Sweet Orange

Here is a look at which three-bedroom condos with a list price under $450,000 are available in Costa Mesa. They are listed from low to high. Four of these eight homes are short sales, and one is bank owned.

Note that no three-bedroom Eastside Costa Mesa homes are available at this price. The lowest-priced three-bedroom homes in Eastside Costa Mesa are two homes listed under $500,000: a condo and a single-family home. The condo is listed at $475,000, and the single-family home is listed at $499,000. Both are short sales.

114 Yorktown Lane, Central Costa Mesa, CA 92626

• Asking price: $264,000 ($214/SF)
• What: 1967 condo with 1240 SF
• HOA: $220
• This is bank-owned

3430 Hollow Brook Circle #115, South Coast Metro, CA 92626

• Asking price: $299,000 ($226/SF)
• What: 1976 condo with 1325 SF
• HOA: $320 and $175

377 Avocado Street Unit E, Central Costa Mesa, CA 92627

• Asking price $325,000 ($262/SF)
• What: 1991 condo with 1240 SF and two-car garage
• HOA: $156

380 W Wilson Street Unit A103, Central Costa Mesa, CA 92627

• Asking price: $355,000 ($215/SF)
• What: 1980 condo with 1650 SF
• HOA: $225
• This is a short sale.

543 Victoria Unit O, Southwest Costa Mesa, CA 92626

• Asking price: $375,000 ($288/SF)
• What: 1989 condo with 1300 SF
• HOA: $265
• This is a short sale.

Address not listed, Central Costa Mesa, CA 92627

• Asking price: $385,000 ($242/SF)
• What: 1994 4-unit PUD, From the listing description: “The property is located in a small 4 unit PUD at the end of a cul de sac street that is close to shopping, freeways, restaurants and schools. It is in need of work but could be a good deal for an investor or someone who could do some fix up work.”
• HOA: $65
• This is a short sale.

908 Hyde Court, South Coast Metro CA 92626

• Asking price: $425,000 ($229/SF)
• What: 1979 condo with 1853 SF
• HOA: $360

2243 Pacific Avenue #14, Southwest Costa Mesa, CA 92627

• Asking price: $430,000 ($258/SF)
• What: 1980 condo with 1669 SF
• HOA: $218
• This is a short sale.

At 2005 E Paloma Street 92627 is a detached Eastside Costa Mesa home near the Newport Bay. In September, this home was listed as being built in 1960 and having 4 to 6 bedroom and 3500 square feet. The asking price was $795,000 ($227/SF). No homeowner association fee was listed.

On September 2, 2009, backup offers were being accepted. This home sold on September 14 for $675,000 ($317/SF). However, the sales information, which Redfin pulled from the public records, shows that this home was built in 1959 and had only 3 bedrooms and 2129 square feet.

Here is a description of this home, typos and all, as stated on one of the listing sites:

Unique single story house in Eastside Costa Mesa, with full BASEMENT. 8 rooms and 4-6 bedrooms depending selected use. Full size living basement bedroom with open air two stairwells access and firplace plus walk-in closet.Basement seperate laundry room and basement extra bedroom or office space. Comlplete sump pump system void of all moisture. Approximately 3200 square feet including adjscent to patio extra bedroom or TV room. Office area and/or TV room area adjacent to dining room and family room. Recessed lightening. Sunkin main living room with custom built in for TV. Massive Rock Fireplace, Tdeck or RV deck two car garage, Boat deck or RV deck, 8000 square foot corner lot that wraps around. House has privacywith wood floors glley kithchen with breakfest nook. Jacuzzi in back with wrap around prvate backyard House has had two owners last one for 25 years. Very unique house very private. Needs some TLC.

This home listed in January 2009 for $1,100,000.

Redfin graph showing the change in the price per square foot for homes in the 92627 ZIP code:

The green building market is estimated to be worth $30-$40 billion annually by the year 2010. By 2010, approximately 10% of commercial construction starts are projected to be green. According to a 2006 McGraw-Hill Smart Market report, every business day, $464 million worth of construction registers with LEED.–Wikipedia

“The new 8,500-square-foot facility was designed to achieve the highest level of ‘green’ building certification by the U.S. Green Building Council - LEED Platinum Certification. …Guests learn how to implement sustainable features in their own homes and businesses.”–The Environmental Nature Center (ENC), Newport, CA

As the opening quote shows, green building has economic benefits as well as environmental benefits. Here is another statement showing the economic benefits:

