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Irvine Real Estate Market Update

by vbindi on February 2, 2012

This Market Update is for all Condominiums currently active for sale and units that have sold in the recent past for the City of Irvine . This market report is brought to you by the professional realtors at eVantage Real Estate here in Orange County, CA. Currently there are 266 attached condos listed for sale, and these units have median price of $419,000 and an average price per square foot of $304 . These condominiums range in price from a low of $130,000 for a unit comprising of 1 bedroom, 1 bath, and 475 square feet, that is situated in the Irvine Springs Tract. Up to a maximum price of $782,697 for a roomy condo consisting of 4 bedrooms, 4 baths, with 2,632 square feet found in the La Casella Subdivision.

There are 242 Condo units now pending in escrow in Irvine , that have a median price of $375,000 . These units range in price from $119,000 for a 0 bedroom, 1 bath, 471 square foot condominium, situated in the Irvine Springs Subdivision. On up to a high price of $925,000 for a fine condo comprised of 2 bedrooms, and 3 baths, with 1,930 square feet, located in the The Plaza Subdivision.

For attached Condos Sold in the past 3 Months, there were 191 such units that succesfully closed escrow in Irvine , California. The median price of these attached units was $390,000 with an average price per square foot of $291 . These sold condominiums ranged in price from a low of $119,000 for a 0 bedroom, 1 bath, 465 square foot unit found in the Irvine Springs condo Tract. The maximum priced sold condo was $1,380,000 for a nice unit comprised of 3 bedrooms, 4 baths, and 2,390 square feet found in the The Plaza Tract.

For more info about condominiums for sale in Irvine , please feel free to contact us at: (949) 388-3396, or email us at: Info@eVantageRE.com . Of visit our Irvine Condos for Sale Website.

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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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Irvine Bank Owned Homes for Sale

by vbindi on September 2, 2009

We have compiled an exclusive list of all Bank Foreclosed homes currently listed for sale in Irvine, CA.  These Bank Owned REO properties consist of attached Condos and detached single family homes ranging in price from $222,000 up to $1,719,900.  Our team at REOBenefit has a proven track record of success in getting great buying value for our clients with a high rate of closing success.  If you would like more information on any of the homes listed below, or if you want to see the inside of any of these Irvine REO homes for sale, please feel free to call us at:  (949) 388-3396 or drop us an email at:   Info@BankHomesMLS.com

If you would like more details on the properties listed below, simply click on the Address Hyperlink shown below.  Click on the following link if you want to search for any homes listed for sale in Irvine.

TypeAddressBdBaSqFtPrice
Condo 2105 Apricot Dr 2105  , Irvine 22910$222,000
Condo 162 Greenfield  , Irvine 321,267$333,900
Condo 38 Hollowglen 25  , Irvine 221,125$350,000
Condo 2210 Scholarship  , Irvine 11868$359,000
Condo 8 Sunstream  , Irvine 221,100$429,000
SFR 19 Amoret Dr  , Irvine 431,900$589,050
SFR 5232 Skinner  , Irvine 432,300$649,900
SFR 21 Orangetip  , Irvine 432,300$729,900
SFR 12 Rutherford  , Irvine 332,200$830,000
Condo 3141 Michelson Dr 1504  , Irvine 232,063$839,800
SFR 52 Crimson Rose  , Irvine 342,651$1,125,000
SFR 35 Hidden Trl  , Irvine 453,675$1,719,900

Irvine Short Sale Statistics

by vbindi on July 14, 2009

Our Company, the ShortSalesASAP group, has complied Short Sale statistics for the city of Irvine.  Currently there are 321 Condos currently Active for Sale in Irvine, and 105 of these listing are Short Sales, representing about 1/3 of the available inventory.  These Short Sale listings range in price from $130,000 for a 1 bedroom, 1 bath on up to $1,499,000 for a 3 bedroom, 4 bath, 2,677 square foot high rise condo.  The median price for these short sale condos is $415,000.

For condos under contract, there are 225 total condominiums that are Pending or Backup in escrow.  Of these,  116 are Shorts Sales in Escrow, which represent nearly 1/2 of the Pending inventory.   These Short sale condos range in price from $130,000 for 1 bedroom, 1 bath,  up to $1,575,000 for 3 bedroom, 4 bath, 2,685 high rise condo in Irvine.

