Irvine CA Real Estate News and Information

Currently there are 840 Active properties listed for sale in Irvine, CA., of which 414 are attached  Condos, and 426 are detached single family homes.  Of these 840 homes and condos for sale, 152 are  Short Sales listed for sale, which represents 18% of the total inventory.  11 of these properties Active for sale are Bank Owner Foreclosures which represent just 1.3% of the total inventory of homes and condos for sale in Irvine, Ca.

Today, there are 245 properties that are under contract pending in escrow in Irvine, CA.  Of this total, there are 58 Short Sales properties that are pending in escrow, which represents 23.6% of the total number of properties in escrow.  In addition, there are 19 Bank Owned Foreclosures that are pending in escrow in Irvine, which represents 7.7% of the total pending properties.

For the past month of April, there were 146 homes and condos that sold and closed escrow in Irvine, CA.  Of this total, there were 14 Short Sale properties that sold, which is 9.5% of the total volume of sales for April.  Finally, there were 16 homes and condos that sold in the past month that were Bank Owned foreclosures, which represents 10.9% of all properties sold in April in Irvine, Ca.

For more information regarding Bank Owned foreclosure properties, or short sale properties listed for sale, please call us at:  949-388-3396.

The condos in the Tiempo tract in the popular Westpark area of Irvine, CA. are located near the intersection of Culver Dr. and Irvine Blvd.  Irvine has grown into what many describe as a "total destination," a community boasting of state-of-the-art transportation programs and systems, an enterprising business environment, stellar educational institutions, loads of entertainment options, close to great beaches and perfect year round weather. The contemporary condos of Tiempo in Westpark have been very popular with first time home buyers.  Renowned builder William Lyon developed this neighborhood in the late 1980’s and the condominiums have been kept in immaculate condition ever since. The highly sought-after Tiempo tract in Westpark, Irvine consists of 397 units, 937 parking spaces, and a wide variety of floor plans to fit most everyone's needs. The different models are as follows:

• A- Aurora- 1 bedroom, 1 bath, 692 sqft, 1 carport
• B- Anada- 1 bedroom 1 bath, 830 sqft, 1 carport
• C- Brisas- 2 bedrooms 2 baths, 840 sqft, 1 carport
• D- Cresta- 2 bedrooms 2 baths, 897 sqft, 1 fireplace, 1 car garage
• E- Dorado- 2 bedrooms 2 baths, 1,002 sqft, 1 fireplace, 1 car garage
  
• F- Estrella- 2 bedrooms 2 baths, 903 sqft, 1 fireplace, 1 car garage
  
• G- Fiesta- 2 bedrooms 2.5 baths,  1,031 sqft, 1 fireplace, 2 car garage
  
• H- Granada- 2 bedrooms 2 baths, 1,075 sqft, 1 fireplace, 1 car garage
  
• I- Hermosa- 3 bedrooms 2 baths, 1,206 sqft, 1 fireplace, 1 car garage

Neighborhood amenities at Tiempo include; a recreation center, association pool, spa, basketball and tennis courts, as well as a bike path at the back of the complex. Home owners’ association dues are about $185 per month at the time of this article (and are subject to change).  There is Mello-Roos tax in this community but the rate is very low compared to other newer communities in the area.  The complex is close to shopping, UCI, employment centers, freeways, parks, bike trails and more.

The condominiums at Tiempo are serviced by the well admired Irvine Unified School District. The grade school classes are conducted by Westpark Elementary. The junior high students are taught at Southlake Middle School and the upper grades are held at Woodbridge High School. Just within minutes you will also find the popular and highly respected colleges of Concordia University, Irvine Valley College, and University of California Irvine (UCI).

The streets that comprise of the Tiempo tract are as follows:  Abrazo Aisle, Alberti Aisle, Alicante Aisle, Costero Aisle, Lombardy Aisle and Marbella.  Prices for the 1 bedroom floor plans currently range in the price from the low $300K's on up to the mid $300K's.    Prices for the 2 bedroom models will usually range in price from  the high $300K's on up to the high $400K's.  The 3 bedroom plans will range from the low $500K's up to the mid  $500K's.  (Prices are subject to change).  If you would like to find out more about the Tiempo condo community, or if you want to see the inside of  Irvine condos for sale, please feel free to call us at:  949-388-3396 or email us at:  Info@SearchOCHomes.com 

Many feel that 3000 The Plaza and The Plaza Irvine (5000 & 8000) are the most exclusive new high rise condominium towers in Irvine, CA.   These modern and luxurious triple high rise towers are located at the corner of  Jamboree and Scholarship, just west of the 405 freeway.

