Sweet Orange

Here is an interesting factoid: Irvine housing is general accepted as being more expensive than many surrounding areas, including Costa Mesa. However, Redfin shows that in September Costa Mesa houses sold for $403 per square foot, and Irvine houses sold for a lesser amount–$338 per square foot to be exact. However, when it comes to condos Irvine wins in the more expensive category (Irvine–$318/SF; Costa Mesa–$217/SF).

I should also point out that many of the Irvine homes have HOA fees and, in some cases, Mellos Roos taxes. Since Costa Mesa has a substantial number of older homes, these fees are less prevalent in Costa Mesa. This should all be factored in when determining housing costs.

Something else to factor in: The percentage of homes in Irvine that are condos is much higher than is true in Costa Mesa. Approximately 60% of Irvine homes that are currently on the market are condos, whereas approximately 35% of Costa Mesa homes that are currently on the market are condos.

Here are some numbers for cities adjacent to Irvine. Note that the Tustin-compared-to-Irvine numbers tell a story that is similar to the Costa Mesa-compared-to-Irvine numbers:

• Tustin: house–$372/SF; condo–$156/SF (approximately 50% condos)
• Lake Forest: house–$276/SF; condo–$254/SF (approximately 40% condos)
• Newport Beach: house–$789/SF; condo–$504/SF (approximately 30% condos)

I will follow up on this next week by taking a look at an Irvine house with a listing price that is near the Irvine median price per square foot and a Costa Mesa house with a listing price that is near the Costa Mesa median price per square foot.

Are we all socialist now? Based on comments from some surprising sources, the answer to this question might be “Yes.  At least if it is to our advantage at the moment.”

A curious example on the city level can be found in Costa Mesa. As you know, the California budget is a mess. We’re in the “red” by the billions. One of the solutions that the governor suggested and is now in the process of being made a reality is the sale of state assets, including an iconic piece of Orange County land in Costa Mesa, the Orange County Fairgrounds.

Well, the Costa Mesa city council, that bastion of free-market rights and a let-the-private-sector-do-it attitude, is not about to let the market have its way with the fairgrounds. As Mayor Mansoor, an ardent free-marketeer, stated, he is not interested in selling “the heart of the community.” Apparently, even the most hard-core capitalist doesn’t think that the bottom line should be judged solely in a monetary way.

In spite of Costa Mesa’s objections, the city could not keep the state of California from putting the fairgrounds on the market. However, Costa Mesa is setting up land-use restrictions that will ensure that the Orange County Fairgrounds are used as a fairgrounds and events center only, no matter who the owners end up being. Of course, this greatly reduces the amount that someone or some organization would pay for the land. The state’s Department of General Services, which is in charge of selling the land, is not pleased, and the possibility of litigation is being implied, if not outright threatened.

Some, including some in Costa Mesa, have been critical of the land-use regulations that Irvine has put on the development of the former El Toro Marine Air Station land. They feel that the El Toro land that is being transformed into the Orange County Great Park (Orange County’s first metropolitan park) and the Great Park Neighborhoods (a housing, commercial and open space development by the home building company Lennar and its partners) should be developed strictly by market forces. In other words, no land-use restrictions.

However, what Costa Mesa is considering for the fairgrounds is similar to what Irvine has done for the El Toro land. Costa Mesa wants to ensure that the fairgrounds are used in a way that they feel will provide the most benefit for the area and Costa Mesa residents. Irvine’s intention for the El Toro (and now Orange County Great Park) land is similar. It seems that neither city wants another subdivision-mall development (or public airport) plopped down on large tracts of prime real estate that have historic significance.

Apparently, economic hard times are making for some strange bedfellows in the O.C. and the discovery of “socialists” in the most unusual places.

2960 Champion Way #405 Tustin, CA 92782

• Asking price: $190,000 ($342/SF)
• What: 1992 condo with 1bed/1bath
• Size: 556 SF
• HOA fee: $271 per month

This condo, a short sale, was listed in July for $159,000. Earlier this month, the asking price was increased by $31,000. This brings the current list price to $190,000 or $342 per square foot.

There could be a couple of reasons for this increase: The bank didn’t agree to this Tustin Ranch homeowner’s original list price for this short sale. Or the homeowner read some reports that housing prices have gone up recently, and thought that they could get a higher price. I am guessing the former.

