Sweet Orange

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

For a look at what is going on in with housing prices in Costa Mesa, I provided the numbers for the highest- and lowest-priced homes in Costa Mesa as well as the numbers for a Costa Mesa home that is near the median. Here they are:

The highest priced home in Costa Mesa is currently at 369 22nd Street. This home is located in Eastside Costa Mesa (92627) near the Newport Bay. Note that the current listing price is reduced by 15% from the original listing price.

• Asking price: $2,990,000 ($516/SF)
• HOA fee: n/a
• What: detached house built in 2004
• Size: 4 beds/6 baths with 5800 square feet
• Previously sold: February 10, 1996 for $540,000
• Price reductions:
  * listed April 16,2009 for $3,495,000
  * price reduced on July 22, 2009 to #3,295,000
  * price reduced on August 21, 2009 to $2,990,000

The lowest priced home in Costa Mesa is currently at 1654 Iowa Street, Unit B. This short sale is  located in the Mesa Verde neighborhood  (92626). Note that the current listing price is approximately 50% below the previous 2006 selling price.

• Asking price: $209,990 ($234/SF)
• HOA fee: $250/month
• What: condo built in 1971
• Size: 2 beds/1 bath with 897 square feet
• Previously sold: April 21, 2006 for $406,000

An example of a mid-priced Costa Mesa home is at 832 Presidio Drive. This home is located in Central Costa Mesa (92626) near Tewinkle Park, Orange County Fair Grounds, Orange Coast College, South Coast Plaza as well as many freeways. This is a short sale.

• Asking price: $439,000 ($338/SF)
• HOA fee: n/a
• What: detached house built in 1960
• Size: 3 beds/62baths with 1200 square feet (7200 SF lot)
• Previously sold: July 17, 2009 for $439,000 and July 12, 1994 for $184,000

Since its incorporation in 1953, the city has grown from a semi-rural farming community of 16,840 to a suburban city with an economy based on retail, commerce and light manufacturing.–Wikipedia

For more information on Costa Mesa history and statistics, see the Wikipedia’s Costa Mesa entry.

Related post: “Market Watch: Costa Mesa Housing Stats and Foreclosures”

Income: The estimated median household income in 2007 was $63,619; the estimated per capita income in 2007 was $31,218. The 2008 cost of living index in Costa Mesa was 152.1 (very high, U.S. average is 100).

CNNMoney states that Costa Mesa’s 2008 median family income was $71,450.

Note: Household and family income do not have the same definition.

Population Density: The land area is 15.6 square miles. On January 1, 2009, the population was 116,479. Density was 7,448 people per square mile.

2008 FBI Crime Data: For 2008 Costa Mesa crime statistics, see the FBI Uniform Crime Report data provided by the OC Register.

But in two Orange County cities - Costa Mesa and Huntington Beach - the number of violent crimes increased in 2008, according to the FBI’s preliminary report of 2008. Violent crimes in Costa Mesa increased by 36 percent, with the bulk of the increase occurring in reported robberies and aggravated assaults.–Salvador Hernandez, “Two O.C. cities buck trend of lower violent crime, says FBI,” The Orange County Register

2000 U.S.  Census Crime Data:

Following are some recent housing numbers, including the foreclosure numbers, for Costa Mesa that are broken down by ZIP code. These numbers, provided by Trulia, are for condo and detached homes combined.

Alto Research numbers, which are for detached homes only, currently give Costa Mesa a Market Action Index of 17.70 (30 or below is a buyers’ market). According to Redfin, approximately 70% of the Costa Mesa homes on market are detached.

Also, according to an article by Matt Padilla, the rate of foreclosures fell in both Costa Mesa ZIPs: The 92627 foreclosure rate dropped by 37 percent, and the 92626 rate dropped somewhere between 40% to 59% from the previous year. However, as the numbers below show, although the rate of foreclosures is decreasing in Costa Mesa, the number of foreclosures is still high.

