Priced to Sell?

This West Irvine property is ready to be sold at $878,800 thirteen years after being bought at $402,500. The property is well maintained going by the MLS pictures, and the location is good. The schools – Myford Elementary School, Pioneer Middle School and Beckman High School all have excellent parent ratings and test scores, and a perfect 10 API. The listing price is $283/SF at a time when rest of the Irvine is crossing the $350/SF mark and heading towards $400/SF.

2 Ivy Lane, Irvine CA 92602

Listing Price: $878,800

Beds/Bath: 4 Beds/ 3 Baths

Area: 3,100 SF

Price/ SF: $283/SF

Lot Size: 5,135SF

Builders Tract Name: Briarwood

Builders Tract Code: BRIW

Builders Model Code: 3

Is it a good deal, or is the property just keeping with rest of the West Irvine neighborhood prices?

Here are similar properties listed for sale:

3 Freedom Place $300/SF

7 Parma $362/SF

12 Proclamation Way $352/SF

Here is the sales history for similar properties in the past two years:

45 Elizabeth $290/SF

38 Elizabeth Ln $271/SF

98 Briar $270/SF

15 Elizabeth Ln $278/SF

As of today, there are exactly 250 properties on sale in the Irvine market. 92602 has 24 properties listed for sale, and it’s dropped 72% from last year. Median list price is $894,000, and it’s up 79% from last year. Median listing price/SF is $348, and it’s up 17% from last year. Irvine real estate, and the 92602 area statistics have improved.

Here is a chart from Zillow that shows the increase in value per square feet in Irvine, and in West Irvine:

We are not close to the bubble numbers, but we didn’t follow the graphs and charts at the onset of the Great Housing Depression and head deep south. Many walked away, but many found an opportunity to invest, and now that things appear stabilized, many more are buying. For those who bought at the peak of the real estate bubble, it might be a long road to recovery. For those who bought before 2003, there is hope that things might turn around.

What do you think?

Is this house priced right, or is it priced to sell?

Have you bought or sold recently?

Share your views. Comment below, or discuss at Talk Irvine.

Closed Sales from 11/15/2012 to 11/21/2012

Date Sold Address Zip Tract Sold Price Beds Sq Ft
El Camino Real
11/15/12 1 Snowberry 10 92604 Deerfield Townhomes $345,000 3 1252
11/21/12 15301 Seine Cir 92604 Ranch $695,000 4 2018
Northpark
11/15/12 64 Chula Vis 95 92602 Monterey $397,700 3 1510
11/16/12 28 Bonsall 124 92602 Monterey $436,000 3 1510
Northwood
11/15/12 171 Kingswood 86 92620 Arden Square $630,000 3 1800
11/16/12 22 ATHERTON 92620 Sheffield Manor $400,000 3 1668
11/16/12 13781 Solitaire Way 92620 $646,000 3 2257
11/16/12 21 Blossom 92620 Bella Rosa $835,000 4 2630
11/19/12 6 W Campanero 92620 Park Paseo $725,000 3 1910
11/19/12 18 Glenhaven 92620 Mayfield $1,338,000 6 3700
11/21/12 4022 Escudero Drive 92620 Racquet Club $576,500 4 2344
Oak Creek
11/21/12 16 Alevera Street 92618 Aldea $605,000 4 1500
Portola Springs
11/15/12 38 Seedling 92618 Las Ventas $680,000 4 2075
11/16/12 36 Cienega 92618 San Carlos $292,500 1 1126
11/19/12 58 Cienega 92618 San Carlos COURT $390,000 2 1621
Quail Hill
11/15/12 36 DUET 92603 Sage $596,000 4 1500
Rancho San Joaquin
11/16/12 17 Cerrito 9 92612 RSJ Townhomes $485,000 2 1507
11/17/12 5 Lago Sud 92612 RSJ Townhomes $462,000 2 1507
Stonegate East
11/20/12 28 Deergrass 92618 Capistrano $608,500 3 1823
Turtle Ridge
11/19/12 123 Canyoncrest 92603 Chantory $700,000 3 1495
Turtle Rock
11/16/12 5 Morning Glory 92603 Ridge Townhomes Peters $1,000,000 3 2036
11/16/12 1 Mira 92603 Crest – Akins $1,028,000 3 2630
11/19/12 10 Baristo 92612 Pointe – Turtle Rock $842,800 3 2104
11/20/12 12 Morning View 92612 Ridge Townhomes Peters $820,000 3 2412
University Park
11/15/12 7 Redwood Tree Ln 92612 Village III (Village Park) $635,000 4 2194
11/15/12 4641 Green Tree Ln 92612 Village III (Village Park) $685,500 4 2190
11/17/12 11 Hawthorn 92612 Terrace $565,000 3 1553
11/19/12 51 Oak Tree Ln 92612 Village III (Village Park) $612,000 3 2050
11/19/12 4055 Germainder Way 92612 Village I $530,000 3 1550
West Irvine
11/19/12 37 Langford 92602 Sheridan Square $780,000 4 2698
Westpark
11/19/12 10 Alcamo 92614 Vista West Park $740,000 4 1950
11/20/12 11 Festivo 92606 Cortina $665,000 3 2000
11/21/12 22 Marbella Aisle 12 92614 Tiempo $325,000 2 890
Woodbridge
11/15/12 34 Claret 92614 Other $405,590 2 1230
11/16/12 61 Summerstone 92614 UNKNOWN $385,000 3 1511
11/16/12 13 Springwater 61 92604 Townhomes $500,000 2 1296
11/16/12 3 Woodland Dr 92604 Park Homes $540,000 3 1681
11/18/12 49 Meadowgrass 92604 Villager $300,000 3 1220
11/20/12 10 Bluejay 92604 Patio Homes (WB) $740,000 4 2300
11/20/12 9 Rockwood 92614 $425,000 2 1000
11/21/12 30 Springacre 92614 Chateaux $399,000 2 1236
Woodbury
11/16/12 72 Canal 92620 Cachette $575,000 3 1580