Is this a reasonable price in the current market and considering that nearby listings are asking less? Maybe, the current listing states that backup offers are being accepted. We’ll see if the owners got the full asking price or something less. I’ll keep an eye on the public records to see what the final sales price is.

Nearby listings that also are one bedroom/one bath and have 556 square feet. (And are also short sales.)

• 2960 Champion Way #1504: Asking price–$169,900 ($306/SF)
• 2960 Champion Way #2105: Asking price–$179,900 ($322/SF)

In addition, 2960 Champion Way #2405 sold for $150,000 on March 19, 2009. In May 2008, the asking price was $254,500. This was under a different MLS number.

Listing history for 2960 Champion Way #405 under the current MLS number (CARETS #U9003095):

• October 8, 2009–Price Changed $190,000
• October 8, 2009–Relisted
• July 9, 2009–Listed $159,000
• January 15, 1993–Sold $88,000

Which homesellers are more grounded in reality, Costa Mesa or Irvine homesellers? Take a look at the following numbers and decide for yourself. Keep in mind that the median and average are not the same.* If you want to check out the reality gap for your ZIP, see the Trulia ZIP code list.

Irvine

• Average list price: $927,077 (week ending September 30)
• Median sales price: $560,000 (July 2009 through September 2009)
  Source: Trulia

To clarify further, Redfin shows that the September median list price in Irvine was $615,000, and DQNews shows that the September median selling price for a home in Irvine was $533,000.

Costa Mesa

• Average list price: $581,194 (week ending September 30)
• Median sales price: $515,000 (July 2009 through September 2009)
  Source: Trulia

To clarify further, Redfin shows that the September median list price in Costa Mesa was $467,000, and DQNews shows that the September median selling price for a home in Costa Mesa was $485,000.

Finally, for comparison, some Orange County September housing numbers: Redfin shows that the September median list price  was $515,000, and DQNews shows that the September median selling price was $428,000.

When comparing homesellers in Irvine, Costa Mesa and Orange County as a whole, it seems that Costa Mesa homesellers get the most-in-touch-with-reality award.

*Do not confuse this term [median) with the [term] average. They can be quite different for the same sample group. For instance, if you are doing a sold properties report and the homes are very evenly distributed, the median and average might be very similar. However, if the homes sold were weighted more to one end or the other of the price spectrum, then the median and average could be quite different.-About.com: Real Estate Business

**The above graphs are for single-familly houses. To see the the condo price per square foot graph for each area. click on the Redfin links found on this page. Then click on the “Add graph to your site” link.

Note: 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.

Also, these Altos Research numbers are for detached houses only (condos are not included). For this reason, I have included numbers that show the percentage of hones in each city that are detached houses. The Redfin numbers are for both houses and condos.

To see additional information from Redfin including which homes are currently on the market as well as what homes have sold for recently, click on the Redfin link. To see additional Altos Research numbers for each city, click on the Altos Research link.

Summary: When comparing the North, Central and South Orange County housing markets, North Orange County is in the best shape, next is Central Orange County, and last is South Orange County. As is true for the North and Central areas, the low-end of the South Orange County market is in better shape than the high-end.

The housing difficulties started with the low-end of the Orange County housing market and worked their way up to the high-end of the market. Likewise, when this downturn first started, the housing difficulties were more prevalent in North Orange County (an area that is generally less expensive than Central or South Orange County), and then reached Central Orange County and is currently having the biggest impact on South Orange County.

High-end Laguna Beach, the only South Orange County city that saw a decrease in the Altos index number, went deeper into a buyers’ market. And according to the Altos index numbers, the more affordably priced Aliso Viejo has the strongest housing market in South Orange County. For more on the Aliso Viejo housing market, see Jon Lansner’s post “Hardest O.C. city to find a home? Aliso Viejo!”

However, according to the Altos index numbers, all South Orange County housing markets are buyers’ markets. The bottom line is that no level or area of the Orange County housing market is being spared during this downturn.

