Airport Area
5/31/12	2253 Martin 307	92612	Metropolitan	$240,000	1	934
6/1/12	3131 Michelson Dr 1603	92612	Marquee at Park Place	$796,611	2	2063
6/1/12	585 Rockefeller	92612	Maxfield	$380,000	1	1246
6/1/12	1424 Scholarship	92612	Avenue One	$315,000	1	868
6/4/12	2120 Watermarke Pl	92612	Watermarke	$208,000	1	635
6/6/12	5043 Scholarship	92612	The Plaza	$600,000	2	1430
El Camino Real
6/1/12	12 Orangetip	92604	Irvine Groves II	$503,900	3	1785
Northpark
6/6/12	106 Spring Vly	92602	Mendocino North	$745,000	3	2300
Northwood
5/31/12	8 Prescott	92620	Sheffield Manor	$308,000	2	1398
5/31/12	30 Phillipsburg	92620	Courtside	$590,000	3	1538
5/31/12	46 Paisley	92620	Glenneyre at Lanes End	$537,500	3	1400
5/31/12	19 Fremont	92620	Shady Hollow	$670,000	4	1853
6/5/12	9 Harrisburg	92620	Woodside II	$875,000	4	2450
Oak Creek
5/31/12	10 Mesquite	92618	Montilla	$370,000	2	1350
6/1/12	1502 Elk Grove	92618	Oak Park	$230,000	1	900
6/5/12	9 Birchwood	92618	Ashford Place	$812,000	4	2273
Portola Springs
5/31/12	50 Deer Track	92618	Las Colinas	$1,050,000	4	3109
6/6/12	34 Seedling	92618	Other	$765,000	4	2304
Turtle Ridge
6/5/12	65 Summer House	92603	Amberhill	$2,350,000	5	4333
Shady Canyon
5/31/12	26 Prairie Grass	92603	Sycamore	$2,700,000	7	5227
University Park
6/2/12	13 Banyan Tree	92612	Park II (In Village Park)	$575,000	3	1714
6/4/12	4 Ash Tree Ln 78	92612	Village III (Village Park)	$505,000	3	1910
6/4/12	5265 Thorn Tree Ln	92612	Terrace	$476,700	2	1224
6/5/12	27 Meadowsweet Way	92612	Village II	$495,000	3	1498
University Town Center
5/31/12	28 Vassar Aisle 26	92612	Oxford Court	$470,000	2	1682
5/31/12	135 Oxford 43	92612	Cambridge Court	$410,000	2	1344
West Irvine
6/4/12	63 Sapphire	92602	Mandeville	$379,900	2	1459
6/5/12	15 Weathersfield	92602	Andover	$365,000	2	1364
Woodbridge
6/4/12	48 Woodleaf	92614	Alders	$290,000	2	1060
6/5/12	3 Nutwood	92604	Park Homes	$510,000	3	1650
6/5/12	2 Cedarlake	92614	Lakeside	$556,000	2	1568
6/6/12	200 Greenmoor	92614	Stonegate	$439,000	3	1406
Woodbury
5/31/12	27 Oakfield 58	92620	San Mateo	$608,241	3	1804
6/1/12	63 Canal	92620	Cortile	$380,000	2	1145
6/4/12	21 Costa Brava	92620	Bowen Court	$380,000	2	1000

Discuss below or on Talk Irvine

A while back I wrote about affordable housing in Irvine and the question came up: How will Irvine build affordable housing now that there will no longer be any redevelopment money? However, redevelopment funds are a relatively new invention in Irvine. The redevelopment district was built to aide with the development of the Orange County Great Park. Redevelopment money generated from this redevelopment district was to be used for the Great Park development. So this brings up two questions: Now that the $1.4 billion that Irvine had expected to receive from the redevelopment agency over the next 45 years will not be available, how will the Orange County Great Park be built? And since redevelopment money was not available for past affordable housing development, how was affordable housing in Irvine previously funded? Today I will focus on the effect that the lack of redevelopment funds will have on the build out of the Great Park.

Anyone who follows Irvine politics will not be surprised that a difference of opinion exists among city council members on what this means. Councilmember Lalloway has stated that without the redevelopment funds the current plans will need to be drastically scaled back. However, Mayor Pro Tem Krom stated on a recent AirTalk interview that she is not willing to lower the high standards that have been set for the Great Park development. “What we are not willing to do is lower the standards in how the project is developed.” And Krom was quoted in an Orange County Register article as stating that “We will continue to move the project forward by any means necessary. We have succeeded before, and we will succeed again.”

Councilmember Agran concurs with Krom. As quoted from a KCRW interview in another Orange County Register article, “We have faced obstacles before.” And Agran continues, “First, in defeating the proposed international airport; then in negotiating a deal with the U.S. Navy for the sale of the property and its redevelopment.”

