The City and the Lake Forest Chamber of Commerce partnered for a workshop on Housing, attended by a panel including a real estate agent, a lender, a builder, and the city’s Economic Development staff. Joining the panel was Jonathan Lansner, columnist for the OC Register. Also in attendance was Councilman Dwight Robinson, Jeremy Olson, and Mary Visconte from the Chamber. More than 70 people were in the audience, about half of whom lived in Lake Forest.
Here are some of the highlights from the meeting –
- At the moment there are less than 60 single family residences (SFR) for sale in Lake Forest. That’s way below normal meaning it’s a “seller’s market”. This parallels the trend in OC where the homes for sale have dropped from 8,000 to 4,000.
- In a seller’s market, homes move fast. Buyers who have pre-approvals are preferred over other buyers. Getting pre-approval is more difficult and requires more documentation than in the past.
- People used to move every 7 to 10 years, now they average every 20 years. Older adults are tending to “age in place”.
- Homes coming for sale at the moment tend to have been those homes bought by investors in the last downturn, who are unloading as interest rates increase.
- Millenials tend to rent rather than buy, and when they buy, they are looking for non-traditional homes.
- Baby boomers are selling their larger homes and downsizing.
General comments about Lake Forest as an attractive place to buy included –
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- Business friendly
- Small town feeling
- New civic center and other new amenities
- Responsive city staff and council
- Good location
- Great value
Upcoming events include –
- Keeping up with California Employment Laws – March 13, 5:00, City Hall
- March Mixer – March 14, 5:30, Reborn Cabinets (El Toro Rd)
- Ribbon Cutting - 786 Wireless, Mar 23, 1 pm, 26761 Portola Pkwy, Foothill Ranch, #2J
- State of the City – April 11, 5:30, Mercedes Benz in Foothill Ranch
- Jim Sax Senior Awards – April 23, City Hall
- Special Needs Resource Faire – April 28, 9 am, Sports Park
- Leadership Appreciation – May 4, 11:30 – City Hall
- Rancho Fiesta Days – May 5, Heritage Hill Historical Park
- Secrets and Strategies to Business Success – May 11, 8:30, Sports Park
ABOUT THE AUTHOR
Find out what's happening in Lake Forestfor free with the latest updates from Patch.
Dr. Jim Gardner is on the City Council for Lake Forest where he serves as Mayor. You can check him out on LinkedIn and/or Facebook and you can share your thoughts about the City at Lake Forest Town Square on Facebook. His Twitter handle is @DrJimGardner. His comments are not meant to reflect official City Policy.
Dr. Gardner has office hours every Tuesday from 4 pm to 6 pm at the City Hall. In addition, he holds a town hall meeting every quarter. The next meeting will be May 17 at 7 pm at the Lake 1 Clubhouse (Ridge Route).
