271 homes for sale as of Sunday, November 16th , and briefly the inventory touched 266 mid-week. What does that mean to the listing prices? How much are the beige boxes worth under the redefined market conditions? Are we past the bottom of housing depression in Irvine?

Here is a listing at $458/SF in Northwood.

172 Garden Gate Lane, Irvine CA 92620

Listing Price: $550,000

HOA Dues: $134 Monthly

Beds/ Bath: 2 Bedrooms/ 2.5 Bathrooms

Area: 1200 SF

Lot Size: 2100 SF

Price/SF: $458/SF

Builders Tract Name: Glenneyre at Lanes End

Builders Tract Code: GLLE

Builders Name: Brookfield Homes

Builders Model Name: 2BD+ Den (B)

Builders Model Code: 2

Did these houses always command a premier price? Here is a six year sales history:

2006:

194 Garden Gate Ln $488/SF

192 Garden Gate Ln $529/SF

206 Garden Gate Ln $529/SF

170 Garden Gate Ln $557/SF

2007:

47 Middlebury Ln $392/SF

2008:

54 Paisley $424/SF

200 Garden Gate Ln $438/SF

146 Trellis $403/SF

47 Paisley $396/SF

128 Trellis $408/SF

2009:

136 Trellis $363/SF

59 Paisley $434/SF

120 Winslow $450/SF

53 Paisley $438/SF

182 Garden Gate $436/SF

118 Winslow $392/SF

166 Garden Gate $401/SF

200 Garden Gate $467/SF

2010:

53 Middlebury $433/SF

124 Winslow $428/SF

176 Garden Gate $400/SF

149 Trellis $449/SF

142 Trellis Ln $429/SF

60 Paisley $442/SF

158 Trellis $418/SF

2011:

162 Trellis Ln $377/SF

147 Trellis Ln $393/SF

172 Garden Gate Ln $370/SF

144 Trellis Ln $368/SF

2012:

206 Garden Gate Ln $400/SF

180 Garden Gate Ln $404/SF

46 Paisley $383/SF

163 Trellis Ln $402/SF

118 Winslow Ln $392/SF

157 Trellis Ln $347/SF

212 Garden Gate Ln $394/SF

During the peak of 2006 Kool Aid era, these properties hit a high of $529/SF, and managed to hold on around $400/SF when rest of the Irvine collapsed. But in 2011 wasn’t so kind, introduced the homes to the $350/SF range. The trend continued in 2012, but thanks to low inventory, the properties seem to be inching higher towards their 2006 bubble prices.

There are 14 properties on the market with an asking price of $400+/SF in Irvine with the listing price range of $500,000 to $750,000. Out of 8 properties listed for sale, 3 properties are listed at a price of $400+/SF in the zip code 92602. Median price/SF this month is $370/SF, up from $362/SF six months ago, and $330/SF a year ago.

Interesting tidbit:

In 1998, this property sold for $186,500.

In 2012, it’s listed for $550,000, and it will sell in that range.

In 1998, gold was $300/oz.

In 2012, it’s in the $1,750/oz range.

In 1998, Dow was around 9000.

In 2012, Dow is in 12,500 range.

What do you think?

Will the low interest rates and positive employment news in Orange County help the prices stabilize further in Irvine?

How is your neighborhood holding up?

Did you see an increase in your property tax bill?

Comment below, or discuss at Talk Irvine.

The inventory is dropping steadily and as of Sunday morning, it’s at 277. The pundits are dishing out article after article on how it’s a seller and a buyer’s market thanks to low inventory and low interest rates. I get at least two calls a week from Realtors representing foreign buyers who are willing to pay more than the market price for my detached condominium. Does that mean anything and everything will be cleared off the market under reasonable greed?

34 Olivehurst, Irvine CA 92602

(Open House review by Karen on Irvine Housing Blog)

Listing price: $559,000

HOA Dues, monthly: $271

Mello Roos +Property Tax: $656 Monthly

Mortgage, 3.23%: $1,937

Monthly Fixed Expenses: $2,864

Property Details as per MLS:

Bedrooms/ Baths: 3 Bedrooms/ 2.5 Baths

Area: 1500 SF

Builders Tract Name: San Simeon

Builders Tract Code: SANS

Builders Name: California Pacific Homes

Builders Model Code: 1

This is a San Simeon detached condominium in the gated community of Northpark. The house doesn’t have granite countertops or steel appliances, but it has combination wood and carpet flooring. The location isn’t close to any major street. The floor plan allows for ample daylight and air circulation in the house. It’s walkable to Hicks Canyon Elementary, Orchard Hills Middle School and Beckman High School. The MLS listing says in bold that “no children or pets have ever lived in this home”. So I think there won’t be stinky carpet, abstract art on the walls, or even braced dressers in the closet leaving holes in the wall when removed.

But this property has been on the market for 77 days. The asking price is $373/SF.

Here is a list of San Simeon sales in the gated community, and their price/ SF for the year 2012:

02/21/2012 68 Meadow Valley $350/SF

03/20/2012 63 Meadow Valley $354/SF

03/22/2012 40 Arcata $333/SF

06/26/2012 43 Meadow Valley $337/SF

There are no more similar properties listed for sale in the gated community.

The asking price is clearly adding a premium for the low inventory, and the fact that it hasn’t sold yet shows that buyers aren’t that desperate yet. Also, the property does not have three bedrooms as listed, it has a loft that can be converted into a bedroom.

What about the San Simeons on Night Bloom, which is not a gated community, but has the same schools as North Park? Here is a sale history for those properties in 2012:

44 Night Bloom $354/SF

54 Night Bloom $362/SF

20 Night Bloom $343/SF

14 Night Bloom $362/SF

All these properties were true three bedroom detached condominiums, and also newer than the North Park gated community San Simeon properties.

Does that mean the Kool-aid isn’t being passed around yet? No matter what the inventory may look like, and how low the interest rates might be, buyers don’t seem to be ready to pay above the market price. It is completely justified, given the new houses that are being built in Irvine.

What are your thoughts?

Would you be willing to pay a premium for a not-so-premium property?

Do you fear being priced out of the Irvine market?

Comment below, or share your thoughts at Talk Irvine.

If you are one of those people who loves incorporating a cardio workout in everyday activities, you will love this house. Forgot your wallet on the bedside drawer last night after you finished online shopping? All you have to do is climb two floors to get them. It's fun, running up and down with little children also, they will never want to go to the yard. It’s another matter that there is no yard at all, it’s just balconies.

Where is this property that could save you thousands in gym membership?

65 Passage, Irvine CA 92603

Listing Price: $519,800

Beds/ Baths: 3 Beds/ 3 Baths

Area: 1600 SF

Price/ SF: $325/SF

Year Built: 2003

Total floors: 3

Builders Tract Name: Casalon

Builders Tract Code: CASA

Builders Model Code: F

Listing History:

April 2006 : $660,000

August 2006 : $800,000

September 2008 : $463,500

December 2008 : $471,000

This condo has seen the highs and lows, and now it is on the market for a reasonable price. It’s not like the condo is all about running up and down the stairs. If you have a home office, there is nothing like working from home on a private floor. Also, the master bedroom has good views, and the house is close to the Quail Hill Preserve and trails. There is a shopping center close by. The house caters more to young couples than people with young children. It might also make a suitable space for those with a teenage kid, ensuring enough privacy for the kid and parents.

Here are the median condominium values:

Quail Hill: $370/SF

Zip Code 92603: $380/SF

Irvine : $367/SF

Orange County : $263/SF

Here is the sales history for the Casalon homes for 2012:

22 Nightshade $268.75

37 Nightshade $305.86

29 Stepping Stone $298.90

71 Stepping Stone $300.88

36 Stepping Stone $304.42

87 Stepping Stone $317.11

44 Seasons $309.38

35 Stepping Stone $284.23

23 Stepping Stone $312.83

27 Nightshade $305.52

135 Stepping Stone $303.03

124 Stepping Stone $276.88

Estimated Monthly Expenses:

Monthly mortgage at 3.3%: $2,146 Monthly

Property Tax: (1.04938) $5454 Annually

Mello Roos: $2,078 Annually

Property tax + Mello Roos : $628 Monthly

HOA Dues: $368/ Monthly

Total fixed expenses: $3,142

In the zip code 92603, there are 77 homes for sale and the inventory is down 11.5% from last month, and 45.4% down from last year. The low inventory in Irvine generally, and in Quail Hill might get the seller the price he is asking for.

What are your thoughts?

Would you buy a three level condo?

Would you pay $500,000 to a house without even an itty-bitty backyard?

Inventory news: 281 properties for sale as of Sunday, and it includes the mobile homes too.

Time to pass the Kool-aid yet?

Are you ready to buy or sell, or cash out the equity?

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3265.0.html

There are 314 properties listed in Irvine by the MLS now – that is 10.1% below last month’s inventory, and 57.5% below last year’s. The median listing price is $750,000 – that is 3.2% above last month’s median list price, and 36.8% above last year’s. The median sold price has also increased by 6% over last year. Going by the statistics, we have hit the bottom of the Irvine housing market sometimes between late 2011 and early 2012. If inventory continues to slow down like this, and The Irvine Company doesn’t build too many of the new houses, and the job market improves, we might begin the slow recovery process also.

Here is the inventory level zipcode-by-zipcode in Irvine, with median price/sf.