LPA estimates that the facility’s sustainable elements will save ENC [The Environmental Nature Center] ~$20,000 per year.–Jetson Green

The predominant system that is used for rating the “greenness” of a development is LEED (Leadership in Energy and Environmental Design). Like all systems, it has its drawbacks and is evolving to address those drawbacks. Here is an overview:

LEED is a rating system developed by the U.S. Green Building Council (USGBC) to ensure that the design, construction, and maintenance requirements result in buildings with some level of sustainability. The current LEED system has four possible levels that a project can attain. These levels, from lowest to highest, are Certified, Silver, Gold, and Platinum. To determine which level a project will receive, points are given for each sustainable feature that fits into one of five categories: sustainable sites, water efficiency, energy and atmosphere, materials and resources, and indoor environmental quality

For example, some of the characteristics that contributed to the Nature Center receiving the highest LEED rating, Platinum, are as follows: The building was designed and constructed in a way that that allows for daily operations that uses less resources than is the current standard. These include the ability to use natural ventilation, less water, and a reduced amount of energy by including solar and wind energy components. In addition, during construction renewable and recycled materials were used, and the building was constructed in a way that reduces light pollution.

For a list of Orange County projects with various LEED ratings, go to the USGBC-Orange County site.

Movie on the Lawn–free admission, $8 parking-located at the Preview Park

“The Dark Knight“–October 10, 2009–8:00 PM

Balloon Rides–free admission-located at the Preview Park

“The Great Park Balloon is the Orange County Great Park’s first major attraction. With the ability to hold up to 25 to 30 visitors and soar up to 500 feet above the surrounding landscape, passengers can watch the Great Park’s development unfold as construction activity increases.”

The free flights are available year round, weather and wind permitting. Call ahead (866) 829-3829 (toll-free), or send an email to info@greatparkballoon.org.

Great Park Pumpkin Harvest (and Food Drive)–free admission, $8 parking–located at the Preview Park

October 24, 2009–1 PM to 5 PM

“Enjoy an afternoon of fall activities, including pumpkin picking* and decorating, games, kids crafts and activities, a costume parade, Halloween treats, a petting zoo, and more!”

*One pumpkin per child, while supplies last.

Fall Gardening Workshops—free admission and parking–located at the Great Park Farm and Food Lab

“In 2009, the Park opened its Farm and Food Lab, the beginning of a larger agricultural program planned for the Great Park. The Garden Workshop Series is part of a pilot program designed to introduce community members to the Farm and Food Lab, where they can learn about sustainable home gardening practices for a healthy lifestyle.”

• The Busy Gardener–October 10, 2009–10:00 AM to Noon–October 10, 2009-10:00 AM to Noon
• Spice Up Your Life - Grow Your Own Herbs–November 14, 2009–10:00 AM to Noon
• Holiday Crafts from the Garden–November 21, 2009–10:00 AM to Noon

Over 100 tons of fruits and vegetables grown at the Orange County Great Park Community Farm and neighboring farms have been donated to the Orange County Food Bank. If you have a garden, you might do the same. You can make sure nothing from your garden is wasted by donating any extra fruits and vegetables to a food bank, such as the Second Harvest Food Bank, which is located at the Great Park, or the Orange County Food Bank.

Natural History Lecture series–free admission and parking–located at Second Harvest

“The Orange County Great Park presents the Natural History Lecture series, a series of evening events offering new insights into our natural and dynamic Southern Californian environment.”

• Native California Bees Looking for New Real Estate–October 8, 2009–7 PM
• 21st Century Megafires in Southern California: Adapting to Fires in Paradise–October 22, 2009–7:00 PM

Also, tickets for Cirque du Soleil’s January 2009 performances at the Great Park are currently on sale.

PHOTOS AND QUOTES COURTESY THE ORANGE COUTNY GREAT PARK WEBSITE

For a snapshot of housing prices in Irvine, I listed the numbers for the highest- and lowest-priced homes in Irvine as well as numbers for an Irvine home that is priced near the median*. Here they are:

The highest-priced home in Irvine is currently at 26 Grey Owl 92603. This home, located in Irvine’s most expensive neighborhood, Shady Canyon, has been on the market for over 260 days.

• Asking price: $17,500,000 ($1,296/SF)
• HOA fee: $500
• What: detached house built in 2008
• Size:5 beds/9 baths with 13,500 square feet
• Previously sold: June 30, 2003 for $2,792,000 Note: Since this house was built in 2008, I am guessing that this 2003 sale was for the land only.

