Closed Sales from 3/8/2012 to 3/14/2012

Mar 16th, 2012 by nilam 
Date Sold Address Zip Tract Sold Price Beds Sq Ft
             
Airport Area            
3/9/12 1114 Scholarship 92612 Avenue One $215,000 1 725
3/12/12 2415 Watermarke Pl 92612 Watermarke $220,000 1 635
3/13/12 5071 Scholarship 92612 The Plaza $650,000 2 1675
             
Northwood            
3/9/12 25 Bamboo 92620 Camellia $790,000 3 2460
3/12/12 35 Wonderland 92620 Serissa $579,000 3 2145
3/12/12 304 Monroe 92620 Timberline $368,000 2 1142
3/14/12 2 Mcclennan 92620 Show Case $659,000 3 2055
             
Portola Springs          
3/12/12 52 Scarlet Bloom 92618 Vientos $508,000 3 1405
             
Turtle Ridge            
3/8/12 38 Woodcrest 92603 Chaumont $1,600,000 3 3100
             
Turtle Rock            
3/9/12 5021 Paseo Dali 92603 Campus View $659,000 3 1500
             
Walnut            
3/14/12 3531 Pecan St 92606 College Park $635,000 4 2505
             
West Irvine            
3/8/12 98 Briar 92602 Briarwood $785,500 5 2900
             
Westpark            
3/9/12 25 Del Perlatto 92614 Borgatta $470,000 2 1352
3/13/12 3661 Bates St 92614 Culverdale $572,000 4 1650
3/13/12 2 Altezza 92606 Trovata $661,000 4 1876
3/13/12 52 Almador 92614 Las Palmas $429,500 2 1307
             
Woodbridge            
3/8/12 14 Seawind 92614 Seaport $439,900 2 1100
3/8/12 8 Rockwood 92614 Parkview $425,000 3 1600
3/8/12 12 Rainbow Lake 92614 Lakeside $675,000 3 2320
3/9/12 46 Oakdale 92604 Custom $650,000 4 2260
3/9/12 21 Southwind 92614 Lakeshore $1,200,000 4 2760
3/14/12 10 Ashbrook 92604 Parkside $365,000 3 1383
             
Woodbury            
3/8/12 85 Costa Brava 92620 Bowen Court $290,000 1 975
3/12/12 21 Breezes 92620 Mille Fleurs $1,088,000 5 3531
3/14/12 86 Mapleton 92620 La Casella $547,000 3 2090

Discuss below or at Talk Irvine.


Posted in News

New Home Demand in OC Driven by Asian Buyers

Mar 15th, 2012 by zovall 

A reader sent in this interesting article at Bloomberg:

Asian Buyers Buoy New-Home Demand in California’s Orange

By Nadja Brandt - Mar 13, 2012

Connie Wang paid about $960,000 last June for a new four-bedroom, four-bath house in a sprawling swath of Southern California that’s home to Disneyland and Pimco. Now she may buy a second as an investment.

“You know why Orange County is doing better?” said Wang, a native of Taiwan who splits her time between Shenzhen in southern China, where she oversees a toy-manufacturing business, and Irvine, California, where she raised her three children. “It’s because all my neighbors are from China and Taiwan, and they all bought their homes in cash.”

....

To accommodate the increase in demand from Asian buyers, closely held New Home is building dedicated wok kitchens at some homes at another of its developments, Lambert Ranch, in Irvine. The small room is adjacent to the standard kitchen, and has a stove and high-powered vent. Most of the properties also have separate living quarters for extended family, according to Marcus-Colvin.

“After our last focus group, we really wanted to accommodate these changing demands,” she said. “A lot of our Asian buyers have asked for these features and the feedback from those we’ve shown the new properties to has been, ‘You really listened to us.’”

....

Standard Pacific Corp. (SPF), based in Irvine, has begun to cater to culturally specific preferences, including building wok kitchens and incorporating feng shui and numerology rules, such as leaving out unlucky numbers from street addresses, according to Ted McKibbin, president of the builder’s Southern California coastal division.

Under the Chinese system of feng shui, buildings are oriented in a favorable manner, often determined by the location of bodies of water, stars or compass directions.

Feng Shui

“Good feng shui falls under good design principals, the way a cook top and sink are lined up with each other,” McKibbin said. “But with some buyers there’s more focus on that. That’s when things like numerology come into place, which can place challenges in regards to addressing a home and avoiding certain numbers. We do pay attention to that.”

Definitely read the full article at Bloomberg.  

I don't think prices are 15-20% above their post peak low of Jan 2009 as the article states.  This topic has been discussed plenty on the blog and Talk Irvine.  Any thoughts on the article and/or topic? Discuss below or at Talk Irvine.


Posted in News

OC Billionaires

Mar 14th, 2012 by zovall 

Jon Lansner at the Register went through the Forbes list and identified the 9 OC billionaires on it:

Irvine Co. boss Donald Bren was one of nine Orange County-bred fortunes — three from the property game — that made the Forbes magazine list of the world's billionaires.

At No. 69, the real estate holdings of Bren, 79, were valued by Forbes at $12 billion.

Click through the slideshow to see the others!