3000 The Plaza is a luxury 15 story high rise single tower with a rooftop swimming pool.  3000 The Plaza is located at the 3000 block of Scholarship Dr. and comprises of 105  stunning condo units.  This tower offers 12 elegantly appointed condo floor plans designed by the world-renowned architect McLarand Vasquez & Partners and they are as follows:

• Residence A:  1 bedroom, 2 baths, 1,370 SqFt  (floors 1 - 5)
  
• Residence B:  2 bedrooms plus Den, 2 baths, 1,445 SqFt (floors 1 - 5)
• Residence C:   2 bedrooms plus Den, 2.5 baths, 1,935 SqFt (floors 1 - 5)
• Residence C-1:  2 bedrooms plus Den, 2 baths, 1,865 SqFt (floors 1 - 5)
• Residence D:  2 bedrooms plus Den, 2.5 baths, 1,715 SqFt (floors 6 - 11)
• Residence E:  3 bedrooms plus Den, 3.5 baths, 2,390 SqFt (floors 6 - 11)
• Residence F:  2 bedrooms plus Den, 2.5 baths, 2,390 SqFt (floors 6 - 11)
• Penthouse 1:  2 bedrooms plus Den, 2.5 baths, 1,660 SqFt (top floor)
• Penthouse 2:  2 bedrooms, 2.5 baths, 2 Story, 2,300 SqFt(top floor)
• Penthouse 3:  2 bedrooms, 2.5 baths, 2 Story, 2,330 SqFt (top floor)
• Penthouse 4:  3 bdrms + Den, 3.5 baths, 2 Story, 2,485 SqFt (top floor)
• Penthouse 5:  3 bdrms + Den, 3.5 baths, 2 Story, 3,025 SqFt (top floor)

3000 The Plaza boasts of Resort-like amenities including: gated underground parking spaces, day and nighe lobby attendant, concierge service, Club Room with full kitchen, wet bar and adjoining outdoor terrace, Flat Screen TV, Lobby Attendant, Business Center,  Rooftop Pool, Jacuzzi, high tech fitness center, entertainment area and fire-pit on the rooftop, on-site retail center, service elevator, and most utilities paid.  Association dues are approximately $1,000 to $1,300 per month at the time of this article, and there is No Mello-Roos.

3000 The Plaza is located in the heart of the Irvine entertainment and business area, and conveniently close to John Wayne OC Airport, Newport Beach, UC Irvine, Fashion Island, dining, theater and South Coast Plaza. 
 
Each condo comes with the best fit and finish such as; Hardwood floors, Granite counter tops, Marble flooring, gourmet Kitchens with stainless steel Appliances, high ceilings, top quality fixtures, wine lockers in wine room, and the upper floor units offer spectacular city lights views, and much more.

At the time of the writing of this article, prices range from the Mid $600K's to $1 Mil for Residences A through C-1, and from $1 Million to $1.5 Million for Residences D through F, and the Penthouses run from $1.4Million on up to several Million.

Fore more information about 3000 The Plaza or to view any of the re-sale or new units for sale, please feel free to contact us at:  949-388-3396 or email us at:  Info@SearchOCHomes.com

The homes of Summerfield in Woodbridge Village, Irvine are located by the intersection of Culver Dr. and Alton Pkwy. Irvine is one of the nation's largest planned urban communities and encompasses more than 55 square miles. Woodbridge is a very desirable location within Irvine for is is near John Wayne airport and business corridor,  the beautiful South Lake, outstanding schools, pools and has easy access to freeways. The neighborhood of Summerfield includes 258 highly sought after homes located in one of the safest cities in America ! These homes were built in the 1980’s by the builders Standard Pacific. Summerfield comprises of four distinct floor plans as follows:

• Sunrise- 3 bedrooms, 2 baths, 1,435 sqft, 2 car garage
• Meadowlark- 3 bedrooms, 2 baths, 1,619 sqft, 2 car garage
• Wildflower- 4 bedrooms 2.5 baths, 1,801 sqft, 2 car garage
• Wildflower- 4 bedrooms 2.5 baths, 1,801 sqft, 2 car garage

Each home includes a fireplace and 2 car garage. Neighborhood amenities include association pool, spa, tennis courts, barbeque, and club house/recreation facility center.  The association dues are around $67 per month and there is no mello roos!

