Sweet Orange

2220 Scholarship (IBC)

Today is a continuation of our survey of DataQuick’s housing numbers for Irvine broken down by ZIP. Up today is the 92612 ZIP, which includes IBC (Airport Area), Rancho San Joaquin, University Park and University Town Center. The DataQuick numbers are for single-family residences, condos, and new homes.

Median Selling Price

• April 2010: $445,000 (up 6.0%  y-o-y)
• March 2010: $430,000 (down 1.83% y-o-y)

Number of Sales

• April 2010: 33 (up 73.7% y-o-y)
• March 2010: 34 (up 100.00% y-o-y)

The photo is of 2220 Scholarship, a mid-rise condo in Irvine’s urban village area that is called the IBC (also called the Airport Area on most real estate listings). At $450,000. this home, which is part of the Avenue One development, is priced near the overall median selling price of homes in the 92612 ZIP. However, the IBC’s overall selling price is somewhat lower than is the median selling price for homes in the various 92612 neighborhoods combined. This is one of the problems that exist when homes in Irvine are grouped by ZIP instead of by neighborhood.

Up next: the 92618 ZIP, which includes Portola Springs, Oak Creek, Orange Tree, and Woodbury East

Rancho San Joaquin Golf Course in Irvine courtesy American Golf

Irvine’s Rancho San Joaquin neighborhood (or village, as they are called in Irvine) is where one of the oldest wood buildings in Orange County is located. This building is the one that I wrote about recently (The Evolution of an Edge City: Irvine, California) and is home to the Irvine Historical Society. Everything else in this neighborhood is relatively new (see the housing dates below). The Rancho San Joaquin Golf Course and the Racquet Club are located in this Irvine village. Also, Boomers, Irvine Business Complex (IBC), the Orange County Airport, and UC Irvine are nearby.

The least expensive home on the market in this area is a 1977 condo with 1 bedroom at 2 Morena #1. The asking price is $375,000 ($330/SF). The homeowner association fee is $354 per month. This home has been on the market for over 200 days.

The most expensive home on the market in this area is a 1975 condo with 2 bedrooms at 22 Arboles #11. The asking price is $625,000 ($330/SF). The homeowner association fee is $394 per month. This home has been on the market for over 70 days.

A Rancho San Joaquin home that is priced near the current median sold price is a 1978 condo with 1 bedroom at 40 Navarre Circle. The asking price is $399,900 ($343/SF). The homeowner association fee is $399 per month. This home has been taken on and off the market.

For more information on housing in Irvine’s Rancho San Joaquin village, see “A Look at the Housing Numbers for Irvine’s Rancho San Joaquin Village