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Irvine Housing Blog

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The Median in Irvine’s Housing Market

Posted: 24 Jul 2013 04:59 AM PDT

According to Redfin, the median selling price in June for an Irvine home was $652K or $395 per square foot. (The list price was $730K or $422 per square foot.) Redfin also provides some statistics for home that sold in Irvine in the last ninety days: 

• Median sale to list price: 100.5%
• Average number of offers: 4.7
• Average down payment: 24.7%
• Number of homes sold: 508

Today we will take a look at a few of the homes in Irvine that have asking prices that are near the June selling price.

4392 SKYLARK

• $659,000 ($442/SF)
• 3 beds/1.75 baths
• 1492 SF
• Single family built in 1974
• El Camino Neighborhood
• HOA Dues:  $60/month
• Mello Roos: No

421 RIDGEWAY

• $649,900 ($404/SF)
• 3 beds/3 baths
• 1610 SF
• Condo built in 1999
• Northwood Pointe Neighborhood
• HOA Dues:  $284/month
• Mello Roos: Yes

185 GREAT LAWN

• $639,800 ($492/SF)
• 3 beds/2.5 baths
• 1300 SF
• Condo built in 2006
• Woodbury Neighborhood
• HOA Dues:  $203/month
• Mello Roos: Yes

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Open House Review: 4 Wetstone

Posted: 23 Jul 2013 05:00 AM PDT

Woodbridge Townhome with Mixed Options
4 Wetstone #61    $615,000

Last week I looked at another similar Woodbridge home at 6 Woodland Drive,  just around the corner from this one.  But it was in the outer loop and backing up to Culver Street traffic. This one is in the inner loop in a quiet, private spot. The two homes are in the same price range and have been on the market about the same amount of time.

It is interesting to compare overall house size and price along with the location and closeness to traffic noise.  Below, you can compare the significant numbers and location details for the two properties:

Significant Numbers for 4 Wetstone #61, Price $615,000: Built in 1978.  This single story three bedroom, 2 bath home has 1,404 sq. ft. at  $445/sq. ft. The property has been on the market about 50 days. It was initially listed for $625,000 in May.  HOA dues are $406 month.  The location is in the inner loop, turning off of West Yale Loop onto Stonecreek, and then onto Wetstone.

Significant Numbers for 6 Woodland Dr., $609,900:  Built in 1976, the home is a two level, three bedroom, 2.5 bath condo with 1,655 sq. feet.  $/sq. ft. is $368. HOA dues are $332. The lot size is 2,309 sq. ft. The home has been on the market about 45 days.  Initially, the listing for the home in May was $649,000.  The location is in the outer loop, backing up to Culver St., near Barranca Parkway.

CloseUp: Stepping into the single story town home on Wetstone I had the immediate impression of mixed assets. It is nicely situated in a quiet, private location, and has an inviting presence from the curb.  Inside, the vaulted ceilings, and open, airy glass effects of patio and atrium add to  its appeal. But at the same time, the entryway and kitchen flooring are ripe for upgrading, along with counters and appliances in the kitchen.  The open living and dining areas with patio and atrium access and  the windowed area to the kitchen create a nice space for family events and weekend entertaining.

There is a secluded master suite with double vanity and access to the patio.  One bedroom includes a pull down Murphy bed.  There is a double garage and newer AC and heater.

 

Specifics:
Bedrooms, 3
Baths,
2 Attached 2+ Common Walls
Double Garage
2 Parking spaces
Central heat and air
Association pool and spa
Laundry in garage
Irvine Unified School System

What will be evaluated here? Woodbridge’s first class lake, recreation and school assets help set the pace here, along with a quiet, private location in the inner loop.  The need for flooring upgrades in the kitchen and entry way, along with kitchen counters and appliances will be part of the evaluation.  Also the home is a little tight for space at 1,404 square feet.  As noted, the other property on Woodland Drive in the outer loop backing up to Culver’s traffic, is larger and slightly lower priced.

Who will choose this townhome?  A young family looking for all of Woodbridge’s excellent assets, along with a desirable location might be drawn to this home.  A couple seeking a prime Irvine location might also choose this home opting to invest in the area and  invest in some upgrades. 

