Monday, May 6, 2013

Irvine Housing Blog

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The Price of Being Special

Posted: 06 May 2013 05:00 AM PDT

Do you want to make $489,900 in a month? You don't have to be an engineer, or a doctor, or an investment banker, or the President of United States for that! Just buy in Woodbridge and relist it within a month! Rumor has it that the plume is so strong around Irvine, a suitcase buyer will walk in and say "I will take it," without taking his sunglasses off.  Four years ago, the real estate bears were busy forecasting the lows we would hit. Two years ago, some of them retracted their statements, and accepted that Irvine is special. But just how special is Irvine? So special that you can flip for close to half a million dollars within a month?

23 Eastlake Irvine, CA 92604

You think $500/ SF is too much to pay for a 1980's one of kind beauty near the lake?
Think again. 23 Eastlake sounds like a bargain when you compare it with 71 Nighthawk at $578/SF.

Even as The Irvine Company debuts new communities (the latest entrant being Cypress Village homes) and continues to build more, the prices continue to climb. What is so special about Irvine?  The first thought is schools, but for anyone willing to pay $489,900 price increase for a property, private school shouldn't be an issue. Irvine police are the best in the country (going by our safe city records), but really, you can hire your own security at that rate.  Why?

I think the rightful people to answer that question are those visiting open houses, those writing offers, those willing to pay. I should start interviewing those people, and make a documentary called "Special Irvine". A few months ago I said it's a recovery, and then I questioned if it was a bubble. At this point, the bubble is inflated so bad, all it needs is a poke from a little needle to burst. Where will that poke come from? Nobody knows for sure. For now, we will continue our shock and awe at the listing prices, and be amazed that someone actually outbid another one to buy that property.

The cheapest on the market today:

705 Maplewood, Irvine CA 92618
Listing Price: $250,000
Beds/ Bath: 1 Bed/ 2 baths
Area: 870 SF
Price/SF: $287/SF

The most expensive:

50 Blue Heron, Irvine CA 92603

Listing Price: $16,750,000
Beds/Bath: 8 Beds/ 9.5 baths
Area: 11000 SF
Price/ SF: $1523

And the most popular!

39 Moonstone, Irvine CA 92602

Listing Price: $539,000
Beds/ bath: 3 Beds/ 2.5 baths
Area: 1500 SF
Price/ SF: $359

What are your thoughts about Irvine Real Estate? Will you buy a newer Irvine house or settle for an older one with better schools? Share your thoughts at Talk Irvine.


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