Homes in Summerfield are price in the range of $759,900 on up to $1 Million.  The streets that comprise of the Summerfield community in Woodbridge Village are as follows: Fairdawn, Halfmoon, Newmeadow, Soaring Hawk, Summerstone, Tidewater, Timbergate, Whistling Isle, and Whitecloud.

The homes of Summerfield of Woodbridge are serviced by the award winning Irvine Unified Public School District.  The grade school classes are conducted at Meadowpark Elementary School and the middle school is serviced by South Lake Middle School.  The upper grade classes are held at Woodbridge High School. Just within minutes you will also find the popular and highly respected colleges of Concordia University, Irvine Valley College, and University of California Irvine (UCI). A perfect community for college students and professors!  

The newly developed residential high rise condo developments such as the Watermarke, Marquee Park Place, Avenue One and others have been the rage in Irvine lately.  But the first pioneering and successful high rise condo development  in Irvine was the Metropolitan, located on Martin Ave and close to John Wayne Airport. 

The human guard gated Metropolitan community offers a tropical ambiance and lush atrium's.  These condominiums are located just minutes from freeways, John Wayne Airport, fine dining, world renowned shopping plazas, cultural venues and University of California Irvine. Given it's convenient location to the Airport, the Metropolitan has been popular to home owners who travel frequently and to residents who work in the Airline industry.

The Metropolitan offers luxury resort type amenities such as; large swimming pool, spa, recreation center and gym fitness center.   The 98 condominiums of the Metropolitan were built in the mid 1990s by the distinguished builder Douglas Plaza Ltd. This fine community consists of several distinct floor plans to choose from as follows:

• Plan A- 1 bedroom 1 bath, 934 sqft
  
• Plan B- 2 bedrooms, 2 baths, 1,269 sqft
  
• Plan C- 1 bedroom 1 bath, 808 sqft
  
• Plan D- 2 bedrooms 2 baths, 1,326 sqft
  
• Plan E- 2 bedrooms, 2 baths, 1,297 sqft

Each condo includes a deck as well as subterranean parking with lots of storage room. Home owners’ association dues are approximately $394 per month (subject to change) which includes maintenance of all community amenities such as club house/recreation facility, gym/exercise room, and landscaping.  Also included in the dues are property insurance, and trash service, and maintenance of the pool and spa. 

Given it's convenient location to local restaurants and the John Wayne Airport, the Metropolitan has been popular to home owners who travel frequently and to residents who work in the Airline industry. For the 1 bedroom floor plans, prices have been currently ranging from $339,000 up to $430,000 depending upon it's condition and location and view. For the 2 bedroom units, prices vary from $460,000 on up to $670,000 for the top floor penthouse models.   (Prices are subject to change over time)

The Metropolitan is serviced by the Santa Ana Unified School District. Primary grades are conducted at Monroe Elementary, and junior high is held at McFadden Middle School. Upper level grades are taught at Century High School.

If you would like more information about the Metropolitan, or if you would like to see any of the condos currently for sale, please feel free to call us at:  949-388-3396 or drop us an email at:  Info@SearchOCHomes.com   If you would like to view all condos for sale in Irvine, please visit our website at:  Irvine MLS

Today, there are 51 - 1 Bedroom Condos currently listed for sale in Irvine, Ca.  These condos range in price from $255,000 for a 475 square foot condo on Streamwood in the Irvine Springs community of Northwood, on up to $729,000 for a 1 bedroom, 1.5 bath, 1,335 square foot high rise condo on Scholarship at The 5000 and 800 Plaza new development.   The median asking price for all 1 bedroom condos in Irvine is $384,990 and the average price is $403,910.   The average price per square foot is $512/SqFt.

For 2 bedroom condos, there are currently 286 condominiums for sale in Irvince.  These range in price from $357,500 for a 2 bedroom, 1 bath, 808 square foot condo on Streamwood in the Irvine Springs subdivision located in Northwood, on up to $2,593,552 for a 2 bedroom, 2.5 bath, 2,680 square foot condominium located in The Plaza 5000 and 8000 community, and boasts of City Lights views.  The median price for these 286 condos is $579,900, and the typical medain priced 2 bedroom condominium in Irvine comprises of 2 baths, a 2 car garage and about 1,350 square feet of living area.

