In a recent post, I wrote about the opening of the Diamond Jamboree Shopping and Dining Center in the Irvine Business Complex (IBC), Irvine’s evolving, mixed-use neighborhood. For both Irvine residents and those beyond that want to take advantage of the diverse shopping and dining available at the Diamond Jamboree Center, 745 parking spaces are available on the street and in a parking structure. However, a shuttle, which is currently free, is another option.
The iShuttle is available from 5:30 am to 7 pm on weekdays. Two of the three iShuttle routes originate at the Tustin train station and make stops at various IBC locations. This includes a Route A stop at the John Wayne Airport. The third route (Route C) makes a loop around the core of the IBC during midday. Other options include OCTA bus routes 53, 76 and 86.
“As market conditions continue to soften, even the builders who have already filed bankruptcy are licking their chops – anticipating what will certainly become the land buying opportunity of this generation. In preparation, they’re lining up new equity partners and waiting for the banks to sell assets. But, for a variety of reasons, the banks have been able to avoid declaring a lot of construction loans delinquent, presenting an ongoing frustration for the opportunity funds.”—John Burns Real Estate Consulting
In a recent post, I wrote that I am not going to claim that I fully understand the pros and cons of the $700 Rescue/Bailout Plan. Likewise, I am also not going to claim that I fully understand the workings of the building industry. But I find this John Burn’s statement disturbing. A statement like this is an example of why so many are outraged by the bailout or, if you prefer, rescue plan. The big guys can just declare bankruptcy and then jump back on the money wheel without much trouble. The lowly homeowner takes more of a hit. However, since the lowly and not-so-lowly homeowners are not necessarily blameless in this situation, even that is an over simplification. Greed was present at all levels. Although individual exceptions may exist, all groups that participated in this financial Ponzi scheme carry some of the blame.
Note: Warren Buffet, as shown by an appearance on Charlie Rose, is on the pro side of what some would call the $700 Billion “Rescue” Plan. Economist Chris Thornberg of Beacon Economics and a frequent guest on AirTalk is on the con side of what some would call the $700 Billion “Bailout” Plan.
In a recent post, I wrote about staycations by the pool. If you want to take your own staycation by the pool, here are some homes in Costa Mesa that would allow you to do that. These homes are in various price ranges and are located in various Costa Mesa neighborhoods. Also, both detached homes and condos are included. The current median price per square foot for detached homes and condos combined in Costa Mesa is $310.
Asking Price: $284,00 ($258 per square foot)
Where:3170 Chemin De Der Way, South Coast Metro Costa Mesa, 92626 What: 1964 condo, 3 beds/3 baths, 1100 SF Notes: assication pool, Ad states that this home is approved and can close escrow in 30 days; nearby services and amenities; Dues: $209/month
Asking Price: $349,900 ($336 per square foot) Where:2253 Republic Avenue, Southwest Costa Mesa, 92627 What: 1956 detached, 3 beds/2 baths, 1100 SF Notes: private pool, bank-owned property; nearby services and amenities; Dues: none
Asking Price: $485,000 ($400 per square foot) Where:1845 Anaheim Avenue #14, Westside Costa Mesa, 92627 What: 1963 condo, 3 beds/1,75 baths, 1212 SF Notes: association pool and spa; nearby services and amenities; Dues: $250/month
Asking Price: $699,900 ($300 per square foot) Where:2840 Andros Street, Central Costa Mesa, 92627 What: 1959 detached, 4 beds/3 baths, 2336 SF Notes: private pool; nearby services and amenities; Dues: none listed
Asking Price: $769,500 ($340 per square foot) Where:3368 Corte Levanto, South Coast Metro Costa Mesa, 92626 What: 2004 detached home, 3 beds/3 baths, 2263 SF Notes: Ad states “Beautifully landscaped back yard and patio is perfect for entertaining or for outdoor play. This small gated community is very friendly and offers a beautiful pool and spa for all residents.” nearby services and amenities; Dues: $147/month
Asking Price: $1,099,000 ($458 per square foot) Where:460 Cabrillo Street, Eastside Costa Mesa, 92627 What: 1955 detached home, 4 beds/3 baths, 2400 SF Notes: private pool and spa, with new heater, pumps, and filter; nearby services and amenities; Dues: none listed
With the opening of the 114,000 square foot Diamond Jamboree Shopping and Dining Center at the corner of Jamboree and Alton, Irvine’s IBC, which began as a light industrial area, continues its evolution into a mixed-use, live-work-play neighborhood. Diamond Jamboree center is Asian-themed but has diverse appeal. The center opened recently with various retail, restaurants, and cafes as well as a bakery, a beauty spa, the H-Mart Supermarket (a Whole Foods-type market), some banks, and a video and mail center. In November, more shops are scheduled to open.
