From the monthly archives:

March 2010

Irvine Homes and Condos market update.

by vbindi on March 4, 2010

This is a statistical report for Active for Sale and Sold homes and condos in Irvine . This report is brought to you by the professional realtors at eVantage Real Estate in Orange County, CA. Today, there are 238 detached single family homes for sale, with a median price of $849,000 and an average price per square foot of $433 . These homes are priced from a low of $319,000 for a 2 bedroom, 2 bath, 1,670 square foot home located in the subdivision called Groves 55+ . On up to a maximum price of $15,995,000 for a fine home incorporating 5 bedrooms, 9 baths, with 13,500 square feet of living area, which is located in the Shady Canyon Tract.

For attached condos, there are currently 288 condos active for sale in Irvine . The median price of these condos is $499,000 and the average price per square foot is $343 . These listed condos range in price from a low of $220,000 for a unit comprising of 1 bedroom, 1 bath, 635 square foot, that is situated in the Watermarke Tract. Up to a maximum price of $519,000 for a roomy condo consisting of 3 bedrooms, 3 baths, with 1,450 square feet found in the Corte Bella Subdivision.

For properties currently under contract in Irvine there are 210 detached homes in escrow, and the median price is $725,000 . These detached homes range in price from a low of $209,000 for a 1 bedroom, 1 bath, 932 square foot property located in the The Lakes Tract. On up to a maximum price of $5,995,000 for a fine property comprising of 6 bedrooms, 9 baths, and incorporates an expansive 9,800 square feet of living area, located in the Shady Canyon Tract.

For condos, there are 284 units now in escrow in Irvine , with a median price of $419,900 . These pending units range in price from $135,000 for a 1 bedroom, 1 bath, 512 square foot condominium, located in the Lake Condos Subdivision. On up to a maximum price of $585,000 for a fine condo consisting of 3 bedrooms, and 3 baths, with 1,380 square feet, found in the Ashton Green Subdivision.

In the past 90 days, there have been 185 detached homes that have sold and closed escrow in Irvine . These sold homes had a median price of $915,000 with an average price per square foot of $374 . These closed homes range in price from a low of $320,000 for a detached home comprised of 2 bedrooms, and 2 bath, with 1,000 square feet, and is located in the Bowen Court Subdivision. And a maximum price of $5,777,777 for an estate property comprising of 6 bedrooms, 8 baths, and a spacious 13,418 square feet located in the Shady Canyon Tract.

For the past 3 months, there have been 219 attached condominiums that have sold and closed escrow in Irvine , California. The median price of these attached units was $439,000 and the average price per square foot was $326 . These sold condominiums ranged in price from a low of $135,000 for a 0 bedroom, 1 bath, 415 square foot unit found in the Irvine Springs condo Tract. And the maximum priced sold condo was $1,250,000 for a nice unit comprised of 3 bedrooms, 4 baths, and 2,677 square feet that is situated in the The Plaza Tract.

If you have any questions regarding real estate for sale in Irvine , please feel free to call us at: (949) 388-3396, or email us at: Info@eVantageRE.com . Click this link if you would like to view all homes for sale in Irvine.

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Fullerton Short Sale Realtor Market Update

by vbindi on March 3, 2010

This report is for standard sales and short sales in Fullerton . This article is brought to you by the realtor experts at the Short Sales ASAP group, who are #1 in short sale property listings and closings in Orange County.  We track the short sale market here in Fullerton and greater Orange County on an ongoing basis, and report our findings often in this blog.

This market summary is for all property listings, as compared to short sale statistics in Fullerton , California.  Below is a tabulation of the statistics we have gathered for all sales, and short sales for both detached homes and attached condos that are Active for sale, pending In Escrow and Sold in the past 90 days:

Detached Homes – Status # of Homes % of Total Median Price $/SqFt
For Sale – All Listings195100%$629,000$298
For Sale – Short Sales5126%$400,000$246
In Escrow – All Listings185100%$400,000n/a
In Escrow – Short Sales10858%$350,000n/a
Sold – All Listings167100%$480,000$275
Sold – Short Sales3219%$485,000$248

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Attached Condos – Status # of Condos % of Total Median Price $/SqFt
For Sale – All Listings91100%$360,000$255
For Sale – Short Sales3134%$310,000$214
In Escrow – All Listings107100%$268,000n/a
In Escrow – Short Sales8075%$265,000n/a
Sold – All Listings55100%$319,000$239
Sold – Short Sales1527%$325,000$229

One of the important things to note is the high rate of failure when it comes to closing short sales. Look at the ratio of Pending In Escrow short sales to Total Listings for Condos which is 74.8% .  Then compare that to the ratio of Sold short sale condos to Total sold Condos, which is 27.3% .   This large decrease in Ratios from Pending in Escrow to Sold shows that Short Sales fail to close at a high rate today in Fullerton.

The reason being, is that many local Realtors do not have the training or experience in order to close short sales at a high rate of success.  Short sales are the most complex of all residential transactions and require skill, and expertise in order to close at a high rate of success. It is important for Fullerton homeowners, who owe more than their home is worth, to work with an experienced short sale realtor. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com , or visit:  www.FullertonShortSaleExpert.com

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