For 3 bedroom units in Irvine, today there are 173 such condos availbe for sale.  The 3 bedroom condominiums range in price from $417,900 for a 3 bedroom, 1.5 bath, 1,220 square foot plan with no garage, on Albany in the ??? tract located in the Walnut area.  On the other end of the price spectrum, the highest price unit is $3,604,914 for a 3 bedoom, 3.5 bath, 4,290 square foot top floor Penthouse condo again located in The 5000 and 8000 Plaza high rise towers, offering dramatic city lights views. The median priced 3 bedroom condo is $665,000 and this typical condo is comprised of 1,678 square feet of living area and 2.5 baths, and a 2 car garage.

In the past 90 days, there have been 32 - 1 bedroom condos that has sold and closed escrow in Irvine.  The lowest priced unit was $249,900 in the Irvine Springs community and the highest priced was a 842 square foot unit at Watermarke.  The median price sold was $350,000 and the average price was $364,192. The average price per square foot was $449/SqFt.

For the past 3 months, there have been 125 - 2 bedroom condominiums that have sold and closed in Irvine.  The prices ranged from a low of $322,000 for a 2 bedroom, 1 bath, 715 square foot condo on Orange Blossom in the Lake Condo tract of Orangetree.  Up to $2,265,000 for a 2 bedroom, 2 bath, 2,062 square foot condo on Michelson Dr. at Marquee Park Place.  This property is on the 17th floor of this high rise building and boasts of stunnning City Lights view.   The median priced 2 bedroom condo sold was $525,000 and the average price was $553,839.  The average price per square foot was $434/SqFt and the typical average condo 2 bedroom sold was about 1,250 square feet in size.

For 3 bedroom condos in Irvine, there were 97 that sold in the past 90 days.  The condominiums ranged in price from a low of $453,000 for a 3 bedroom, 1.5 bath, 1,225 square foot unit onMeadowgrass in hte Villager community in Woodbridge. The highest priced sold was $1,900,000 for a 3 bedroom, 2 bath, 1,984 square foot penthouse on the 18th floor at Marquee Park Place, and this property also offered a panoraminc city lights view.  The median priced condo was $625,000 and the average priced 3 bedroom condo was $658,406.  The average price per square foot was $399 and the average sized condominium was 1,640 square feet with 2.5 baths.

If you would like more information about any Condominium or towhome listed for sale in Irvine, or if you are in need of the professional services of a local and expereinced realtor, please feel free to contact us at:  949-388-3396, or email us at:  Info@SearchOCHomes.com   Click here to view all Condos listed for Sale in Irvine.

Avenue One condominiums built by K Hovanian are one of the newest high-rise developments located in the heart of the Irvine commerce area and entertainment area.  It's one of the more affordable developments and has generated a lot of excitement.  The first units were completed in early 2006' and new condos are still being built to this day. 

Avenue One is located by the intersection of Jamboree and Dupont just west of the 405 Freeway at the 1,000 to 2,000 block of Scholarship road.  Avenue One comprises of two condominium buildings, 2 large parking structures and the common area facilities.  Avenue One offers 8 well designed floor plans as follows:

• One A - 1 bedroom, 1 bath, 725 square feet
• One AL- 1 bedroom and 2nd story loft, 1 bath, 846 square feet
• One B - 1 bedroom, 1 bath, 602 square feet
• One C - 1 bedroom, 1 bath, 738 square feet
• One CL - 1 bedroom and 2nd story loft, 1 bath, 923 square feet
• One D - 1 bedroom, 1 bath, 738 square feet
• Two A - 2 bedrooms, 2 baths, 1,037 square feet
• Two AL - 2 bedrooms and 2nd story loft, 2 baths, 1,213 square feet
• Two B - 2 bedrooms, 2 baths, 1,318 square feet
• Two BL - 2 bedrooms and 2nd story loft, 2 baths, 1,538 square feet
• Two C - 2 bedrooms, 2 baths, 1,044 square feet
• Two CL - 2 bedrooms and 2nd story loft, 2 baths, 1,207 square feet
• Three A - 3 bedrooms, 2 baths, 1,340 square feet
• Three AL - 3 bedrooms and 2nd story loft, 2 baths, 1,525 square feet

All of the above floor plans come standard with modern two panel interior doors, natural granite kitchen and bathroom counter tops, dual glazed energy efficient windows, and much more.

