Priced to Sell?

This West Irvine property is ready to be sold at $878,800 thirteen years after being bought at $402,500. The property is well maintained going by the MLS pictures, and the location is good. The schools – Myford Elementary School, Pioneer Middle School and Beckman High School all have excellent parent ratings and test scores, and a perfect 10 API. The listing price is $283/SF at a time when rest of the Irvine is crossing the $350/SF mark and heading towards $400/SF.

2 Ivy Lane, Irvine CA 92602

Listing Price: $878,800

Beds/Bath: 4 Beds/ 3 Baths

Area: 3,100 SF

Price/ SF: $283/SF

Lot Size: 5,135SF

Builders Tract Name: Briarwood

Builders Tract Code: BRIW

Builders Model Code: 3

Is it a good deal, or is the property just keeping with rest of the West Irvine neighborhood prices?

Here are similar properties listed for sale:

3 Freedom Place $300/SF

7 Parma $362/SF

12 Proclamation Way $352/SF

Here is the sales history for similar properties in the past two years:

45 Elizabeth $290/SF

38 Elizabeth Ln $271/SF

98 Briar $270/SF

15 Elizabeth Ln $278/SF

As of today, there are exactly 250 properties on sale in the Irvine market. 92602 has 24 properties listed for sale, and it’s dropped 72% from last year. Median list price is $894,000, and it’s up 79% from last year. Median listing price/SF is $348, and it’s up 17% from last year. Irvine real estate, and the 92602 area statistics have improved.

Here is a chart from Zillow that shows the increase in value per square feet in Irvine, and in West Irvine:

We are not close to the bubble numbers, but we didn’t follow the graphs and charts at the onset of the Great Housing Depression and head deep south. Many walked away, but many found an opportunity to invest, and now that things appear stabilized, many more are buying. For those who bought at the peak of the real estate bubble, it might be a long road to recovery. For those who bought before 2003, there is hope that things might turn around.

What do you think?

Is this house priced right, or is it priced to sell?

Have you bought or sold recently?

Share your views. Comment below, or discuss at Talk Irvine.