Posted: 25 Feb 2013 04:00 AM PST
Inventory as of 2/24/2013: 2-0-0.
As Irvine inventory drops and the nationwide housing statistics show signs of life, we have moved into a seller's market. Last year, around spring, I questioned if this is the worst Irvine saw, and in fall, I wondered if this is recovery. Within a year, we have gone from bottom to recovery to a bubble. Condominiums are being listed for a price that people paid to buy single family homes just a year ago. Here is my favorite village "West Irvine" which saw the worst last winter, and stabilized last summer, and now is booming.
Listing Price: $569,900
When I saw the listing price, my jaw dropped. I am watching these homes for almost 12-15 months now. Attached condominiums, space just enough for a small family, has huge potential as an investment property, better construction quality than some of the single family homes in the area, all good for a price tag below $450,000. But at 569,900, if this is not the beginning of another housing bubble, what is?
Here is the brief sales history for these condos. Market conditions have changed too, inventory is a third of what it was a year ago, but still, unless you are a rich person who is buying these properties by dozens, it is going to feel like a lot for a little home.
163 Topaz $274.34
At $380/SF, it's a $100/SF jump from last year. When was the last time this happened? Oh, if I remember it right, around 2005-2007 (these homes were around $600-$650k then).
What are your thoughts?
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