92626 (South Coast Metro, Central, Mesa Verde)

• Average List Price (week ending 8-05-09): $599,086 ($304 per SF)
• Median Selling Price (May-July 2009): $495,000
• % home that are in foreclosure: 52.6%*
  (163 new and resale homes for sale, as well as 181 foreclosures**)

92627 (Eastside, Central, Southwest)

• Average List Price (week ending 8-05-09): $587,880 ($376 per SF)
• Median Selling Price (May-July 2009): $467,500
• % home that are in foreclosure: 50.3%*
  (237 new and resale homes for sale, as well as 240 foreclosures**)

**homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process

COSTA MESA HOME SALES GRAPH COURTESY CITY-DATA.COM

Tomorrow: some Costa Mesa community data numbers

Yesterday we looked at Trulia’s numbers, which provided foreclosure information and the current overall median selling price of homes in Irvine’s Northwood area. Today, we’ll look at Redfin numbers for a breakdown of pricing information into the detached home and condo categories. Redfin numbers show the February median sold price per square foot in Northwood at $302 for detached homes and $312 for condos. The median sold price per square foot for all Northwood homes was $304.

The Redfin graphs also show some interesting information. According to these graphs, the recent median sold price per square foot for Northwood condos is declining; however, the median sold price per square foot for Northwood detached homes is on the upswing, slightly. (See the Northwood graphs found above. The condo graph is on the left, and the detached home graph is on the right.)

• List price: $651K/$343 per SF
• Sold price: $543K/$315 per SF*
• Median days on market: 87*
• Number of homes on the market: 100
  (74 detached/26 condos; 6 bank or MSL foreclosures)

February 27, 2009

• List price: $599,000/$343 per SF
• Sold price: $522K/$310 per SF*
• Median days on market: 91*
• Number of homes on the market: 92
  (66 detached/26 condos; 7 bank or MSL foreclosures)

January 31, 2009

• List price: $609,500/$331 per SF
• Sold price: $530K/$318 per SF*
• Median days on market: NA
• Number of homes on the market: 78

December 30, 2008

• List price: $649,000/$340 per SF
• Sold price: $606K/$332 per SF*
• Median days on market: NA
• Number of homes on the market: 93

Previously, I wrote about the Irvine Ranch land that was designated as a National Natural Landmark and, more recently, designated as a California National Landmark. So you might think that this designation would prevent development on this land. Not true!  The designation of an area as a Natural Landmark does not prevent the area from being developed. The landowners can still make this call, as long as they comply with any zoning requirements and legal agreements that are already attached to the land. However, landowners have been successful in having zoning requirements changed, and the Natural Landmark designation does not put any binding legal agreements on the landowners.

The owners of the Irvine Ranch Natural Landmark land are the County of Orange, City of Irvine, The Irvine Company, California  Department of Fish and Game,California Department of Parks and Recreation, City of Laguna Beach, General Services Administration, and the City of Newport Beach.

As I mentioned in my previous post, a look at the locations that are included in the Irvine Ranch National Natural Landmark (such as the Anaheim Wilderness Area, Weir Canyon, Santiago Canyon, and Crystal Cove State Park) as well as the activities available at these locations is available by clicking here. A look at an Irvine Company YouTube video of the Irvine Ranch Natural Landmark, is available by clicking here. A map of that shows the 93,000-acre Irvine Ranch, 50,000 Irvine Ranch reserve, and 40,000-acre Irvine Ranch Natural Landmark is provided above.

Next week: A look at more housing numbers for Irvine neighborhoods

Map Courtesy the Irvine Company, LA Times, and OC Liberal

Irvine’s Rancho San Joaquin: Median Price per Square Foot Housing Number Trend

Following are the housing numbers for Irvine’s Rancho San Joaquin neighborhood. The homes on the market in this area are all condos, which is also true for Irvine’s University Town Center and Irviine Business Complex, which is also known as the IBC or the airport area.  (The Orange Tree neighborhood is mostly condos but does include a few detached homes.)

As shown by the Redfin graph that cover July 2007 to the present, the median sold price per square foot for homes in Rancho San Joaquin hit a low in April 2008. Since that time, the median price per square foot has had some ups and downs but has always stayed above the April 2008 low. As shown by the Redfin numbers listed below, the overall median sold price for Rancho San Joaquin homes since the beginning of 2009 has stayed constant ($420,000 to $425,000). Redfin stats also state that no Rancho San Joaquin homes sold in January 2009.

Trulia statistics show that the overall median sales price is down 1.2% from the previous quarter; down 29.3% from the previous year, and down 13.4% from five years ago. Trulia also states that the average price per square foot changed 0% from when compared to the same time last year.  According to the Trulia stats, only 3 San Joaquin homes sold in the first quarter of 2009.

