There is a realtor who lists weekly sales in Irvine on the web. The bookmark is on my other computer. There isn’t much analysis, but the average DOM has been steadily increasing. With the relisting game, true DOM is probably significantly longer.
The downward trend is clearly visible; especially in the SFR chart. It’s just a matter of time before prices follow. ——-
Posted by sold in March 06 on 11/03/06 at 06:23 AM
You can clearly also see the bounce which occurred after the inventory buildup in the summer of 2004.
Friends of mine sold their home in Irvine in May 2004, I sold mine in the same development almost 2 years later for only about 5% more. From what I can see on the MLS, the homes in this development are now listed about 5-10% less than what I sold for.
I moved back to UK (to another bubble market - still frothing) where I’ve owned a home since 2002 and I’m watching what’s happening from a distance with much interest.
I know of quite a few others who lived in Orange County (Irvine, Aliso Viejo to name 2) who have either moved out-of-state or to their home country after selling up and banking the tax-free profits from their homes.
Posted by Hope To Buy In Irvine 2007+ on 11/04/06 at 10:42 AM
In West Irvine 171 Topaz sold for $565K. It is a 3BR/2.5BA in the Andover development built by William Lyon Homes. This floor plan was listed at $650K in the spring and I saw price reductions to $620-$635 by the summer. So we are down $95K from the spring’s wishing price to an actual closed sale in two seasons. The $95K figures is coincentally about the same figure in incentives listed by Pulte for SoCal in today’s OC Register.
Posted by ocjohn on 11/03/06 at 08:19 PM
There is a realtor who lists weekly sales in Irvine on the web. The bookmark is on my other computer. There isn’t much analysis, but the average DOM has been steadily increasing. With the relisting game, true DOM is probably significantly longer.
Posted by zovall on 11/03/06 at 05:46 AM
The downward trend is clearly visible; especially in the SFR chart. It’s just a matter of time before prices follow.
——-
Posted by sold in March 06 on 11/03/06 at 06:23 AM
You can clearly also see the bounce which occurred after the inventory buildup in the summer of 2004.
Friends of mine sold their home in Irvine in May 2004, I sold mine in the same development almost 2 years later for only about 5% more. From what I can see on the MLS, the homes in this development are now listed about 5-10% less than what I sold for.
I moved back to UK (to another bubble market - still frothing) where I’ve owned a home since 2002 and I’m watching what’s happening from a distance with much interest.
I know of quite a few others who lived in Orange County (Irvine, Aliso Viejo to name 2) who have either moved out-of-state or to their home country after selling up and banking the tax-free profits from their homes.
Posted by Hope To Buy In Irvine 2007+ on 11/04/06 at 10:42 AM
Here’s the site link OC
http://www.orange-county-real-estate-coach.com/weblogirv.html
Posted by ocjohn on 11/04/06 at 12:50 PM
In West Irvine 171 Topaz sold for $565K. It is a 3BR/2.5BA in the Andover development built by William Lyon Homes. This floor plan was listed at $650K in the spring and I saw price reductions to $620-$635 by the summer. So we are down $95K from the spring’s wishing price to an actual closed sale in two seasons. The $95K figures is coincentally about the same figure in incentives listed by Pulte for SoCal in today’s OC Register.