Posted: 19 Nov 2012 04:00 AM PST
271 homes for sale as of Sunday, November 16th , and briefly the inventory touched 266 mid-week. What does that mean to the listing prices? How much are the beige boxes worth under the redefined market conditions? Are we past the bottom of housing depression in Irvine?
Here is a listing at $458/SF in Northwood.
Listing Price: $550,000
Did these houses always command a premier price? Here is a six year sales history:
194 Garden Gate Ln $488/SF
47 Middlebury Ln $392/SF
54 Paisley $424/SF
136 Trellis $363/SF
53 Middlebury $433/SF
162 Trellis Ln $377/SF
206 Garden Gate Ln $400/SF
During the peak of 2006 Kool Aid era, these properties hit a high of $529/SF, and managed to hold on around $400/SF when rest of the Irvine collapsed. But in 2011 wasn’t so kind, introduced the homes to the $350/SF range. The trend continued in 2012, but thanks to low inventory, the properties seem to be inching higher towards their 2006 bubble prices.
There are 14 properties on the market with an asking price of $400+/SF in Irvine with the listing price range of $500,000 to $750,000. Out of 8 properties listed for sale, 3 properties are listed at a price of $400+/SF in the zip code 92602. Median price/SF this month is $370/SF, up from $362/SF six months ago, and $330/SF a year ago.
In 1998, this property sold for $186,500.
In 1998, gold was $300/oz.
In 1998, Dow was around 9000.
What do you think?
Comment below, or discuss at Talk Irvine.
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