Sweet Orange

Today’s post is a continuation of last week’s post (median selling price of homes in Irvine). Up today are the stats for the number of homes that have sold in Irvine. Unless otherwise noted,  the source for the following numbers is DQNew.

Note that the graph, provided by Redfin, is of the number of homes that are on the market in Irvine, not the number of homes that have sold in Irvine.

Number of Sales in Irvine

• November 2010: 239
• October 2010: 174
• September 2010: 222
  Redfin’s numbers: houses sold=89, condos sold=107
• August 2010: 229
  Redfin’s numbers: houses sold=113, condos sold=102
• July 2010: 226
  Redfin’s numbers: houses sold=106, condos sold=112

Up today is an update of the median price that homes in Irvine have sold for. This includes all the Irvine neighborhoods (or villages as they are called in Irvine): Northpark, West Irvine, Northwood, Portola Springs, Woodbury, El Camino, Walnut, Columbus Grove, University Park, University Town Center, Orange Tree, Oak Creek, Westpark, the IBC (airport area), San Joaquin, Shady Canyon, Turtle Ridge, Turtle Rock and Quail Hill.

Irvine Median Sold Price/SF-Condos

Unless otherwise noted, the source for the following numbers is DQNew.

Irvine Median Sold Price/SF-Houses

Median Selling Price in Irvine

• November 2010: $562,000 (down 3.44% y-o-y)
• October 2010: $522,500 (down 9.91% y-o-y)
• September 2010: $625,000 (up 16.93% y-o-y)
  Redfin’s numbers: $575,000 (no change y-o-y) or $336/SF (down 2.0% y-o-y)
• August 2010: $580,000 (up 1.9% y-o-y)
  Redfin’s numbers: $600,000  (up 4.3% y-o-y) or $344/SF (up 3.3% y-o-y)
• July 2010: $580,000 (up 6.62% y-o-y)
  Redfin’s numbers: $570,000 (up 5.1% y-o-y) or $339/SF (up 1.2% y-o-y)

Graphs Courtesy Redfin

Up today is an update of the Irvine housing numbers. This includes all the Irvine neighborhoods (or villages as they are called in Irvine): Northpark, West Irvine, Northwood, Portola Springs, Woodbury, El Camino, Walnut, Columbus Grove, University Park, University Town Center, Orange Tree, Oak Creek, Westpark, the IBC (airport area), San Joaquin, Shady Canyon, Turtle Ridge, Turtle Rock and Quail Hill.

Irvine Median Sold Price/SF-Houses

Median Selling Price in Irvine

• October 2010: $522,000 (down 9.91% y-o-y)
• September 2010: $625,000 (up 16.93% y-o-y)
• August 2010: $580,000 (up 1.9% y-o-y)
  Redfin’s August 2010 numbers: $600,000  (up 4.3% y-o-y) or $344/SF (up 3.3% y-o-y)
• July 2010: $580,000 (up 6.62% y-o-y)
  Redfin’s July 2010 numbers: $570,000  (up 5.1% y-o-y) or $339/SF (up 1.2% y-o-y)

Irvine Median Sold Price/SF-Condos

Number of Sales in Irvine

• October 2010: 174
• September 2010: 222
• August 2010: 229
  Redfin’s numbers: houses sold=113, condos sold=102
• July 2010: 226
  Redfin’s numbers: houses sold=106, condos sold=112

Source unless otherwise noted: DQnews

Graphs Courtesy Redfin

Up today are the Irvine housing numbers. This includes all the Irvine neighborhoods (or villages as they are called in Irvine): Northpark, West Irvine, Northwood, Portola Springs, Woodbury, El Camino, Walnut, Columbus Grove, University Park, University Town Center, Orange Tree, Oak Creek, Westpark, the IBC (airport area), San Joaquin, Shady Canyon, Turtle Ridge, Turtle Rock and Quail Hill neighborhoods.

