Sweet Orange

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