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.

A slow weekend for open houses brought me to a small condo in El Camino Real today. It is nestled in the middle of a walkway lined with trees and condos on both sides. However, while it looks peaceful, it is very close to Walnut and does get traffic noise.

The basics:

Asking Price: $399,000

Bedrooms: 2

Bathrooms: 1.5

Square Footage: 1,011

Lot Size: n/a

$/Sq Ft: $380

Days on Market: 5

Property Type: Condominium

Year Built: 1977

Community: El Camino Real

HOA dues are $280 per month and there are no Mello Roos taxes.

I walked through the door and was standing in the small living room, a plain square room with only one window. The room felt cramped without any furniture and I found it hard to imagine how it would look furnished. The window doesn’t provide a lot of natural light. A small open area under the stairs could house a bookshelf, a low table, or a small desk.

A short hallway to the kitchen contains a coat closet and a half bath that has some upgrades but still looks dated.

The kitchen was remodeled about three or four years ago. It has stainless steel appliances (no fridge) and oak cabinets. It is in good condition, but it doesn’t look fancy or feel new. There are beige, Formica counters that make it hard to forget that the condo was built in the 1970’s. While the realtor’s flyer advertises a “large dining room,” I’d have to call it a small alcove.

A small laundry room directly off the kitchen has a washer and dryer (can be negotiated with the sale if you want the existing machines), but no sink or counter.

Upstairs, there are two bedrooms and a shared bathroom. Both rooms are a good size; they are bigger than a standard secondary bedroom but not as large as a normal master. One room has a sliding, mirrored closet that spans the length of one wall. Another wall has the room’s only window and a wall heating/cooling unit. It gets more light than the rooms downstairs and it also has a ceiling fan.

The other bedroom has a walk-in closet in one corner of the room, though it doesn’t have a door. It also has a ceiling fan and heating/cooling unit in the wall. The window here is in a bit of an alcove but, due to a large tree directly outside, it doesn’t provide much light.

The shared bathroom has a shower/tub combo and a single sink. Like the downstairs bath, it has been somewhat upgraded with a new vanity and fixtures, but still feels outdated.

Since the condo doesn’t have a garage, a covered, enclosed patio off the kitchen provides space to store items like bikes, but it isn’t fully covered. There is room for a grill back there as well. It has a small storage room (fully covered and with a door that locks) and a shed that could be negotiated into the sale. It leads to the carport, where the condo has one assigned, covered space. Ample unassigned parking offers room for a second car.

The condo has new windows and a new sliding door leading out to the patio. Most rooms have ceiling fans and some have recessed lighting. Downstairs features newer laminate floors and the carpet upstairs is clean and in good condition.

Despite the upgrades to the bathroom vanities and the kitchen, the house feels dated. It gets very little natural light and the lack of a garage and central heat and air will be a turnoff for many buyers. I suggest seeing this one in person, as the realtor’s listing definitely glorifies the unit.

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3298.0.html

Petite Package in Westpark

1 La Ronda $575,000

An inviting grassy lawn with small trees nicely frames this single family home at 1 La Ronda in Westpark. Then when you step inside, the story has a new twist. This time it is all about space, as this home makes the most of 1,085 square feet.

Significant Numbers: This single family home in Westpark is a single level home with 1,085 sq. ft. on a 3,320 square foot lot. Built in 1995, the home has been on the market 9 days. HOA dues are $150. The $/sq. ft. is $530.

Close Up: Effectively using an open floor plan with lots of light, this three bedroom, 2 bath single family home manages to handle everything without seeming crowded or close.

Choosing furnishings to fit and using a custom entertainment center with fireplace in the living room works to make the home feel functional and comfortable.

It is easy to see a young family going through their day here, moving through the living room, dining area, kitchen and patio. From breakfast on through dinner, with a movie later, this home could make it all work.

New to the market, and nicely remodeled, the home has ceramic tile and gleaming hardwood floors with crown molding, and granite countertops and newer stainless appliances in the kitchen.

The patio is a private enclosed area that could be a play spot for younger children with activities easily supervised from the kitchen.

There is the master and bath, plus two additional bedrooms, with one being used as an office.

Specifics:

Beds. 3

Baths, 2

Sq. ft., 1,085

Lot size, 3,320 sq. ft.

Type, Single Family

Year Built, 1995

Double Garage

Detached/No common walls

Forced Air Heating and Air Conditioning

Community: Westpark

Irvine Unified School System

Association: Barbecue, Sport Court, Tennis Courts

What will be considered here? The compact size of the house and lot will be factors to consider along with the price and a good location in Westpark. Convenience, great schools and an appealing park system will weigh in as positives. A young family looking to buy a first home in Irvine might find this to be a good choice.

Who will be the next residents of 1 La Ronda? A young family seeking good schools and nearby parks might be quick to settle in here. The compact space would be workable for a couple or a small family. This home might also appeal to a more mature couple seeking a single level home with space for guests.

Recent sales: 25 La Ronda sold for $500,000; 10 Marsala sold for $450,500.

Recent listings: 17 Woodrush is listed for $550,000; 25 Laconia is listed for $675,000.

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3291.0.html

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.