The lowest-priced home in Irvine is at 228 Orange Blossom #34 92618. This short sale, located in the Orangetree neighborhood, went on the market in October 2008 for $180,000 and has had numerous price reductions.

• Asking price: $130,000 ($276/SF)
• HOA fee: $240/month
• What: condo built in 1976
• Size: 1 bed/1 bath with 471 square feet
• Previously sold: October 29, 1997 for $62,500

An example of a mid-priced Irvine home is at 1 Misty Run 92614. This home, located in the Woodbridge neighborhood, has only been on the market for about a week.

• Asking price: $549,000 ($339/SF)
• HOA fee: $279
• What: condo built in 1981
• Size: 3 beds/2 baths with 1625 square feet
• Previously sold: n/a

*According to Redfin, the median selling price in July for an Irvine home was $550,000 or $322 per square foot. According to Trulia, the median selling price for Irvine homes that were on the market between July and September was $560,000. And, finally, according to the California Association of Realtors, Irvine’s median selling price was $589,000 in July and $580,000 in August.

We may have reached the bottom but there will not be a leveraged world in the future….Growth in the old model probably will not be reasonable growth in the new model.
–Bill Gross  (Mary Ann Milbourn, “Boom times behind us, says Pimco bond king,” The Orange County Register)

According to Bill Gross, Managing Director of Newport Beach’s Pimco (the world’s largest bond fund), the fundamentals of our economy are changing, and we should not compare the dynamics of this recession to past recessions. Because of these changes, Gross sees the following as part of our economic future:

• The 3 percent to 4 percent growth that we got use to during the last 20 years is a thing of the past; instead, expect 1 percent to 2 percent growth for the next 5 to 10 years.
• Consumers will save more and spend less.
• Business will take less risk.
• Government regulation of business will be more prominent than it was during the last 20 years, and this increased regulation will to be the case for the next 20 years.
• Governments will enact new trade limits.
  

Meanwhile, Federal Reserve officials are predicting upcoming growth of 2.2 percent to 3.3 percent. And Fed Reserve Chief Ben Bernanke told the House Financial Services Committee that analysts expect growth in 2010, but even at 3 percent growth, unemployment will most likely still be above 9 percent. (”Bernanke says jobless rate may stay over 9%,” Bloomberg News)

Economist Alan Beaulieu, president of the Institute for Trend Research, had some opinions that are similar to those of Gross:

If you’re holding your breath waiting for 2007 to return, you die. We’re not going back there. We need strategies for a new climate of diminished growth.

He also states:

We don’t think the U.S. returns to sustained growth until after 2013.

Even then, in some cases, Beaulieu does not expect to see 2007 prices for 15 years, and housing might take even longer.

In other words, the old rules are gone; the dynamics of our economy are in for some new rules.

An example of a home that is near the mid-price for an Irvine home is at 46 Snapdragon.* This home, located in the El Camino and Deerfield Park area (92604), went on the market in July for $519,000. Then it was delisted and relisted various times. Maybe this has to do this the information on the listing that states escrow cannot close before December 22nd of this year. The interesting part is that the current list price is an increase of $10,000 from the original list price.

Nearby 37 Snapdragon #20, also a three bedroom, sold in June 2009 for $435,000 or $298 per square foot. And another three-bedroom condo at 37 Snapdragon is currently on the market for $435,000 or $290 per square foot. However, the exterior picture for 37 Snapdragon is not as appealing as the exterior picture for 46 Snapdragon, and the 37 Snapdragon homes are smaller than the 46 Snapdragon home.

Current listing information for 46 Snapdragon:

• Asking price: $529,000 ($322/SF)
• HOA fee: $47 and $210
• What: condo built in 1975
• Size: 3 beds/2.5 baths with 1645 square feet
• Previously sold: n/a

Listing history for 46 Snapdragon:

• September 12, 2009–Price Changed to $529,000
• September 10, 2009–Relisted
• September05, 2009–Delisted
• September 05, 2009–Relisted
• August 22, 2009–Delisted
• July 31, 2009–Listed at $519,000

*According to Redfin, the median selling price in June for an Irvine home was $537,000 or $320 per square foot. According to Trulia, the median selling price for Irvine homes that were on the market between June and August was $555,000. And, finally, according to the California Association of Realtors, Irvine’s median selling price was $551,000 in June and $580,000 in August.