Sweet Orange » Woodbury East

The Irvine Housing Report: The 92618 Numbers (Oak Creek, Orange Tree, Portola Springs, Woodbury East)

Sylvia Walker — Mon, 02 Aug 2010 09:00:00 +0000

Up today is the 92620 ZIP numbers. This ZIP includes the old and the new, the expensive and not so expensive: Oak Creek, Orange Tree, Portola Springs and Woodbury East. Currently, the least expensive home in this ZIP is located in the well established area of Orange Tree. The most expensive home is located in newly built community of Portola Springs.

325 Tangelo #324, Irvine (Orange Tree)

92618 Median Selling Price

June 2010: $605,500 (up 89.2% y-o-y)
May 2010: $628,500 (up 44.5% y-o-y)
April 2010: $690,500 (up 29.4% y-o-y)
For comparison: According to Redfin, the April median selling price for this ZIP was $615,000 or $315 per square foot.
March 2010: $602,500 (up 28.26% y-o-y)

20 Small Grove, Irvine (Portola Springs)

92618 Number of Sales

June 2010: 140 (up 775.0% y-o-y)
May 2010: 76 (up 300.0% y-o-y)
April 2010: 25 (up 92.3% y-o-y)
March 2010: 35 (up 483.33% y-o-y)

Note: The photos are of the least expensive ($208,800–a short sale) and the most expensive ($1,799,000) homes that are currently on the market in this ZIP code.

Source unless otherwise noted: DataQuick

The Ups and Down of Housing Prices in Irvine’s Ivy (Woodbury East)

Sylvia Walker — Mon, 26 Jul 2010 09:16:36 +0000

Here is a quote from a recent e-mail that I received from William Lyon Homes. It touts a price reduction for a three-bedroom condo in the newly built Irvine community of Ivy in Woodbury East .

Add an Incredible Opportunity into the Story of Your Life
…Ivy at Woodbury East

Residence C - Lot 81
2-Story Townhome
Approx. 1,500 Sq. Ft.
3 Bedrooms, 2.5 Baths
2-Car Garage

Private courtyard entry
Fireplace
Granite Kitchen countertops
Stainless steel kitchen appliances
Flush light package at Master Bedroom and Family Room

Priced at $469,990

However, the asking price for Resident C Ivy homes when they went on the market in July 2009 was $427,990. In August 2009, the price was increased to $439,990. Then in September 2009, the price was increased again to $441,990.

Are more ups and downs in store in the immediate future for the newly built Ivy homes (and the other new developments in Irvine)? We’ll see.

DataQuick Housing Numbers for Irvine’s 92618 ZIP: Portola Springs, Oak Creek, Orange Tree, and Woodbury East

Sylvia Walker — Fri, 18 Jun 2010 09:21:40 +0000

Woodbury East

Today is a continuation of our survey of DataQuick’s housing numbers for Irvine broken down by ZIP. Up today is the 92618 ZIP, which includes Portola Springs, Oak Creek, Orange Tree, and Woodbury East. The DataQuick numbers are for single-family residences, condos, and new homes.

Median Selling Price

May 2010: $628,500 (up 44.5% y-o-y)
April 2010: $690,500 (up 29.4% y-o-y)
March 2010: $602,500 (up 28.26% y-o-y)

Number of Sales

May 2010: 76 (up 300.0% y-o-y)
April 2010: 25 (up 92.3% y-o-y)
March 2010: 35 (up 483.33% y-o-y)

The most likely reason for the 300% increase in sales is the entry onto the market of the new Woodbury East homes.

Up next: some 92518 homes priced under the median

Housing Numbers for Irvine’s Portola Geopolicing District: Pricing, Inventory, and More

Sylvia Walker — Mon, 08 Mar 2010 09:34:33 +0000

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.

Costa Mesa Condo Near South Coast Metro Sells for $215/SF

Sylvia Walker — Thu, 17 Dec 2009 09:00:36 +0000

Recently, I wrote about two condos in Irvine that were both about 1,400 square feet and selling for about $400,000. One was a 1982 home in Northwood, and the other is part of the new Ivy development that is located in Woodbury East. In that post, I asked the question: Which of these two homes is a better deal? Well, maybe you prefer to look elsewhere for something cheaper. If so, here is an example of what has sold in Costa Mesa.

At 3431 Pinebrook (South Coast Metro neighborhood) is a 1977 condo with 2 bedroom, 1.75 baths, and 1,254 SF. The home sold on 06/01/2009 for $270,000 ($215/SF). However, a year and a half ago this home was listed for $399,000. Homeowner association fee is $320 per month. No Mellos Roos tax is listed.

This home is somewhat smaller than the Irvine condos, but so was the overall selling price as well as the price per square foot. In addition, this condo has the convenience of being close to South Coast Plaza shopping center and the South Coast Metro Arts and Cultural Center.