Some of the ways that are proposed to continue the development of the Great Park at the same high standards as previously planned are:

• Build out will take 20 to 30 years instead of 15 to 20 years.
• More public-private partnerships will be pursued. For example, the Ducks are interested in building an ice rink at the Great Park.
• Negotiations with Fivepoint Communities Management Inc. will continue. Fivepoint wants to reduce the amount of commercial development and increase the number of homes that will be built to approximately 10,500 from 4,894. The thought is that in exchange for this concession additional money from Fivepoints is possible.
• Lease agreements, such as the RV storage leases, will continue to bring in funds. Currently the Great Park receives about $10 million from land leasing.
• Hosting events, such as Cirque du Soleil and the next Solar Decathlon, will bring in funds.
• Irvine owns the Great Park land. Although both Agran and Krom state that this is not something that is currently being pursued and will not necessarily be pursued in the future, selling small parcels of land to fund development is an option.
• Some planned features of the Great Park were contingent on Fivepoint putting in needed infrastructure. Due to the poor economy and Fivepoint therefore deciding to delay the installation of some of this infrastructure, Irvine’s development of some public features at the Great Park have been delayed. As Fivepoint, a private partner in the Great Park development, puts in this infrastructure, more possibilities for installation of public features will become available.

Last year the Great Park had approximately 600,000 visitors. Some of the attractions that these visitors made use of were the numerous events held at the park (such as the summer music and dance concerts), the weekly farmers market, a monthly green market, the free tethered balloon ride that gives a view of Orange County from about 400 feet, the free carousel ride, picnic and multiuse lawn areas, and the farm and food lab.

A few interesting tidbits about some of these attractions: First, the carousel was once a feature at Fashion Island. After being put in storage, the carousel was refurbished with a Great Park theme and transported to the Great Park. Next, Second Harvest is located at the Great Park. Food from the Great Park agricultural land is donated to Second Harvest. Second Harvest distributes food to various programs that provide food to those in need, including the Sunday Supper program, a program in which I am particularly interested. In addition, the Great Park owns some historic vintage aircraft including a N3N-3 Canary and SNJ-5. “The N3N-3 Canary is a 1942 World War II biplane used by the Navy and the Marine Corps to train pilots. The SNJ-5 is a 1944 World War II aircraft used to train fighter pilots for the Navy, Army Air Corps and the Royal Air Force.” These planes were obtained for display in the Museum of Heritage and Aviation.

The city council has recently allocated $22 million to build the next phase of the Great Park. Time will tell if the original expectations for the Great Park will be met, fall short, or be exceeded.

Sources:

AirTalk

“Great Park to fight on without $1.4 billion,” Brian Martinez

“State denies $1.4 billion for O.C. Great Park,” Brian Martinez ()

