Sweet Orange

Yesterday, we looked at housing numbers for some homes in the Orangetree neighborhoods, one of Irvine’s most affordable, if not the most affordable, areas. A few detached homes exist in Orangetree, but most homes are condos. According to Redfin, the current list price for a condo in Orangetree is $262 per square foot.

Today, we’ll take a look at Shady Canyon, which is at the other end of the Irvine housing market. Shady Canyon is the most expensive Irvine neighborhood and, as you might expect, contains detached homes only. According to Redfin, the current median list price for a home in Shady Canyon is $727 per square foot.

Following are some stats on Shady Canyon homes that sold in the last three months. A look at previous selling price and price reductions in Shady Canyon show that even the most expensive areas are affected by the housing market downturn.

12 Prairie Grass: 3 bedrooms/4 baths, 40977 SF, built in 2003

• sold for $2,500,000 on May 18, 2009
• listed in August 2008, numerous price reductions
• sold for $3,200,000 on May 3, 2006

For more pictures of 12 Prairie Grass, click here.

94 Canyon Creek: 5 bedrooms/7 baths, 8057 SF, built in 2008

• sold for $4,300,000 on April 16, 2009
• listed in January 2009, numerous price reductions
• at one time listed for $4,750,000

For more pictures of 94 Canyon Creek, click here.

59 Boulder: 5 bedrooms/6 baths, 6853 SF, built in 2007

• sold for $4,125,000 on June 5, 2009
• listed in February 2008, numerous price reductions
• at one time listed for $4,895,000

For more pictures of 59 Boulder Creek, click here.

For a look at more Irvine Shady Canyon numbers, see “Irvine’s Most Expensive Neighborhood, Shady Canyon: Housing Number Stats.”

A recent post highlighted the number of homes (by percentage) with price reductions in a representative sample of Orange County cities.  A look at the amount of the reductions reinforces what the number of reductions were telling us: The homes at the high-end of the market are seeing both a larger number of homes with price reductions as well as a larger percentage off the asking price.

Take a look at the Redfin reduction-by-price charts, and you will see what I mean.

ORANGE COUNTY CITIES WITH THE HIGHEST REDUCTION BY PRICE—PERCENTAGE OFF MOST RECENT LIST PRICE AND THE ORIGINAL PRICE

ORANGE COUNTY CITIES WITH THE LOWEST REDUCTION BY PRICE—PERCENTAGE OFF MOST RECENT LIST PRICE

More price reduction numbers are available on the Redfin Excel spreadsheet.