Sweet Orange

According to Redfin, there were 5 detached houses and 9 condos on the resale market in Irvine’s Portola Springs development in September. The median selling price per square foot for a detached home was $377. The median selling price per square foot for a condo was $349. More information on Portola Springs is available at the Portola Spring HOA website.

The nearby community of Ivy in Woodbury East is the new construction development that has easily sold out phase one, two and three (however, this total only about 30 homes sold from the 500 that will eventually be sold).

The prices for Ivy homes are as follows:

• Two-bedroom Ivy homes, which are 1180 square feet, are selling for $356,990 ($303/SF).
• Three-bedroom Ivy homes which are 1394, 1503 and 1500 square feet, are selling for $400,990 ($288/SF), $421,990 ($281/SF), and $441,990 ($295/SF), respectively.

To decide if the Portola Spring homes are reasonable priced, compare these Ivy prices with the prices of the following Portola Spring homes. Since both of these developments have a similar look, are located in the same area, and are new or nearly new construction, my though is that they should be priced in the same ballpark.

To see all resale home that are currently on the market, see the Portola Springs map. Also, new construction, as well as resale homes, is currently available in Portola Springs.

38 Cactus Bloom Irvine, CA 92618

• Asking price: $489,900 ($407/SF)
• What: 2 beds/3 baths, 1205 SF, 2008 condo
• HOA: $175 and $120

49 Silverado Irvine, CA 92618

• Asking price: $495,000 ($306 SF)
• What: 3 beds/3 baths, 1617 SF, 2008 condo
• HOA: $175 and $191

78 Full Moon Irvine, CA 92618

• Asking price: $498,000 ($308 SF)
• What: 3 beds/3 baths, 1617 SF,  2007 condo
• HOA: $175 and $191
• This is a short sale.

39 White Sage Irvine, CA 92618 (Los Arboles neighborhood)

• Asking price: $744,755($372/SF)
• Listed on Oct 6, 2009 for: $739,185 ($369 SF)
• What: 3 beds/3 baths, 2003 SF, 2009 condo
• HOA: $175 and $124

As I wrote yesterday (”The Stealth Sell Out of Phase 3 Ivy homes in Irvine“), prices for Ivy homes, the new construction development in Irvine’s Woodbury East, have increased as each new phase was put on the market (except for Residence D, which went down $1,000 from the last price that was listed for this model).

As the following lists show, current prices are between $2,000 and $6,000 more than they were in phase 2 (again, this excludes Residence D, which was not available in phase two). The address for the Ivy homes, built by William Lyons Homes, is 20 Opus, Irvine 92618.

Current Prices  (as of September 10, according to Trulia):

• Residence A: Two bedrooms, 2.5 baths, 1,180 square feet, priced from $356,990
• Residence B: Three bedrooms, 2.5 baths, 1,394 square feet, priced from $400,990
• Residence C: Three bedrooms, 2.5 baths, 1,500 square feet, priced from $441,990
• Residence D: Three bedrooms, 2.5 baths, 1,503 square feet, priced from $421,990

Phase 2, August 1 prices:

• Residence A: Two bedrooms, 2.5 baths, 1,180 square feet, priced from $354,990
  
• Residence B: Three bedrooms, 2.5 baths, 1,394 square feet, priced from $394,990
• Residence C: Three bedrooms, 2.5 baths, 1,500 square feet, priced from $439,990
• Residence D: Three bedrooms, 2.5 baths, 1,503 square feet, NOT AVAILABLE

Phase 1, July 11 prices:

• Residence A: Two bedrooms, 2.5 baths and a 2-car garage; 1,180 square feet, priced from $349,990
• Residence B: Three bedrooms, 2.5 baths and a 2-car garage, 1,394 square feet, priced from $389,990
• Residence C: Three bedrooms, 2.5 baths and a 2-car garage, 1,500 square feet, priced from $427,990
• Residence D: Three bedrooms, 2.5 baths and a 2-car garage, 1,503 square feet, priced from $422,990

Additional costs:

• Mello Roos fees about $3,971 per year
• HOA dues about $134 monthly for the master association and $175 for the sub-association

GRAPHIC IS THE FLOOR PLAN FOR THE FIRST AND SECOND FLOORS OF RESIDENCE B. WHEN COMPARED TO PHASE TWO PRICES, RESIDENCE B IVY HOME PRICES INCREASED MORE THAN RESIDENCE A, C, OR D.

Note: See yesterday’s post (“The Stealth Sell Out of Phase 3 Ivy homes in Irvine“), for a list of additional posts on the Ivy development.