Forbes began the authoritative pursuit of the world's billionaires 25 years ago. Our first cut yielded 140 names. This year we've counted an all-time high 1,226 billionaires worth a record $4.6 trillion.

See this post in its original form, and read more on Lansner on Real Estate.

From the full list at Forbes, it looks like there are two others who have a real estate fortune greater than Bren's: the Kwok family in Hong Kong with $18.3 billion (#27) and the Otto family, retail and real estate, in Germany with $17.6 billion (#34).

The Forbes profile on Donald Bren says:

The Irvine Co. portfolio includes 480 office properties. The company also owns 125 apartment communities with 44,000 units, 41 shopping centers, three hotels, three golf clubs and five marinas.

How much are those properties valued at and how much debt is on them?


Posted in News

Two Homes in Woodbridge - South Lake

Mar 12th, 2012 by Cubic Zirconia 

Sipping coffee in the morning surrounded by the cool and fresh air of the lake…
Watching the ducks swimming in the lake, circling the same spot everyday…
The reflection of the full moon in the peaceful and serene water…

That is Woodbridge in Irvine. Today, we will look at two properties in Woodbridge, near the South Lake. Listed around the same price range, both houses have almost identical monthly fixed costs. But 3 Waterway is 230SF more than 48 Cedarlake, and it is also a three level house.  3 Waterway has a peek-a-boo view of the lake, and 48 Cedarlake is a block away from the water.

Read the rest of this entry »
Posted in News

Closed Sales from 3/1/2012 to 3/7/2012

Mar 9th, 2012 by nilam 
Date Sold Address Zip Tract Sold Price Beds Sq Ft
             
El Camino Real          
3/1/12 14762 Waverly Ln 92604 Willows $372,500 2 1000
3/1/12 6 Skipper 92604 Irvine Groves $490,000 4 2000
3/1/12 14632 Sweetan St 92604 El Camino Glen $470,000 3 1482
3/6/12 14931 Piper Cir 92604 Greentree $475,000 3 1492
             
Northpark            
3/5/12 3 Pacific Grv 92602 Saratoga $725,000 3 2200
3/6/12 32 El Cajon 92602 Monterey $505,000 3 1820
             
Northwood            
3/1/12 7 Plumbago 92620 Somerton $1,220,000 4 3650
3/2/12 160 Streamwood 92620 Irvine Springs $140,000 1 639
3/2/12 30 Secret Garden 92620 Camellia $965,000 5 3200
3/5/12 189 Pineview 92620 The Lakes $295,000 2 1202
3/5/12 20 W Glorieta 92620 Park Place $775,000 4 2190
             
Oak Creek            
3/6/12 1006 Elmhurst 92618 Oak Park $350,000 2 1031
             
Orangetree            
3/2/12 45 Orange Blossom 92618 Lake Condos $160,000 1 814
3/2/12 222 Lemon Grv 92618 Villas $306,000 2 1153
             
Quail Hill            
3/2/12 36 Stepping Stone 92603 Casalon $530,000 3 1741
3/5/12 103 Windchime 92603 Sage $505,000 3 1300
             
Shady Canyon          
3/2/12 55 Vernal Spring 92603 Master's Collection $4,071,000 7 6785
3/5/12 44 Blue Heron 92603 Custom $12,800,000 5 11441
             
Turtle Rock            
3/1/12 12 Misty Meadows 92612 Vista $690,000 3 2500
             
University Park          
3/2/12 25 Mann St 92612 Chancellor $640,000 3 1810
3/6/12 19 Banyan Tree 92612 Park I $390,000 3 1718
3/6/12 4501 Pinyon Tree Ln 92612 Park I $735,000 4 2795
             
West Irvine            
3/1/12 86 Deermont 92602 Wisteria $525,000 3 1622
3/2/12 10 Sagewood 92602 Ivywood $729,800 4 2100
3/6/12 6 Valente 92602 Concord $720,000 4 2564
             
Westpark            
3/5/12 9 Santa Monica Aisle 92606 Ravenna $670,000 4 1900
3/7/12 132 Alicante Aisle 92614 Tiempo $360,000 2 1080
3/7/12 9 Malaga 92614 Sorrento $650,000 3 2102
             
Woodbridge            
3/1/12 34 Lakeshore 92604 Arborlake $402,000 2 1620
3/1/12 71 Briarglen 92614 Laurels $230,000 2 908
3/1/12 22 Hollowglen 92604 Glen $345,000 3 1200
3/6/12 192 Greenmoor 92614 Stonegate $365,000 2 1144
             
Woodbury            
3/3/12 20 Lookout 92620 Mille Fleurs $1,010,000 5 3600

Discuss below or at Talk Irvine.


Posted in News

OC Apartment Rents in 2012

Mar 8th, 2012 by zovall 

The OC Register had a post yesterday saying that Orange County apartment rents are projected to rise this year based on data from Marcus & Millichap.  

Orange County apartment rents are projected to continue rising this year while the number of empty units will continue to fall, making the county the fifth-best apartment market for landlords in the nation in 2012, a market forecast concluded.
It’s the second year in a row that the Marcus & Millichap National Apartment Index ranked O.C. No. 5 out of 44 U.S. metro areas. The county’s apartment market also ranked third best out of seven California metros.