“Great Park Lands Two Vintage Aircraft,” PRNewswire

“Great Park Seeks to Bring Carousel Back to OC,” PRNewswire

Photo courtesy U.S. Department of Energy

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Date Sold	Address	Zip	Tract	Sold Price	Beds	Sq Ft
Airport Area
5/29/12	2340 Watermarke Pl	92612	Watermarke	$350,000	2	1123
Columbus Grove
5/25/12	63 Juneberry	92606	Kensington Court	$600,000	3	2673
5/29/12	34 Desert Willow	92606	Alexandria	$987,000	5	3168
5/30/12	40 Fringe Tree	92606	Kensington Court	$529,900	3	2200
El Camino Real
5/24/12	6 Fern Cyn	92604	Deerfield Patio	$560,000	3	1899
5/25/12	5182 Royale Ave	92604	The Ranch	$658,000	4	3086
5/28/12	14821 Doncaster Rd	92604	Greentree	$575,000	4	1808
5/30/12	17 Albany	92604	Heritage Park IP	$278,000	2	1100
Northpark
5/29/12	68 Salton 28	92602	San Juan Bautista	$445,000	3	1876
Northwood
5/24/12	180 Garden Gate Ln	92620	Glenneyre at Lanes End	$425,000	2	1050
5/25/12	175 Streamwood	92620	The Springs	$147,000	1	639
5/25/12	443 Ridgeway	92620	Greystone Villas	$517,000	3	1610
5/29/12	23 Alegria	92620	Woodside	$850,000	4	2951
5/30/12	6 Trovita	92620	Canyon Creek	$880,000	5	3033
5/30/12	85 Lakepines 8B	92620	The Lakes	$181,500	1	684
5/30/12	10 Laurelwood	92620	Silverado	$1,060,000	5	2786
Portola Springs
5/25/12	38 Upperbend	92618	Paloma	$590,000	3	2235
Quail Hill
5/24/12	44 Seasons	92603	Casalon	$495,000	3	1600
5/25/12	78 Windchime	92603	Sage	$465,000	2	1200
5/30/12	35 Stepping Stone	92603	Casalon	$452,500	3	1592
Turtle Rock
5/24/12	31 Sarena	92612	Pointe – Turtle Rock	$962,500	3	2328
5/25/12	39 Mirador	92612	Pointe – Turtle Rock	$730,000	2	1830
5/25/12	35 Prairie Grass	92603	Villas of Shady Canyon	$3,500,000	4	4309
5/30/12	25 Needle Grass	92603	Shady Canyon Custom	$6,550,000	6	9923
University Park
5/25/12	3 Iron Bark WAY	92612	Village I	$470,000	3	1741
5/25/12	21 Cypress Tree Ln	92612	Park I (In Village Park)	$700,000	4	2415
5/30/12	34 Redwood Tree Ln	92612	Village III (Village Park)	$659,000	4	2200
University Town Center
5/25/12	31 Wellesley 29	92612	Cambridge Court	$505,000	3	1600
Walnut
5/25/12	14561 Mango Ave	92606	College Park	$600,000	4	1897
Westpark
5/24/12	10 Alexandria	92614	Tierra	$710,000	3	1790
5/24/12	17 Alexandria	92614	Tierra	$685,000	3	1785
5/25/12	35 Abrazo Aisle	92614	Tiempo	$250,000	2	840
5/25/12	3 Ghiberti	92606	Montage	$834,000	4	2200
5/25/12	1 Vetrina	92606	Trieste	$998,000	5	2845
5/26/12	29 Santa Catalina Aisle	92606	Ravenna	$685,000	4	1863
Woodbridge
5/25/12	224 Greenmoor 96	92614	Stonegate	$422,000	3	1368
5/29/12	441 E Yale Loop 40	92614	Garden Estates	$472,000	3	2187
5/30/12	67 Fox Hollow	92614	Somerset	$375,000	3	1320
5/30/12	97 Lakeshore	92604	Arborlake	$650,000	3	2100
Woodbury						v
5/25/12	31 Twiggs	92620	Juliet's Balcony	$1,500,000	5	4500
5/25/12	49 Rising Sun	92620	Portisol	$752,000	5	2270
5/29/12	55 Stowe	92620	Mille Fleurs	$1,142,500	4	3550

Date Sold	Address	Zip	Tract	Sold Price	Beds	Sq Ft
Airport Area
5/18/12	1270 Scholarship	92612	Avenue One	$300,500	2	1037
5/18/12	3131 Michelson 1804	92612	Marquee @ Pk Place	$1,120,000	2	2088
Columbus Grove
5/21/12	51 Juneberry	92606	Kensington Court	$500,000	3	2125
El Camino Real
5/18/12	51 Golden Glen St 1	92604	Walnut Square	$285,000	2	1044
5/23/12	22 Butterfield	92604	Deerfield Townhomes	$410,000	4	1674
Northpark
5/17/12	10 Sebastian	92602	Santa Venetia	$840,000	4	2265
5/17/12	9 Poway	92602	Miramar	$940,000	4	2810
5/17/12	10 Poway	92602	Miramar	$940,000	5	3100
5/18/12	14 Spyrock	92602	Campanile	$820,000	4	2350
Northwood
5/18/12	7 Buchanan	92620	Courtside	$592,000	3	1538
5/22/12	30 Jackson	92620	Shadow Run	$638,000	4	2453
5/22/12	4 Sheridan	92620	Shadow Run	$750,000	5	2416
5/22/12	32 Lee	92620	Greenfield	$695,000	3	2211
Quail Hill
5/18/12	65 Reunion	92603	william lyon	$390,000	2	1468
Rancho San Joaquin
5/18/12	25 Morena 33	92612	RSJ Villas	$340,000	2	1280
Turtle Ridge
5/18/12	22 Canyon Terrace	92603	Arezzo	$2,075,000	5	3583
Turtle Rock
5/18/12	8 Galaxy	92603	Crest – Akins	$980,000	3	2370
5/21/12	18711 Paseo Picasso	92603	Campus View	$638,000	3	1710
5/21/12	49 Golden Eagle	92603	Shady Cyn Custom	$4,538,888	6	6200
University Town Center
5/18/12	90 Lehigh Aisle 58	92612	Oxford Court	$450,000	2	1682
West Irvine
5/23/12	87 Legacy Way	92602	Liberty	$675,000	4	2000
Westpark
5/18/12	9 Santa Luzia Aisle	92606		$670,000	3	1700
5/18/12	40 Agostino	92614	Las Palmas	$410,000	3	1407
5/21/12	45 Almador	92614	Las Palmas	$452,500	3	1407
Woodbridge
5/18/12	27 Woodleaf	92614	Alders	$275,000	2	1060
5/18/12	11 Springwater	92604	Townhomes	$493,000	3	1490
5/19/12	16 Tanglewood Dr	92604	Park Homes	$430,000	3	1325
5/21/12	29 Waterway 4	92614	Lakeshore	$1,065,000	4	2700
5/23/12	27 Sweet Rain	92614	Cottage Homes	$568,200	3	1571
Woodbury
5/17/12	87 Costa Brava	92620	Bowen Court	$330,000	2	1100
5/17/12	110 Pendant 46	92620	San Mateo	$578,252	3	1660
5/17/12	81 Calypso	92618	Santa Rosa	$350,000	1	1120
5/21/12	28 Herringbone	92620	Cortile	$465,000	3	1285

Discuss below or on Talk Irvine.

