Monthly Archives: April 2012

Closed Sales from 4/12/2012 to 4/18/2012

A lot of homes sold this week in Irvine but unfortunately due to internet connectivity issues, we're unable to post links to Redfin. We'll return to our usual format next week. Have a great weekend everybody!

Date Sold	Address	Zip	Tract	Sold Price	Beds	Sq Ft

Airport Area
4/12/12	2137 Watermarke Pl	92612	Watermarke	$398,000	2	1122
4/13/12	3141 Michelson Dr 903	92612	Marquee	$405,000	2	1367
4/16/12	2233 Martin 219	92612	Metropolitan	$299,000	2	1269
4/17/12	3131 Michelson Dr 1802	92612	Marquee	$850,000	3	1984

Columbus Grove
4/13/12	301 Silk Tree	92606	Savannah	$340,000	2	1209

El Camino Real
4/13/12	4521 Charleville Cir	92604	Willows	$512,000	4	1600

Northpark
4/13/12	27 Leucadia	92602	Monticello	$480,000	3	1826
4/17/12	32 Idyllwild	92602	Monticello	$355,000	2	1398

Northwood
4/12/12	93 Huntington #274	92620	Northwood Park	$250,000	2	1016
4/12/12	61 Secret Gdn	92620	Camellia	$979,000	5	3200
4/13/12	37 Fillmore	92620	Courtside	$580,000	3	1845
4/13/12	3 Bristlecone	92620	Tremaine	$663,120	3	1561
4/13/12	34 Remington	92620	Horizon	$290,500	2	1016
4/15/12	35 Plumeria	92620	Arbor Crest	$1,600,000	5	4200
4/16/12	7 Keswick	92620	Arden Square	$723,000	4	2100
4/17/12	241 Huntington	92620	Horizon	$276,000	2	1017
4/17/12	5 Atlanta	92620	Northwood Park	$495,000	3	1370
4/18/12	15 Canyon Sage	92620	Tremaine	$715,000	3	1600
4/18/12	2318 Timberwood	92620	Collage	$360,000	2	1300

Oak Creek
4/12/12	50 Fern Pne	92618	Cypress	$720,000	4	2018
4/12/12	6 Periwinkle	92618	Cypress	$700,000	4	2050
4/16/12	3706 Orangewood	92618	.	$300,000	2	1050

Orangetree
4/12/12	307 Tangelo 343	92618	Lake Condos	$165,000	1	900

Portola Springs
4/16/12	64 Pathway	92618	Vientos	$290,000	2	1100

Shady Canyon
4/18/12	26 Vernal Spg	92603	Sycamore	$2,675,000	6	5227

Turtle Ridge
4/17/12	61 Greenhouse	92603	Chantory	$567,500	3	1275
4/17/12	64 Greenhouse	92603	Chantory	$520,000	2	1150

Turtle Rock
4/12/12	21 Jewel Flower	92603	Master's Collection	$3,250,000	5	6389
4/13/12	1 Bluff Vw	92603	Highlands Lusk	$1,490,000	5	3000
4/13/12	31 SYCAMORE CREEK	92603	Glen Patio Homes	$925,000	3	2000
4/15/12	15 Misty Meadows	92612	Vista (Turtle Rock)	$714,000	3	2147

University Park
4/16/12	18 Palmento Way	92612	Village 1 (V1)	$538,000	3	1493

University Town Center
4/17/12	70 Stanford Ct	92612	Princeton Townhomes	$450,000	3	1413

West Irvine
4/13/12	161 Topaz	92602	Mandeville	$390,000	3	1500
4/13/12	65 Sapphire	92602	Mandeville	$388,000	3	1500

Westpark
4/18/12	8 Garzoni Aisle	92606	Corte Bella	$480,000	3	1650

Woodbridge
4/12/12	26 Alderbrook	92604	Creekside	$660,000	3	1535
4/12/12	110 Briarwood	92604	Village Green	$274,000	2	1125
4/16/12	14 Stonewood	92604	Park Homes	$415,000	3	1330
4/16/12	169 Greenfield	92614	Alders	$300,000	2	1140
4/16/12	24 Timber Run	92614	Somerset	$338,000	3	1240
4/17/12	48 Cedarlake	92614	Lakeside	$585,000	3	1700
4/18/12	45 Eagle Point	92604	Parkside	$386,000	3	1400
4/18/12	585 Springbrook	92614	Stonegate	$470,000	3	1480

Woodbury
4/12/12	73 Mission	92620	Treo	$425,000	2	1850
4/12/12	327 Bronze	92618	Santa Cruz	$665,000	4	2283
4/13/12	114 Chantilly	92620	Garland Park	$410,000	2	1357
4/13/12	40 Serenity	92618	Santa Rosa	$315,000	1	1060
4/13/12	75 Canal	92620	Cortile	$369,900	2	1050
4/13/12	105 Hallmark	92620	Four Quartets	$365,000	2	1200
4/14/12	23 Crosspointe	92620	Celadon	$465,000	3	1751
4/16/12	53 Flamenco	92620	Treo	$490,000	3	2026
4/18/12	343 Bronze	92618	Santa Cruz	$750,000	3	2296

Is Irvine Housing a Buyers’ or Sellers’ Market?