Following are some recent Altos Research and Redfin numbers for the South Orange County housing market:

Aliso Viejo: approximate % homes on market that are detached–25%

• Altos Research Market Action Index:
  October 18, 2009: 22.68
  September 20, 2009: 20.37
  July 19, 2009:  18.09
• Altos median list price for detached houses:
  October 18, 2009: $595,254
• Redfin median sold price:
  September 2009: house–$244/SF; condo–$186/SF

Coto De Caza: approximate % homes on market that are detached–85%

• Altos Research Market Action Index:
  n/a
  
• Altos median list price for detached houses:
  n/a
• Redfin median sold price:
  n/a

Dana Point: approximate % homes on market that are detached–70%

• Altos Research Market Action Index:
  October 18, 2009: 14.75
  September 20, 2009: 14.32
  July 19, 2009: 15.68
• Altos median list price:
  October 18, 2009: $1,053,46
• Redfin median sold price:
  September 2009: house–$264/SF; condo–$493/SF

Ladera Ranch: approximate % homes on market that are detached–70%

• Altos Research Market Action Index:
  October 18, 2009: 19.40
  September 20, 2009: 17.38
  July 19, 2009: 6.20
• Altos median list price for detached houses:
  October 18, 2009: $834,077
• Redfin median sold price
  September 2009: house–n/a

Laguna Beach: approximate % homes on market that are detached–80%

• Altos Research Market Action Index:
  October 18, 2009: 13.39
  September 20, 2009: 13.69
  July 19, 2009: 11.84
• Altos median list price for detached houses:
  October 18, 2009: $2,281,775
• Redfin median sold price
  September 2009: house--$1646/SF; condo–$374/SF

Laguna Hills: approximate % homes on market that are detached–50%

• Altos Research Market Action Index:
  October 18, 2009: 18.69
  September 20, 2009: 16.27
  July 19, 2009: 13.26
• Altos median list price for detached houses:
  October 18, 2009: $850,712
• Redfin median sold price:
  September 2009: house–$405/SF; condo–$142/SF

Laguna Niguel: approximate % homes on market that are detached–60%

• Altos Research Market Action Index:
  October 18, 2009: 18.26
  September 20, 2009: 16.69
  July 19, 2009: 15.23
• Altos median list price for detached houses:
  October 18, 2009: $791,188
• Redfin median sold price
  September 2009: house–$304/SF; condo–$239/SF

Laguna Woods: approximate % homes on market that are detached–5%

• Altos Research Market Action Index:
  October 18, 2009: 6.48
  September 20, 2009: 3.04
  July 19, 2009: 6.07
• Altos median list price for detached houses:
  October 18, 2009: $260,054
• Redfin median sold price:
  September 2009: house–$244/SF; condo–$153/SF

Note: Laguna Wood is a 55+ community. HOA fees are usually at least $600; many are substantially higher than this.

Lake Forest: approximate % homes on market that are detached–60%

• Altos Research Market Action Index:
  October 18, 2009: 19.40
  September 20, 2009: 16.95
  July 19, 2009: 17.37
• Altos median list price for detached houses:
  October 18, 2009: $515,250
• Redfin median sold price
  September 2009: house–$276/SF; condo–$254/SF

Mission Viejo: approximate % homes on market that are detached–70%

• Altos Research Market Action Index:
  October 18, 2009: 21.04
  September 20, 2009: 18.69
  July 19, 2009: 16.23
• Altos median list price for detached houses:
  October 18, 2009: $539,279
• Redfin median sold price:
  September 2009: house–$302/SF; condo–$252/SF

Rancho Santa Margarita: approximate % homes on market that are detached–55%

• Altos Research Market Action Index:
  October 18, 2009: 18.83
  September 20, 2009: 16.45
  July 19, 2009: 16.64
• Altos median list price for detached houses:
  October 18, 2009: $546,546
• Redfin median sold price:
  September 2009: house–$299/SF; condo–$279/SF

San Clemente: approximate % homes on market that are detached–75%

• Altos Research Market Action Index:
  October 18, 2009: 16.07
  September 20, 2009: 14.95
  July 19, 2009: 12.67
• Altos median list price for detached houses:
  October 18, 2009: $869,131
• Redfin median sold price
  September 2009: house–$222/SF; condo–$345/SF
  

Note: The price per square foot for a San Clemente house is down 40% from the previous month; the condo price is down only 1%.

San Juan Capistrano: approximate % homes on market that are detached–65%

• Altos Research Market Action Index:
  October 18, 2009: 15.03
  September 20, 2009: 13.24
  July 19, 2009: 10.86
• Altos median list price for detached houses:
  October 18, 2009: $1,021,748
• Redfin median sold price:
  September 2009: house–$289/SF; condo–$124/SF

Note: 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.

