13711 Andele Way, Irvine (Northwood)

Today is a continuation of our survey of DataQuick’s housing numbers for Irvine broken down by ZIP. Up today is the 92620 ZIP, which includes Northwood, Northwood Pointe, Northwood II, and Woodbury. The DataQuick numbers are for single-family residences, condos, and new homes.

The photo is of 13711 Andele Way, which is a single-family home in Irvine’s Northwood neighborhood that is priced near the median selling price for  homes in the 92620 ZIP. The asking price is $685,000. At $303 per square foot and with no Mellos Roos tax or HOA fee, this four-bedroom home is reasonably priced for this area.

92620 Median Selling Price

• May 2010: $666,000 (down 2.1% y-o-y)
• April 2010: $605,000 (up 10.0% y-o-y)
• March 2010: $637,500 (up 6.25% y-o-y)

92620 Number of Sales

• May 2010: 48 (down 9.4% y-o-y)
• April 2010: 50 (up 78.6% y-o-y)
• March 2010: 59 (up 156.52% y-o-y)

The photo is of 1305 Abella, which is a Columbus Grove home that is priced near the overall median selling price of homes in the 92606 ZIP. On a price per square foot basis, this home, at $287 per square foot, is one of the most affordably priced homes in this ZIP. However, this 2006 Irvine condo has a Mellos Roos tax and a $300 per month homeowners association fee. If you want to avoid these fees but are interested in homes in this ZIP, check out the Walnut neighborhood homes. You are more likely to avoid these fees in that area.

Median Selling Price

• April 2010: $498,000 (down 20.3% y-o-y)
• March 2010: $613,000 (up 12.07% y-o-y)

Number of Sales

• April 2010: 12 (up 33.3% y-o-y)
• March 2010: 15 (up 25.00% y-o-y)

Up next: the 92612 ZIP, which includes the IBC (airport area), Rancho San Joaquin, University Park and University Town Center

The City of Irvine has been ranked as one of the country’s “Smarter Cities,” by the Natural Resources Defense Council for its strides in environmental stewardship, sustainable growth, and livability. Irvine ranked 13th among the 178 medium-sized cities surveyed.–City of Irvine website

One of the programs that helped Irvine obtain the “Smarter Cities” award was the giveaway of over 60,000 CFL light bulbs to Irvine residents.

An ENERGY STAR qualified compact fluorescent light bulb (CFL) will save about $30 over its lifetime and pay for itself in about 6 months. It uses 75 percent less energy and lasts about 10 times longer than an incandescent bulb.–EPA

Irvine’s award-winning program that distributed 71,706 to Irvine residents between 2006 to 2008 achieved the following benefits:

• An annual saving to Irvine residents of $392,000
• Annual carbon emissions reduction of 1,421 tons
• The carbon emissions reduction is equivalent to taking 241 cars off the road every year.

The City exceeded its goal of distributing 60,000 CFLs to Irvine residents.

To see a list of additional programs that make the City of Irvine one of the country’s “Smarter Cities,” see the City’s Environmental Programs page.

Graphic Courtesy City of Irvine

Earlier this week I wrote about a home in Irvine’s El Camino neighborhood that sold for about $22,000 more than the asking price. Following is a similar home in Costa Mesa’s Eastside that went the other way: It sold for approximately $22,000 under the most recent asking price. However, the Irvine home is smaller and sold for $358 per square foot, where as this Costa Mesa home sold for $302 per square foot. Both homes sold in October 2009. One more caveat: The HOA fee is approximately $100 more for the Costa Mesa home than it is for the similar Irvine home.

317 Alta Lane 92627 (Eastside Costa Mesa)

• 3 beds/2.25 baths
• 1441 SF
• Condo built in 1975
• HOA: $284
• Asking price: $457,500 ($339/SF)
• Selling price: $435,000 ($302/SF)

Current estimates for this home:

• Cyberhomes: $404,505
• Eappraisal: $344,489
• Zillow: $449,500

The University area of the City of Irvine is bordered by the San Diego Freeway (I-405) on the north, Laguna Canyon Road (I-133) on the east, the San Joaquin Hills Transportation Corridor (SR 73) on the south.This area includes the communities of Rancho San Joaquin, Turtle Rock, University Park, University Town Center, Quail Hill, Shady canyon and Turtle Ridge.