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.

Trulia Rent vs Buy Chart

Does this mean that Irvine has transitioned from a buyers’ to a sellers’ market?

When I was writing about the Irvine real estate market for Redfin, I would periodically check Altos Research statistics for single-family homes in Irvine. One of these stats was the Altos Market Action Index. Altos defines the Market Action Index as the balance between potential buyers and sellers; in other words, the balance between supply and demand. Above 30 is defined as a sellers’ market, and below 30 is defined as a buyers’ market.

Following is a random sample of past Irvine Market Action Indexes for single-family homes:

- December 13, 2009: 19.98

- July 12, 2009: 18.31

- September 16, 2008: 16.68

- June 15, 2008: 16.54

- January 13, 2008: 16.11

According to these numbers, the Irvine single-family market was definitely a buyers’ market. So what about today? Has the single-family market in Irvine transitioned from a buyers’ to sellers’ market?

Irvine’s current Altos Market Index is 20.54. According to this number, Irvine’s single-family housing is still a buyers’ market. (Of course, this could be true or untrue for different neighborhoods in Irvine.) How long will this last? Any opinions?

To see more statistics from Altos on Irvine’s single-family housing market, to go the Altos Research page for Irvine. I found it interesting that the 90-day trend shows that the number of homes on the market in Irvine has declined quite a bit.

Note: I’ll write about Irvine’s condo market at another time.

Discuss below or at Talk Irvine.

Rising Sun and the Midnight Sky

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?

While we can’t predict what future holds, but here is a look at the inventory and corresponding data in the past five years.

Inventory

Median Sale price

Sale Price/SF

Sold for loss

July 2007

1279

$714,000

$413/SF

7.62%

Dec 2009

448

$574,000

$344/SF

32.12%

June 2011

891

$548,000

$345/SF

36.42%

February 2012

568, and slid to 507 on April 15.

$495,000

$311/SF

43.52%

If that was the data for the City of Irvine, let’s see what data shows for specific villages of Irvine. The house I profile today was built in 2006, the so called peak of the housing market. The property I compare it with was built in the same village, has the same floor plan, same corner location, same school district and shopping district.

One of them is 59 Midnight Sky, and the other is 28 Rising Sun.

The Village of Woodbury has 26 homes for sale, and the inventory is down 39.7% on a year-on-year basis, and down 12.5% on a month-to-month basis. But the median price/SF is down to $289/SF and the median sold price is down to $678,000.

28 Rising Sun was sold for $986,500 on June 26, 2006.

59 Midnight Sky was sold for $875,000 on August 25, 2006.

59 Midnight Sky was listed on 26 June, 2011 for $839,000.

It was sold for $722,500 on November 25, 2011.

28 Rising Sun was listed at $828,888 on November 11, 2011.

MLS Listing:

28 Rising Sun, Irvine CA 92620

Listing Price

$828,888

Beds/ bath

3 Beds/ 2.5 Bath

Area

1949 SF

Price/ SF

$425/ SF

Levels

Year Built

2006

Floor Plan

Builders Tract Name: Portisol

Builders Tract Code: WDPT

Builders Model Code: 2

Type of Sale

Standard

Elementary School

Woodbury Elementary School

Middle School

Sierra Vista Middle School

High School

Irvine High School

Down payment

$165,778

Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 4.125%

$3,166

Home Owner’s Dues

$105

Mello-Roos

$4597 Annually

$383 Monthly

Property Tax (1.0595%)

$8782 Annually

$732 Monthly

Fixed Cost of owning

$4386 Monthly

Floor Plan:

The main door opens into an entry room/ foyer. On the left is the staircase, and the powder room. One the right is the coat closet. The hallway from the entry room leads to the Great Room. An arch visually divides the living space and the dining space. The right wall of the dining space has a work desk, pantry, oven and refrigerator. The back wall has an L-shaped kitchen counter with a central island. Fortunately the dishwasher is on the far end of the counter making it easy to cook/ prep. Some of the newer houses have a kitchen layout where you can use only one appliance at a time. Coming back to the Portisol house, the garage opens into the kitchen. Upstairs, there is a small lobby to host a small home office, or a homework station. The Master bedroom is on the left with ample windows. There are two walk-in closets for the Master suite. One is big, and one is small. Talk about gender discrimination! I am sure the Architect has a simpler reason. The sinks, the tub, the laundry rooms were laid out to meet the specific size requirements first, and whatever space remained between that and the Master bedroom became the closets. YAY for laundry room upstairs! Also, it is housed within the cluster of bathroom and closet walls making it easy to relax in any of the bedrooms when washing a load of jeans. The secondary bedrooms are of a decent size. I like the flow of the floor plan. It is perfect for a family with school age children.