The common area facilities offer a resort like lifestyle including:  Gated entrance, elegant Clubhouse w/plasma TV, Olympic sized pool, spa, high tech fitness center, indoor half basketball court, Bar-B-Que area and more.  Avenue One is located close to world class shopping, night clubing, museums, theaters, great dining, UCI and the beach.

Avenue One is serviced by the Santa Ana Unified School district. The grade school classes are conducted at Monroe elementary school and the Junior high school is McFadden middle school.  The upper grades are serviced by Century High School.

There are re-sale and brand new condos available for sale at this time.  They range in price from a low of $369,990 for a 1 bedroom, 1 bath, 602 square foot condo on the first floor, on up to $735,990 for the largest 3 bedroom, 2 bath, 1,538 square foot floor plan. The average price per square foot for the condos currently for sale is $584/SqFt and the average days on market is 66 days. Below is the complete list of the condos currently for sale are Avenue One.

Address	Bdrms	Baths	Stories	Garage	SqFt	Price
1231 Scholarship	1	1	3	1	602	$369,990
1150 Scholarship	1	1	3	1	725	$376,990
2119 Scholarship	1	1	G	1	602	$429,999
2310 Scholarship	1	1	3	1	725	$437,000
2302 Scholarship	2	2	1	2	1,037	$568,000
2406 Scholarship	1	1	1	1	923	$615,000
2402 Scholarship	2	2	T	2	1,213	$654,900
1418 Scholarship 295	3	2	3	2	1,538	$725,990

To date, there have been a total of 7 re-sale condos that have sold and closed escrow at Avenue One  as listed below: 

Address	Bdrms	Baths	Stories	Garage	SqFt	Price	Days on Market
1125 Scholarship	1	1	3	1	725	$402,990	34
1117 Scholarship	1	1	3	1	725	$405,990	5
1138 Scholarship	1	1	3	1	725	$409,913	23
1224 Scholarship	1	1	3	1	725	$412,990	15
1414 Scholarship	1	1	3	1	846	$503,633	26
1334 Scholarship	2	2	3	2	1,037	$545,990	40
1328 Scholarship	2	2	3	2	1,037	$579,990	76

The average price per square foot of these sold units is 482/SqFt, and the average days on market was 31 days.

There are two other high-rise condominium projects in the commerce area of Irvine that have also been popular with buyers.  One is named Watermarke condos and the other is Marquee Park Place.  If you would like to view all condos listed for sale in Irvine, visit our website at:  Irvine Real Estate. 

If you would like a private showing of any of the condos for sale in Avenue One, Watermarke or Marquee Park Place, please feel free to call us at: 949-388-3396 or email us at:  Info@SearchOCHomes.com  Since you found us via the Internet, we are offering a 1% rebate from the purchase price if you allow us to show you and represent you in the purchase of a brand new Avenue One condo.  This offer is valid for as long as the builder is offering new homes for sale.

Even though Irvine, CA. has some of the lowest crime rates in the USA, gated communities offer an addition layer of security as well as prestige.  There are two types of gated communities:  One is the simply automatic gated community and the other is the human guarded gated subdivision.  All Irvine CA. gated communities will incorporate an association and commensurate association dues, and human guarded gated communities will have higher dues.  Below is the list of all Condominium developments with automatic gates and human gate guarded communities, including the Area, and the year the Condo community was built: 

Community	Area	Year Built
Watermarke	Airport Area	2005
Orange Terraces	Orangetree	1979
Metropolitan	Airport Area	2005
Oak Park	Oak Creek	1999
Corte Bella	Westpark	1992
Sheridan Place	West Irvine	2000
Collage	Northwood	2000
Greystone Villas	Northwood	1998
Alborlake	Woodbridge	1977
Terra Bella	Northpark	2000
Oxford Court	University Town Center	1987
The Pointe	Turtle Rock	1986
Marquee Park Place	Airport Area	2006
Brisbane	Northpark	2000
Northwood Park	Northwood	2003
Avenue One	Airport Area	2006
The Lakes	Northwood	1978
Auburn	Northpark	2002
Monterrey	Northpark	2002
Evergreen	Northpark	2000
Serissa	Northwood	2004
Vintner’s Reserve	Northpark	2002

Below is a list of all detached home subdivisions that are gate guarded, including the area and the year the community was built:

