We'd like to raise money for the Orangewood Children's Foundation this year. Irvine Housing Blog / Talk Irvine will match your contributions (up to a total of $1000).

To participate, all you have to do is:

1. Make a contribution by visiting http://www.orangewoodfoundation.org/donate_individual.asp by December 25, 2012.

2. Forward your emailed receipt to omkar@irvinehousingblog.com

We'll track how much has been raised at the top of this post and after the 25th, we'll match that total (up to $1000). See below for more about Orangewood.

In the early 1980’s a group of community and business leaders came together, recognizing that child abuse was on the rise and something was needed to protect these innocent children and teens. The result was building the Orangewood Children’s Home. Today the Foundation has stayed committed to the mission of providing life-changing programs and one-on-one support for abused and neglected children and at-risk families to end the cycle of child abuse. For over 30 years our focus has been to help foster children survive and thrive, in spite of the challenges that brought them into protective care. We have a particular focus on teens who will soon ‘emancipate’ (age out) of the foster care system, forging the road to young adulthood and independent living, typically without the guidance or support of family. Orangewood Children’s Foundation remains committed to this goal.

Thank you for your generosity.

Talk Irvine Discussion: http://www.talkirvine.com/index.php/topic,3363.msg50555.html

It’s a rainy Sunday afternoon—a perfect time to read the Sunday paper. I skimmed through the pages and came across this article by Marilyn Kalfus in The Orange County Register’s Real Estate section: “How Much House Can You Get for $455,000?” OK, I’ll bite. How much home can you get in Orange County for the current median price, which just happens to be $455,000?

Orange County homes that were listed in the article that sold at or near $455,000 were the following:

• Anaheim: A 2,096-square-foot home with four bedrooms and three bath at 1575 W. Audre Drive 92802

• Laguna Beach: An 8,798-square-foot empty lot with approval for Spanish-revival-style home

• Yorba Linda: A 1,796-square-foot home with three bedrooms and two baths at 4751 Lavell Drive 92886

• Orange: A 1,335-square-foot, mid-century home with three-bedrooms and two baths at 1219 W. Birch Ave 92868

• Santa Ana: A 1,535-square-foot, 1974 home with three bedrooms and two baths at 2734 S. Diamond Street 92704

• Mission Viejo: A 1,178-square-foot, 1975 home with three-bedrooms and two baths at 22662 Via Tercero 92691

• Huntington Beach: A 2,268-square-foot, Beachwalk community home with three-bedrooms and three baths at 19615 Surfbreaker Lane 92648

But this is the Irvine Housing Blog, so we want more information on what is available in Irvine. I’ll start with the Irvine home that was listed in the O.C. Register article as selling for $455,000. At 1158 Scholarship, which is in the Irvine Business Complex area (also known as the airport area), is a 1,340 square foot condo in a mid-rise with three bedrooms and two baths. Be aware that you will likely pay some hefty HOA and Mello Roos fees for this type of home.

This home is already sold. So let’s take a look at some Irvine homes that are currently on the market for $440,000 to $470,000:

2253 Martin #404:

• 2 beds/2 baths

• 1,269 SF

• IBC (airport area)