Here is the historical data of the Portisol home price/SF since they were built in 2006.

Year Sold

Highest Price/ SF

Lowest Price/SF

2006

$477

$360

2007

$439

$413

2008

$425

$345

2009

$468

$324

2010

$446

$344

2011

$398

$332

59 Midnight Sky sold at $370/SF.

28 Rising Sun is listed at $425/SF.

Here is more specific data. These are the Portisol Model 2 houses (1949 SF) sold since 2008:

2011: 59 Midnight Sky at $722,500

2010: 80 Loganberry at $870,000

62 Rising Sun at $790,000

2009: 59 Midnight Sky at $710,000

2008: 50 Rising Sun at $799,231

62 Rising Sun at $830,000

74 Loganberry at $770,000

There have been no changes in the list price of 28 Rising Sun after listing. It is an unusual move given the market conditions and the comparable property sale. A quick look at the pictures on the MLS listing does not reveal any upgrades amounting to $106,388- the price difference between the list price and the sold price of the comparable property.

I am hoping the ex-model status and low inventory will account for the premium! Also, as the historical data reveals, buyers have paid $870,000 in 2010 for the same model. End of the day it comes to what a buyer has to offer. As an Irvine home owner, I would love for things to get better and my neighbors to sell their homes for a profit. I hope the sun rises on the better housing market!

Discuss below or on Talk Irvine.

Closed Sales from 4/5/2012 to 4/11/2012

Date Sold	Address	Zip	Tract	Sold Price	Beds	Sq Ft

Airport Area
4/6/12	2168 Scholarship	92612	Avenue One	$315,000	2	1037

El Camino Real
4/5/12	3 Palamedes	92604	Irvine Groves	$460,000	3	1943

Northpark
4/9/12	15 Del Mar	92602	Tiburon	$548,000	3	1601

Northwood
4/7/12	19 Field	92620	Shadow Run	$620,000	4	1891
4/10/12	194 Woodbury	92620	Arden Square	$660,000	4	2082

Oak Creek
4/11/12	3 Glenoaks	92618	Ashford Place	$815,000	4	2750

Portola Springs
4/5/12	30 Land Grant	92618	Sevilla	$594,490	4	2044

Quail Hill
4/11/12	9 Coriander	92603	Linden	$791,000	3	2245

Turtle Ridge
4/5/12	208 Coral Rose	92603	Ashton Green	$430,000	2	1398

Turtle Rock
4/11/12	7 Centaurus	92603	Crest – Akins	$1,050,000	3	3290

University Park
4/5/12	7 Acacia Tree Ln	92612	Village III	$566,000	4	2200

Walnut
4/11/12	3832 Magnolia St	92606	College Park	$600,000	4	2312

West Irvine
4/5/12	103 Sapphire 36	92602	Mandeville	$375,000	3	1469

Westpark
4/9/12	9 Cuzzano Aisle	92606	Corte Bella	$299,000	2	1100
4/9/12	66 Costero Aisle	92614	Tiempo	$266,000	1	850
4/10/12	6 Estrella	92614	Meridien	$733,000	3	2325

Woodbridge
4/5/12	63 Fallingstar	92614	Laurels	$285,000	2	1000
4/6/12	19 Windjammer	92614	Somerset	$373,000	3	1260
4/11/12	33 Foxhollow	92614	Somerset	$360,000	3	1325

Woodbury
4/5/12	37 Iceberg Rose	92620	Four Quartets	$460,000	3	1745
4/9/12	85 Lamplighter	92620	Stonetree	$672,000	4	2400
4/9/12	59 Donovan	92620	Montecito	$760,000	4	2308

Discuss below or at Talk Irvine.

A Sampling of Homes in Irvine Without Mello-Roos Taxes

Last week I wrote about Lambert Ranch, Irvine’s newest development that goes on sale at the end of this month. As I mentioned in that post, the Lambert Ranch developers are departing from a trend in Irvine that has been dominant for some time. This trend is the inclusion of Mello-Roos taxes as part of the purchase of a new home.

That got me wondering what areas in Irvine have homes available without Mello-Roos taxes. The general answer is the older areas in Irvine. But to give you a better idea of where these homes are located, following is a sample of homes in Irvine that are currently on the market that do not have Mello-Roos taxes. They may or may not have HOA fees.

15 Woodgrove, Irvine 92604