In the past 90 days, there have been 270 Condos total that have sold and closed escrow in Irvine, CA.   Of this total, 45 were Short Sale condominium closings which represents approximately 17 percent of the closings in the past 3 months.   These closed units range in price fro $232,000 for a 1 bedroom, 1 bath unit on Alicante Aisle, up to $700,000 for a 2 bedroom, 2 bath, 1,674 square foot condo on Scholarship drive.  The median priced short sale condo sold in Irvine in the past 90 days was $375,000

Today, there are a total of 277 detached homes currently Active for sale in Irvine.  Of this total, 38 are Short Sale listings which represents jsut 14% of the total inventory of homes for sale in Irvine.  These detached SFR short sale homes for sale range in price from $399,900 for a 2 bedroom, 2 bath home in the Vista Filare tract, up to $4,080,000 for a 5 bedroom, 6 bath, 8,700 square foot estate in the Turtle Rock community.

For SFR homes under contract, there are a total of  171 currently in Escrow..  Of this total, 63 are Short Sale listings pending in Escrow which represent 37% of the total Pending inventory.  These short sale homes in Escrow range in price from $290,000 for a 2 bedroom, 2 bath condo in the Bowen Court tract, on up to $1,800,000 for a 5 bedroom, 5 bath, 4,75 estate in the Vicara community.

In the past 3 months, there are a grand total of 275 detached homes that have sold and closed in Irvine.  Of this amount, 44 are Short Sale homes that have sold which represent 16% of the total closing inventory for Irvine in the past 90 days.  These detached homes range in price from $365,000 for a 2 bedroom, 2 bath, 1,133 square foot home in Orangetree community, up to $1,780,000 for a 5 bedroom, 6 bath, 4,33 square foot estate in the Amberhill subdivision of Irvine.  The median price of these short sale homes that have sold in the past 90 days is $675,000.

Our Company, the ShortSalesASAp group, specializes in Short Sale negotiations, marketing and sales in Irvine and surrounding communtites.   We have over a 94% closing rate success.  We maintain an ongoing retainer with a California Attorney who specializes in Short Sale contractual issues.  Our services are free to our clients for we negotiate our fee with the mortgage banks, and we also pay for our own Lawyer fee’s, so there are no out of pocket costs to our clients.  For more inforamtion about short sales in Irvine, please feel free to contact us at:  (949) 388-3396, or visit our website:  Irvine Short Sale Services,  or email us at:  Info@ShortSalesASAP.com

3000 the Plaza Condominiums – Irvine

by vbindi on June 23, 2009

3000 The Plaza and The Plaza Irvine (5000 & 8000) are one of the most exclusive high rise condominium towers in Irvine, CA.  These luxurious high rise towers are located at the corner of  Scholarship and Jamboree,  west of the 405  Frwy.

3000 The Plaza is a 15 story high rise single tower with a rooftop swimming pool,  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 bdrm, 2 baths, 1,370 SqFt (floors 1 – 5)
  • Residence B: 2 bdrms plus Den, 2 baths, 1,445 SqFt (floors 1 – 5)
  • Residence C: 2 bdrms plus Den, 2.5 baths, 1,935 SqFt (floors 1 – 5)
  • Residence C-1: 2 bdrms plus Den, 2 baths, 1,865 SqFt (floors 1 – 5)
  • Residence D: 2 bdrms plus Den, 2.5 baths, 1,715 SqFt (floors 6 – 11)
  • Residence E: 3 bdrms plus Den, 3.5 baths, 2,390 SqFt (floors 6 – 11)
  • Residence F: 2 bdrms plus Den, 2.5 baths, 2,390 SqFt (floors 6 – 11)
  • Penthouse 1: 2 bdrms plus Den, 2.5 baths, 1,660 SqFt (top floor)
  • Penthouse 2: 2 bdrms, 2.5 baths, 2 Story, 2,300 SqFt (top floor)
  • Penthouse 3: 2 bdrms, 2.5 baths, 2 Story, 2,330 SqFt (top floor)
  • Penthouse 4: 3 bdrms + Den, 3.5 baths, 2 Story, 2,485 SqFt (top flr)
  • Penthouse 5: 3 bdrms + Den, 3.5 baths, 2 Story, 3,025 SqFt (top flr)

3000 The Plaza offers resort-like amenities such as:  day and nighe lobby attendant, gated underground parking spaces,  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.

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.

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.

