Wrightwood Real Estate News

Wrightwood Real Estate - status

2011-04-11T12:58:00.000-07:00

The current slow market in Wrightwood real estate is different from the last cyclical slow down. Although it seems to be a buyers' market and home prices are at levels not seen since 2000-2001 or before, inventory remains tight. Currently, there are only about 45 non-short sale homes listed on the local MLS. See our web site for Wrightwood listings .During the last downturn of the mid to late 90s active listings numbered up to 175.

This seeming paradox generates confusion for buyers and sellers alike. Despite difficulty in finding an acceptable home, buyers think they can make low offers and be successful. This is rarely the case as private sellers are normally unwilling or unable to move much on price and bank owned sellers are already at a competitive price point and often receive multiple offers.

Wrightwood homes are selling but they tend to be mainly bank owned homes. Buyers confront what rapidly becomes a sellers' market for a specific home that is priced well. Private sellers become disillusioned as they must lower their prices to untenable levels in order to find a buyer. Short sales are frustrating for everyone as buyers and sellers grow discouraged during what many times is a long, uncertain approval process.

The Spring season tends to generate an uptick in inventory. Homes for sale on the local MLS have increased about 5% in the last 10 days. This could be helpful for buyers and sellers as it could spur increased demand with an improved selection of homes to choose from.

Wrightwood homes for rent

2010-05-14T06:14:00.000-07:00

Wrighwood has a number of full-time homes available for rent. Park place realty manages over 70 homes in the Wrighwood area. Parkplacerealty.com has more than a dozen currently available. They range in price and size from studios to 3 bedrrom and 3 bathrooms and over 3000 square feet. View these homes online at parkplacerealty.com. The Wrightwood mountain homes are more plentiful now do to the appearance of Spring. Most tenants prefer to look for a larger home or downsize once the snow has melted. Feel free to come by our office for a list of currently available homes for rent or lease and local maps. If eny home interests you please make an appointment for a viewing.

Wrightwood real estate signs of recovery

2010-05-12T06:58:00.001-07:00

A number of prospective buyers viewed homes for sale in the Wrightwood real estate market over the weekend despite the return of some chilly weather. Most of the interest from buyer at Park Place Realty has focussed on some of the more affordable Wrightwood homes. Rates continue to be low and some new Wrightwood listings are coming on.

Wrightwood wildfire & disaster awarenesss day

2010-05-08T09:39:00.000-07:00

Here in Wrightwood. today is the last free day to drop off pine needles, weeds, branches, tree trimmings, grass and pine cones. The event is sponsored by the Wrightwood fire safe council, CR&R (our local trash removal service company), Mountain Hardware (our local hardware company), SB County code enforcement and the San Bernardino Fire Department. Congratulations to all those who participate.

Wrightwood housing spring fever

2010-05-07T07:51:00.000-07:00

Spring has finally sprung here in Wrightwood despite what the calandar tells us. Although we are still in a buyers' market the housing market in our moutain area is showing some signs of life. Paradoxically, for a buyers' market there are relativley few listings to choose from. Yet, gradually more listings are coming on and most are not bank owned. Also, several homes have recently gone pending and a number have closed over the last week. The weather is beautiful and the onset of the rental season is upon us. Most tenants prefer to move in the Spring and Summer so we have a lot of demand for new rentals and the supply of rental housing has also consequently increased. In short, it is a good time to look for new housing

Little Secrets about Foreclosures that Could Change Your Life

2009-10-25T07:41:00.000-07:00

By Jessie Frost

Foreclosures have been around forever. Only now there just more of them. It seems to be the buzz on the street. Seasoned and novice investors want to invest in foreclosures. In 2004 the number of foreclosures was 2% of the total sales in the US. In the first quarter of 2008 the foreclosures accounted for 30% of the total sales.

During the 1st quarter 2008 in Stockton California 72% of its sales were in foreclosure. In Las Vegas during the 1st quarter 2008 45% of the properties closed were in foreclosures. So you can see why there is so much interest in foreclosure.

The reason they are so attractive is if you are going to be successful in real estate, you need to work with a motivated seller. There is no more motivated seller then one whose will lose their property because they are not or cannot make their payments. Typically, foreclosures up to this point were from divorce, medical bills, or unemployment. In addition to these re-occuring reasons, today they are the result of the ARM ( adjustable rate mortgages) being reset from a lower interest rate to a higher rate, making the payment higher and unaffordable to the home owner and their property value dropping leaving no equity.