The center is a good match for Irvine for various reasons: First, with Irvine’s emphasizes on cultural diversity, the center will appeal to the many different groups that live in Irvine. (Today’s annual Irvine Global Festival is an example of Irvine’s emphasis on diversity.) Second, the Diamond Jamboree Center, with its mix of cafes, restaurants, salon and retail, offers the IBC residents unique shopping, entertainment and work options in this evolving live-work-play neighborhood. Third, the center offers convenient shopping, dining and entertainment options for the over 35% of Irvine’s residents that are Asian or Pacific Islander.
I am not about to claim that I understand the eventual fallout of the $700 billion Bailout/Rescue Plan that just passed in the House and, earlier in the week, in the Senate (take your choice on whether you think bailout or rescue is more accurate). As others have said, I have mixed feeling about the bailout/rescue plan. My gut reaction is let the banks take the loss. But I know that the world, including the economic world, is more interconnected than that, and a bad outcome for some financial institutions will not necessarily be confined to those institutions.
Unfortunately, without the bailout/rescue plan, a loss of jobs is a possibility. For example, small as well as large businesses are having trouble borrowing the short-term loans that businesses have commonly used, at least up to now, to pay immediate expenses such as payrolls. (Business income can be meager at certain times and boom the next week. Companies use these short-term loans to pay immediate expenses.)
Even the state of California is having trouble borrowing the money needed to stay afloat. As Bill Lockyer, State Treasurer, stated earlier this week, the state is in jeopardy of running out of money by the end of the month. California usually borrows money at this time of year to cover the state budget then pays this short-term loan back in the spring when taxes are collected. But guess what? This time the banks are not willing to lend.
How all this works out we will have to see. But even with the $700 billion cash infusion into the financial institutions there is no guarantee that the banks will use this money to make new loans. They might decide that they need to keep it in reserves instead of use it to make loans in the current risky market.
Next week: An example of why so many are outraged by the bailout/rescue plan.
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.
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.
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.
Note: The following numbers are from Redfin’s Irvine “Overview of Homes for Sale” page. This page includes the Irvine inventory and pricing numbers as well as the associated charts and graphs. So if you would like to see the charts and graphs, click on the above mentioned overview page link.
Following are the 2008 detached home statistics for Irvine. For months the Irvine housing numbers, with some slight variations, have been telling the same story. In short, the Irvine housing market was in a holding pattern. As shown in yesterday’s post, Irvine condo housing numbers are still telling the same holding-pattern story. However, the numbers for detached homes in Irvine are telling a different story. As shown by the Median-Sold-Price and Median-List-Sales-Price/Square-Foot numbers provided below, the detached numbers tell of a housing market with price reductions.If these numbers hold in the coming month, this month’s housing numbers in Irvine might turn out to be a bellwether for things to come.
