Stein Valuation, Inc.
Real Estate Appraisals & Consultation
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Following is a typical Appraisal Location description utilized by the Appraiser in analyzing the general area market trends.
Lake Forest Area Description
Lake Forest is a city in Orange County, California, United States. And according to the 2000 Census, lake Forest had a population of 58,707.Of the total population 27.0% were under the age of 18 years, 33.3% from 25 to 44 years, and 8.6% were 65 years or older.
According to the Bureau of Census, there were 17,149 students in Lake Forest city.43.1% of which were elementary school(grades 1-8);24.6% were college or graduate school;20.3% high school (grades 9-12);6.6% nursery and pre-school, and 5.4% in kindergarten. Only 17.1% were high school graduates, and 24.1% got a Bachelor's degree.
Based on Census 2000, Lake Forest city had 32,407 populations in labor force. Of the 44,638 population 16 years and older, 31,282 were employed, and 1,072 were unemployed. And there were 14,927 female 16 years and over in labor force and the number of employed females 16 years and above were 14,430.
Based on the same Census results, 25,812 workers were privately hired, and 2,850 were government workers. And there were about 2,462 that were self employed, or worked in their own business.41.3% or majority of the 16 years and above employed population worked for management, professional and related occupations. While 33.1% were into sales, and office occupations.11.9% were into service occupations.7.7% were into production, transportation, and material moving occupations.Some5.9% were into construction, extraction, and maintenance occupations. While only 0.1% had farming, fishing, and forestry occupations.
According to the employment record of the US Bureau Census, most of the employed populace or 14.9% were into educational, health and social services; 14.7% were into manufacturing. And 13.65 were into the retail trade.
Of the 31,282 employed civilian population 16 years and above, 16,852 were males and there were about 14,430 females. Most the males worked in management, professional, and related occupations. While the females were mostly into sales and office occupations. And the median earnings for male full-time, year-round workers were $52,019, while the median earnings of female full-time, year- round were $37,100.
Bureau of Census showed that there were 20,042 households in Lake Forest. Of the total households, only 4.9% had an income of $200,000 or more; 5% had an income of $150,000 to $199,999; 17.3% had an income of $100,000 to $149,999; 17.5% had an income of $75,000 to $99,999; 20.6% had an income of $50,000 to $74,999; 14.1% had an income of $35,000 to $49,999. And only 3.2% had an income of less than $10,000. And the median income of the households in Lake Forest for 1999 was $67,967 and the mean earnings were $80,901.
And according to Census 2000, there were 14,838 families in Lake Forest. And the median income of the families in 1999 was $75,121. And only 2.1% of the families had an income of less than $10,000; 6.1% had an income of $15,000 to $24,999; 7.4% had an income of $25,000 to $34,999; 12.7% had an income of $35,000 to $49,999; 20.5% had an income of $50,000 to $74,999 and only 5.6% of the families had an income of $200,000 or more.
And there were about 473 families that fall below the poverty level. And of these families, 347 had children less than 18 years of age. And 187 families had children under 5 years old.
According to Census 2000 there were a total of 20,588 housing units. Out of that number, 10,911 were 1-unit, detached; 2,842 were 1-unit, attached; 110 were 2 units;1,147 were 3or 4 units;1,699 were 5 to 9 units;1,133 were 10 to 19 units; 1,454 were 20 or more units, and 1,292 mobile homes. And the housing units were mostly built around 1970 to 1979.There was 71 units that were built in 1999 to March 2000, beyond that no more housing units were built.
Out of the 20,588 housing units built, 20,124 were occupied. And 464 housing units were vacant. And of that occupied housing units, only 11,579 were specified owner-occupied units. And about 8,545 units were renter occupied. Regarding the vacant housing units, 76 were specified vacant-for-sale housing units, and 249 specified vacant-for-rent-housing units.
While 10,657 units were mortgaged, out of the total 11,579 owner occupied units. Some 3,605 housing units that were mortgage had a monthly cost of $1,500 to 1,999, while the median monthly owner cost was $1,765
While the 8,545 renter occupied units, some 48.7% had a gross rent of $1,000 to $1,499; 0.6% had a gross rent of less than $200; only 11.3% had a gross rent of $1,500 or more. And the median gross rent was $1,085.
While none of the housing units were sold for less than $90,000 to $99,999.The highest asking price for the specified vacant for sale only housing units was $300,000 to #399,999. None of the housing units were priced $400,000 to $499,999. And the median asking price for the for sale units was $133,300.
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Additional statistical data for the area is presented below: Please note: differences between the above and below values are related to differing sources, though the ranges are considered to be quite reliable.