Sweet Orange

Here is a look at some Woodbury condos that are listed for under $300,000. The bad news is that these are all short sales. (Sales transactions for short sales are difficult to complete, and the price might be bid up before a final sale is made.)

In fact, many of Woodbury’s two-bedroom condos that are on the market are short sales. For that matter, many of the homes in Woodbury are short sales.

To check for yourself, see the map of Woodbury homes currently on the market.

40 Concierto, Irvine

• 2 beds/2baths, 1146 SF
• HOA fees: master–$152; sub–$105
• $275,000 ($240/SF)

17 Costa Brava, Irvine

• 2 beds/2baths, 1000 SF
• HOA fees: master–$105; sub–$93
• $290,000 ($290/SF)

3 Costa Brava, Irvine

• 2 beds/2baths, 1075 SF
• HOA fees: master–$105; sub–$93
• $299,900 ($279/SF)

Related posts:

• Comparing Prices: Three-Bedroom Woodbury Condos vs Three-Bedroom Woodbury East Ivy Condos
• Market Watch: Housing Stats for Irvine’s Woodbury Neighborhood

Here is a look at some three-bedroom Woodbury condos that are similar in size to three-bedroom condos that will soon be available in phase two of  Irvine’s new neighborhood of  Ivy. Ivy is part of the Woodbury East development that is near Woodbury (a nearby but different development) and will have two and three-bedroom condo for sale. Next phase of Ivy sales will be August 1.

If you compare the Woodbury prices to the Woodbury East prices, future Woodbury sellers might have to lower their selling price to compete with these newer homes.

The Irvine Company’s current prices for these Ivy three-bedrooms is in the mid- $300,000s to low-$400,000s. IrvineRenter has the current Ivy price per square foot at $280 to $295. (Two-bedroom options will also be available in Ivy. Of course, they will be a smaller size and lower price.)

On the other hand, phase one of the Ivy sale was so successful that I would not be surprised if upcoming phases had some higher list prices. This would have a moderating affect on the necessity of price slashes in Woodbury.

Compare the Woodbury East Ivy prices for three-bedroom condos with recent selling prices in Woodbury:

49 Regal  # 143, Woodbury, Irvine  CA 92620

• 3 beds, 3 baths
• 1,552 sq ft
• Sold for: $510,000 ($328/SF)
  
• Sold on: 06/12/2009
  

155 Sanctuary, Woodbury, Irvine, CA  92620

• 3 beds, 3 baths
• 1,550 sq ft
• On March 30, listed for $529,900
• Sold for: $505,000 ($326/SF)
  
• Sold on: 06/11/2009

153 Sanctuary, Woodbury, Irvine CA 92620

• 3 beds, 3 baths
• 1,635 sq ft
• Recently listed for: $569,900
• Sold for: n/a (however, will probably show up in the public record within a month)

More information:

• For a look at what is currently available in Woodbury East’s Ivy development, click here.
• For a look at what is currently available in Woodbury, click here.

Related posts:

• Market Watch: Housing Stats for Irvine’s Woodbury Neighborhood
• Ivy. an Irvine Woodbury East Development, Opens with Smaller, More Affordable Housing Options
• Pros and Cons of New Irvine Development: Ivy, a Woodbury East Neighborhood

GRAPHS , COURTESY REDFIN, ARE OF WOODBURY’S HOUSING INVENTORY, DETACHED HOME MEDIAN LIST PRICE PER S/F, CONDO MEDIAN LIST PRICE PER S/F

Woodbury is one of Irvine’s newer areas.  According to Redfin, in June, Woodbury had 65  homes on the market (16 detached homes and 49 condos).  The median list price was $590,000 or $342 per square foot.

In April, five homes sold with a median selling price of $550,000. The median number of days on market for a Woodbury home is 58.*

Twenty-one percent of the Woodbury homes that were sold or taken off the market between April 28th and July 27th had price reductions. These homes had a median of one price reduction. The median percentage off the price was 9.3%.

Found below are some additional Redfin stats for Irvine’s Woodbury neighborhood.

