Irvine Housing Blog

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Aldeas of Oak Creek Posted: 28 Jan 2013 04:00 AM PST Inventory on 25th January 2012: 2-1-6. Irvine seems to be settling in the new normal of low inventory. As expected, property values are rising steadily keeping pace with the declining inventory. Condominiums that foreclosed for around $500,000 are now back into the market after some sprucing up for a bigger price tag. Good news for sellers, good news for Realtors and Brokers, and great news for flippers. Flipping as a career choice seems to be making sense again, just as day trading is. 72 Alevera St, Irvine CA 92618 Bed rooms/ Bathrooms: 4 Beds/ 2.5 Baths Area: 1500 SF Year Built: 2002 Type: Detached Condominium Builders Tract Name: Aldea Builders Tract Code: ALDE Builders Model Code: 4 Elementary School: Oak Creek Middle School: Lakeside High School: Woodbridge Listing Price: $639,000 Price/ SF: $426 HOA Dues: $175 Monthly mortgage: $2,295 Annual Property Taxes @ 1.033: $6600 Annual Mello Roos: $1480 Monthly Taxes + Mello Roos: $674 Fixed Monthly Expenses: $3144 This house was foreclosed in November 2012 for $498,000. Inventory has gone down 23.1% in Oak Creek, and listing price/sf has gone up by 3.7%. Comparable properties in the neighborhood: 1. 50 Alevera, 3 Bedroom-2.5 Bathroom detached condominium listed at $430/SF. 2. 16 Alevera, 4 Bedroom-3 Bathroom detached condominium sold for $403/SF in November 2012. 3. 85 Alevera, 3 Bedroom-2.5 Bathroom detached condominium sold for $416/SF in October 2012. What do you think?  Will the prices continue moving upwards to adjust to the spiraling inventory levels and push us into a bubble prematurely? Or does Irvine deserve a bubble bigger and faster than the rest of the nation because we are the safest, most desirable and fashionable city, and most recently one of the best run cities in the country? Will you still buy in Irvine if you see prices go up by more than 20% annually on the homes that you wanted to buy?   It’s too soon to predict buy and hold, but flip seems to be the mantra of the moment.

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