Also, these Altos Research numbers are for detached houses only (condos are not included). For this reason, I have included numbers that show the percentage of hones in each city that are detached houses. The Redfin numbers are for both houses and condos.

To see additional information from Redfin including which homes are currently on the market as well as what homes have sold for recently, click on the Redfin link. To see additional Altos Research numbers for each city, click on the Altos Research link.

Summary: Once again, the markets for all Central Orange County housing are buyers’ markets. However, according to the Altos index numbers, the Central Orange County housing market is stronger than it was in September. And in general, according to the index numbers, the lower-priced home markets are stronger than the high-priced areas. For example, compare Newport Beach, Seal Beach and Villa Park Altos index numbers to the Santa Ana index number.

One more point on the Altos index numbers for Central Orange County cities: Seal Beach showed the least movement since last month, and Los Alamitos showed the biggest increase. correction made 10-21-09 sw

Following are some recent Altos Research and Redfin numbers for the Central Orange County housing market:

Costa Mesa: approximate % homes on market that are detached–70%

• Altos Research Market Index Number:
  October 18, 2009: 20.96
  September 13, 2009: 18.97
  July 12, 2009: 21.13
• Altos median list price for detached house:
  October 18, 2009: $570,626
• Redfin median sold price:
  September 2009: house–$403/SF; condo–$217/SF

Fountain Valley: approximate % homes on market that are detached–80%

• Altos Research Market Index Number:
  October 18, 2009: 23.86
  September 13, 2009: 20.72
  July 12, 2009: 26.05
• Altos median list price for detached house:
  October 18, 2009: $598,615
• Redfin median sold price:
  September 2009: house–$307/SF; condo–$304/SF

Huntington Beach: approximate % homes on market that are detached–70%

• Altos Research Market Index Number:
  October 18, 2009: 17.86
  September 13, 2009: 16.63
  July 12, 2009: 14.50
• Altos median list price for detached house:
  October 18, 2009: $770,762
• Redfin median sold price:
  September 2009: house–$344/SF; condo–$344/SF

Irvine: approximate % homes on market that are detached–45%

• Altos Research Market Index Number:
  October 18, 2009: 19.21
  September 13, 2009: 17.18
  July 12, 2009: 18.31
• Altos median list price for detached house:
  October 18, 2009: $863,177
• Redfin median sold price:
  September 2009: house–$338/SF; condo–$318/SF

Los Alamitos: approximate % homes on market that are detached–75%

• Altos Research Market Index Number:
  October 18, 2009: 16.83
  September 13, 2009: 12.31
  July 12, 2009: 11.90
• Altos median list price for detached house:
  October 18, 2009: $860,346
• Redfin median sold price:
  September 2009: house–$260/SF; condo–$275/SF

Newport Beach: approximate % homes on market that are detached–65%

• Altos Research Market Index Number:
  October 18, 2009: 13.61
  September 13, 2009: 11.04
  July 12, 2009: 11.42
• Altos median list price for detached house:
  October 18, 2009: $1,998,992
• Redfin median sold price:
  September 2009: house–$789/SF; condo–$504/SF

Orange: approximate % homes on market that are detached–85%

• Altos Research Market Index Number:
  October 18, 2009: 19.96
  September 13, 2009: 18.15
  July 12, 2009: 19.26
• Altos median list price for detached house:
  October 18, 2009: $552,197
• Redfin median sold price:
  September 2009: house–$254/SF; condo–$213/SF

Santa Ana: approximate % homes on market that are detached–65%

• Altos Research Market Index Number:
  October 18, 2009: 23.04
  September 13, 2009: 20.40
  July 12, 2009: 21.75
• Altos median list price for detached house:
  October 18, 2009: $339,523
• Redfin median sold price:
  September 2009: house–$236/SF; condo–$103/SF

Seal Beach: approximate % homes on market that are detached–25%

• Altos Research Market Index Number:
  October 18, 2009: 14.89
  September 13, 2009: 14.24
  July 12, 2009: 12.91
• Altos median list price for detached house:
  October 18, 2009: $980,553
• Redfin median sold price:
  September 2009: house–$398/SF; condo–$592/SF