What happened to create this situation? People with poor and bad credit were given loans for properties that should not have gotten them in the first place. In CA they were approving people at 22 times their annual earnings instead of the 3 times, which is normal. They were hoping the appreciation would continue and they would get out of the property with a fistful of money and use that for a down payment in a more affordable market. However the market lost its steam and property values dropped and these buyers were left with property that many times was worth less then what they paid for it and when the loan reset they were unable to pay for it.

Investors also bought homes thinking they could ride the "gravy train" and earn a lot of money and be at the right place at the right time. Many of these people are actually walking away from their homes and have good credit and cannot afford the payment. But they figured why make a payment on a property that is not worth what I paid for it? It might take several years for the property values to comes back, so they let their property go to foreclosure.

So great opportunity for the investor who knows what they are doing. Every once in a while when the planets align and everything is in sync it's a great time for us to take this opportunity and that is what is going on in real estate today.

About the author:

We offer free 7 day training on buying homes for pennies on the dollar and selling at huge profits. Please visit us at www.forcloseinvesting.com for more details.

Victorville and Wrightwood California Real Estate

2009-04-25T11:18:00.000-07:00

National foreclosure rates and President Obama's stimulus plan have intertwined themselves for most home owners still facing uncertain futures in regards to their current home mortgage obligations. Nationwide over two million homes are heading into foreclosure. Barack Obama is considering a number of options to ease the mortgage burden on these home owners. The Obama White house has supported loan modifications based on 32 to 38% of home owner income which aims to drastically reduce the slide into foreclosure for home owners nation wide. A more controversial measure, in the eyes of the financial industry, is a plan to include home mortgage defaults in bankruptcy proceedings. We will have to wait and see how this proposal will work out.

In Victorville, California approximately 60% of the homes on the local High Desert MLS are bank owned. Although Wrightwood California home prices have declined somewhat they still tend to retain their overall value due to their unique mountain location, country life style and ski resort atmosphere. This is due to the high desirability of the Wrightwood's mountain location and to it's close proximity to Southern California employment centers located in the Inland Empire and the High Desert area.

Wrightwood, in addition to its location, is quite fortunate ,anecdotally, having population demographics that show a much higher disposable income consequently averaging lower overall foreclosure rate percentages. Currently there are only 10 bank owned homes out of a total of 73 homes active on the local Wrightwood MLS - (12% of the total). Ultimately you may obtain a lower price, per square foot, for your money in Victorville but Wrightwood homes historically maintain their values at a much higher level over the long run.

In conclusion, it’s not clear which program President Obama will eventually adopt and how it will effect Wrightwood and surrounding communities located in Southern California's Inland Empire High Desert areas such as Victorville.

So we will, like home owners everywhere, have to just wait and see.....

Wrightwood California Real Estate

2009-04-01T11:57:00.000-07:00

The real estate market for the Southern California mountain community of Wrightwood Calif. peaked in June and July of 2006. Since then Wrightwood Real Estate has seen a continuous downward deterioration of home prices and activity. Although prices remain soft the Wrightwood real estate market activity seems to be experiencing an uptick. In January and February 2008 seven Wrightwood homes were sold. In contrast, in January and February of 2009, 15 homes sold almost doubling that of 2008 for the same period.

It may indicate that Wrightwood mountain home sellers are approaching the price points that are meeting that of the buyers expectations. The main barrier to sell, in these times, seems to be the home lenders. They have shifted to the opposite extreme of the spectrum concerning credit. What we are currently experiencing is well qualified buyers having trouble qualifying for modestly priced loans. Wrightwood's Park Place Realty currently has multiple offers that are in a state of in limbo while anticipating and awaiting bank responses.

With the onset of Spring real estate foot traffic in the mountain town of Wrightwood California seems typical for this time of year. We have noticed numerous local mountain home sellers transitioning their homes into the rental market as opposed to the further lowering of prices due, in part, to the stability and increases in rental prices and overall activity. These are good signs showing that we may be approaching a bottom in terms of real estate prices.

As for the future buyers would do well to take advantage of the current market and price points, while Wrightwood real estate sellers should hang on for the much anticipated turn around which we all have hopes of surfacing in and around 2010.

Wrightwood, CA Real Estate Video

2009-03-07T11:31:00.000-08:00

Wrightwood, CA Real Estate Video

2009-02-19T09:42:00.000-08:00

Wrightwood Real Estate Video

2009-02-02T11:55:00.001-08:00

Wrightwood Real Estate Charmer

2008-09-06T18:20:00.000-07:00

Located on one of Wrightwood's most charming lots. This home is a newly painted single story home on level lot with a heated over sized two car garage.

