126 Tangerine

Public notices in the Irvine World News showed the following homes in Orangetree were set to go on the trustee auction block in January and February of last year. I don’t have the information handy on whether or not these homes were actually auctioned at the designated time, but I will provide you with information on the date and amount that these homes last sold for.

Orangetree, which includes mostly condos (although a few detached homes do exist) is one of Irvine’s more affordable areas. The low prices are due to the limited square footage, not necessarily the price per square foot.

To see what is currently available in Orangetree and to compare current prices with the selling prices of the homes listed below, see the Refin Orangetree map.

126 Tangerine, Irvine 92618: 1976 condo, 2 beds/2 baths, 1154 SF

• Scheduled auction date: 2-5-09
• Approximate amount owed plus interest and fees: $511,649.62
  (previously sold for $495,000 on 08/31/2004)
• Sold for: $395,000 ($343/SF) on 04/17/2009
  (Most recent Zestimate: $403,000)

426 Orange Blossom #202, Irvine 92618: 1977 condo, 1 bed/1 bath, 662 SF

• Scheduled auction date: 1-28-09
• Approximate amount owed plus interest and fees: $265,535.07
  (previously sold for $315,000 on 02/20/2007)
• Sold for: $180,000 ($272/SF) on 08/07/2009
  (Most recent Zestimate: $166,000)

102 Tangerine, Irvine 92618: 1976 single-family, 3 beds/2 baths, 1445 SF

• Scheduled auction date: 2-4-09
• Approximate amount owed plus interest and fees: $508,545.07
  (previously sold for $211,000 on 06/22/1999)
• Sold for: no recent information showing
  (Most recent Zestimate: $460,000)

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.

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.”

Here is a look at what happened to two of these homes.

126 Tangerine, Irvine 92618

• Approximate amount owed plus interest and fees: $507,868.95
• Details: 2bed/2 bath, detached home with 1133 SF
• Scheduled auction date: 2-5-09
• Sold for: $357,000 on April 13, 2009
• Side note: On March 14, 2009, the list price was increased from $359,000 to $410,000.

426 Orange Blossom #202, Irvine 92618

• Approximate amount owed plus interest and fees: $265,535.07
• Details: 1bed/1 bath, condo with 661 SF
• Scheduled auction date: 1-28-09
• Sold for: $268,814 on February 20, 2009
• Side note: On February 28, 2009, this home went on the market again for $205,057. On June 2, 2009, the price was reduced to $179,900; however, this listing is no longer active.

For a look at what is currently on the market in Orangetree, as well as what has sold recently, see the Orangetree map.

For more information on Orangetree, see this post: “A Look at the Housing Numbers for Irvine’s Orange Tree Neighborhood.“

Following are the housing numbers provided by Redfin for Irvine’s Orange Tree neighborhood. The graph, which is for the median price per square foot, is also provided by Redfin. This area consists mostly of condos; however, a few detached homes are present in this area.

This is one of the most affordable areas in Irvine; however, most of these condos have a limited amount of square footage, and the overall price tag reflects this.

Trulia has an interesting factoid on this: In spite of the much higher overall price tag for most Irvine homes, the average price per square foot for homes in Orange Tree in the first quarter of 2009 was 1.2% higher than for all Irvine homes. Trulia also states that the overall sold price per square foot is up 4.4% when compared to the same quarter last year, up 4.4% when compared to the 2008, and up a whopping 62.5% when compared to 5 years ago.

My observation is that sale prices have gone up recently, but sale numbers have decreased. Trulia states that 5 homes have sold in this area in the first quarter of 2009.

April 4, 2009

• List price: $277K/$277 per SF
• Sold price: $376K/$334 per SF*
• Median days on market: 71.5*
• Number of homes on the market: 22
  (4 detached/18 condos; 3 bank and MSL foreclosures)

February 28, 2009

• List price: $254,900/$294 per SF
  
• Sold price: $395K/$341 per SF*
• Median days on market: 99.5*
• Number of homes on the market: 20
  (4 detached/16 condos; 2 bank and MSL foreclosures)

January 31, 2009

• List price: $269,900/$302 per SF
• Sold price: $235K/$291 per SF*
• Median days on market: 96*
• Number of homes on the market: 15

December 30, 2008

• List price: $299,900/$320 per SF
• Sold price: $250K; $346 per SF*
• Median days on market: 138*
• Number of homes on the market: 15

* Based on homes sold or taken off the market in the previous 90 days

Sources: Redfin; Trulia