anyone know why real estate statistics always use median instead of mean? I would think than mean would be more accurate and less likely to get skewed by outliers.
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Old 12-27-2008, 11:57 PM
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lots of condos with high HOA that are really old. at least when i looked in the 200k range there thats what showed up.
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Old 12-28-2008, 10:32 PM
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If you do a quick search on a real estate site like realtor dot com, there are about 400 properties listed in Lake Forest. Only about 150 of those are single family homes. About 80 are mobile homes priced under 100K in a senior citizen mh park, about 170 are condos or townhomes. The least expensive home listed is about 320K, right next to I-5. Quite a few decent looking homes asking from 350K to 450K. I would guess most of those would sell for less if a buyer came along with a loan prequalified and was ready to buy.
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