Median List Sales Price: On September 17, 2008: $895K
On August 29, 2008: $889K
On July 20, 2008: $939,431 (Source: Altos Research)
Median Sold Price*:
On September 17, 2008: $683K
On August 29, 2008: $705K
Median List Sales Price/Square Foot:
On September 17, 2008: $385
On August 29, 2008: $388
Median Sold Price/Square Foot*:
On September 17, 2008: $338
On August 29, 2008: $351
Median Days on Market*: On September 17, 2008: 84
On August 29, 2008: 85
Number of Homes on the Market (Inventory)*:
On September 17, 2008: 423 (11 are bank-owned; 17 are for sale by owner)
On August 29, 2008: 436
% Homes with Price Reductions/Median # Reductions/Median Total % Reduction*:
On September 17, 2008: 46.3%/2/5.8%
On August 29, 2008: 46.2%/2/6.2%
Market Action Index (Source: Altos Research):
On September 14, 2008: 17.33
On August 24, 2008: 17.28
On July 20, 2008: 17.00 Note: The Altos Market Action Index shows the balance between potential buyers and sellers, in other words,
the balance between supply and demand. Above 30 is a sellers’ market; below 30 is a buyers’ market. Also note that Altos numbers are for detached homes only (condos are not included) and that the Altos median sales price and median price per square foot is for the list price not the sold price.
*Based on homes sold or taken off market in the last 90 days. These include MSL-listed, for-sale-by-owner, and bank-foreclosure homes.
Also,according to DQ News, in August 2008, the combined number of condo and detached Irvine homes that sold was 197. And, according to DQNews, the August median sales price in Irvine was $591,000, down 16.64% from the August 2007 price of $709,000.
And, finally, Refin’s median numbers for all Irvine homes sold in last 90 days are $570K and $376 per square foot. The number of Irvine homes (condo and detached) currently on the market is currently 908.
The following numbers are from Redfin’s Costa Mesa “Overview of Homes for Sale” webpage. This page includes the Costa Mesa inventory and pricing numbers as well as the associated charts and graphs. So if you would like to see the charts and graphs, click on the link for the above mentioned overview page.
Following are the Irvinecondo housing numbers for 2008:
For some months now, with some slight variations, the overall numbers for housing in Irvine tell of a market that is in a holding pattern. With the overall-median-sold-price slightly lower than last month and median-sold-price-per-square-foot slightly higher than last month, this month’s numbers for condos in Irvine tell the same holding-pattern story.
Tomorrow we’ll take a look at the numbers for the detached homes in Irvine. Preview: Is a change in store for the Irvine housing market?
Median List Price:
September 17, 2008: $500K
August 29, 2008: $510K
Median Sold Price for*:
September 17, 2008: $480K
August 29, 2008*: $487K
Median List Price/SF:
September 17, 2008: $370
August 29, 2008: $372
Median Sold Price/SF*:
September 17, 2008: $349
August 21, 2008: $345
Median Days on Redfin*:
September 17, 2008 : 79
August 29, 2008: 80
Total Number of Homes on the Market:
September 17, 2008: 488 (15 are bank- and MLS-listed foreclosures; 8 are for-sale-by-owner)
August 29, 2008: 505 (13 are bank- and MLS-listed foreclosures; 10 are for-sale-by-owner)
% Homes with Price Reductions/Median Number of Reductions/Median Total % Reduction*:
September 17, 2008: 41.2%/2/7.0%
August 29, 2008: 43.1%/2/7.7%
*Based on homes sold or taken off market in the last 90 days. These include MSL-listed, for-sale-by-owner, and bank-foreclosure homes.
For more information on the September Irvine housing numbers, see tomorrow’s post “The Irvine Market Report: Detached Home Stats, September 2008.”
For a review of the January 2008 to July 2008 Irvine housing numbers, see “The Irvine Market Report: Detached Homes Stats, July 2008” and “Reality Check: Irvine Market : Detached & Condo Homes Stats, July 2008.”
In a recent post, I wrote about staycations by the pool that some are now taking. If you want to take your own staycation by the pool, here are some homes in Irvine in various price ranges that would allow you to do that.