Here is the listing history:

Jun 05, 2009	Delisted	–	–	Inactive SoCalMLS #1
Jun 01, 2009	Sold (MLS)	$270,000	–	Inactive SoCalMLS #1
Feb 23, 2009	Relisted	–	–	Inactive SoCalMLS #1
Jan 26, 2009	Price Changed	$270,000	–	Inactive SoCalMLS #1
Jan 26, 2009	Relisted	–	–	Inactive SoCalMLS #1
Sep 20, 2008	Price Changed	$299,000	–	Inactive SoCalMLS #1
Sep 03, 2008	Price Changed	$350,000	–	Inactive SoCalMLS #1
Jun 20, 2008	Listed	$399,900	–	Inactive SoCalMLS #1

Northwood Condo vs Ivy Condo: What’s the Better Deal in Irvine?

Sylvia Walker — Mon, 30 Nov 2009 09:57:20 +0000

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.

Are Costa Mesa Detached Homes Reasonably Priced?

Sylvia Walker — Mon, 19 Oct 2009 09:00:20 +0000

The Irvine Company rolled out the first sales for Ivy (the new construction development in Irvine’s Woodbury East housing development) in a way that resulted in the quick sellout of phase one, two and three and, therefore, created a lot of buzz. In addition to creating a lot of buzz, the marketing plan for Ivy also provides some insight into what prices the current housing market will allow.

Grand Opening for Ivy Homes in Irvine's Woodbury East

Since the Ivy sales do provide some insight into what price the housing market will currently bear, I imagine that I will be comparing many Orange County home prices to the Ivy prices.

I already compared Ivy prices to some Portola Spring home prices. Portola Springs home prices are easy to compare to Ivy prices; they are in the same area, look similar, are condos only (at least, the ones that I referenced), and both are new or newly new construction.

Today, something more complicated: Today, I will compare some three-bedroom Costa Mesa detached, resale home prices to the Ivy three-bedroom prices.

For review, three-bedroom homes in the Irvine’s Ivy development, which are all condos, are priced as follows:

1394 square feet–$400,990 ($288/SF)
1500 square feet–$441,990 ($295/SF)
1503 square feet–$421,990 ($281/SF)

Ivy Mello Roos fees are about $3,971 per year. HOA dues are about $134 monthly for the master association and $175 monthly for the sub-association.

With all this in mind, what do you think? Are the prices for the three-bedroom Costa Mesa homes that are listed below reasonable for current market conditions? All of these Costa Mesa homes are detached, single-family homes, with no Mellos Roos fee and no HOA fees. Also, note that all the homes listed below are short sales except for the home at 1118 Paularino Avenue.

3209 Colorado Place, Meas Verde, CA 92626

Asking price: $399,000 ($259/SF)
What: 1959 detached house with 1543 SF. From the listing description: “Needs TLC - may have structural damage.”
HOA: none listed
This is a short sale.

2112 Wallace Avenue, Central Costa Mesa, CA 92627

Asking price: $400,000 ($340/SF)
What: 1955 detached house with 1176 SF
HOA: none listed
This is a short sale.

570 Traverse Drive, South Coast Metro, CA 92626

Asking price: $430,000 ($239/SF)
What: 1965 detached home with 1796 SF
HOA: none listed
This is a short sale.

2923 Peppertree Lane, Mesa Verde, CA 92626

Asking price: $434,900 ($305/SF)
What: 1959 detached house with 1426 SF and a backyard Jacuzzi
HOA: none listed
This is a short sale.

1118 Paularino Ave, Central Costa Mesa, CA 92626

Asking price:$439,000 ($285/SF)
What: 1963 detached house with 1538 SF and a swimming pool
HOA: none listed

3129 Dublin Street, South Coast Metro, CA 92626

Asking price: $439,000 ($366/SF)
What: 1957 detached house with 1200 SF and a pool, spa, outdoor fireplace, and built-in BBQ
HOA: none listed
This is a short sale.

The Stealth Sell Out of Phase 3 Ivy Homes in Irvine

Sylvia Walker — Mon, 28 Sep 2009 07:02:22 +0000

We’ve had a stealth event concerning the housing industry happen in Irvine a few weeks ago. What I am writing about is the mysterious sell out of the phase three Ivy homes that went on sale recently.

There has been a lot of buzz around the quick sell out of the Ivy home offered for sale in phase one and two. Ivy is the new construction development that is in the process of being built in Irvine’s Woodbury East community. These homes will not be available for move-in until sometime next year; however, both phase one and phase two sold out within 15 minutes of going on sale (July 11th and August 1st respectively). The Irvine Company announced that phase three homes would go on the market in 3 to 5 weeks of the phase two date. So I have been watching for an announcement of the exact date.

Phase 1 and 2 came out with a lot of fanfare: newspaper ads, e-mail announcements, Google banner ads on numerous blogs, and newspaper articles. Not so with phase three. I saw no mention of the phase three opening date until I got an e-mail on Wednesday of last week (September 23rd) from the Irvine Company that said:

“Homebuyers are continuing to prove that Woodbury East is Irvine’s most popular new address. Our first neighborhood, Ivy, continues to be a huge success and has sold out its first three phases. With pricing beginning in the mid $300,000s, Woodbury East has made its debut as a great place to buy now and enjoy for years to come.”