• Condo built in 1994

• HOA Dues: $392/month

• Mello Roos Tax: No

17186 Citron:

• 2 beds/1.75 baths

• 1,189 SF

• University Park

• Single family built in 1973

• HOA Dues: $218/month

• Mello Roos Tax: No

22 Lakeview #89:

• 3 beds/2 baths

• 1,617 SF

• Woodbridge

• Condo built in 1977

• HOA Dues: $438/month

• Mello Roos Tax: No

141 Talmadge:

• 3 beds/2 baths

• 1,000 SF

• Northpark

• Condo built in 2002

• HOA Dues: $430/month

• Mello Roos Tax: No

Date Sold	Address	Zip	Tract	Sold Price	Beds	Sq Ft
Airport Area
11/22/12	2324 Scholarship	92612	Avenue One	$390,000	2	1034
11/26/12	1236 Scholarship	92612	Avenue One	$274,900	2	1037
11/28/12	2233 Martin 106	92612	Metropolitan	$240,000	1	934
Columbus Grove
11/27/12	1229 Abelia	92606	Savannah	$290,000	1	1310
El Camino Real
11/26/12	77 Heritage 50	92604	Heritage Park	$485,000	3	1608
11/28/12	14902 Laurelgrove Cir	92604	Willows	$545,000	4	1156
Northwood
11/28/12	432 Monroe 103	92620	Timberline	$465,000	3	1491
Oak Creek
11/26/12	511 Birch Grv	92618	Oak Park	$295,000	1	900
Portola Springs
11/26/12	40 Cienega	92618	Other	$322,000	1	1200
11/26/12	168 Pathway	92618	Primrose	$564,812	3	1739
Stonegate
11/27/12	207 Mayfair	92620	Santa Maria	$525,000	2	1483
Turtle Ridge
11/28/12	31 Crimson Rose	92603	Ledges	$1,775,000	5	3091
Turtle Rock
11/26/12	28 Valley Vw 22	92612	Vista (Turtle Rock)	$580,000	4	3000
11/26/12	2 Charity	92612	Concordia	$1,180,000	4	2500
University Town Center
11/22/12	26 Oxford 24	92612	Cambridge Court	$400,000	2	1020
Walnut
11/27/12	14 Nevada	92606	Cambridge	$869,900	5	2900
West Irvine
11/26/12	18 Red Coat Pl	92602	Heritage	$755,000	5	2300
Westpark
11/27/12	1 La Ronda	92606	Brindisi	$550,000	3	1085
Woodbridge
11/26/12	41 Woodleaf	92614	Alders	$330,000	2	1140
11/27/12	4 Greenfield 19	92614	Alders	$329,000	2	1269
11/27/12	121 Eastshore 16	92604	Estates	$664,000	4	2156
11/28/12	12 Briarwood 67	92604	Glen (WB)	$350,000	3	1200
11/28/12	31 Firwood	92604	Villager	$260,000	2	1000
11/28/12	14 Springwater 68	92604	Townhomes	$501,000	3	1500

Discuss at Talk Irvine: http://www.talkirvine.com/index.php/topic,3346.0.html

“The problem with sales volume is that most homeowners just don’t want to sell. And why would they? Most sellers believe prices will only get better over the next two years.”—Glenn Kelman, CEO Redfin.com

“Foreclosed houses—which once made up almost half of all Orange County homes sales—made up just a tenth of such sales last month.

“And even fewer foreclosures are likely in the coming years…

“The result is a greater portion of pricier homes selling at the height end, coupled with hefty price hikes at the low- and mid-ranges of the market.”— Jeff Collins and Jonathan Lansner

”First-time homebuyers are being squeezed out of the market by falling inventory and the rapid influx of investors looking to buy basic homes to rent out to the growing population of people who are recently been foreclosed upon.”—Stan Humphries, Zillow chief economist

All the reasons listed above are leading to a lack of home buying options in Orange County, at least for those who want to buy a home to live in instead of as an investment. And this lack of options explains, at least partially, why rents are climbing in Orange County. Laura Khouri, president of Western National Property Management, states that improved employment and a drop in construction of multifamily buildings are additional factors.

Limited homebuying options, decreased construction of multifamily buildings, and increased employment numbers are all factors that would push rents up; however, many of those who are working are not making as much money as they did in the recent past. So how are potential Orange County renters able to afford increasing rents? Khouri provides some insight. She states that many “families have also had to add other family members to their overall composition.” She also states that there is “an increased rise in one-bedroom units being rented again by young single professionals.”

What is the rent situation in Irvine? According to Khouri, this “landlord’s market” is not a universal situation in Orange County. “With the addition of 2,883 new units in Irvine spread over eight projects in 2012, there certainly could be some fluctuation in the overall rental rates and occupancy rates in the fourth quarter of 2012 in the Irvine sub-market.”

Note: In October, Real Facts reported that among the top 26 California metro areas, Orange County had the fifth-highest average rents. In addition, Orange County and Los Angeles County shared ninth place when it came to rent increases. The average rent for a one-bedroom in the Orange County was $1,403; a one-bedroom/one bath was $1,486; a two-bedroom/two bath was $1,870.

Sources:

Marilyn Kafus, “Hot Market, For Sellers,” The Orange County Register

Jonathan Lansner, “Demand for one-bedroom units on the rise,” The Orange County Register

Jeff Collins and Jonathan Lansner, “O.C. home sales, prices up 5th straight month” Orange County Register

Jeff Collins, “Apartment rents hit all-time high,” The Orange County Register

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