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

Avenue One Condos – Irvine

by vbindi on June 22, 2009

The Avenue One condo community was built in 2006′ by by K Hovanian.   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 is located close to world class shopping, night clubs, museums, theaters, fine dining, UCI and the beach.

Avenue One comprises of two condo buildings, 2 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

These fine condo units boast of natural granite kitchen and bathroom counter tops, modern two panel interior doors,  dual glazed energy efficient windows, and much more.

The association offers resort like amenities such as:  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 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.

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, please feel free to call us at: 949-388-3396 or email us at: Info@SearchOCHomes.com

Quail Hill Homes – Irvine, CA

by vbindi on June 20, 2009

Quail Hill Irvine is a popular community within the city of  Irvine, Ca. located is the southwest section of Hwy 405 and Laguna Frwy.  This beautiful community comprises a wide variety of options from stately detached homes to garden courtyard condos. Construction of homes started in 2002 in this popular community and continues to this day.  Quail Hill comprises if 14 distinctive single family home and attached condominium tracts which are listed below:  

Tract Name Type Builder
AmbridgeCondosWm Lyon
CasalonCondosJohn Laing Homes
ChantillyDetached HomesWarmington
Ivy WreathCondosD.R. Horton
JasmineCondosShea Homes
Laurel Quail HillDetached HomesWm Lyon Homes
LindenDetached HomesWm Lyon Homes
OlivosDetached HomesCalifornia Pacific Homes
SageDetached HomesCalifornia Pacific
SandalwoodCondosStandard Pacific
SiennaDetached HomesStandard Pacific
SolticeDetached HomesPulte Homes
TapestryDetached HomesFieldstone
VicaraDetached HomesRichmond American

 

There are currently 14 Condos Active for sale in Quail Hill ranging in price from $399,900 for a 2 bedroom, 2 bath unit with 1,099 square feet, on up to a 4 bedroom, 3 bath, 1,900 Square Foot Condo for $750,000. The median price is $540,000 and the average days on market is 154 days.

There are 18 detached homes currently for sale in Quail Hill, Irvine. These homes range in price from $503,000 for a 2 bedroom, 2.5 bath, 1,030 Square Foot detached home, to a maximum of $2,695,000 for a 4 bedroom, 6 bath, 4,820 Square foot estate. The median price is $1,275,000 and the average days on market is 82 days, and the average price per square foot is $472/SqFt.

In the past 90 days, there were 9 condos that sold and closed escrow in Quail Hill. The minimum priced condominium sold was $430,000 for a 2 bedroom, 2.5 bath, 1,387 square foot condo, on up to $705,000 for a 4 bedroom, 3 bath, 2,014 square foot condominium.  The average days on market was 62 days, and the average price per square foot was $345/SqFt.   

In the past 3 months, there were 19 detached homes that have sold and closed escrow in Quail Hill, Irvine. These sold homes ranged in price from $450,000 for a 2 bedroom, 2.5 bath 1,145 Square Foot home, on up to $1,500,000 for a 4 bedroom, 3.5 bath, 4,150 square foot estate.  The average days on market was 64 days, and the average price per square foot was $394/SqFt. 

Quail Hill in Irvine is serviced by the respected Irvine Unified School district. The local elementary schools servicing the area are Alderwood at Quail Hill and Oak Creek. The middle school is Rancho San Joaquin, and the upper grades are serviced by University High School. Quail Hill has Mello Roos tax that ranges from about $1,400 to $3,100 per year dependent upon the home type and location.

If you would like to view all Condos or detached Homes listed for sale in Irvine, please visit our website at: Irvine Real Estate

Real Estate for Sale in WestPark, Irvine

by vbindi on June 20, 2009

West Park Homes for Sale, Irvine

The homes in the West Park area of Irvine have been been popular since this community began. With easy freeway access to both Highway 5 and the 405 Freeway, excellant public schools, close proximity to University of California Irvine (UCI), numerous public parks and beautiful home and condo subdivisions, make this a very desirable community. Home construction began on 1969 and has continued for the past 3 decades with the last home being built in 1997.

There are currently 31 homes for sale in Westpark in Irvine. They range in price from $225,000 for a 1 bedroom, 1 bath, 639 square foot condo built in 1989, on up to $1,185,000 for a 5 bedroom, 4 bath, 3,450 square foot home.  The median price is $489,000, with the average price per square foot is $369/SqFt and the average days on marker is 96 days.