These various numbers—some going up, some going down, some going sideways—show a complex picture of what is happening in the San Joaquin housing market.

For more information on housing in this area, see the Rancho San Joaquin map.

April 4, 2009

• Median List price: $537K/$331 per SF
• Median Sold price: $424K/$339 per SF*
• Median days on market: 107*
• Number of homes on the market: 14
  (0 detached/14 condos; 0 Bank and MSL foreclosures)

February 26, 2009

• Median List price: $537,000/$331 per SF
• Median Sold price: $420K/$277 per SF*
• Median days on market: 179*
• Number of homes on the market: 16
  (0 detached/16 condos; Bank and MSL foreclosures)

January 31, 2009

• Median List price: $429,000/$330 per SF
• Median Sold price: $422K/$334 per SF*
• Median days on market: 137.5*
• Number of homes on the market: 9

December 30, 2008

• Median List price: $434,450/$348 per SF
• Median Sold price: $425K/$392 per SF*
• Median days on market: 116*
• Number of homes on the market: 8

Sources: Redfin; Trulia

Tomorrow: A look at Irvine’s Orange Tree numbers

Tuesday: The Highs, the Lows and the In Between: A Closer Look at Housing in Irvine’s Rancho San Joaquin Village

“[O]nly in California can you see a 40,000-acre Natural Landmark right in th midle of one of the nation’s most vibrant and economically important urban areas.”–Governor Arnold Schwarzenegger

The National Natural Landmark program gives federal recognition to both private and public land that shows examples of the best biological and geological features that exist in the United States. Fewer than 600 areas in the United States have been designated as National Natural Landmarks. One of them is right in “our backyard.”

In 2006, the Department of the Interior designated approximately 40,000 acres of the Irvine Ranch as one of these rare locations. The Irvine Ranch was once one of the largest working ranches in the United States and covered much of Orange County, not just Irvine. Today, the Irvine Ranch covers about 93,000 acres of Orange County land. The Irvine Ranch Conservancy is about 50,000 acres of that 93,000 acres.

On Earth Day 2008, this area received a similar designation from the State of California. Under a new program that recognizes stewardship of both public and private land that contains important animal life, plant life and geological features, the State of California designed this area as the first California Natural Landmark.

“The landscape is home to hundreds of species of plants and animals, including eagles, badgers, mountain lions, Tecate cypress trees, and many rare species of birds, reptiles, amphibians and plants. Scientists have identified this region as one of the world’s biodiversity “hot spots” –an area with large concentrations of species found nowhere else.”

For a look at the locations that are included in the Irvine Ranch National Natural Landmark (such as the San Joaquin Marsh, the Mountains to Sea Trail, Laguna Coast, and Irvine Regional Park) as well as the activities available at these locations, click here. For a look at an Irvine Company YouTube video of the Irvine Ranch Natural Landmark, click here.

Graphic of Upper Newport Bay Courtesy the Irvine Ranch Conservancy

Tomorrow: a look at homes on the market in Eastside Costa Mesa

Update: For more on the Irvine Ranch Natural Landmark as well as information on National Natural Landmarks, see these posts: “Take a Day Trip Orange County Style” and “Take a Long Weekend Trip Orange County Style.”

At times, I will be writing about the Orange County Great Park development, so I thought that I would provide a brief overview that defines the transformation of this approximately seven square miles of this former airbase. This overview will provide a reference point for the future posts.

PHOTO OF CONVERTED HANGAR COURTESY LENNAR’S GREAT PARK NEIGHBORHOODS

The Orange County Great Park, which was once the El Toro Marine Air Base and is approximately twice the size of New York’s Central Park, is being developed by the City of Irvine as one of the first great metropolitan parks of the 21st century. The City’s vision is to provide a recreational, cultural and social gathering spot for Orange County residents as well as others who are near to or far from Orange County. As Central Park, Balboa Park and Golden Gate Park are great metropolitan parks built in previous eras, the City’s vision for the Orange County Great Park is that it will be a great metropolitan park built in this era.

Homebuilder Lennar owns and is developing the land that, roughly speaking, surrounds the publicly held city land. Lennar’s vision is to create housing adjacent to the public development as well as build commercial, educational, and recreational features. Lennar is calling its development The Great Park Neighborhoods. While Leannar and the City of Irvine are responsible for the development of their respective areas, these two entities are working cooperatively in this development.