Note: Woodbury is near the even newer neighborhood of Woodbury East. Woodbury East’s Ivy neighborhood is the new, small condo area (approximately 1100 SF to 1500 SF) that sold out phase one in under an hour of the July 11 grand opening. For some commentary on the affect that pricing in Woodbury East will have on Woodbury prices, see IrvineRenter’s post “Revaluing Woodbury.”

April 4, 2009

• List price: $639K/$356 per SF
• Sold price: $580K/NA per SF*
• Median days on market: 46*
• Number of homes on the market: 48
  (14 detached/34 condos)

February 28, 2009

• List price: $712,000/$357 per SF
• Sold price: $530K/NA per SF*
• Median days on market: 84*
• Number of homes on the market: 36
  (14 detached/22 condos)

January 31, 2009

• List price: $699,000/$357 per SF
• Sold price: $530K/NA per SF*
• Median days on market: 83*
• Number of homes on the market: 35

December 30, 2008

• List price: $650,000/$357 per SF
• Sold price: $569K/NA per SF*
• Median days on market: 89*
• Number of homes on the market: 27

For more information on housing in Woodbury, see Redfin’s Woodbury map.

*Based on homes sold or taken off the market in the previous 90 days

Source: Redfin

With the value of Orange County homes declining, some Orange County residents will (if they haven’t already) receive a reduced assessment and, therefore, a reduced tax bill from Webster Guillory, the Orange County Assessor. If after receiving  your property tax assessment you have questions, you can contact the Office of the Assessor at (714) 834-2727, or view the online instructions for the appeals process. The appeals filing period is July 2 through September 15, 2009.

For some helpful information on saving taxes, see “How to save on property taxes” by Jeff Collins of the OC Register.

Property Value Notices are mailed in July to inform real estate owners of the taxable value of their property.

A Beige Notice indicates the property’s market value was higher than the Prop. 13 value on January 1 (lien date).

• A 2% inflation adjustment has been added as required by California law.
• Related property taxes may go up accordingly.

A Blue Notice indicates the property’s market value was lower than the Prop. 13 value on January 1 (lien date).

• Taxable value has been temporarily reduced or kept at last year’s value.
• Related property taxes for that tax year may go down accordingly.

If you disagree with the valuation of your property, you may file an assessment appeal with the Clerk of the Board of Supervisors.

–from the Orange County Assessor’s webpage

The Orange County Assessor’s 2009-2010 Local Assessment Roles of Value shows that the value of the Orange County assessed tax roll (secured and unsecured) is over $418 billion. This is 1.2% or $5.2 billion lower than last year’s assessment roll. The Orange County assessment roll has been lower than the previous year only twice before.

However, not all cities will be receiving less of this tax revenue than they did last year. For example, unlike Santa Ana, both Costa Mesa and Irvine will receive more than they did the previous year; take a look at the city-by-city numbers as shown below. For additional Orange County property tax data, click here.

In the queue: more property tax information

Previously, we took a look at some housing market numbers for North Orange County and Central Orange County. Today, we will take a look at how the South Orange County housing market for detached homes is doing as shown by the Altos Market Action Index. The Altos Market Action Index shows the balance between potential buyers and sellers, in other words, the balance between supply and demand.  Above 30 is a sellers’ market; below 30 is a buyers’ market.

Note that the Altos numbers are for detached homes only (condos are not included). For this reason, I have included numbers that show the percentage of home in each city that are detached. The index numbers listed below are as reported by Altos Research on July 19, 2009.

Note: The brown line in the graphs is the Altos Market Action Index 90-day median; the black line is the Altos Market Action Index 7-day median.

For more numbers associated with each city, click on the city name or Altos Research index number.

