Are Costa Mesa Detached Homes Reasonably Priced?
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.
Grand Opening for Ivy Homes in Irvine's Woodbury East
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.