Tustin: approximate % homes on market that are detached–50%

• Altos Research Market Index Number:
  October 18, 2009: 20.18
  September 13, 2009: 17.55
  July 12, 2009: 19.09
• Altos median list price for detached house:
  October 18, 2009: $629,922
• Redfin median sold price:
  September 2009: house–$372/SF; condo–$156/SF

Villa Park: approximate % homes on market that are detached–100%

• Altos Research Market Index Number:
  October 18, 2009: 16.09
  September 13, 2009: 14.33
  July 12, 2009: 8.43
• Altos median list price for detached house:
  October 18, 2009: $1,202,962
• Redfin median sold price
  September 2009: house–$376/SF; condo–n/a

Note: 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.

Also, these Altos Research numbers are for detached houses only (condos are not included). For this reason, I have included numbers that show the percentage of hones in each city that are detached houses. The Redfin numbers are for both houses and condos.

To see additional information from Redfin including which homes are currently on the market as well as what homes have sold for recently, click on the Redfin link. To see additional Altos Research numbers for each city, click on the Altos Research link.

Following are some recent Altos Research and Redfin numbers for the North Orange County housing market.

Summary: In general, according to the Altos Research index numbers, the housing market is improving in North Orange County. However, the housing markets for all North Orange County cities are still buyers’ markets. Then again, Garden Grove and Stanton, which have Altos index numbers just shy of 30, are approaching a sellers’ market. As has been true for some time, the low-end of the housing market in North Orange County is doing better than the high-end.

Anaheim: Approximate % homes on market that are detached: 70%

• Altos Research median list price:
  October 18, 2009: $374,408
  August 16,2009: $364,232
• Altos Research Market Action Index:
  October 18, 2009: 26.24
  August 16, 2009: 22.19
  July 5, 2009: 23.69
• Redfin median sold price:
  September 2009: house–$241/SF; condo–$217/SF

Brea: Approximate % homes on market that are detached: 90%

• Altos Research median list price:
  October 18, 2009: $551,288
  August 16,200: $550,327
• Altos Research Market Action Index:
  October 18, 2009: 19.98
  August 16, 2009: 16.57
  July 5, 2009: 20.14
• Redfin median sold price:
  September 2009: house–$271/SF; condo–$207/SF

Buena Park: Approximate % homes on market that are detached: 85%

• Altos Research median list price:
  October 18, 2009: $363,731
  August 16,2009: $357,945
• Altos Research Market Action Index:
  October 18, 2009: 26.23
  August 16, 2009: 21.09
  July 5, 2009: 23.32
• Redfin median sold price:
  September 2009: house–$266/SF; condo–$174/SF

Cypress: Approximate % homes on market that are detached: 70%

• Altos Research median list price:
  October 18, 2009: $532,196
  August 16,200: $502,327
• Altos Research Market Action Index:
  October 18, 2009: 22.57
  August 16, 2009: 20.12
  July 5, 2009: 25.82
• Redfin median sold price:
  September 2009: house–$276/SF; condo–$217/SF

Fullerton: Approximate % homes on market that are detached: 80%

• Altos Research median list price:
  October 18, 2009: $561,908
  August 16,2009: $545,955
• Altos Research Market Action Index:
  October 18, 2009: 21.24
  August 16, 2009: 18.90
  July 5, 2009: 21.41
• Redfin median sold price:
  September 2009: house–$248/SF; condo–$208/SF

Garden Grove: Approximate % homes on market that are detached: 80%

• Altos Research median list price:
  October 18, 2009: $377,958
  August 16,200): $376,622
• Altos Research Market Action Index:
  October 18, 2009: 29.34
  August 16, 2009: 26.00
  July 5, 2009: 27.56
• Redfin median sold price:
  September 2009: house–$280/SF; condo–$214/SF

La Habra: Approximate % homes on market that are detached: 70%

• Altos Research median list price:
  October 18, 2009: $481,831
  August 16,2009): $508,236
• Altos Research Market Action Index:
  October 18, 2009: 22.75
  August 16, 2009: 21.56
  July 5, 2009: 21.64
• Redfin median sold price:
  September 2009: house–$241/SF; condo–$142/SF