Apparently the phase three sale date has come and gone with hardly a word. It must be all a part of the marketing plan.

Tomorrow’s post: a look at the current prices for the Ivy homes. Hint: Prices have increased with each new sales phase.

Related posts:

Deja Vu in Woodbury East! Phase Two of Irvine’s Ivy Housing Development Sells Out in 15 Minutes–Prices Increased

Sylvia Walker — Mon, 10 Aug 2009 08:26:37 +0000

Note: For phase three information and updated pricing information, click here. sw 10-5-09

Phase 2 of the new construction Ivy development in Irvine’s Woodbury East was a repeat performance of phase 1. Both phase 1 and phase 2 sold out all available housing units within 15 minutes of the time that these homes went on sale (July 11th and August 1st respectively).

Thirteen homes were available in phase 1, and eight homes were available in phase 2. The main difference between these two phases: prices were increased by $5,000 to $12,000 in phase 2. The main question now is how much William Lyons will increase the price for phase 3, which is currently set for three to five weeks from now. Any guesses?

If you are interested in buying one of these homes you should get yourself prequalified by William Lyons Mortgage, the homebuilder’s preferred lender. The hopeful homebuyers with this prequalification were the only ones that William Lyon, the Ivy developer, considered.

Erica Chavez at the Irvine Homes blog interviewed one of the buyers from the July 11th sale (and provided the numbers below). They were a family with two young children who were interested in living in Irvine but not sure that they could afford it.

I don’t know who the other buyers were, but this gives us some indication who the buyers might be: Families with young children attracted by the price that a smaller home made possible, along with the attraction of Irvine schools, a nearby shopping mall (Woodbury Village) and many parks, play areas and a pool that make up for a small yard. Except for the small home and small price features, these are some of the features that make Irvine what it is.

Tomorrow: a closer look at what makes Irvine Irvine.

Phase 1, July 11 prices:

Residence A: Two bedrooms, 2.5 baths and a 2-car garage; 1,180 square feet, priced from $349,990
Residence B: Three bedrooms, 2.5 baths and a 2-car garage, 1,394 square feet, priced from $389,990
Residence C: Three bedrooms, 2.5 baths and a 2-car garage, 1,500 square feet, priced from $427,990
Residence D: Three bedrooms, 2.5 baths and a 2-car garage, 1,503 square feet, priced from $422,990

Phase 2, August 1 prices:

Residence A: Two bedrooms, 2.5 baths, 1,180 square feet, priced from $354,990
Residence B: Three bedrooms, 2.5 baths, 1,394 square feet, priced from $394,990
Residence C: Three bedrooms, 2.5 baths, 1,500 square feet, priced from $439,990
Residence D: Three bedrooms, 2.5 baths, 1,503 square feet, NOT AVAILABLE

Phase 3 prices in 3 to 5 weeks : Any guesses?

Related posts:

PHOTO COURTESY THE IRVINE COMPANY

Comparing Selling Prices: Three-Bedroom Woodbury Condos vs Three-Bedroom Woodbury East Ivy Condos

Sylvia Walker — Wed, 29 Jul 2009 08:45:24 +0000

Here is a look at some three-bedroom Woodbury condos that are similar in size to three-bedroom condos that will soon be available in phase two of Irvine’s new neighborhood of Ivy. Ivy is part of the Woodbury East development that is near Woodbury (a nearby but different development) and will have two and three-bedroom condo for sale. Next phase of Ivy sales will be August 1.

If you compare the Woodbury prices to the Woodbury East prices, future Woodbury sellers might have to lower their selling price to compete with these newer homes.

The Irvine Company’s current prices for these Ivy three-bedrooms is in the mid- $300,000s to low-$400,000s. IrvineRenter has the current Ivy price per square foot at $280 to $295. (Two-bedroom options will also be available in Ivy. Of course, they will be a smaller size and lower price.)

On the other hand, phase one of the Ivy sale was so successful that I would not be surprised if upcoming phases had some higher list prices. This would have a moderating affect on the necessity of price slashes in Woodbury.

Compare the Woodbury East Ivy prices for three-bedroom condos with recent selling prices in Woodbury:

49 Regal # 143, Woodbury, Irvine CA 92620

3 beds, 3 baths
1,552 sq ft
Sold for: $510,000 ($328/SF)
Sold on: 06/12/2009

155 Sanctuary, Woodbury, Irvine, CA 92620

3 beds, 3 baths
1,550 sq ft
On March 30, listed for $529,900
Sold for: $505,000 ($326/SF)
Sold on: 06/11/2009

153 Sanctuary, Woodbury, Irvine CA 92620

3 beds, 3 baths
1,635 sq ft
Recently listed for: $569,900
Sold for: n/a (however, will probably show up in the public record within a month)

More information:

For a look at what is currently available in Woodbury East’s Ivy development, click here.
For a look at what is currently available in Woodbury, click here.

Related posts: