Irvine Housing Blog

So Long, Summer of 2012

Posted: 24 Sep 2012 06:00 AM PDT

As we end the Summer of 2012, we all noticed that things didn’t turn as sour as predicted for Irvine. Inventory is at its lowest, hitting new lows with every passing month. Mortgage rates have followed the same trend, hitting the lowest of the lows and promising to stay so for a while to aid recovery. What will this mean to Irvine market in future, we are not sure.

Kool-aid again?

Here is the Condos Price/ SF chart for the past year in the zip code 92602:

Here is a relisted property in West Irvine, one of the few areas in Irvine that saw a huge swing in listing and sale prices in the past year.

117 Sapphire, Irvine CA 92602

Listing Price: $470,000
Beds/ Bath: 3 Bedrooms/ 2.5 Baths
Area: 1500 SF
Previous Sale Price: $313,000 in March 2002
Previous List Price: $495,000 in Summer of 2012

Monthly Expenses:
HOA Dues: $225/month
Property tax: $415/month
Mello Roos: $70
Mortgage at 3.25 per month: $1636
Fixed Monthly Expenses: $2346

Here is a brief sales history for Mandeville houses in 2012:

01/19 163 Topaz $274/SF
02/17 97 Sapphire $244/SF
03/31 109 Sapphire $290/SF
04/05 103 Sapphire $255/SF
04/13 161 Topaz $260/SF
04/13 65 Sapphire $258/SF
04/25 92 Topaz $233/SF - Lowest
05/16 33 Moonstone $286/SF
06/04 63 Sapphire $260/SF
08/31 19 Moonstone $253/SF
09/13 1 Moonstone $317/SF - Highest
06/27 56 Sapphire $303/SF
07/17 149 Topaz $271/SF

Now sales pending:
9 Moonstone with the list price of $317/SF
75 Sapphire with a list price of $260/SF

Comparable condominium from the Village of Northwood in Irvine:

Here is the Listing Price/ Sold Price graph for Northwood condos (92620):