Here’s the scoop on the short sale and bank repo market in La Mirada, CA:

Located in Eastern Los Angeles County adjacent to Orange Co. on the East, La Mirada is a great place to call home.

• The active numbers of single family homes on the market in May 2010 is 75.
• Of those single family homes 41%  are identified as a foreclosure, in loan default or a short sale property.
• Prices range from $285,000 to $650,000.
• Average days on the market is 66.
• The average is 3.5 bedrooms, with an average 1,600 square feet.

When it comes to townhomes/condos the La Mirada market is much smaller.

•  The active number of condos/townhomescurrently for sale in La Mirada is 14.
• Of those 71% (10) are either in foreclosure, bank owned or are short sales.
• Prices for condos in La Mirada range from $120,000 to $379,000.
• Average days on the market is 58
• The average 2 bedroom condo is 1,044 square feet.

Located in Eastern Los Angeles County adjacent to Orange Co. on the East, La Mirada is a great place to call home. Want help with La Mirada real estate? Contact me directly!

La Mirada’s current re-sale inventory foreclosures/short sales  vs. “traditional sales”:

169 total properties for sale ~ of which only 15 are identified as Bank Repos, slightly less than 9% of the total inventory. However, when you factor in current short sale properties that total swells to 40% of the current inventory. That’s right another 53 homes are identified as short sales in the Multiple Listing Service. (It’s most likely a few others which may not be properly identified in the multiple listing service as a short sale).

La Mirada bank repos are currently priced from a low of $163,000 for a one-bedroom one bath  condo in the Los Olivos complex at Ocaso and La Mirada Blvd. to $789,000 for a 5 bedroom 3/bathHillsboro Manor home near Beach Blvd. and Hillsboro Drive, south of Imperial Hwy.

Not every distressed sale is a repossession or short sale so let’s define distressed sales, a bank repossession/foreclosures, short sales vs. personal circumstances:

 •1.       Bank Repo, aka REO or Bank Foreclosure~ A bank/lender/government repo is owned by the institution that held the loan on the property, or in some cases actually insured that loan. REO=Real Estate Owned is a term used by institutions to identify properties on their books.

 •2.       Short Sale ~ A term used when a property is offered for and/or sells for less than the current amount owed on a loan. For example, (a)the case where a home buyer purchased a property for  one amount, the value declined and the owner could not sell for the amount owed on  the loan. On the other hand,(b) other short sales may result from a property being re-financed at any period of time and the value declined (c) where an owner has tapped the equity in the form of a home equity line of credit, aka HELOC and again there has been a decline in values. Again where the sales price would be less than the amount owed to the lender.

It takes real stamina to hang in there for these things. I’ve watched repo sales for over twenty-five years and urge you to work with someone who understands your local market. Again, do your homework ahead of time!

If you’re interested in finding out more about a La Mirada bank repo, contact me, Lynda@PreferredHomeBrokers.com

Location, Eastern Los Angeles County, approximately 20 miles south/east of Los Angeles

• Estimated Population 50,000
• Land Size just under 8 miles.
• Zip codes include 90637, 90638 and 90639.

La Mirada is a Southern California community on the Eastern Los Angeles County/Orange County line. Spanish for “the view” this city has often been described as a bedroom community. Although with growth the La Mirada has experienced more retail and commercial developments.

Incorporated in 1960, La Mirada is also the home of the famous La Mirada Theater for the Performing Arts.

• The community is also well known as the home of Biola University a private Christian University. The quiet residential streets surround many neighborhood schools and beautiful parks. Transportation includes the nearby 5 freeway.

La Mirada 18 hole golf course located at Alicante and Santa Gertrudes.

Beautiful La Mirada Regional Park, 100 acres owned and maintained by Los Angeles County. See La Mirada Regional as featured in “Healthy Parks Program” in Western City Magazine.

Need help with real estate in La Mirada, call me direct (714) 595-1494 or TEXT ME.