Community	Area	Year Built
Parklane	Walnut	2002
Acacia	Oak Creek	2000
Lexington	Northwood	1997
Cambridge	Walnut	1998
Tremaine	Northwood	1997
Centennial	Walnut	1997
Bainbridge	Northwood	1997
Canyon Crest	Northwood	1979
Harvard Square	Walnut	2000
Windstream	Northwood	1981
Cypress	Oak Creek	1999
Fairmont	Northwood	1997
Canyon Creek	Northwood	1979
Kenwood	Oak Creek	1999
Silverado	Northwood	1996
San Simeon	Northwood	2001
Saratoga	Northwood	1999
Bella Rosa	Northwood	2005
Ashford Place	Oak Creek	1999
Corte Bella Villas	Westpark	2000
Chantory	Turtle Ridge	2004
Kelsey Lane	Oak Creek	2000
Georgetown	Northwood	2000
Arborel	Turtle Rock	2003
Santa Venetia	Northwood	2002
Sonoma	Northwood	2000
Rutherford	Northwood	2003
Mendocino North	Northwood	2000
Miramar	Northwood	2001
Oakhurst	Northwood	1996
Courtside	Northwood	1985
Cristal	Northwood	1997
Mayfield	Northwood	1997
La Cima	Turtle Ridge	2007
Brentwood	Northpark	2001
Cricket Club	Oak Creek	2001
Shady Canyon Custom	Turtle Rock	2006
Amberhill	Turtle Ridge	2005
Ledges	Turtle Ridge	2006
Turtle Rock Estates	Turtle Rock	1993
Concordia East	Turtle Rock	1996

Typically, homes in gate guarded command a higher price compared to homes that aren't.  Currently there are 120 detached homes listed for sale in Irvine that are in gate guarded communities and the median asking price of these homes is $1,495,000.  Compared to 225 detached homes listed for sale that are not located in a gate guarded community, and the median price of these 225 homes is $834,900. 

For Condos, the price differential is not as drastic.  Currently, there are 109 condos listed for sale that are located in gate guarded communities and the median asking price is $714,900.  As compared to 304 Condos listed for sale that are not located in a gate guarded community and the median price of these 304 condos is $615,000.

If you would like to view any home or condo for sale in Irvine, visit our website at:  Irvine Real Estate.  If you would like to see any home for sale in a gate gaurded community, feel free to call us at 949-388-3396.

Although the real estate market in Irvine, CA. has slowed down substantially from last year, market values continue to hold.  In April of this year we reported that there were 330 detached homes listed for sale in Irvine, with a Median price of  $999,900 and  an average days on market of 40 days.  Today, there are 543 detached homes listed for sale with a median price of  $940,000.

The lowest priced detached home for sale is a 2 bedroom, 2 bath, 950 Square foot patio home on Orchard street and is priced at $499,098.   The most expensive home currently for sale in Irvine is a 8 bedroom, 13 bath, 16,800 Square Foot estate priced at $17,900,000 on Needlet Grass street in the Shady Canyon tract of Turtle Ridge.

There are 92 homes currently under contract (Pending in escrow) in Irvine.  The median price of these Pending homes is $839,000.  The lowest price home In Escrow is a 2 bedroom, 1 bath, 900 square foot patio home on Tangerine street.  The most expensive home in escrow currently in Irvine, is a 5 bedroom, 5.5 bath, 5,699 square foot estate priced at $3,465,000 on Starview street, in the La Cima tract of Turtle Ridge.

For the past 90 days in 2006', there were 261 detached homes that sold and closed escrow in Irvine.  The median price for these sold homes was $875,000 and the average price was $954,989.  The average price per square foot was $426/SqFt and the average days on market was 50 days.  Comparing this to our our report in April of this year, the  median price for the first 3 months of this year was $812,400 and average price per square foot was  $442/SqFt.  This illustrates that home sales prices have held steady for this year and essentially have not dropped.  

For attached condominium in Irvine, there are currently 607 Condos listed for sale and the Median price is $649,900. The lowest priced Condominium is 1 bedroom, 1 bath, 475 Square Feet for $249,900 in the Irvine Springs tract on Streamwood street.    The most expensive condo is a 3 bedroom, 3.5 bath, 4,290 Square Foot Condo with Bay View located in the Plaza Irvine high rise on Scholarship street, and is priced at $3,775,500, that is scheduled for completion in 2007'  

Today, there are 98 Condos Pending in escrow in Irvine.  The median price for the  Pending Condos is $550,000. The least expensive condominium sold in escrow is 1 bath studio with 475 square feet in the Irvine Springs tract on Streamwood street.  The most expensive condo in escrow currently in Irvine, is a Penthouse condo with 3 bedrooms, 3.5 baths, 2,520 square feet located in the Plaza Irvine high rise on Scholarship street for $2,562,500 and is scheduled to be completed in 2007'.

