May 1st, 2013
by Sylvia Walker
The Altos Market Action Index (MAI) for Irvine’s single-family homes is still climbing. When I checked in about a month ago, the MAI was 41.16. On April 19, the Altos MAI rose to 44.36. So the Irvine single-family housing market still climbs farther into what Altos defines as a seller’s market. (Above 30 is defined as a seller’s market; below is defined as a buyer’s market.) Altos also states that the average single-family home in Irvine has been on the market for about 113 days as of April 19, 2013.
Altos Market Action Index for Single-family Homes in Irvine
Altos Research
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Supersized Single Family Turtle Rock Home with a View
19 Rimrock $1,650,000
As you turn off Turtle Rock Drive and head up Rimrock the Turtle Rock hills loom at the top of the cul de sac. To the left sits 19 Rimrock, a supersized single family home on a supersized view lot. Part of the Highlands Lusk community, Bonita Canyon Elementary, Chaparral Park and Turtle Rock Community Park are just down the hill. Meanwhile, out In back there’s a million dollar view.
Being partial to natural settings instead of neighbors just over the fence and views that just won’t quit, I could easily rate this home a 10. Having an 8,276 sq. ft. lot ups the appeal too.
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Apr 29th, 2013
by Meghana Joshi
This is real.
This is happening.
All a seller has to do is list, and the buyer will make him move.
In my blog "See, Spot, Buy or Sell" in January, I said "Shiller and Roubini have always given a pessimistic projection of the economy. But, in my opinion, when irrational exuberance begins, it’s good to keep ourselves educated of things to come. We have not entered a bubble phase but with unemployment for Orange County at 7.0%, Dow Jones at 13,435, low inventory and buyer desperation, Irvine can expect a mini bubble this year." Looks like the bubble has here, and there is nothing mini about it! We have beaten the 2005/6 prices in some areas, and in some we are about to clear that hurdle. "Irvine is different" say our Realtors.
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As I mentioned last week, I am reviewing 87 Long Meadow this week, another condo located just a couple of blocks from the one I reviewed last week (67 Great Lawn). Though the locations are comparable, the similarities end there.
The basics:
Asking Price: $598,000
Bedrooms: 3
Bathrooms: 3
Square Footage: 1,526
Lot Size: N/A
$/Sq Ft: $392
Days on Market: 13
Property Type: Condo
Year Built: 2005
Community: Woodbury
There are two sets of HOA dues, totaling $290 per month and there are Mello Roos taxes.
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Apr 24th, 2013
by Sylvia Walker
The Irvine housing market, as well as most of the Orange County housing market, is heating up. That is not a new story, but to exemplify this we will take a look at what has happened to the price of homes in a new Irvine housing development.
The new development of Willow Bend in Irvine’s University Park opened for viewing a few weeks ago. Three models are available to tour and buy if you qualify and like the price. So what is the price? In February, the asking price was advertised as “starting in the $900,000s.” But the price is now stated as “anticipated to start in the low $1 millions.”
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Quail Hill’s Slickly Packaged Detached Home
67 Coriander Drive $915,888
Exiting the 405 Freeway heading toward Quail Hill, I thought of the many other properties that I had seen there. This area is known for natural park like surroundings, snug but sleekly done homes, and a unique upscale contained community. The detached condo at 67 Coriander fits Quail Hill perfectly. You just have to decide how it fits your priorities.
At the end of the street, a great hill for climbing dominates the skyline and way off in the distance I could see a climber making his way up the hill. That climb and that atmosphere is central to Quail Hill.
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Apr 22nd, 2013
by Cubic Zirconia
The impending summer has brought some good homes on the market in Irvine. The inventory as of 21st April is 228, and there might be an uptick, considering the seasonal summer moves, and also the rising prices. Many are testing the market with a listing price that comes to their mind, and getting multiple offers to top that price. So, why not!? Yesterday our neighborhood Realtor told us that it's a very good time to sell. We agree. We already have a very tempting equity in the house. But where does one go in this market? Unless you are thinking of leaving Irvine, chances are we will pay the same amount to buy a similar property, or more to a newer better house. Of course, you can always buy something bigger in West Irvine, but I would rather not compromise the builder and floor plan (and architectural elements) for an extra room that we won't use. So, we will stay put, watching our neighbors sell and move out of their houses wheeling suitcases full of cash.
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