Aliso Viejo:

• Altos Research Index– 18.09
• approximate % homes on market that are detached–26%

Coto De Caza:

• Altos Research Index–na
• approximate % homes on market that are detached–87%

Dana Point:

• Altos Research Index– 15.68
• approximate % homes on market that are detached–69%

Ladera Ranch:

• Altos Research Index–16.20
• approximate % homes on market that are detached–69%

Laguna Beach:

• Altos Research Index–11.84
• approximate % homes on market that are detached–82%

Laguna Hills:

• Altos Research Index–13.26
• approximate % homes on market that are detached–48%

Laguna Niguel:

• Altos Research Index–15.23
• approximate % homes on market that are detached–62%

Laguna Woods:

• Altos Research Index–6.07
• approximate % homes on market that are detached–6%

Lake Forest:

• Altos Research Index–17.37
• approximate % homes on market that are detached–61%

Mission Viejo:

• Altos Research Index– 16.23
• approximate % homes on market that are detached–68%

Rancho Santa Margarita:

• Altos Research Index–16.64
• approximate % homes on market that are detached–55%

San Clemente:

• Altos Research Index–12.67
• approximate % homes on market that are detached–76%

San Juan Capistrano:

• Altos Research Index–10.86
• approximate % homes on market that are detached–68%

Yesterday, we took a look at some housing market numbers for North Orange County. Today, we will take a look at how the Central Orange County housing market for detached homes is doing as shown by the Altos Market Action Index. The Altos Market Action Index shows the balance between potential buyers and sellers, in other words, the balance between supply and demand.  Above 30 is a sellers’ market; below 30 is a buyers’ market.

Note that the Altos numbers are for detached homes only (condos are not included). For this reason, I have included numbers that show the percentage of home in each city that are detached. The index numbers listed below are as reported by Altos Research on July 12, 2009. The Altos numbers are updated each week, so if you click on the Altos index numbers for each city, you will see the July 19 numbers (or the most recent index number). In most cases, the July 19 numbers show that  the market has retreated further into a buyers’s market in just this one week.

Also, note that the Altos numbers for Central Orange County show a similar story when it comes to the high-end and low-end of the housing market: Central Orange County cities with the highest-priced homes  have some of  the least favorable market index number (for example, Newport Beach, Villa Park and Los Alamitos). And the Central Orange County cities with lower-priced homes have some of the most favorable market index numbers (for example, Santa Ana). However, as shown by the numbers, the housing market in all of these cities is a buyers’ market.

To see what homes are currently on the market as well as what homes have sold recently, click on the city name.

Note: The brown line in the graphs is the Altos Market Action Index 90-day median; the black line is the Altos Market Action Index 7-day median.

Costa Mesa:

• Altos Research Index–21.13
• approximate % homes on market that are detached–72%

Fountain Valley:

• Altos Research Index–26.05
• approximate % homes on market that are detached–81%

Huntington Beach:

• Altos Research Index–~14.50
• approximate % homes on market that are detached–69%

Irvine:

• Altos Research Index–18.31
• approximate % homes on market that are detached–43%

Los Alamitos:

• Altos Research Index–11.90
• approximate % homes on market that are detached–77%

Newport Beach:

• Altos Research Index–11.42
• approximate % homes on market that are detached–67%

Orange:

• Altos Research Index–19.26
• approximate % homes on market that are detached–86%

Santa Ana:

• Altos Research Index–21.75
• approximate % homes on market that are detached–64%

Seal Beach: 

• Altos Research Index–12.91
• approximate % homes on market that are detached–26%

Tustin:

• Altos Research Index–19.09
• approximate % homes on market that are detached–51%

Villa Park:

• Altos Research Index–8.43
• approximate % homes on market that are detached–100%

Today, we will take a look at how the North Orange County housing market for detached homes is doing as shown by the Altos Market Action Index. The Altos Market Action Index shows the balance between potential buyers and sellers, in other words, the balance between supply and demand. Above 30 is a sellers’ market; below 30 is a buyers’ market.

Note that the Altos numbers are for detached homes only (condos are not included). For this reason, I have included numbers that show the percentage of home in each city that are detached. The index numbers listed below are as reported by Altos Research on July 5, 2009.

Also, note that the North Orange County city with the highest-priced homes, Yorba Linda, has the least favorable market index number. And many of the North Orange County cities with the lowest-priced homes have some of the most favorable market index numbers. However, as shown by the numbers, the housing market in all of these cities is a buyers’ market.