For the past 90 days, there were 268  Condos that sold and closed escrow in Irvine.  The median priced Condo was $576,500. The lowest priced condo that sold and closed escrow during this time period was a 1 bedroom, 1 bath, 475 square foot condo in the Irvine Springs tract on Streamwood.  The highest priced condominium sold in Irvine in the past 90 days was a 3 bedroom, 3.5 bath, 2,930 square foot townhome with panoramic views and 3 car garage in Turtle Ridge.

To view all Homes and Condos for sale in Irvine, visit our website at:  Irvine Real Estate

Manhattan comes to the OC in Irvine's hot new high-rise residential condominium development called Marquee at Park Place.  This one of a kind 18 story twin tower condo  high rise is sleek and modern,  and is built of steel and glass.  Marquee at Park Place was constructed by Bosa development company, and construction began in 2003 and was just recently completed. Marquee Park Place is located at the northeast corner of Jamboree Road and Campus Drive, close to the 405 Freeway.    This is the first phase of a master planned multi-use community, and when completed, Park Place will contain over 4 million square feet of commercial/residential/entertainment development, making it one of the largest, most exciting properties in Orange County

The residential twin towers contain a total of 228 upscale Condo units. This fine development consists 8 elegantly appointed floor plans listed below: 

• Plan A - Level 3 - 16 - 2 Bdrm, 2 Bath, 1,520 SqFt
• Plan B - Level 3 - 16 - 2 Bdrm, 2 Bath, 1,275 - 1,293 SqFt
• Plan C - Level 3 - 16 - 2 Bdrm + Den, 2 Bath, 1,374 - 1,367 SqFt
• Pan D - Level 4 - 16 - 2 Bdrm + Den, 2 Bath, 1,492 - 1,583 SqFt
• Plan E - Level 13 - 16 - 2 Bdrm + Den, 2.5 Bath, 2,063 SqFt
• Plan F - Level 17 - 18 - 2 Bdrm + Den, 2 Bath, 2,062 SqFt
• Plan G - Level 17 - 18 - 2 Bdrm + Den, 2 Bath, 1,984 SqFt
• Plan H - Level 17 - 18 - 2 Bdrm + Den, 2 Bath, 1,980 SqFt

Some of many features offered in these luxury Condominiums are:  high ceilings, full-height windows framing expansive wall-to-wall views, cozy gas fireplaces and spacious entertainment-size balconies and decks, quality wood cabinetry with granite counter tops in kitchen, stainless appliances, Kohler fixtures, separate oval tub/shower in Master Suite, rich flooring in hardwood, limestone, marble or Berber loop carpet, and much  more.

Marquee Park Place is a city within the city of Irvine, with extensive amenities such as:  Resort style motor court entrance, 24 hour guard gate, 24 hour concierge service, on-site management, meeting rooms, billiard room, fitness center, men's and women's changing rooms, pool, spa, playground, BBQ area.  The HOA dues pay for all utilities except electricity, and the HOA dues run from $1,000 to $1,200 per month.

Educational adventures of all types await at the University of California campus at Irvine (UCI).  For international travel, John Wayne Airport is only minutes away.  Plenty of shopping and dining experiences abound at the Irvine Spectrum Center, South Coast Plaza, Fashion Island at Newport Beach, and some of the finest beaches in the country are located at Newport Beach, Laguna Beach and Huntington Beach.

View all Marquee Park Place Condos for Sale

Technorati Tags: Real Estate, Orange County, Condos, Irvine

Currently, there are 330 detached homes listed for sale in Irvine.  The Median price of these homes is $999,900, with an average days on market of 40 days.   The lowest priced detached home for sale is a 2 bedroom, 1 bath, 900 Square foot Condo patio home built in 1977 and is priced at $525,000.   The most expensive home currently for sale in Irvine is a 6 bedroom, 6.5 bath, 10,964 Square Foot estate priced at $12,900,000 in Turtle Rock.

There are 129 homes currently Pending in escrow in Irvine.  The median price of these Pending homes is $959,000 and the average price is $1,050,000 and the average price per square foot is $460/SqFt.  The average days on market is 48 days.