Recent Listings:  8 Alderberry, $630,000;  19 Crivelli Aisle, $650,000;
Recent Sales:  6 Driftwood, $525,000;  16 Millstone #127, $ 580,000

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Irvine Housing Overview: June 2013

Posted: 19 Jul 2013 05:00 AM PDT

According to Altos Research, the Market Action Index (MAI) for Irvine’s single-family housing market is 42.57. As defined by Altos, this put the Irvine single-family housing market in the seller’s market category. (Above 30 is defined as a seller’s market; below is defined as a buyer’s market.)  However, after a steady upward climb since the beginning of the year, Irvine’s MAI has started trending down. We will see if this holds true for next month.

Altos also states that the average single-family home in Irvine has been on the market for about 79 days as of July 5, 2013.

Following is Irvine’s June 2013 housing market data provided by Redfin.

Type List Price/# Homes Listed Sold Price/# Homes Sold List Per SF Sold Per SF % Chg Y-O-Y Sold Price/SF
Houses          
13-Jun $1,112K/186 $855K/99 $462 $414 16%
13-May $1,030/167 $890/113 $457 $411 21.60%
13-Apr n/a n/a n/a n/a n/a
13-Mar $1,020K/101 $904K/62 $443 $381 13.40%
13-Feb na/109  na/272 $415 $354 n/a
13-Jan na/113 na/274 $409 $357 n/a
           
Condos          
13-Jun $585K/235 $540K/130 $418 $391 24.90%
13-May $599K/177 $539K/144 $406 $386 30.40%
13-Apr n/a       n/a n/a n/a n/a
13-Mar $570K/111 $476K/88 $375 $344 21.60%
13-Feb na/100  na/301 $369 $325 n/a
13-Jan na/106 na/324 $377 $327 n/a
           
All          
13-Jun $734K/456 $638K/249 $422 $395 20.80%
13-May $750K/371 $659K/274 $416 $393 26.80%
13-Apr n/a n/a n/a n/a n/a
13-Mar $703K/219 $588K/151 $392 $359 18.90%
13-Feb na/209  na/573 $389 $334 n/a
13-Jan na/219 na/598 $389 $338 n/a

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Open House Review: 6 Woodland Drive

Posted: 18 Jul 2013 05:00 AM PDT

Woodbridge Park Home in Outer Loop              
6 Woodland Drive    $609,900

From the street this two level home has an inviting presence, and inside there is mixed potential that could be developed.  Located in Woodbridge’s outer loop with Culver Street traffic nearby there is  some noise here. There is a tree buffer area,  and the home does have central air.  Also, additional landscaping on the patio could be used to screen the area.

Significant Numbers:  Built in 1976, the home is a two level, three bedroom, 2.5 bath condo with 1,655 sq. feet.  $/sq. ft. is $368. HOA dues are $332. The lot size is 2,309 sq. ft. The home has been on the market about 45 days.  Initially the listing for the home in May was $649,000.

CloseUp:  Stepping into the entry of this Redwood model, there is a light filled, good sized open space that blends the living room with fireplace and wet bar, and a formal dining area near the patio with view of the covered patio and nice sized backyard beyond.  The ample open space invites interpretation and could work quite well for  day to day family living and entertaining.

The kitchen is nice sized, but could use some upgrading in appliances and counter and floor treatments.  There is a half bath downstairs and separate laundry  next to the kitchen.

All bedrooms are upstairs, plus two baths. The master suite has a walk in closet. There is a two car detached garage with access to the back and side yard.

Specifics:
Two level condominium
Bedrooms, 3
Baths, 2.5
Double garage
Two parking spaces
Two common walls attached
Central air and forced air heating
Irvine Unified School District
Association pool and spa
Inside laundry on ground level

What will be considered here? The price in the current market which has gone from a May listing of $649,000 to $609,900 now will be considered along with the top notch appeal of Woodbridge’s lake recreation facilities,  first rate schools and parks, and the overall floor plan and size of the home. Sitting so close to Culver Street’s busy traffic stream will be part of the discussion too.

Who wlll move in?  A young family looking for a first home in Irvine with top schools, parks and lakes might be attracted to this home. The home is close to Stonecreek Elementary, Lakeside Middle School and Woodbridge High School.  It might also be considered a rental investment property.  The realtor indicated there is a flow of new properties coming onto the market now.  A couple that wants a convenient location in Irvine close to shops and freeways, might choose to move in and upgrade this property, building on the ample space and workable floor plan.

Recent listings: 41 Songsparrow, $789,000; 3 Wetstone #61, $615,000.

Recent sales: 12 Woodland Drive, $550,000; 3 Woodland Drive, $540,000

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,4114.0.html

 
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