La Palma: Approximate % homes on market that are detached: 80%

• Altos Research median list price:
  October 18, 2009: $581,795
  August 16,2009): $606,200
• Altos Research Market Action Index:
  October 18, 2009: 21.99
  August 16, 2009: 18.77
  July 5, 2009: 18.65
• Redfin median sold price:
  September 2009: n/a

Placentia: Approximate % homes on market that are detached: 75%

• Altos Research median list price:
  October 18, 2009: $526,823
  August 16,2009): $527,559
• Altos Research Market Action Index:
  October 18, 2009: 20.33
  August 16, 2009: 18.14
  July 5, 2009: 20.49
• Redfin median sold price:
  September 2009: house–$252/SF; condo–$126/SF

Stanton: Approximate % homes on market that are detached: 65%

• Altos Research median list price:
  October 18, 2009: $314,192
  August 16,2009: $309,736
• Altos Research Market Action Index:
  October 18, 2009: 29.45
  August 16, 2009: 25.48
  July 5, 2009: 23.67
• Redfin median sold price:
  September 2009: house–$238/SF; condo–$200/SF

Westminster: Approximate % homes on market that are detached: 85%

• Altos Research median list price:
  October 18, 2009: $451,135
  August 16,2009) $451,536
• Altos Research Market Action Index:
  October 18, 2009: 27.03
  August 16: 23.12
  July 5, 2009: 27.83
• Redfin median sold price:
  September 2009: house–$274/SF; condo–$202/SF

Yorba Linda: Approximate % homes on market that are detached: 80%

• Altos Research median list price:
  October 18, 2009: $772,069
  August 16,2009: $804,377
• Altos Research Market Action Index:
  October 18, 2009: 17.42
  August 16, 2009: 15.00
  July 5 2009: 17.88
• Redfin median sold price:
  September 2009: house–$248/SF; condo–$260/SF

The Irvine Company rolled out the first sales for Ivy (the new construction development in Irvine’s Woodbury East housing development) in a way that resulted in the quick sellout of phase one, two and three and, therefore, created a lot of buzz. In addition to creating a lot of buzz, the marketing plan for Ivy also provides some insight into what prices the current housing market will allow.

Since the Ivy sales do provide some insight into what price the housing market will currently bear, I imagine that I will be comparing many Orange County home prices to the  Ivy prices.

I already compared Ivy prices to some Portola Spring home prices. Portola Springs home prices are easy to compare to Ivy prices; they are in the same area, look similar, are condos only (at least, the ones that I referenced), and both are new or newly new construction.

Today, something more complicated: Today, I will compare some three-bedroom Costa Mesa detached, resale home prices to the Ivy three-bedroom prices.

For review, three-bedroom homes in the Irvine’s Ivy development, which are all condos, are priced as follows:

• 1394 square feet–$400,990 ($288/SF)
• 1500 square feet–$441,990 ($295/SF)
• 1503 square feet–$421,990 ($281/SF)

Ivy Mello Roos fees are about $3,971 per year. HOA dues are about $134 monthly for the master association and $175 monthly for the sub-association.

With all this in mind, what do you think? Are the prices for the three-bedroom Costa Mesa homes that are listed below reasonable for current market conditions? All of these Costa Mesa homes are detached, single-family homes, with no Mellos Roos fee and no HOA fees. Also, note that all the homes listed below are short sales except for the home at 1118 Paularino Avenue.

3209 Colorado Place, Meas Verde, CA 92626

• Asking price: $399,000 ($259/SF)
• What: 1959 detached house with 1543 SF. From the listing description: “Needs TLC - may have structural damage.”
• HOA: none listed
• This is a short sale.

2112 Wallace Avenue, Central Costa Mesa, CA 92627

• Asking price: $400,000 ($340/SF)
• What: 1955 detached house with 1176 SF
• HOA: none listed
• This is a short sale.

570 Traverse Drive, South Coast Metro, CA 92626

• Asking price: $430,000 ($239/SF)
• What: 1965 detached home with 1796 SF
• HOA: none listed
• This is a short sale.

2923 Peppertree Lane, Mesa Verde, CA 92626

• Asking price: $434,900 ($305/SF)
• What: 1959 detached house with 1426 SF and a backyard Jacuzzi
• HOA: none listed
• This is a short sale.