The University area also includes the Irvine Business Complex (IBC), which is bordered by the San Diego Creek on the east, Barranca Parkway on the north, The Newport Freeway (I-55) on the west and MacArthur Blvd. on the south.This area of the city includes both commercial and residential areas.–Irvine Police Department website–Irvine’s University district

Housing prices and stats are important information to have handy when considering buying a home. But the stats are only part of the story. Neighborhood characteristics are also important. With that in mind, following are some links that provide descriptions of the neighborhoods in University, which is one of Irvine’s three geopolicing districts. Special thanks goes to the Irvine Housing Blog.

• Rancho San Joaquin
• Turtle Rock
• Turtle Ridge, see the Orange County Business Journal article: “Turtle Ridge? Lifestyle combines City Life with European-Inspired Country Charm”
• Shady Canyon, also see the Orange County Business Journal articles
• Quail Hill
• University Park
• University Town Center, also see “Irvine’s Town Center: Then and Now”
• Irvine Business Complex (IBC), also see the City of Irvine’s IBC webpage

For information on inventory and pricing of homes in this Irvine district, see “Irvine by the Neighborhood: University District Home Pricing & Inventory Statistics.”

Today, with the development of fluorescent light bulbs, we have another way to conserve our resources–and money. According to the EPA:

Lighting accounts for close to 20 percent of the average home’s electric bill. Changing to CFLs costs little upfront and provides a quick return on investment.

If every home in America replaced just one incandescent light bulb with an Energy Star-qualified CFL, it would save enough energy to light more than 3 million homes and prevent greenhouse gas emissions equivalent to those of more than 800,000 cars annually.

So, in addition to saving resources on the national level, using CFLs can save money on the personal level. Although the CFLs cost more upfront, the cost of the monthly utility bill will be lower, and the result will be a net savings.

Statistics from the EPA back this up:

An ENERGY STAR qualified compact fluorescent light bulb (CFL) will save about $30 over its lifetime and pay for itself in about 6 months. It uses 75 percent less energy and lasts about 10 times longer than an incandescent bulb.

Note: This is a rework of one of my Redfin posts.

Here is a look at a typical single-family home in one of Irvine’s most popular areas, Northwood. Following what happens with this home should give us an idea of what price these homes in the middle will sell for.

That fact that this is an REO (bank-owned) adds another layer of interest. A look at the listing history indicates that the bank held on to this home for almost 16 months before putting it back on the market.

13 CHRISTAMON EAST Irvine, CA 92620

• $714,800 ($289/SF)
• single-family home built in 1979
• 4 bed/2.5 baths with 2,474 SF
• HOA fee: $76
• Mellos Roos: none listed
• REO-owned

Nearby recent sales:

20 ABETO (0.45 miles away from 13 Christamon East)

• Sold on August 31, 2009 for $810,000 ($283/SF)
• 4 beds/3 baths with 2,864 SF

7 East CHRISTAMON ( 0.03 miles away from 13 Christamon East))

• Sold on August 07, 2009 for $785,000 ($308/SF)
• 4 beds/3 baths with 2,549 SF

32 ABETO ( 0.45 miles away from 13 Christamon East))

• Sold on May 26, 2009 for $760,000 ($318/SF)
• 4 beds/2 baths with 2,392 SF

Listing History:

• November 10, 2009 Relisted — — SoCalMLS #S594917
• November 5, 2009 Delisted – – SoCalMLS #S594917
• November 4, 2009 Listed $714,800 – SoCalMLS #S594917
• July 29, 2008 Sold (Public Records) $603,457, 4.4%/year, Public Records
• June 17, 2003 Sold (Public Records) $485,000 – Public Records

22 Menlo Aisle #162

Here is a look at two homes in Irvine’s University Town Center neighborhood that are For-Sale-By-Owner (FSBO). Both have been on the  market for over a year, but the prices have been reduced little to none. Can these owners hold on indefinitely without lowing the price? We’ll see. For that matter, even if these owners can wait, my guess is that the price that these homes will sell for will not return to higher levels for some years to come.

