February 2012 Archives » Irvine Housing News

University Park prices down 9.0%, rents rising fast

Feb 292012

University Park prices down 9.0%. Rents rising fast. Median home price is $420,000. Based on a rental parity value of $561,073, this market is under valued. Monthly payment affordability has been worsening over the last 1 month(s). Momentum suggests unchanging affordability. Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. Resale prices that are falling generally causes payment affordability to increase. Rents have been rising for 3 month(s). Price momentum suggests unchanging rents over the next three months. Rents that are unchanging generally causes payment affordability to remain unchanged. Today’s featured property is being sold short by a Ponzi. The bank has approved a short sale price $115,000 higher than the [Read More...]

Turtle Rock resale prices up 7.0% after recent sharp declines

Feb 282012

Turtle Rock resale prices up 7.0% after recent shard declines. Rents are up 4.5%. Median home price is $730,000. Based on a rental parity value of $640,097, this market is over valued. Monthly payment affordability has been worsening over the last 4 month(s). Momentum suggests worsening affordability. Resale prices have been rising for 2 month(s). Price momentum suggests unchanging prices over the next three months. Resale prices that are unchanging generally causes payment affordability to decrease. Rents have been rising for 9 month(s). Price momentum suggests rising rents over the next three months. Rents that are rising generally causes payment affordability to decrease. Today’s featured property is a Turtle Rock home for under $300/SF. With over 2,400 SF and a [Read More...]

Turtle Ridge prices are down 5.8% and rents are up 5.2%

Feb 272012

Turtle Ridge prices are down 5.8% and rents are up 5.2%. Median home price is $515,000. Based on a rental parity value of $802,097, this market is under valued. Monthly payment affordability has been improving over the last 2 month(s). Momentum suggests improving affordability. Resale prices have been rising for 4 month(s). Price momentum suggests rising prices over the next three months. Resale prices that are rising generally causes payment affordability to decrease. Rents have been falling for 7 month(s). Price momentum suggests falling rents over the next three months. Rents that are falling generally causes payment affordability to decrease. Today’s featured property is a rare 2004 rollback in Turtle Ridge. Proprietary Irvine Housing News home purchase analysis 127 DANBROOK [Read More...]

What’s really going on in the Irvine housing market? 2-25-2012

Feb 252012

The Irvine Housing News profiles properties for sale each day and presents current market data on each village and neighborhood. If you really want to know what’s happening in the Irvine Housing market, you need to read the Irvine Housing news and subscribe to the our monthly newsletter. Redfin is the most popular real estate search site in Southern California. They track the most popular listings based on the number of views each receives. Below are some of the most viewed property listings in Irvine. Check them out. See what everyone else finds so interesting. 25 ARCADE Irvine, CA 92603 — $1,247,777 Competing Listings $858,000 6246 SIERRA PALOS Rd 0.23 miles 3 bd / 1.75 ba 1,549 Sq. Ft. $769,000 [Read More...]

Quail Hill prices weak but rents rising

Feb 242012

Despite being a bubble-era village, Quail Hill has not experienced the distress showing up in Woodbury. Today’s featured property is only price 26% off the peak. Will Quail Hill retain more value than communities like Woodbury. So far it has, but only time will tell if the substitution effect doesn’t entice buyers away from overpriced properties like these. – —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- — ————————————————————————————————————————————- Proprietary Irvine Housing News [Read More...]

West Irvine prices down 10.5%, rents up 3.4%

Feb 232012

Today’s featured property is an REO being offered for 32% below its 2007 purchase price. This was past the peak. West Irvine prices have been sporting greater than 10% year-over-year declines in price for the last several months. Rents are firming as they are across most of Irvine. The result is excellent affordability. Even for an FHA buyer, this property’s cost of ownership is less than rental parity. – —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- [Read More...]

Orangetree condo 33% off its 2004 purchase price

Feb 222012

It’s no secret that Irvine condo prices are collapsing. The bottom rung of the real estate ladder is broken. Nobody can step up. Until these units find a bottom, the upper rungs of the market have no hope. – —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- — ————————————————————————————————————————————- Proprietary Irvine Housing News home purchase analysis 184 TANGELO Unit 31-416 Irvine, CA 92618 $218,500 …….. Asking Price $325,000 ………. Purchase Price 9/22/2004 ………. [Read More...]

Northpark resale prices down 16.8%, rents up 6%

Feb 212012

The resale price declines in Northpark are among the most severe in Irvine. Today’s featured property is asking 33% off the peak. It probably isn’t enough. Like the rest of Orange County, rents continue to strengthen. Rising rents and falling prices is making home ownership more attractive and affordable. Proprietary Irvine Housing News home purchase analysis 40 SPRING Vly Irvine, CA 92602 $468,255 …….. Asking Price $700,000 ………. Purchase Price 5/21/2006 ………. Purchase Date ($231,745) ………. Gross Gain (Loss) ($56,000) ………… Commissions and Costs at 8% ============================================ ($287,745) ………. Net Gain (Loss) ============================================ -33.1% ………. Gross Percent Change -41.1% ………. Net Percent Change -6.9% ………… Annual Appreciation Cost of Home Ownership —————————————————————————— $468,255 …….. Asking Price $16,389 ………… 3.5% Down [Read More...]

Oak Creek bear rally knife catcher bleeds 20%

Feb 202012

In late 2007 knife catchers were the first wave of buyers after the peak. This group thought the initial stages of the price collapse was a brief respite from rapid price appreciation. To them, the dip was a buying opportunity. To anyone who understood valuation, it was obvious the initial drop was the first step toward a major decline in prices. The knife catchers from 2007 are severely underwater, and many like the previous owners of today’s featured property simple let them to back to the bank. Proprietary Irvine Housing News home purchase analysis 2 PEARLEAF Irvine, CA 92618 $565,000 …….. Asking Price $690,000 ………. Purchase Price 11/8/2007 ………. Purchase Date ($125,000) ………. Gross Gain (Loss) ($55,200) ………… Commissions and [Read More...]

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