Irvine Median Price/SF--Houses

Median Selling Price in Irvine

• September 2010: $625,000 (up 16.93% y-o-y)
• August 2010: $580,000 (up 1.9% y-o-y)
• July 2010: $580,000 (up 6.62% y-o-y)
  Redfin’s JuLy 2010 numbers: $570,000  (up 5.1% y-o-y) or $339/SF (up 1.2% y-o-y)

Irvine Median Sold Price/SF--Condos

Number of Sales in Irvine

• September 2010: 222
• August 2010: 229
• July 2010: 226
  Redfin’s numbers: houses sold=106, condos sold=112

Source unless otherwise noted: DQnews

Graphs Courtesy Redfin

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)

Portola is one of the three districts into which the Irvine police department has divided the City for its geopolicing program.

To see pricing, inventory and additional information for the various villages in Irvine’s Portola district, click on the links provided below. This will bring you to Redfin’s Community Overview Page for that village (if you prefer, you can also enter zip codes or city names).

The Portola Area includes the following Irvine neighborhoods, or as they are called in Irvine, villages:

• Northwood (includes Northwood Point)
• North Park (includes North Park Square)
• Oak Creek
• Orangetree
• West Irvine (92602 ZIP code includes West Irvine and North Park)
• East Irvine
• Old Towne Irvine
• Woodbury
• Woodbury East
• Great Park Neighborhood-Heritage Fields
• Portola Springs
• Orchard Hills

Note: The Irvine Spectrum is also in the Portola geopolicing district.

Can this 1982 condo with 1400 square feet at 33 Christamon S in Irivne’s Northwood sell with an asking price of $429,000 or $307 per square foot? The reason that I am wondering is that some brand new condo’s in Ivy Woodbury East are selling for $400,990. The Ivy homes have three bedrooms and 1397 square feet. However, the Ivy homes have a Mello Roos tax of about $3,971 per year, and this Northwood home has none. Also, the Ivy HOA fee is $134 for the master association and $175 for the sub-association; the Northwood has an HOA fee of $248 per month.

Ivy is within walking distance of the very nice and new Woodbury Town Center. The Christamon home is within walking distance of the Northwood Shopping Center–not so new and a little run down. (But you can get some very cheap fresh fruit and some other interesting things in the Korean supermarket that is located in the former Von’s location.)

Ivy is near the Jeffery Open Space Trail. Christamon is within walking distance of the picturesque Hick Canyon Trail. What I like about the Hicks trail is that in addition to the paved trails–which Irvine seems to likes so well–there is a dirt trail. This dirt trail is particularly popular with runners and bike riders.

33 CHRISTAMON Irvine, CA 92620 (near Irvine Boulevard and Yale Avenue)

• 1985 Northwood condo with two stories
• 1400 SF with 2 beds/2.5 baths
• Asking Prie: $429,900 ($307/SF)

Note: The Ivy homes are near Irvine Boulevard and Sand Canyon. And the Ivy homes also have two stories.

Many indicators exist that various groups use to gauge the health of the job market. Unemployment numbers are the most commonly stated indicator, but I am going to suggest another less obvious one, abandoned shopping carts.

I live in Irvine, a city that is in good economic shape compared to other cities. Irvine has saved up a sizable reserve fund, and, although Irvine is tightening its belt, so far the city is getting through the economic downturn without reducing services or letting go city staff–claims many other cities cannot make.

Add to that the median family income in Irvine is approximately $108,000, well over Orange County’s median family income of approximately $75,000. Based on this information, you might think that Irvine residents are not feeling the economic pain. Not so, by my admittedly unscientific and anecdotal economic indicator.

In my Northwood neighborhood in Irvine, I have noticed something that I have not seen much in the past, abandoned shopping carts. My speculation is that either some Irvine residents are recently finding themselves without a car or they are feeling the need to save every possible dollar, including gas dollars.

This issue was brought up in a recent city council meeting, and the council instructed the city staff to come back in August with suggestions on how to handle this situation.

In the public comments portion of the council meeting, a Boy Scout made a suggestion that was elegant in its practical simplicity: Some shopping carts have phone numbers that can be called. Once called the appropriate store has someone pick up the cart in a timely manner. The scout’s suggestion was to require all stores to include a retrieval number. Then neighborhood volunteers will monitor the area and call the retrieval number when necessary. (By the way, it should be noted that this scout was so dedicated that he waited through a particularly long council meeting to get the time needed to state his suggestion. Unfortunately, I don’t have his name.)