Neighborhood	Median Price/SF	Inventory
92602	$355	24
92603	$633	61
92604	$365	23
92606	$347	12
92610	$304	12
92612	$397	50
92614	$371	26
92618	$343	44
92620	$347	58

The zip code with the most inventories is 92603 with 61 properties listed for sale. 92603 is also home of the Turtle Ridge and Turtle Rock communities. Month to month inventory is down by 11% and year to year inventory is down 45%.

The most expensive property listed is 50 Blue Heron at $17,750,000.

The estimated monthly expenses are around $70,574.

The least expensive property listed is 260 Dewdrop at $319,000.

The estimated monthly expenses are around $1,345.

The zip code with the least inventories is 92606 with 12 properties for sale. It is also home for Walnut, West Park and Columbus Grove villages. Inventory is up by 22% on month to month basis, and down 44% on year to year basis.

The most expensive property listed is 12 Santa Eulalia at $1,099,000.

The estimated monthly expenses are around 4,443.

The least expensive property listed is 1007 Solvay Aisle at $298,000.

The estimated monthly expenses are around $1,265.

If those are the statistics of the least and most expensive homes of the villages with least and most inventory, what is most popular in Irvine? Here is one of the popular, in Columbus Grove.

30 Honey Locust Irvine, CA 92606

Listing Price: $899,00

Price/SF: $314/SF

Bedrooms/Bathrooms: 4 Bedrooms/ 3 Bathrooms

Area: 2,862 SF

Lot Size: 4,892 SF

Builders Tract Name: Alexandria

Builders Tract Code: ALEX

Builders Model Code: 2

Last Sale: August 2006 at $1,000,000

Monthly Expenses:

HOA Dues: $183 Monthly

Monthly Mortgage: $3,143 Monthly

Property tax (1.1501%): $10,340 Annually

Mello Roos: $6,245 Annually

Estimated total: $4,708 Monthly

What do you think?

Will the low inventories push the prices higher in Irvine?

Did you buy already, or are you planning to buy soon?

Comment below, or discuss at Talk Irvine.

Over the weekend, I assembled a dollhouse for my daughter. It's a tri-level beauty. Kitchen, dining room and patio on the first floor. Living room/ Family room on the second floor. Bedroom with a small Juliette's balcony on the third floor. As I tightened the final screw on the roof, and stepped back to marvel at the end product, the first thing that came to my mind were the multilevel Irvine condominiums. When we were house hunting, our Realtor showed us a few of those cardio-masterpieces. How are they doing now? Let's take a look.

Entry and garage, an optional second bedroom on the first floor, living/dining/laundry /kitchen/deck and little technology space tucked in a corner make up the second floor, and third floor has the master suite. Just like a dollhouse, the 'Jasmine' homes come with all bells and whistles.

31 Flower Bud, Irvine CA 92603

Listing Price: $440,000 (Short Sale)

Beds/ baths: 2 bedrooms/ 2.5 bathrooms

Area: 1426 SF

Village: Quail Hill

Builder Tract Name: Jasmine

Builder Tract Code: JASM

Last Sale: $590,000 in June 2007 (that last sip of cool-aid!)

HOA Dues: $108 according to the listing

(But I think this property has two HOAs, $110+$186)

Mortgage/Month at 3.5: $1630

Property taxes: $4620 Annually

Mello Roos: $1820 Annually

Fixed Monthly Expenses: $2,462 Monthly

Sales history for similar houses in 2012:

45 Flowerbud $302/SF

54 Vermillion $325/SF

28 Perennial $318/SF

312 Dewdrop $303/SF

66 Vermillion $347/SF

205 Dewdrop $310/SF

50 Vermillion $340/SF

254 Dewdrop $318/SF

Also, here is a sales history of the year where cool-aid and its potential side effects were identified, but everybody thought their little nest was immune:

231 Dewdrop $448/SF

55 Flowerbud $485/SF

78 Dovetail $480/SF

50 Perennial $490/SF

92 Dovetail $464/SF

224 Dewdrop $475/SF

34 Dovetail $541/SF

36 Vermillion $483/SF

240 Dewdrop $450/SF

47 Flowerbud $414/SF

38 Vermillion $438/SF

The “Jasmines' have lost more than a $100/SF in the past six years. The property I have showcased in the blog today has lost 25% of its value. No wonder people are walking out on their properties. With lending rules a little relaxed and the record low mortgage rates, these properties will also get their due, and recover some of their losses in the next few years. But deflation and slow recovery of the job market will hold the prices back.

How did the housing bubble and the subsequent burst affect you?

Do you own a property that has lost more than 25% of its value?

Did you sell at the peak and lock in the profits?

Discuss below or at Talk Irvine.