Irvine Housing Blog

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End to End on Sapphire Posted: 06 Aug 2012 05:00 AM PDT Mandeville houses in West Irvine have probably seen it all when it comes to the swings in Irvine real estate market. They doubled from their initial offering price of around $300,000 in 2001 to around $653,000 during 2007, and slid back to around $366,000 in 2012. Prices seem to have stabilized again, with two properties with this area listed close to $500,000. Whether they will sell for the listing price is a different story, but here is a quick comparison of the two Sapphire properties – one on the market now, and the other sold four months ago, and then a six year history of the “Sapphire” homes of Mandeville.   117 SAPPHIRE, IRVINE CA 92602 Listing Price: $495,000 Beds/ Bath : 3 Beds/ 2.5 Bath Area: 1500 SF Price/ SF: $330 Monthly Fixed Expenses: Mortgage, at 3.5% 30 YR Fixed: $1778 Home Owner’s Association Dues: $225 Property Taxes + Mello Roos: $507 Monthly Fixed Expenses: $2510 97 SAPPHIRE, IRVINE CA 92602 SalePrice: $366,000 Beds/ Bath : 3 Beds/ 2.5 Bath Area: 1500 SF Price/ SF: $244 Monthly Fixed Expenses: Mortgage, at 4.1% 30 YR Fixed: $1415 Home Owner’s Association Dues: $225 Property Taxes + Mello Roos: $470 Monthly Fixed Expenses: $2105 Here is a six year history of the “Sapphire” properties: 2006: 02/2006 107 Sapphire $653,000 (Higest) 02/2006 113 Sapphire $599,000 04/2006 48 Sapphire $610,000 07/2006 43 Sapphire $630,000 07/2006 91 Sapphire $575,000 2007: 03/2007 50 Sapphire $600,000 04/2007 103 Sapphire $564,000 04/2007 111 Sapphire $589,000 06/2007 61 Sapphire $589,000 07/2007 53 Sapphire $632,000 2008: 05/2008 73 Sapphire $480,000 07/2008 59 Sapphire $510,000 08/2008 91 Sapphire $450,000 2009: 02/2009 131 Sapphire $485,000 04/2009 53 Sapphire $445,000 11/2009 54 Sapphire $514,000 2010: 01/2010 67 Sapphire $608,000 12/2010 36 Sapphire $490,000 2011: 09/2011 51 Sapphire $440,000 2012: 02/17/2012 97 Sapphire $366,000 (Lowest) 03/31/2012 109 Sapphire $435,000 04/13/2012 65 Sapphire $388,000 It does seem like the market is on a rebound in West Irvine going by the recent sales trends, and also the listing prices. A similar townhouse on 9 Moonstone is listed at $476,000. Would you buy in this area with confidence now? Do you think this rebound is temporary, and we will see more properties below the $400,000 range? What are your thoughts about the floor plan? When I went to see one of these properties, I felt like I was playing hop-scotch, with each hop I was landing into a different living space of the great room. The bedrooms are tiny too, but still livable if you have very young children. What are your thoughts about the price fluctuations in this area? West Irvine has bled a lot in the past year, but with so many new properties being built in Irvine, many more permitted to build, will these slightly older properties see a permanent uptick, or is it just temporary? Discuss below or on Talk Irvine.

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