Currently, there are 27 homes and condos Pending in escrow in the West Park area of Irvine. These homes range in price from $239,000 for a 1 bedroom, 1 bath 850 square foot condo in the Tiempo tract, on up to $725,000 for a 4 bedroom, 3 bath , 2,130 square foot detached home built in 1997 in the Promenade tract.

In the past 30 days, there were 14 homes and condos that sold and closed escrow in West park in Irvine. These homes ranged in price from $373,000 for a 2 bedroom, 2 bath, 1,186 square foot condo built in 1996 in the Brio tract. The highest price was $917,000 for a 5 bedroom, 3.5 baths 2,801 square foot home built in 1989 in the Sorrento tract.

West Park is located in the prestigious Irvine Unified School District. The homes in this community are serviced by three Elementary schools which are Plaza Vista elementary, Culverdale elementary and Westpark elementary. The Intermediary school is Southlake Middle school and the High School is Woodbridge. West Park is located in central Irvine, and is bordered by the 405 Freeway, Jamboree, Culver and Irvine Center Dr.

To view all home for sale in Irvine, visit our website at Irvine Real Estate.

Irvine Short Sale – Case Study #63

by vbindi on March 24, 2009

SUBJECT PROPERTY: This successful short sale was completed for a single family home in Irvine, CA.   It was 4 bedroom home with 2,080 square feet of living area.  This home was sold and closed escrow  in January, 2009,  via a Short Sale by  ShortSalesASAP. This detached house was  purchased by the homeowner in February of 2002′  for $405,000.  The owner then refinanced and also obtained a Equity Line of Credit loan (HELOC) in 2nd position with a total new loan balance of approximately $650,000 in 2005′ .    The 1st Mortgage was Virtual Bank with an adjustable rate mortgage with a balance of  $508,000, and the 2nd HELOC loan was with WAMU, which was an interest only loan with a balance of about $142,000.

FINANCIAL NUMBERS: Due to the dramatic drop in real estate prices that has hit southern California, including Irvine, this home has dropped in value by more then 32% since the refinance in late 2005′.   The homeowner had a financial hardship and was having trouble keeping up with their mortgage payments, so they investigated a Loan Modification.  They could not qualify for one, for the debt to income ratio was to low.    Also, the loan modification did not address the fact that the home had loan debts and other liens that were more then $50,000 more then the home was worth. They contacted us in July of 2008′ to learn about the Short Sale option, and selected us to conduct the short sale.

PREPARATION PHASE I: This Irvine home was initially put in our Short Sale Preparation Phase.  In this phase, we gather the documents from the homeowner and contact the banks to establish and present our short sale case. This Preparation Phase took about 4 weeks to complete, and during that time the homeowner lived in the property as usual with no interruptions from other agents or prospective home buyers.

SALES AND MARKETING PHASE: The Short Sale Marketing-Sales Phase is where we placed the property on the market in the Multiple Listing Service (MLS) at a price of $625,000.  After a period of about 4 weeks, we obtained a buyer. After several counter offers,  we obtained a purchase price of $615,000.  This Phase took 4 weeks to complete.

BANK NEGOTIATIONS PHASE: The Short Sale Bank Negotiations Phase began after we obtain the signed offer from the Buyer.  Here we packaged the purchase offer from the Buyer, with required Short Sale disclosures, along with the Buyers loan qualification documents. We submit the updated package to the 1st and 2nd mortgage banks, to conduct the final short sale negotiations. After some tough negotiations  with our expert short sale Realtor team, our attorney and the bank officials, we got both the 1st and 2nd Mortgage Banks to agree to the short sale offer. Once we received the bank short sale approval letters, we moved forward with the buyers closing through escrow. The last Phase was completed in about 3 weeks.

CONCLUSION: The result was that the entire debt on the home was removed from the homeowner. The homeowner was able to live in their home during this short sale process and did not make any mortgage payments payments. They were also able to rent a comparable home for substantially less then what their payments used to be. In addition, the homeowners credit was not as damaged as it would have been if the banks had foreclosed. They are now working with our credit restoration affiliate and their credit rating should be repaired to a level where they should be able to once again buy a home in Irvine by the end of 2009′ .

ShortSaleASAP is licensed with the California Department of Real Estate, and our services are free to the homeowner, for we are paid by the mortgage bank(s).  If you have any questions regarding Short Sales, contact our team of  experts  at: (949) 388-3396 or drop us an email at: Info@ShortSalesASAP.com