Summer of 2012 was supposed to be the legendary bottom of Irvine Real Estate prices. But thanks to low inventory, Irvine home owners can breathe easy and continue to list their properties for exorbitant prices. The safest city just got voted as the sixth best place to live in the country! That might add a premium to the premium we are already paying to live in the safest city with the best school district. Currently there are only 399 homes in Irvine for sale, not including shadow inventory. That’s a huge drop from the 1200+ in July 2007, and the lowest in the past five years.
Every village in Irvine saw its bottom at a different time since 2008, and so far all the markets that crashed since the “Great Housing Depression” have rebound. Woodbury was another hard hit market in Irvine, many houses still under construction, some sold for buyers with creative financing, at risk of being foreclosed or sold short. The Great Park that was supposed to be the crowning glory of Irvine became an illusion, so much so that the surveys asked “do you think Great Park will be built in your lifetime”.
Today we will see if Woodbury has rebound from its lows, or has reached a new bottom.
76 Spanish Lace, Irvine CA 92620
Previous Sale: November 18, 2005 for $805,500.
(Most of these homes were sold in that range when they were offered by the builder)
Here is a brief sales history of Cachette homes with similar floor plan since 2006.
2007: 168 Vintage $766,000 – Highest
2007: 187 Rhapsody $738,000
2008: 79 Rinaldi $674,000
2008: 80 Spanish Lace $665,000
2009: 81 Sanctuary $738,000
2010: 106 Alhambra $675,000
2010: 199 Rhapsody $697,000
2010: 161 Rhapsody $700,000
2011: 187 Sanctuary $700,000
2011: 119 Sanctuary $675,000 (Foreclosed, and sold by the bank)
2011: 41 Lamplighter $639,00 (Short Sale) – Lowest
No property has sold after the short sale of 41 Lamplighter and the foreclosure – sale by the bank of 119 Sanctuary. 76 Spanish Lace is a regular sale, and according to the listing the owner has remodeled and upgraded extensively. In short, the owner is taking a loss from his purchase price, and willing to lose his remodeling dollars. Overall market says the inventory is low and prices will be inflated, but may be they are not inflated enough to pay a little less than a million for a detached condominium, just yet.
Listing Price: $739,900
Beds/ Bath: 3 Beds/ 2.75 Bath
Area: 1959 SF
Property type: Residential, Condominium
Year Built: 2005
Community: Woodbury
Price/ SF: $378
HOA Dues: $202/Month
Monthly mortgage: $2,699
(30 YR Fixed, 20% Down Payment, 3.625% Rate)
Mello Roos: $4258
Property Tax (1.0595%): $7840
Monthly Mello Roos + Tax = $1008
Fixed monthly expenses: $3,909
An attached corner unit with similar square feet area is not a fair comparison, but here is what an attached wall will bring down the monthly cost of owning to:
70 Costa Brave #114, Irvine CA 92620
Listing Price: $588,000
Beds/ Bath: 3 Beds/ 3.5 Bath
Area: 1865 SF
Property type: Residential, Condominium
Year Built: 2010
Community: Woodbury
Price/ SF: $315
HOA Dues: $300/Month
Monthly mortgage: $2,145
(30 YR Fixed, 20% Down Payment, 3.625% Rate)
Mello Roos: $3311
Property Tax (1.0595%): $6230
Monthly Mello Roos + Tax = $795
Fixed monthly expenses: $3240
Would you buy now in Woodbury?
Now we know Summer of 2012 didn’t turn out as legendary and bearish as it was touted to be, but those of you who waited, are you buying now, or waiting for a further drop that shadow inventory influx ‘might’ bring?
Share your thoughts below or on Talk Irvine.