Price Reductions in Irvine’s Mixed-Use Neighborhood, the IBC

Foreclosures and short sales have occurred in the largest quantities in two circumstances: low-cost area with a lot of subprime loans and newer areas that have a lot of homes bought by investors. The IBC with its many investors that were looking to flip the homes that they bought in the IBC for a quick profit fits into the latter category. A look at how prices have fallen will give an idea of what has occurred in the IBC housing market.

Following are some recent IBC housing prices. When comparing home value in this area, be sure to include the HOA fees as part of your calculation.

2106 Scholarship, Irvine 92612 (Avenue One)
What: 2006 condo, 1 bed/1 bath, 738 SF
Asking Price: $269,900 ($336/SF)

Price Reduction History:

• Feb 24, 2008-$429,900
• Mar 22, 2008-$349,900
• Apr 10, 2008-$299,900
• May 28,2008-$269,000

2426 Watermarke Place, Irivne 92612
What: 2003 condo, 2 beds/2 baths, 1122 SF
Asking Price: $469,000 ($416/SF)
Note that this condo last sold on September 16,2005 for $518,500.
This home was off the market and is now listed as active.

Price Reduction History:

• Jul 15, 2008-$489,000
• Sep 29, 2008-$469,000

3141 Michelson Drive #80, Irvine 92612 (The Marquee at Park Place)
What: 2006 condo, 2 beds/2 baths, 1367
Asking Price: $475,000 ($347/SF)
As states: foreclosure looming.

Price Reductions History:

• Dec 10, 2007-$1,000,000
• Jun 25, 2008-$549,000
• Aug 01, 2008-$499,000
• Sep17, 2008-$475,000

2253 Martin #492, Irvine 92612
What: 1994 condo, 2 beds/2 baths, 999 SF
Asking Price: $525,000 ($414/SF)
Open House: Saturday & Sunday, October 4& 5, 8 am-8pm
Note that this home last sold on June 11, 2007 for $505,000.

Price Reduction History:

• Jun 26, 2008–$600,000
• Aug 08, 2008–$575,000
• Sep 17, 2008–$525,000

5140 Scholarship #1104, Irvine 92612 (Tower 2 of The Plaza-Irvine)
What: 2007 condo, 3 beds/3 baths, 2685 SF
Asking Price: $1,898,500 ($707/SF)
No price reductions listed.

For a more complete look at what is available, see the IBC map.

PHOTO COURTESY THE CITY OF IRVINE