If the report is accurate, renters need to brace for an average increase of 4% in asking rents. And apartments will be harder to find, with just 3.9% of units expected to be empty by year’s end, the report said.

...

How did they do last year? Marcus & Millichap projected that O.C. asking rents would go up 3.7% to $1,535 per month in 2011. In fact, the average asking rent rose 2.7% to $1,515.

The brokerage was more accurate in its 2011 vacancy projection: It predicted that vacancies would fall to 4.4%, compared to an actual drop to 4.3%.

What do you think will happen to OC rents this year? What about Irvine rents?  Anyone in the process of renewing a lease?


Posted in News

Closed Sales from 2/23/2012 to 2/29/2012

Mar 2nd, 2012 by nilam 
Date Sold Address Zip Tract Sold Price Beds Sq Ft
             
Airport Area          
2/23/12 5144 Scholarship 92612 The Plaza $900,000 2 1930
2/24/12 2220 Watermarke 92612 Watermarke $195,000 1 635
2/27/12 2243 Martin #121 92612 Metropolitan $260,000 1 808
2/27/12 2282 Scholarship 92612 Avenue One $210,000 1 725
2/29/12 2243 Martin #311 92612 Metropolitan $215,000 1 941
2/29/12 1380 Scholarship 92612 Avenue One $330,000 2 1037
             
Columbus Grove          
2/23/12 42 Honey Locust 92606 Kensington Court $450,000 3 2125
2/27/12 54 Fringe Tree 92606 Kensington Court $515,000 3 2125
             
El Camino Real          
2/27/12 36 Goldenbush 92604 Deerfield Townhomes $340,000 3 1550
2/28/12 17 Snowberry 92604 Deerfield Townhomes $300,000 2 1150
             
Northpark            
2/29/12 42 Idyllwild 92602 Monticello $345,000 2 1500
             
Northwood          
2/23/12 224 Pineview 92620 The Lakes $260,000 2 1204
2/23/12 4 Hudson 92620 Oakleaf $695,000 4 2145
2/23/12 941 Somerville 92620 Greystone Villas $335,000 2 1260
2/24/12 2012 Timberwood 92620 Collage $390,000 2 1267
2/28/12 159 Pineview 92620 The Lakes $184,900 1 932
2/28/12 20 Grape Arbor 92620 Camellia $843,000 4 2460
             
Oak Creek            
2/29/12 81 Eaglecreek 92618 Kenwood $978,000 5 3123
             
Orangetree          
2/23/12 81 Tarocco 92618 Orchard Glen $267,000 2 995
2/24/12 2310 Apricot Dr 92618 Terrace $270,000 3 1350
             
Portola Springs          
2/28/12 54 White Sage 92618 Bougainvillea $510,000 3 2050
             
Quail Hill            
2/27/12 83 Reunion 92603 Ambridge $433,000 2 1656
2/29/12 46 Reunion 92603 Sage $465,000 2 1145
             
Rancho San Joaquin          
2/28/12 11 Morena 92612 RSJ Villas $360,000 2 1145
             
Shady Canyon          
2/23/12 23 Cactus 92603 Custom $6,500,000 8 12016
2/29/12 33 Prairie Grass 92603 Villas of Shady Canyon $2,800,000 4 4215
             
Turtle Ridge          
2/24/12 34 Rose Trellis 92603 Ledges $1,400,000 3 3186
             
Turtle Rock          
2/24/12 6 Brigadier 92603 Summit Regency $1,850,000 5 3336
2/27/12 8 Nidden 92603 Summit Regency $1,839,000 5 3259
             
Walnut            
2/24/12 14592 Oak Ave 92606 College Park $611,000 4 1873
2/28/12 475 Deerfield Ave 92606 Windwood Townhomes $325,000 2 1239
             
West Irvine          
2/24/12 18 Hidden Brook 92602 Amberwood $695,000 4 2478
             
Westpark            
2/28/12 46 Festivo 92606 Cortina $914,000 4 2450
2/29/12 3742 Claremont 92614 Culverdale $542,000 5 2754
2/29/12 12 Cigliano Aisle 92606 Corte Bella $465,000 3 1614
             
Woodbridge          
2/23/12 23 Lakeside 92604 Crossing $400,000 2 1477
2/23/12 2 Rosemary 92604 Villager $335,000 3 1123
2/23/12 3 Halfmoon 92614 Summerfield $670,000 4 1887
2/23/12 64 Greenfield 92614 Alders $285,000 2 1060
2/28/12 3 Perch 92604 Townhomes $377,000 2 1120
2/28/12 53 Pinewood 92604 Crossing $675,000 3 1910
2/29/12 20 Cedarglen 92604 Villager $255,000 3 1123
2/29/12 12 Hollowglen 92604 Glen $350,000 3 1220
             
Woodbury          
2/28/12 32 Herringbone 92620 Cortile $350,000 2 1148
2/28/12 138 Vintage 92620 Lombard Court $320,000 2 1205

Discuss below or on Talk Irvine.


Posted in News
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