In Orangetree, one of Irvine’s more affordable neighborhoods (by overall price, not necessarily by square footage price)… Asking Price: $248,000 ($310 per square foot) Where: 249 Orange Blossom 92618 What:1976 condo, 2 bed/1 bath, 800 SF Notes: Homes is this area are mostly condos; association pool and spa; Dues: $191/month or $9/month.
In Woodbridge, positioned around two lakes and one of Irvine’s more established neighborhoods …
Asking Price: $639,000 ($407 per square foot) Where: 35 Sweet Rain 92614 What: 1980 detached, 3 beds/3 baths, 1571 SF Notes: Ad states: “Large fenced in backyard with grass and patio.” Woodbridge Village Association pool and spa; Dues: $73/month or $48 per month
In the Irvine Business Complex (IBC) (called the airport area on many real estate maps), Irvine’s mixed-use and evolving live-work-play neighborhood, which currently includes free shuttle service in the form of the ishuttle … Asking Price: $1,349,000 ($754 per square foot) Where: 8060 Scholarship, Tower One at The Plaza in the IBC 92612
What: 2007 condo, 2 beds/3 baths, 1790 SF Notes: The ad waxed poetic with the following statement: “The soothing Pool Views & cadence of the flowing palm trees and majestic sunsets will captivate the most discriminating buyer.” All that for monthly dues of only $1,123! Although this is a high-end home, homes at various price levels exist in the IBC.
If you are interested in the IBC area but this home is not your price range, click on the IBC link found above to see what else is available. Likewise, click on the Orangetree and Woodbridge links provided above to see what else is available in those areas.
Note: The following numbers are from Redfin’s Costa Mesa “Overview of Homes for Sale” page. This page includes the Costa Mesa inventory and pricing numbers as well as the associated charts and graphs. So if you would like to see the charts and graphs, click on the above mentioned overview page link. Also, note that the numbers with an asterisk (*) are based on homes sold or taken off the market in last 90 days.
Following are the 2008 detached home statistics for Costa Mesa.
Whereas yesterday’s look at the September numbers for Costa Mesa condos told us that housing prices in Costa Mesa are still declining, the detached Costa Mesa stats are telling a different story. According to the following numbers, the prices for detached homes in Costa Mesa leveled off this month. This could mean that sellers of detached Costa Mesa homes are now able to sell their homes at a sustained pricing level; however, other scenarios are possible. So, as always, I’ll report back next month with updated Costa Mesa housing numbers. We’ll see then if it is possible to determine which scenario is developing for the detached housing market in Costa Mesa.
Median List Sales Price:
September 17, 2008: $666K
August 21, 2008: $667K
Median Sold Price*:
September 17, 2008: $540K
August 21, 2008: $540K
Median List Price Per Square Foot:
September 17, 2008: $365
August 21, 2008: $377
Median Sold Price/Per Square Foot*:
September 17, 2008: $339
August 21, 2008: $333
Median Days on Market*:
September 17, 2008: 87.5
August 21, 2008: 88
Number of Homes on the Market (Inventory):
September 17, 2008: 318
(13 are bank- and MLS-foreclosures; 3 are FSBO)
August 21, 2008: 340
(13 are bank- and MLS-foreclosures; 6 are FSBO)
% Homes with Price Reductions/Median # of Reductions/Median % Reduction*:
Note: The Altos Market Action Index shows the balance between potential buyers and sellers, in other words,
the balance between supply and demand. Above 30 is a sellers’ market; below 30 is a buyers’ market. Also note that Altos numbers are for detached homes only (condos are not included) and that the Altos median sales price and median price per square foot is for the list price not the sold price.
Also,according to DQ News in August 2008, the number of sales of condo and detached Costa Mesa homes combined was 48. And, according to DQNews, the August median sales price in Costa Mesa was $522,500, down 22.01% from the August 2007 price of $670,000.
And, finally, Refin’s median numbers for all Costa Mesa homes sold in last 90 days are $466K and $308 per square foot. The number of Costa Mesa homes (condo and detached) currently on the market is 485.