Now some background on the area: Although these two homes are listed as single-family, most homes in Irvine’s University Town Center are condos. Amenities in this area include closeness to UCI and Mason Regional Park. To see what else is on the market in this area, see  University Town Center housing map. To read a little about the history of the area, see one of my Redfin posts, “Irvine’s University Town Center: Then and Now.”

30 Wellesley, Irvine CA 92612

• Asking price:$549,000 ($371/SF)
• 1981 single-family with two stories
• 32beds/32.5baths with 1480 SF
• HOA fee: none listed
• Mellos Roos: none listed
• Days on Market*:  420

This home was listed in September 2008 for 549,000. As you can see, the price has not changed.

22 Menlo Aisle #162, Irvine, CA 92612

• Asking price:$691,990 ($349/SF)
• 1988 single-family with two stories
• 3 beds/3 baths with 1983 SF
• HOA fee: none listed
• Mellos Roos: none listed
• Days on Market*:  461

This home was listed in August 2008 for $694,990. As you can see, although this home has been on the market over a year, the asking price is currently only slightly lower than the listing price of over a year ago.

* Days on the Market is the number of days these homes have been listed on Redfin. It is possible that these homes have been on the market longer.

I should also point out that many of the Irvine homes have HOA fees and, in some cases, Mellos Roos taxes. Since Costa Mesa has a substantial number of older homes, these fees are less prevalent in Costa Mesa. This should all be factored in when determining housing costs.

Something else to factor in: The percentage of homes in Irvine that are condos is much higher than is true in Costa Mesa. Approximately 60% of Irvine homes that are currently on the market are condos, whereas approximately 35% of Costa Mesa homes that are currently on the market are condos.

Here are some numbers for cities adjacent to Irvine. Note that the Tustin-compared-to-Irvine numbers tell a story that is similar to the Costa Mesa-compared-to-Irvine numbers:

• Tustin: house–$372/SF; condo–$156/SF (approximately 50% condos)
• Lake Forest: house–$276/SF; condo–$254/SF (approximately 40% condos)
• Newport Beach: house–$789/SF; condo–$504/SF (approximately 30% condos)

I will follow up on this next week by taking a look at an Irvine house with a listing price that is near the Irvine median price per square foot and a Costa Mesa house with a listing price that is near the Costa Mesa median price per square foot.

A curious example on the city level can be found in Costa Mesa. As you know, the California budget is a mess. We’re in the “red” by the billions. One of the solutions that the governor suggested and is now in the process of being made a reality is the sale of state assets, including an iconic piece of Orange County land in Costa Mesa, the Orange County Fairgrounds.

Well, the Costa Mesa city council, that bastion of free-market rights and a let-the-private-sector-do-it attitude, is not about to let the market have its way with the fairgrounds. As Mayor Mansoor, an ardent free-marketeer, stated, he is not interested in selling “the heart of the community.” Apparently, even the most hard-core capitalist doesn’t think that the bottom line should be judged solely in a monetary way.

In spite of Costa Mesa’s objections, the city could not keep the state of California from putting the fairgrounds on the market. However, Costa Mesa is setting up land-use restrictions that will ensure that the Orange County Fairgrounds are used as a fairgrounds and events center only, no matter who the owners end up being. Of course, this greatly reduces the amount that someone or some organization would pay for the land. The state’s Department of General Services, which is in charge of selling the land, is not pleased, and the possibility of litigation is being implied, if not outright threatened.

Some, including some in Costa Mesa, have been critical of the land-use regulations that Irvine has put on the development of the former El Toro Marine Air Station land. They feel that the El Toro land that is being transformed into the Orange County Great Park (Orange County’s first metropolitan park) and the Great Park Neighborhoods (a housing, commercial and open space development by the home building company Lennar and its partners) should be developed strictly by market forces. In other words, no land-use restrictions.

However, what Costa Mesa is considering for the fairgrounds is similar to what Irvine has done for the El Toro land. Costa Mesa wants to ensure that the fairgrounds are used in a way that they feel will provide the most benefit for the area and Costa Mesa residents. Irvine’s intention for the El Toro (and now Orange County Great Park) land is similar. It seems that neither city wants another subdivision-mall development (or public airport) plopped down on large tracts of prime real estate that have historic significance.

Apparently, economic hard times are making for some strange bedfellows in the O.C. and the discovery of “socialists” in the most unusual places.