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.