Sweet Orange

Here is a sample of what is currently on the market in Irvine’s Westpark neighborhood (Click on this link to get Larry Roberts’, a.k.a. IrvineRenter’s,  description of the Westpark area. He provides a thorough and insightful description.). As I mentioned yesterday (Irvine’s Westpark Neighborhood: A Look at the Housing Numbers), 41 of the 47 Westpark homes that are currently on the market are in some type of market distress. Two of these distressed properties are listed below.

The most expensive home currently on the Westpark market is located at 1 Lorenzo. This 4 bedroom has an asking price of $1,179,000 ($453/SF) and a homeowners association fee of $40 per month. This home was brought in March 2004 for $860K. According to Zillow, 89% of the homes in this ZIP code have a lower price.

The least expensive home currently on the Westpark market is located at 10 Mozzoni Aisle. This 1 bedroom has an asking price of $310,000 ($303/SF) and homeowners association fees of $250 and $40 per month. This is a short sale.

At 162 Almador is a Westpark home that is near the median price for Westpark homes. This is a 1989 condo with 3 bedrooms and an asking price of $449,000 ($319/SF). The homeowners association fees are $216 and $40 per month. This short sale was bought in December 2004 for $525K.

PHOTO COURTESY WESTPARK ELEMENTARY SCHOOL, THE IRVINE UNIFIED SCHOOL DISTRICT

Trulia statistics state that the median price for all Westpark homes selling in the first quarter of 2009 was $462,000. This is a decrease of 20.0% when compared to the previous quarter, an increase of 4.5% when compared to the previous year, and a decrease of 6.5% when compared to the price of 5 years ago. The number of sales stayed constant when compared to the number of sales one year ago.

Trulia states that the average price per square foot in the first quarter of 2009 was $339. This is up 11.1% from the same period last year.

Trulia also states that 21 homes sold in Westpark during the first quarter of 2009, and 47 homes are currently on the market in Westpark. With 41 of these homes in the pre-foreclosure or bank-owned stage of the foreclosure process, a remarkably high percentage of the Westpark homes are in distress.

Following are some Westpark numbers provided by Redfin. For more information on this area, see the Westpark map.

April 4, 2009

• List price: $700K/$359 per SF
• Sold price: $443K/$326 per SF*
• Median days on market: 88*
• Number of homes on the market: 39
  (30 detached/9 condos; 0 Bank and MSL foreclosures)

February 27, 2009

• List price: $744,000/$361 per SF
• Sold price: $594K/$324 per SF*
• Median days on market: 127*
• Number of homes on the market: 34
  (28 detached/6 condos; 0 Bank and MSL foreclosures)
  

January 31, 2009

• List price: $737,000/$366 per SF
• Sold price: $580K/$358 per SF*
• Median days on market: 96*
• Number of homes on the market: 24

December 30, 2008

• List price: $749,000/$358 per SF
  
• Sold price: $572K/$369 per SF*
• Median days on market: 83.5*
• Number of homes on the market: 25

Sources: Redfin; Trulia

Tomorrow: Westpark: The Highs, the Lows, and the In Between