In a previous post, I gave an overview of the housing statistics for each of Irvine’s neighborhoods. Today I’ll take a more in depth look at the Northpark numbers.
Read the rest of this entry »Like the first child, buying the first house is also an emotional experience. Every penny in that down payment has a little back story. Every tour of the home has the buyer’s imagine their life in that house. Today, we will look at the inventory of starter homes in 92602, keeping the budget from $400,000 to $425,000. One is a short sale, and other two are standard sales.
Read the rest of this entry »Today's post was written by SMS. Let us know what you think!
Houses can be raw material ready for shaping OR a finished project just waiting for the new owners to unpack and enjoy. On Sunday I looked at two single family homes in Canyon Creek and found a bit of both.
The first at 3 Trovita, is very desirable raw material, almost totally original, and meticulous. As you enter and encounter snowy white carpet, a discreet sign requests that you remove your shoes.
Across the street, the second house at 6 Trovita offers an estimated $250,000 in upgrades and quite a bit of extra sizzle.
Five different villages, five different floor plans. But all of the properties I am comparing today are within the price range of $740,000 to $760,000. Without analyzing each micro-market’s performance over the decade, or the age of the home and school districts, lets’ see how much house can we afford in each village. All of them are standard sales.
Read the rest of this entry »The following post gives more information to help answer the question that Cubiz Zirconia asked in Monday's post: Is it time for Irvine home prices to rebound?
Trulia came out with a report recently that said buying a home was a better deal than renting in many U.S. locations, including the OC.
Does this mean that Irvine has transitioned from a buyers’ to a sellers’ market?
Read the rest of this entry »Market value of a property is subject to what a buyer is willing to pay the seller given the current local, regional and national market conditions. Irvine inventory is reaching a new low. Last April there were 807 properties for sale. Six months ago there were 780. A month ago 534. Today, we have 507 properties for sale in Irvine according to the Irvine Housing Blog chart. (506 according to www.movoto.com, 258 Single Family Residences and 248 Condominiums). Robert Shiller, the co-creator of the Case-Shiller Index has been quoted saying “the market has a chance of rebounding even though the downward momentum in the real estate market has accelerated in the past five years”.
With the low inventory, and a low unemployment rate (6.0% in Irvine), is it time for Irvine home prices to rebound? Will the summer of 2012 become the turning point in the Irvine real estate market?
Read the rest of this entry »Today we will compare two homes in the guard gated Northpark community of Irvine. Both the houses have the same floor plan, and same square feet area. But one of them is priced $60,000 more than the other. When you see the MLS pictures of the houses, there isn’t much difference between both in terms of interior upgrades. Both are standard sales. Northpark has about 36 homes for sale now, 12 sold this year.
For the 92602 zip code, inventory is down 27.6% on a year-t0-year basis.
11 homes sold in February. Median sold price has climbed 11.1% to $450,000.
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