3138 Watermarke Place, Irvine (IBC)

Up today is the 92612 ZIP housing numbers. This ZIP includes the IBC (airport area), Rancho San Joaquin, University Park and University Town Center. With the exception of the IBC, which is Irvine’s mixed-use, urban-living area that is located near the San Joaquin Marsh, all these neighborhoods are some of Irvine’s more established areas. University Park and University Town Center are near UCI and Mason Park, and Rancho San Joaquin is near the Rancho San Joaquin golf course.

According to Redfin, the least expensive home in this ZIP is an REO condo in the IBC ($204,900 or $323/SF). The most expensive home ($2,495,000 or $582/SF) is also in the IBC. This home is a high-rise condo and is under contract. It is also a short sale. As always, be sure to check the HOA fee and Mellos Roos tax when buying in the IBC–or anywhere for that matter, but especially in the IBC.

92612 Median Selling Price

• June 2010: $440,000 (down 7.0%  y-o-y)
• May 2010: $457,500 (down 12.0%  y-o-y)
• April 2010: $445,000 (up 6.0%  y-o-y)
  For comparison: Redfin’s overall April median selling price is $427,000 (up 1.7% y-o-y) or $327 per square foot (down 3.8% y-o-y).
• March 2010: $430,000 (down 1.83% y-o-y)

92612 Number of Sales

• June 2010: 47 (up 56.7% y-o-y)
• May 2010: 42 (up 90.9% y-o-y)
• April 2010: 33 (up 73.7% y-o-y)
• March 2010: 34 (up 100.00% y-o-y)

Source unless otherwise noted: DataQuick

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

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