A few weeks ago, I wrote a post about investors gobbling up Irvine’s most affordable housing. Many of these investors have the means to make the purchase an all cash transaction. This is appealing to banks and homeowners; however, it plays havoc with the housing market ladder.

The housing market ladder is often cited as a basic component of a housing market that is functioning in a healthy manner. The theory of the housing market ladder goes like this: Those with limited incomes buy into the housing market by purchasing a home that is priced at the low end for that area. This allows those who could not otherwise afford to buy a home to become homeowners and, as equity and incomes increase, move up to a higher-end home.

With investors purchasing so much of the affordable housing in Irvine and other southern California communities, the path to homeownership is blocked for many. As one of our Astute Observers commented, this is a problem: “GREAT! Investors are buying up ALL the ‘affordable’ housing. In case you missed it, the goal of affordable housing is so that first time buyers can enter the market, create some equity, and eventually move up within the community. So….who is going to buy all the $600K stuff being built?”

So what is the answer for those who want to get in on the housing market but can’t manage the all cash purchase? I’m not sure, but following is a look at some of the efforts that are going on in Irvine to help provide affordable housing. Irvine’s goal is to have 10% affordable housing by 2025. The video gives some insight on this:

Following is more information on how the city plans on achieving its affordable housing goal. This text is taken from City of Irvine 2008-2014 Housing Element. Note that California communities are required to have a housing element that is updated periodically and approved by the state. The Irvine city staff is currently working on the next housing element.

In March 2003, the Irvine City Council approved a zone change to revise Chapters 2-3 of the Zoning Code to require the provision of affordable housing in all residential development and outline the means of attaining affordability. These provisions are applicable to all residential developments of 50 or more units, regardless of zoning, within the City of Irvine. Under these provisions, residential projects are required to provide a minimum of 15 percent of their total units as affordable units and shall be allocated in accordance with the following percentages:

• Five percent of the actual number of dwelling units shall be affordable as rental or ownership units to households earning less than 50 percent of the County median income.

• Five percent of the actual number of dwelling units shall be affordable as either rental or ownership units, with the emphasis on ownership units, to households earning 51 percent to 80 percent of the County median income.

• Five percent of the total number of dwelling units shall be affordable as rental or ownership units, with emphasis on ownership units in projects offering ownership housing, to households earning 81 percent to 120 percent of the County median income.

Irvine’s Housing Element goes on to give more details on how the affordable housing goal will be reached:

To make adequate provision for the housing needs of all economic segments of the community, the programs in the Housing Plan aim to:

• Provide adequate sites for the development of affordable housing

• Assist in the development of affordable housing

• Conserve and improve the existing affordable housing stock

• Preserve units at-risk of conversion to market rate uses

• Address and remove or mitigate constraints

• Provide equal housing opportunities

The City has also adopted the ambitious goal of creating 9,700 units of affordable housing by the year 2025, representing approximately 10 percent of the City’s total projected housing units. In order to achieve this goal, the City completed a Housing Strategy and Implementation Plan to clarify and expand its housing goals, propose an affordable housing strategy for the City, and offer an implementation plan to put the strategy into action. The Housing Strategy presents the following goals and priorities:

• Maintain the high quality of both new and existing housing

• Disperse the affordable units throughout the community

• Incorporate green design/sustainable development and accessible development features to improve affordability and contribute to resource conservation and accessibility

• Facilitate development of additional rental housing

• Create equity-building opportunities for first-time homebuyers

• Partner with Irvine’s colleges and universities to create additional faculty and student housing

And for those who are concerned that affordable housing in Irvine might be a blight:

“Substandard conditions and the need for rehabilitation is not an issue with the City’s affordable housing inventory since units are well maintained by property owners. Moreover, like the rest of its housing stock, a majority of the City’s assisted units are fairly new and in good condition.”— City of Irvine 2008-2014 Housing Element

Note: These bullet point tactics for achieving the city’s affordable housing goals may change with the approval of the next housing element document. The city staff is currently working on Irvine’s next version of the housing element, and discussion of the upcoming housing element will be part of the city council’s agenda in the near future. Periodic updating of the housing element is a requirement of the state of California.

Discuss below or on Talk Irvine.