Sweet Orange

Note: Usually, I would not publish another post until Monday; however, since this post is time-sensitive, I am posting Monday’s post today, Friday. Also, during the holidays, I might publish fewer posts per week than I have up to this point. We’ll see.

The Irvine Community Land Trust in partnership with Neighborhood Housing Services Orange County is putting its first three Irvine homes on the market. The deadline to apply online is soon (December 22nd by 11.59 pm PST), so if you are interested, hurry. Also, be aware that restrictions such as income limits and resale restrictions exist. For more information, see the land trust website.

Here is some more information on the three homes that are currently being offered to qualified buyers. In some cases, the square footage and value estimates involved some educated guessing on my part.

80 Clearbrook, Irvine

80 Clearbrook (Woodbridge)

• 1980 condo
• 3 bedrooms/2 baths with approximately 1,113 SF
• List price: $264,600
• Estimated value: $370,000

56  Clearbrook (Woodbridge)

• 1980 condo
• 2 bedrooms/2 baths with approximately 920 SF
• List price: $231,850
• Estimated value: $320,000

80 Clearbrook, Irvine

49  Torocco (Orangetree)

• 1983 condo
• 2 bedrooms/2 baths with approximately 995 SF
• List price: $240,400
• Estimated value: $270,000

I wrote a post recently stating that small homes sell, and the reason they sell is because they are usually more affordable than larger homes. I also wrote that the housing development dynamics in Orange County has lead to a housing market with few of these smaller and, therefore, more affordable options. Well, homebuilder William Lyon Homes is following the “Small is Beautiful” theory with the opening (July 11) of the Ivy tract homes in Irvine. Ivy, which will be the first neighborhood in Irvine’s Woodbury East development, will consist of townhomes with 1180 to 1500 square feet, two  to three bedrooms and two-car garages.

However, a small home (at least small in  comparison to what homebuilders were building in our recent past) is advantageous only if the price tag is likewise small. The exact price of these attached homes in the Ivy development is somewhat of a mystery. Originally, I saw the price listed as starting at $399,000. However, most ads now list the price as starting in the high $300,000s (I guess $399,00 would qualify for that. Barely. But qualifies). However, an ad that I saw today stated the price is in the mid $300,000s. Time will tell what the market says the price for these homes should be.

Tomorrow: some pros and cons of the Ivy development in Irvine’s Woodbury East

Update: The Ivy homes that were available during the July 11 grand opening sold out within an hour. So apparently the market is saying that these homes are priced right. For more details, see this post. SW 7-12-09

For phase three information and updated pricing information, click here. sw 10-5-09

PHOTO OF THE IVY DEVELOPMENT COURTESY PRLog

Yesterday, I listed some of the most affordable housing that is currently on the market in Costa Mesa’s Mesa Verde area. Today, I’ll do the same for Costa Mesa’s Central area. Of the four homes listed below, I think that the 3 bedroom on Victoria Street with an asking price of $198 per square foot has the potential to be the best deal.

As a reminder, the current median sold price for detached Costa Mesa homes is $309/SF. The current median sold price for Costa Mesa condos is $189/SF. The current median price per square foot for all homes sold in the previous 90 days is $284.

At 345 Avocado Street Unit 203B is a 1983 condo with 1 bedroom and 1008 SF. The asking price is $215,000 ($213/SF). Homeowner association fee is $225 per month. Note that this home’s asking price has seen many decreases.

At 260 Victoria Street, Unit H3 is a 1984 condo with 2 bedrooms and 920 SF. The asking price is $229,000 ($249/SF). Homeowner association fee is $295 per month. Note that this home’s asking price has seen many decreases.

At 260 Victoria Street #4 is a 1984 condo with 3 bedrooms and 1257 SF. The asking price is $249,000 ($198/SF). Homeowner association fee is $295 per month. Note that this home’sold for $438,000 in 2005.

At 260 Victoria Street, Unit G3 is a 1984 condo with 2 bedrooms and 920 SF. The asking price is $260,000 ($283/SF). Homeowner association fee is $280 per month. Note that this home’has seen numerous price reductions.

Next week: more information on which Costa Mesa homes are the most affordable—and something for Earth Day

Here is a look at some of the most affordable housing that is currently on the market in Costa Mesa’s Mesa Verde area. To make it easier for you to compare the current sold prices to the current asking prices, I have included the current price per square foot that Costa Mesa detached homes and condos are selling for. (I would like to narrow this information to Mesa Verde instead of all of Costa Mesa, but this information is not readily available. More on that in a later post.)

Currently, the median sold price for detached Costa Mesa homes is $309/SF. The median sold price for Costa Mesa condos is $189/SF. The current median price per square foot for all homes sold in the previous 90 days is $284.

At 1461 Deauville Place is a 1965 detached home with 2 bedrooms and 950 SF. The asking price is $200,000 ($211/SF). Homeowner association fee is $220 per month. Note that this home’s asking price is currently half of what this home sold for in 2005.

At 1646 Iowa Street, Unit D is a 1971 condo with 2 bedrooms and 909 SF. The asking price is $259,000 ($285/SF). Homeowner association fee is $265 per month. Note that this home has been approved for a short sale.

At 1646 Iowa Street, Unit B is a 1971 condo with 2 bedrooms and 890 SF. The asking price is $255,000 ($287/SF). Homeowner association fee is $250 per month. Note that this home sold  for $413,000 in 2007.

Tomorrow: more information on which Costa Mesa homes are the most affordable