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3333.0.html

Open House Review: 33 Sonrisa

Canyon Creek is a beautiful, gated community, featuring some of Northwood’s biggest homes and nicest floor plans. In 33 Sonrisa, I found a home with a great layout and a lot of potential, but definitely in need of some TLC.

The basics:

Asking Price: $858,000

Bedrooms: 4

Bathrooms: 3

Square Footage: 2,800

Lot Size: 6,240

$/Sq Ft: $306

Days on Market: 27

Property Type: Single Family Home

Year Built: 1980

Community: Northwood, Canyon Creek

HOA dues are $150 per month and there are no Mello Roos taxes.

From the entryway, the dining room is straight ahead and the living room is immediately to the left, one step down from the hallway. Both rooms have vaulted ceilings and newer carpet, though the carpet actually looked shabby to me.

Down the hallway, there is a bedroom and a full bath (not attached). The room is a good size and has a small, two door sliding closet. The bathroom has been partially remodeled, with a newer vanity, faucet, hardware and floor, but the stall shower still has the original 1980 tile.

A walk-in closet under the stairs provides ample storage. The downstairs laundry room has a small sink and doubles as a pass through area to the garage.

At the back of the house, the family room and kitchen flow together nicely. The family room is large, with a white brick fireplace and a slider leading out to the backyard. It has newer wood floors and a low railing that separates it from the kitchen. It is one step down from the kitchen.

The kitchen is big, with a large breakfast nook and an attractive window seat. Unfortunately, it still features the original cabinets and tile countertops. The stainless steel fridge and Viking 6-burner stove are newer, but the double ovens and dishwasher appear to be original to the home. It still has panel lighting in the ceiling, though there are also two recessed lights above the island. The kitchen is functional and clean, but definitely outdated. It has a nice layout, including a small walk-in pantry, and potential to be made into a beautiful, modern kitchen.

The backyard is much smaller than I expected it to be, given the lot size. A covered brick patio stretches the full length of the yard and large bushes line the edges. While it does have wider than average side yards, the grass on both sides is mostly dead.

Upstairs, the master suite features a large sitting area with a fireplace, a wet bar, and a built in bookshelf. The rest of the room is also quite spacious, including vaulted ceilings and lots of windows. The room felt bright and welcoming. It has two separate mirrored closets – one in the bedroom and one in the bathroom. The bathroom is large, but desperately in need of remodeling. The tiny white tiles surrounding the tub, shower, and counter scream 1980 and must be a nightmare to clean. It has a sunken tub, stall shower, and two sinks. The sinks, fixtures, hardware and flooring are new, but it creates an odd contrast to the old shower and tub. With high ceilings and several small windows, this bathroom could be remodeled into something very nice.

The two secondary bedrooms upstairs are pretty big. Both have sliding door closets. One also has vaulted ceilings, built in shelves and a narrow window seat with storage underneath. They share a bathroom with two sinks and a shower/tub combo. Aside from the floor, everything in this bathroom is original.

This house has a lot going for it: a great layout, a nice community, a newer roof, all new windows, spacious rooms, and lots of storage.

There are also several big negatives: original kitchen and bathrooms, outdated fireplaces, wet bars, and built-ins, and a backyard that needs a lot of work. It backs to a bigger street; however, the street dead ends only a couple of blocks farther down the road, so it doesn’t get too much traffic.

Another house of the same model, 3 Trovita, sold on November 5 for $858,000. That led these owners to lower their asking price to the same amount. The other house had zero upgrades, while this one does have new windows, newer carpet and floors, and partially upgraded bathrooms. While the price may seem high for an older home, it is obviously in line with recent sales.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3329.0.html

Irvine House vs Condo Numbers: November 2012

According to Altos Research, Irvine’s single-family housing market is doing slightly better than the previous month. Altos gives Irvine’s single-family homes a Market Action Index of 23.18, which Altos defines as a buyer’s market. (Above 30 is defined as a seller’s market; below is defined as a buyer’s market.) Altos also states that the average single-family home in Irvine has been on the market for about 114 days as of November 9, 2012.