For the first quarter of 2006' (January, February, March), there were 214 detached homes that sold and closed escrow in Irvine.  The median priced home was $812,400 and the average price of sold detached homes during this quarter was $961,310.  The average price per square foot was $442/SqFt, and the average days on market was 44 days.  Let's compare this to the first quarter of last year (2005').  There were 298 detached homes that sold and closed 1 year ago, and the Median home price was $745,000. Compared to today's value of $961,310, this represents a yearly appreciation rate of 29%.

For attached homes in Irvine, there are currently 391 Condos listed for sale and the Median price is $625,000. The lowest priced Condo is a Studio unit with 1 bath and 475 Square Feet for $269,900, and the most expensive is a 2 bedroom, 2.5 bath, 2,068 Square Foot Townhome priced at 2,750,000 located in the new community of Marquee Park Place.

Today, there are 155 Condos Pending in escrow in Irvine.  The median price for the  Pending Condos is $685,000 and the average price is $620,000.  The average price per square foot is $435/SqFt, and the average days on market is 42 days.

For the first quarter of 2006', there were 264 Condos that sold and closed escrow in Irvine.  The median priced Condo was $555,000 and the average price of sold Condos and Townhomes during this quarter was $547,828.  The average price per square foot was $433/SqFt, and the average days on market was 48 days.  For last year at this time, there were 347 Condos that sold and closed escrow, and the Median home price was $505,000. Compared to today's value of $55,000, represents a yearly appreciation rate of 10%.

To view all Homes and Condos for sale in Irvine, visit our website at:  Irvine Real Estate

Buying a Condo in Irvine CA. to be used as UCI student housing can be a great alternative to renting if done correctly.... Here's how the numbers can work.

A typical 1 bedroom rental apartment on UCI campus land will cost around $1,000 per month and will be about 600 square feet in size with a kitchen and bathroom.  This $1,000 monthly expense is usually not Tax deductible and after 4 years of College education, you'll have nothing to show for it. 

As an alternative, one (assuming the parents) can purchase a 2 bedroom Condo in Irvine within a 15 minute (or less) drive to UCI.  There are currently 4 Condos for sale in Irvine ranging in price from $355,000 on up to $400,000, that have 2 bedrooms, 1 bath with about 900 square feet of living area.

Let's use a nominal figure of  $400,000 for this example as the purchase price. The parents invest a down payment of 20%, leaving a loan amount of $320,000.  There are many loan options today, but let's assume a fixed interest rate of 6% amortized over 30 years, which yields a principal and interest payment of $1,919 per month. The Taxes are an additional $383 per month (No Mello-Roos) and the association dues are nominally $250 per month. The fire insurance is built into the association dues.

Adding up all of these monthly expenses, yields a total monthly cost of $2,552 per month.  The next step in this example is to rent the extra bedroom to another student and have the parents of that student sign on the yearly lease. One can easily rent this 1  bedroom for $750 per month which is $250 less than on Campus housing due to the fact that the rental Condo is off Campus and the bathroom is shared.  Subtracting the $750 income minus the $2,522 expense, yields a net monthly cost of $1,802.  Now the typical family putting their sibling through college at UCI is probably in the 35% Federal Tax bracket and let's assume another 5% in State Taxes (in California, this would 10%... Texas would be zero).  This results in an approximate $750 per month Tax Deduction. Subtracting this $750 Tax Deduction from the actual net expense of $1,802, yields an effective $1,082 monthly cost for your College student.  Compare this to the $1,000 per month student rental cost, and the effective after Tax deduction monthly expense is essentially zero, assuming you rent the extra bedroom to another student. 

There's more.  Let's assume a very conservative 3% per year rate of appreciation for real estate for the next 4 years.  Using the $400,000 initial purchase price, and after 4 years of College, your 2 bedroom Condo is now worth $450,204.  Now you can keep this Condo and continue to rent to College students or you can sell it using a 1031 Tax exchange in order to avoid Taxes on your capital gains, and buy another rental home in some other City or State.

The results above could be slightly improved if one purchases a 3 bedroom, 2 bath Condo and rented out 2 bedrooms to 2 other students. Or, if one uses a lower interest payment loan such as a 5 year lower fixed interest rate, which then rolls into an adjustable rate loan after 5 years, with the assumption that the Condo would be sold after 4 years of College.

To view all Irvine Condos for Sale, visit our website at Irvine Real Estate. If you would like to discuss this program in further detail, please feel free to call Vincent Bindi at 949-388-3396.