Anaheim:

• Altos Research Index–23.69
• approximate % homes on market that are detached–73%

Brea:

• Altos Research Index–20.14
• approximate % homes on market that are detached–89%

Brena Park:

• Altos Research Index–23.32
• approximate % homes on market that are detached–85%

Cypress:

• Altos Research Index–25.82
• approximate % homes on market that are detached–67%

Fullerton:

• Altos Research Index–21.41
• approximate % homes on market that are detached–78%

Garden Grove:

• Altos Research Index–27.56
• approximate % homes on market that are detached–74%

La Habra:

• Altos Research Index–21.64
• approximate % homes on market that are detached–69%

La Palma:

• Altos Research Index–18.65
• approximate % homes on market that are detached–81%

Placentia:

• Altos Research Index–20.49
• approximate % homes on market that are detached–75%

Stanton:

• Altos Research Index–23.67
• approximate % homes on market that are detached–66%

Westminster:

• Altos Research Index–27.83
• approximate % homes on market that are detached–87%

Yorba Linda:

• Altos Research Index–17.88
• approximate % homes on market that are detached–79%

Related post:

• Central Orange County Housing Report: Gauging the Detached Homes Market Status
• South Orange County Housing Report: Gauging the Detached Homes Market Status

Yesterday, we looked at housing numbers for some homes in the Orangetree neighborhoods, one of Irvine’s most affordable, if not the most affordable, areas. A few detached homes exist in Orangetree, but most homes are condos. According to Redfin, the current list price for a condo in Orangetree is $262 per square foot.

Today, we’ll take a look at Shady Canyon, which is at the other end of the Irvine housing market. Shady Canyon is the most expensive Irvine neighborhood and, as you might expect, contains detached homes only. According to Redfin, the current median list price for a home in Shady Canyon is $727 per square foot.

Following are some stats on Shady Canyon homes that sold in the last three months. A look at previous selling price and price reductions in Shady Canyon show that even the most expensive areas are affected by the housing market downturn.

12 Prairie Grass: 3 bedrooms/4 baths, 40977 SF, built in 2003

• sold for $2,500,000 on May 18, 2009
• listed in August 2008, numerous price reductions
• sold for $3,200,000 on May 3, 2006

For more pictures of 12 Prairie Grass, click here.

94 Canyon Creek: 5 bedrooms/7 baths, 8057 SF, built in 2008

• sold for $4,300,000 on April 16, 2009
• listed in January 2009, numerous price reductions
• at one time listed for $4,750,000

For more pictures of 94 Canyon Creek, click here.

59 Boulder: 5 bedrooms/6 baths, 6853 SF, built in 2007

• sold for $4,125,000 on June 5, 2009
• listed in February 2008, numerous price reductions
• at one time listed for $4,895,000

For more pictures of 59 Boulder Creek, click here.

For a look at more Irvine Shady Canyon numbers, see “Irvine’s Most Expensive Neighborhood, Shady Canyon: Housing Number Stats.”

According to public notices in the Irvine World News, the following homes in Orangetree were scheduled to go on the trustee auction block at the beginning of this year. Orangetree, which includes mostly condos (although a few detached homes do exist) is one of Irvine’s more affordable areas. The low prices are due to the limited square footage of these condos.

Here is a look at what happened to two of these homes.

126 Tangerine, Irvine 92618

• Approximate amount owed plus interest and fees: $507,868.95
• Details: 2bed/2 bath, detached home with 1133 SF
• Scheduled auction date: 2-5-09
• Sold for: $357,000 on April 13, 2009
• Side note: On March 14, 2009, the list price was increased from $359,000 to $410,000.

426 Orange Blossom #202, Irvine 92618

• Approximate amount owed plus interest and fees: $265,535.07
• Details: 1bed/1 bath, condo with 661 SF
• Scheduled auction date: 1-28-09
• Sold for: $268,814 on February 20, 2009
• Side note: On February 28, 2009, this home went on the market again for $205,057. On June 2, 2009, the price was reduced to $179,900; however, this listing is no longer active.

For a look at what is currently on the market in Orangetree, as well as what has sold recently, see the Orangetree map.

For more information on Orangetree, see this post: “A Look at the Housing Numbers for Irvine’s Orange Tree Neighborhood.“