Altos Market Action Index for Single-family Homes in Irvine

Altos Research

Following is Irvine’s October 2012 housing market data provided by Redfin:

Type List Price/# Homes Listed Sold Price/# Homes Sold List Per SF Sold Per SF % Chg Y-O-Y Sold Price/SF
Houses
12-Oct $939K/170 $839K/94 $376 $366 3.70%
12-Sep $958K/205 $690K/91 $375 $346 0.90%
12-Aug $960K/221 $710K/125 $380 $345 -0.30%
12-Jul $949K/226 $760K/95 $382 $368 7.90%
12-Jun $890K/251 $735K/103 $384 $356 5%
Condos
12-Oct $579K/129 $450K/123 $360 $325 10.90%
12-Sep $542K/174 $430K/118 $352 $307 1.70%
12-Aug $525K/168 $427K/141 $338 $306 0%
12-Jul $509K/181 $425K/115 $342 $306 -1.60%
12-Jun $498K/202 $430K/152 $336 $313 -1.30%
All
12-Oct $786K/300 $570K/220 $368 $340 9.70%
12-Sep $750K/381 $530K/210 $365 $323 1.90%
12-Aug $736K/390 $536K/267 $362 $328 3.50%
12-Jul $744K/408 $545K/211 $363 $322 0.30%
12-Jun $720K/456 $515K/257 $363 $327 0.90%

Note:

· The October 2012 overall median selling price was up 19.9% from the previous year.

· The September 2012 overall median selling price was up 6% from the previous year.

· The August 2012 overall median selling price was down 0.6% from the previous year.

The following charts show Irvine’s inventory, median price per square foot of houses, and median price per square foot of condos, respectively.

Redfin

If you would like to see the Irvine housing numbers broken down into the neighborhood stats, see my previous post “Irvine Housing by the Numbers – November 2012 Update.”

Open House Review: 26 Summerwind

Woodbridge Condo Quiz

26 Summerwind $749,900

When a condo looks and feels like a single family home minus the maintenance, what do you find? Well 26 Summerwind in Woodbridge has some answers. First, you get an impressive presence from the curb, then you discover a relaxed open floor plan inside, and finally you can walk out to a good sized, private wrap-around fenced yard and patio.

Significant Numbers: New to the market, this three bedroom, 2.5 bath home delivers 2,092 square feet in a two level open floor plan. Built in 1981 this home is newly remodeled and located in a prime spot in Woodbridge. This is a standard sale and there is no Mello Roos. HOA dues are $308 a month and the $/sq. ft. is $358.

Close-up: Stepping inside from the entry to an airy living room you find a windowed dining area, gleaming wood floors, handsome plantation shutters, recessed lighting and cathedral ceiling all working to create an elegant space.

Moving on to the right, the kitchen is centered between the living room and the family room, which also provides an eating area with sliding doors opening to the back yard and wrap around patio. The natural light and ease of traffic flow work well throughout the home.

The kitchen has been remodeled with all new appliances and granite countertops. Family meals and party preparations could easily come together here, serving up dinner in the dining room or swinging over to the family room and out to the patio.

Upstairs, there is a nicely sized master suite with remodeled bath, two more bedrooms and another bath. The master includes extra space for an office or sitting area. The other bedrooms are comfortable with the bonus of extra walk in storage space.

Freshly painted with double paned windows and skylights, the home has a double garage with two parking spaces.

Specifics for this 2-level contemporary:

Bedrooms, 3

Baths, 2.5

2092 Sq. ft.

Property type, Condominium

Community, Woodbridge

HOA dues, $308/month

$/sq.ft., $358

No Mello Roos

Built in 1981

1 common wall attached

Association pool and spa

Irvine Unified School System

Central furnace, forced air and air conditioning

What should be considered here? Making the choice of a condo or a single family home, the ample size of the home versus the price, and the key location in Woodbridge with two lakes, 22 pools and network of parks and tennis courts will all be factors for potential buyers to evaluate. The Irvine Unified School System will add to the value.

Who will move in to 26 Summerwind? A family seeking space indoors and out plus top schools and recreational choices will be drawn to this home. The open floor plan and comfortable use of space will work for a young, active family, or for couples drawn to Irvine’s community appeal and atmosphere, who could use extra bedrooms for guests and projects.

Recent sales: 11 Firestone #6 was recently sold for $675,000; and 49 Rushingwind #29 was sold for $725,000 in October.

Recent listings: 4 Fieldflower #14 is listed at $718,000; 16 Orangegrove #35 is listed at $659,000.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3321.0.html