With the recent submission of the Comprehensive Park Design to the Great Park board, development of the park is ready to move from planning to implementation.

“Design and engineering of Park’s elements and infrastructure are contained in the Comprehensive Park Design. Design elements include the Sports Park, Wildlife Corridor, Agua Chinon, upper and lower canyon, the Lake, the Bosque, agriculture elements, and many other features identified by a variety of stakeholders throughout the planning and design process.”—from the Orange County Great Park website

• Video of an overview of the development of the Orange County Great Park
• Video of the free Orange County Great Park balloon rides

Awards received:

• American Planning Association, National Excellence Award for Innovation in Regional Planning
• American Society of Landscape Architects, Professional Award of Honor for Analysis and Planning

Note: This overview is mostly a reprint from one of my Redfin posts. To read the complete post, see “The Orange County Great Park: Is This Thing Buildable?” and “Building the Orange County Great Park: Do You Want Common, or Do You Want Visionary?”

“Edge city is an American term for a concentration of business, shopping, and entertainment outside a traditional urban area in what had recently been a residential suburb or semi-rural community. The term was first used in Tom Wolfe’s 1968 novel The Electric Kool-Aid Acid Test and popularized in the 1991 book Edge City: Life on the New Frontier by Joel Garreau, who established its current meaning while working as a reporter for the Washington Post.”—Wikipedia

Look high, look low, it is hard to find buildings from the past that preserve Irvine’s history.

This is typical of edge cities, which tend to tear down anything that is the least bit old. However, one building in Irvine that is quite old still exists. In fact, it is one of the oldest wood buildings in Orange County. What I am writing about is the building next to the San Joaquin golf course that houses the Irvine Historical Society.

This wood structure was built about 1880 and was the cooking quarters for what was once one of the largest private working ranches in the country, the Irvine Ranch. At one time, the Irvine Ranch covered not only the area currently occupied by the City of Irvine, but covered over one-third of Orange County.

Today the Irvine Ranch still exists but as a land development company, not a working farm. The Irvine Ranch of today includes all or part of the cities of Laguna Beach, Anaheim, Tustin, Orange, Newport Beach, and Irvine.

The Irvine Ranch cooking quarters was not the first wood building on this site. At one time, attached to this cooking wing was the living quarters that James Irvine, founder of the Irvine Ranch, used when he came to southern California from San Francisco to oversee ranch operations. These living quarters, which James Irvine had built in 1868, were the first wood structure built between Anaheim and San Juan Capistrano.

I have heard two stories on how this 1868 structure was destroyed. One is that it was destroyed in a fire. The other is that it was removed to facilitate the grading for the San Joaquin golf course. (If the reason is the second, then this would be prime edge city behavoir. If anyone has information on this, please leave a comment.)

So something of the past has survived in this edge city, and signs that the City of Irvine may be moving away from its tear-down-anything-slightly-old mentality exists. For example, some of the hangars at the former El Toro Marine base (and now the Orange County Great Park) are being converted for other uses instead of being destroyed.

The City of Irvine’s evolution includes the Juanenos (Acagchemem) and Gabrielino Indians dwellings, Spanish and Mexican rancheros, one of the largest grazing ranches in the country and later one of the largest agricultural farm that used cutting-edge farming practices, and one of the country’s largest master-planned community that has been the subject of many books and studies.

The evolution continues today. Former ranch land is being converted into new suburbs; industrial land is being converted into mixed-use urban living, and the former El Toro Marine Air Base is being converted into the Orange County Great Park, a metropolitan park for the twenty-first century. The intention for the Great Park is that it will serve Orange County in a way that is similar to the way Balboa Park, Central Park, and Golden Gate Park serve their communities.

We will see what the future brings, and I will be documenting some of it on this blog.

For more information on the evolution of Irvine, see my past Redfin post: “Irvine at the Crossroads.” And to read contrasting views on possible development in Irivne, see one of Joel Garreau’s articles and an Irvine Company’s publication.

Tomorrow: a brief description of the Orange County Great Park and current plans for the Great Park development

PHOTO COURTESY THE IRVINE HISTORICAL SOCIETY