Spacious great room with the required typical fireplace, a must for all Wrightwood real estate properties.

Two bedrooms plus a bonus room with one and a half bathrooms. Home has two large decks both with mountain views and all located on a 11,000 plus square foot lot.

Property backs up to wash near the center of Wrightwood, located at 5628 Heath Creek Dr.

Wrightwood Real Estate Jewel

2008-09-05T10:55:00.001-07:00

A lovely pine tree surrounded Wrightwood property located at 23430 Flume has just been listed.

A four year old home that boasts original owners (rare weekend usage only), comes with a spectacular great room (29 foot ceiling - floor to ceiling windows) with sensational Wrightwood mountain views. This home has a very efficient floor plan. The master bedroom with a full bath is located downstairs with a second bedroom, loft and 3/4 bath upstairs. A large deck containing two entrances (made with trex type material) with a (2 car) carport underneath enhance this Wrightwood real estate beauty.

An ufinished basement with ample storage area has the easy potential of being including in the overall dimensions of the homes. Home also has high end laminate flooring, stack laundry hook-ups, range, refrigerator, fireplace (with gas starter) and forced air heat.

Owners recently spent $5,000 on landscaping. A low maintenance english garden type front yard is attractively bordered with vinly white picket type low maintenance fencing. Extra large yard includes two Apple trees, three Jeffrey Pines and five Quaking Pines, and all on a nearly level 9000 sf private lot.

A Must See Wrightwood Real Estate Property.....

Wrightwood Real Estate Beauty

2008-08-21T12:15:00.000-07:00

We just received a new listing located at 5312 Chaumont in Wrightwood. This one we want to show-off.

This home has a view into the valley that is breathtaking. Home has 2 huge master suites coupled with 3.5 bathrooms. Completely remodeled with everything that the discriminating high-line buyer would want and or need.

Outside, you are greeted by a fully landscaped yard with rock waterfall leading up to the 600 sqft deck. After opening the front door, the large foyer leads to a double door entry with newer hand laid stone flooring throughout that warmly invites you into the living room area. Large vaulted ceilings and fireplace graciously give you that instant feeling of warmth.

Throughout the rest of the home you will find genuine 3/4 inch hardwood flooring, newer carpeting and travertine tile. The kitchen has granite counters and newer matching stainless steel appliances. For heating, you have multiple options which include a fireplaces, a wood burning stove with house blower and a faux fireplace furnace in the 2nd master suite. This bedroom also has a new oversized bathroom with steam shower.

The garage is an oversized 1200 sqft with private entrance and heating. Overall the home is 3029sqft. with a view lot size of 15612 sqft.

Wrightwood Real Estate Forclosures

2008-08-08T09:56:00.000-07:00

Foreclosures are increasing in numbers every day in the U.S. while California numbers are keeping step with the national trends. In the sleepy Southern California ski resort town of Wrightwood, current numbers are showing steady increases on the local High Desert Victor Valley multiple listings service.

Wrightwood foreclosures in the two months ending 2007 totaled three with two of the homes quickly selling for $151.12 per square foot. Considering current marketing trends, and during the same period, four non fore-closures sold for $205.73 per square foot. With a discount rate of over $50 per square foot for the foreclosure homes Wrightwood real estate is making the predictable switch from a sellers market to a buyers market. Lenders have filed either an NOD (Notice of Default) or LIS (Lis Pendens) against these homes. Pre-foreclosure numbers in Wrightwood have grown to 16 with increases predicted for the near future.

The recent Southern California foreclosure wave has put considerable downward pressure on current selling prices in Wrightwood. However, there are some positive indicators that the downward trend may be slowing with the recent increase in the percent selling from 15% to 25% from January to February. (The percent selling is defined by the total number of sold divided by the total number of failed plus the total number of sold.) This movement will be further reinforced by the disappearance of winter snow and a transition to the normally strong spring through fall real estate selling months. And with the gradual response of motivated sellers to the challenging price points of foreclosure properties local real estate offices are anticipating a busy season fueled by current rate rumors and non local investors.

Wrightwood Real Estate Update

2008-08-03T21:34:00.000-07:00

Wrightwood real estate is currently going through a boomlet. Prices are still weak, but sales are building. Wrightwood real estate continues to be a buyers' market with strong indications that we are reaching a bottom in terms of pricing and sales.

More next week.....