1118 Paularino Ave, Central Costa Mesa, CA 92626

• Asking price:$439,000 ($285/SF)
• What: 1963 detached house with 1538 SF and a swimming pool
• HOA: none listed

3129 Dublin Street, South Coast Metro, CA 92626

• Asking price: $439,000 ($366/SF)
• What: 1957 detached house with 1200 SF and a pool, spa, outdoor fireplace, and built-in BBQ
• HOA: none listed
• This is a short sale.

According to Redfin:

In September, 14 resale homes were on the market in Portola Springs. The median list price was $699,000 or $361 per square foot.

In July, five homes sold in Portola Springs; this is up 400% from June 2009. The median sales price for these homes was $684.000; this is down 2.3% from the June median.

Redfin graphs: September 2009 Inventory and Price Per Square Foot for Portola Spring Condos

According to Trulia:

The median sales price for homes in Portola Springs that sold between  July 2009 to September 2009 was $669,500; this is up 4.8% from one year ago. Nine homes sold during that time period; this is up 50% from one year ago.

Here is a look at some past Portola Springs stats from Redfin:

April 3, 2009

• List price: $731,000/$342 per SF
• Sold price: $375,000/price per SF–n/a*
• Median days on market: 49.5*
• Number of homes on the market: 19
  (7 detached/12 condos)

February 28, 2009

• List price: $730,315/$345 per SF
• Sold price: $749K/price per SF–n/a*
• Median days on market: 60*
• Number of homes on the market: 21
  (7 detached/14 condos)

January 31, 2009

• List price: $765,408/$358 per SF
• Sold price: $765,000/price per SF–n/a*
• Median days on market: 38.5*
• Number of homes on the market: 18

December 30, 2008

• List price: $735,000/$341 per SF
• Sold price: $788,000/price per SF–n/a*
• Median days on market: 86.5*
• Number of homes on the market: 29.5

November 30, 2008

• List price: $870,238/$341 per SF
• Sold price: n/a
• Median days on market: n/a
• Number of homes on the market: 17

October 31, 2008

• List price: $748,500/$344 per SF
• Sold price: n/a
• Median days on market: n/a
• Number of homes on the market: 10

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

For more information on housing in Portola Springs, see yesterday’s post “Comparing Irvine’s Portola Spring Home Prices to Woodbury East Ivy Price.”

According to Redfin, there were 5 detached houses and 9 condos on the resale market in Irvine’s Portola Springs development in September. The median selling price per square foot for a detached home was $377. The median selling price per square foot for a condo was $349. More information on Portola Springs is available at the Portola Spring HOA website.

The nearby community of Ivy in Woodbury East is the new construction development that has easily sold out phase one, two and three (however, this total only about 30 homes sold from the 500 that will eventually be sold).

The prices for Ivy homes are as follows:

• Two-bedroom Ivy homes, which are 1180 square feet, are selling for $356,990 ($303/SF).
• Three-bedroom Ivy homes which are 1394, 1503 and 1500 square feet, are selling for $400,990 ($288/SF), $421,990 ($281/SF), and $441,990 ($295/SF), respectively.

To decide if the Portola Spring homes are reasonable priced, compare these Ivy prices with the prices of the following Portola Spring homes. Since both of these developments have a similar look, are located in the same area, and are new or nearly new construction, my though is that they should be priced in the same ballpark.

To see all resale home that are currently on the market, see the Portola Springs map. Also, new construction, as well as resale homes, is currently available in Portola Springs.

38 Cactus Bloom Irvine, CA 92618

• Asking price: $489,900 ($407/SF)
• What: 2 beds/3 baths, 1205 SF, 2008 condo
• HOA: $175 and $120

49 Silverado Irvine, CA 92618

• Asking price: $495,000 ($306 SF)
• What: 3 beds/3 baths, 1617 SF, 2008 condo
• HOA: $175 and $191

78 Full Moon Irvine, CA 92618

• Asking price: $498,000 ($308 SF)
• What: 3 beds/3 baths, 1617 SF,  2007 condo
• HOA: $175 and $191
• This is a short sale.

39 White Sage Irvine, CA 92618 (Los Arboles neighborhood)

• Asking price: $744,755($372/SF)
• Listed on Oct 6, 2009 for: $739,185 ($369 SF)
• What: 3 beds/3 baths, 2003 SF, 2009 condo
• HOA: $175 and $124