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What’s Happening with Shady Canyon Real Estate?

Posted: 16 Feb 2012 04:00 AM PST

Since I am most interested in helping those in the market for the low- to mid-level priced housing, those are the Irvine homes that I will take the closest look at in my posts. However, now and then, a look at how the other half (Or is that the one percent?) live is interesting. So it’s on to a look at housing in Shady Canyon.

Any of you who are familiar with Irvine real estate know that Shady Canyon is Irvine’s most expensive neighborhood. According to Redin, 25 Shady Canyon homes are currently on the market (however, a savvy real estate agent might know of some others that are available but not listed). The median list price of these homes is $5,980,000 or $725 per square foot.  Redfin stats show that no Shady Canyon homes sold in December 2011, but 5 homes sold in January 2012. The median selling price for these 5 homes was $2,670,000 or $534 per square foot.

Shady Canyon Price/SF courtesy Redfin

All the homes in Shady Canyon are single family, and not just single-family but mega single-family abodes. The 5-bedroom, 7.5 home at 66 Golden Eagle with 10,500 square feet is an example. It’s listed for $7,945,000 or $757 per square foot.

The most expensive of Redfin’s Shady Canyon listings is the 6-bedroom, 10-bath home at 36 Boulder View. It’s listed for $14,999,000 or $1,531 per square foot. Redfin stats also show that this home was listed for $15,499,000 on March 4, 2010 as well as $13,995,000 on May 3, 2010. According to Zestimate, the value for this home has not increased or decreased during the last 30 days. However, Zestimate lists the current value of this home at $12,748,200.

If that is too expensive for you, then you might be interested in Shady Canyon’s least expensive home. The 6-bedroom, 6.5-bath home at 26 Vernal Spring is listed at only $2,988,000 or $572 per square foot. What a steal! According to Redfin, this home was listed for $3,088,000 on November 16, 2011, and according to Zestimate, the value of 26 Vernal Spring has decreased by $32,700 in the last 30 days. The current Zestimate is $2,500,600. 

If you want to take a look at some of this Shady Canyon real estate, the following homes will be hosting open houses in the near future:

  • 55 Vernal Spring: Saturdays and Sundays, February 18, February 19, February 25, February 26; 1-4 pm
  • 25 Needle Grass: Saturday and Sunday, February 18, February 19; 1-4 pm
  • 53 Boulder: Saturday and Sunday, February 25, February 26; 1-4 pm

Before we leave the high-end housing market, let’s take a look at how the wider Orange County high-end market is faring.

According to Jon Lansner and colleagues:
“Just four of the 83 Orange County ZIP codes had median sales prices above $1 million in the 22 business days ending Jan.11.  That’s quite a drop from 11 ZIP codes that had median sales prices above $1 million when the county median price peaked in June 2007. Since that pricing pinnacle, there’s been a 38 percent drop in the countywide median price.”ZIPs above $1 million mark drop, The Orange County Register

Note: Since Irvine’s ZIP codes contain many different neighborhoods with different pricing levels, I focused on the Shady Canyon neighborhood instead of its ZIP code (92603).The 92603 ZIP code contains the Quail Hill, Turtle Rock, Turtle Ridge, and Shady Canyon neighborhoods. According to DataQuick Information Systems, the median price for homes in the 92603 ZIP code was $650,000 for the last 22 days ending in January 26, 2012. This is a 42.3% decrease from the 2010 price.

Well, looking at another slice of life was fun, but now it’s back to reality. In a future post, I will look at the other side of the equation by focusing on the Orange Tree neighborhood. Orange Tree contains some of Irvine’s least expensive homes.




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