We will see what the staff comes up with. I hope that it will be something along the lines that this scout suggested. In other words, I hope that it is something that solves the problem but does not make the lives of Irvine residents who have found themselves in economic difficulty even more challenging.

One more observation: no group is unaffected by this downturn. We are in this together.

PHOTO COURTESY STACKSANDSTACK

As I mentioned before, Irvine’s Northwood neighborhood has a mix of housing types. The following list gives a representation of  this mix.

These photos of  54 Monroe, a condo, and 4 Carlyle, a detached home, are good examples of the older homes that are part of the Northwood housing stock. See yesterday’s post for a picture of a newer Northwood home, or click on the link for 59 Wonerdand (Northwood II).

At 173 Pineview is a 1978 condo with 2 bedrooms and an asking price of $320,000 ($266). The homeowners association fee is $299 per month. After listing this home for $349,000 on February 1 and repeatedly lowering the asking price, these homeowner decided to try a different tactic. On May 11, the homeowners increased the asking price from its previous price of $300,000 ($250/SF). I am not sure what the marketing strategy is with this move.

At 54 Monroe #73 is a 1985 condo with two bedrooms that has an asking price of $329,000 ($336/SF).This home sold in March 2005 for $403,000; however, in March 2001, this home sold for $192, 000. Also, this home is near the 5 freeway. The homeowners association fee is $175 per month.

At 17 Freemont is a 1978 detached, 5 bedroom home that had an asking price of $523,000 ($262/SF). This home sold in March 2009 for $494,902. The odd number makes me think that this is a bank takeover. No homeowners association fee was listed.

At 6 Carlina is a 1978 detached, 4 bedroom home with an asking price of $609,900 ($339/SF). This price is a recent reduction from the previous price of $628,888 or $349/SF. This home sold in 2004 for $590,000. There is no homeowners association or Mello Roos fees.

At 4 Carlyle is a 1978 detached, 4 bedroom home with an asking price of $779,000 ($311/SF). This home sold in 2003 for $590,000.There is no homeowners association or Mello Roos fees.

At 59 Wonderland is a 2004 condo with 3 bedrooms and an asking price of $660,000 ($307/SF). This home in card-gated Northwood II sold in December 2004 for $760,000. The homeowners association fees are $128 and $144.

At 2 Mahogany is a 1998 detached, 5 bedroom home with an asking price of $1,599,000 ($457/SF). This home in guard-gated Northwood Pointe sold in 2003 for $960,000. The homeowners association fees are $40 and $100.

As I stated in the past, two types of areas were particularly appealing to flippers: low-end homes such as many found in Santa Ana and newly built tracts with high price tags. Northwood II is in the second category. Larry Roberts (IrvineRenter) highlights this in one of his post (S.O.S The Market is Sinking), and a discussion on the Redfin Orange County forum also highlights this. I have also highlighted this in past posts.

The Northwood area has some of the lowest priced homes in Irvine. These are homes found on Streamwood, Pineview, Lakepines, Monroe and Remington. A few examples are 25 Streamwood, 76 Lakepines, 217 Pinewood, 69 Remington, and 460 Monroe.  (Note: Orangetree is another area that has some of the most affordable housing in Irvine.)

With an asking price of $1,799,000, the most expensive home on the Northwood market is 20 Canyonwood, which is in guard-gated Northwood Point. Right behind that is 22 Purple Moor, which is  in newly built, highly flipped Northwood II and has an asking price of $1,497,000.

Although many of the older Northwood homes have homeowners association fees, some do not. In other words, if no HOA fee and no HOA restrictions are important to you, the older homes in this area might give you this option.

When it comes to the more newly built homes, count on an HOA fee and the restrictions that come with them. On the other hand, if you like the idea of the extra amenities and reduced amount of maintenance that you will have to deal with, Northwood has those options available in the new and some of the older developments.

Finally, Northwood has a mix of detached homes and condos. There are currently a little more than double the number of detached homes on the Northwood housing market than there are condos.

In the queue: a look at a sample of the Northwood housing stock