Author Topic: $ per SQ - you should all be scared  (Read 10044 times)

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Offline Fxguy

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$ per SQ - you should all be scared
« on: June 13, 2017, 09:26:21 AM »
...lol just joking.

Anyways, Trulia shows $467 in Irvine, up 6% since last June. Could we see $600 this decade?

Also, GP and CVE have lower ppsq - could this mean a higher rate of increase in ppsq as the prices converge with the rest of Irvine (minus the really expensive parts) or will it always be lower than the rest? I might be totally flawed with my observations but interested in learning others perspectives.

Speaking of GP, it looks like construction activity is really picking up. They closed off Great Park Blvd. and are now getting the land ready for the retail part? Anyone know?

Thanks!


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Re: $ per SQ - you should all be scared
« Reply #1 on: June 13, 2017, 09:34:27 AM »
...lol just joking.

Anyways, Trulia shows $467 in Irvine, up 6% since last June. Could we see $600 this decade?

Also, GP and CVE have lower ppsq - could this mean a higher rate of increase in ppsq as the prices converge with the rest of Irvine (minus the really expensive parts) or will it always be lower than the rest? I might be totally flawed with my observations but interested in learning others perspectives.

Speaking of GP, it looks like construction activity is really picking up. They closed off Great Park Blvd. and are now getting the land ready for the retail part? Anyone know?

Thanks!

Most new homes will have lower price.. plus they are still building out the area so the price per won't be as high until everything is done.  Limited inventory areas will do better.

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Offline Fxguy

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Re: $ per SQ - you should all be scared
« Reply #2 on: June 13, 2017, 09:39:56 AM »

Most new homes will have lower price.. plus they are still building out the area so the price per won't be as high until everything is done.  Limited inventory areas will do better.

Makes sense. So quicker rise in prices per SQ would be logical.

Offline momopi

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Re: $ per SQ - you should all be scared
« Reply #3 on: June 13, 2017, 11:10:40 AM »

Certain condos also tend to have higher price/sq ft.  For example, in Oak Creek the 2/2 condo sold for $507/sq ft in March, increasing to $519/sq ft last week (June):

https://www.redfin.com/CA/Irvine/2212-Crescent-Oak-92618/home/5793104
https://www.redfin.com/CA/Irvine/1706-Elk-Grv-92618/home/5841308

Detached condo across the street sold for $526/sq ft in Jan:
https://www.redfin.com/CA/Irvine/38-Danbury-Ln-92618/home/5793595


But if you drive around the corner to Quail Ridge, condos there are like $400-$450/sq ft:
https://www.redfin.com/CA/Irvine/68-Dovetail-92603/home/5947545
https://www.redfin.com/CA/Irvine/36-Perennial-92603/home/5921493
https://www.redfin.com/CA/Irvine/262-Dewdrop-92603/home/5947466


The Quail Hill condos are bigger but consequently the value per sq ft decreased.  If you're in the market for a 2/2 condo you'd get more for your money at Quail Hill.  But I wouldn't buy at today's prices.  ;p

Offline AW

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Re: $ per SQ - you should all be scared
« Reply #4 on: June 13, 2017, 11:21:30 AM »

Most new homes will have lower price.. plus they are still building out the area so the price per won't be as high until everything is done.  Limited inventory areas will do better.

Makes sense. So quicker rise in prices per SQ would be logical.
New homes with lower price could be misleading as in someone buys it base with 0 upgrades (tax and all official documents show base price) and do max upgrades after closing + landscaping + infinity above ground pool + covered casita etc

Offline peppy

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Re: $ per SQ - you should all be scared
« Reply #5 on: June 13, 2017, 11:23:09 AM »

Certain condos also tend to have higher price/sq ft.  For example, in Oak Creek the 2/2 condo sold for $507/sq ft in March, increasing to $519/sq ft last week (June):

https://www.redfin.com/CA/Irvine/2212-Crescent-Oak-92618/home/5793104
https://www.redfin.com/CA/Irvine/1706-Elk-Grv-92618/home/5841308

Detached condo across the street sold for $526/sq ft in Jan:
https://www.redfin.com/CA/Irvine/38-Danbury-Ln-92618/home/5793595


But if you drive around the corner to Quail Ridge, condos there are like $400-$450/sq ft:
https://www.redfin.com/CA/Irvine/68-Dovetail-92603/home/5947545
https://www.redfin.com/CA/Irvine/36-Perennial-92603/home/5921493
https://www.redfin.com/CA/Irvine/262-Dewdrop-92603/home/5947466


The Quail Hill condos are bigger but consequently the value per sq ft decreased.  If you're in the market for a 2/2 condo you'd get more for your money at Quail Hill.  But I wouldn't buy at today's prices.  ;p

You are also comparing gated vs. non-gated ...

Offline OCLuvr

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Re: $ per SQ - you should all be scared
« Reply #6 on: June 13, 2017, 11:27:12 AM »

Online eyephone

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Re: $ per SQ - you should all be scared
« Reply #7 on: June 13, 2017, 11:34:34 AM »
What do you guys think of this one?
https://www.redfin.com/CA/Irvine/158-Acuna-92620/home/118567172

"Only minutes to Irvine Spectrum and South Coast Plaza Shopping, UCI, JWA Airport, Laguna Beach and the 5, 405, 133 and 91 Freeways!"

I wonder what the definition of minutes mean in this description?


The listing looks nice. If you are in the market to buy this maybe a good opportunity. (For the under $800k buyer budget) I thought that the backyard would be completed. (the pictures that are posted in the listing shows dirt in the backyard)
« Last Edit: June 13, 2017, 12:10:00 PM by eyephone »

Offline best_potsticker_in_town

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Re: $ per SQ - you should all be scared
« Reply #8 on: June 13, 2017, 11:38:42 AM »
It should go quickly. I believe this is the only resale in EW. I'm sure there are a lot of buyers who like Helena but do not want to wait for construction. And of course, many buyers in the $800k range.
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Offline peppy

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Re: $ per SQ - you should all be scared
« Reply #9 on: June 13, 2017, 12:34:58 PM »
I wonder what the definition of minutes mean in this description?

Anything greater than 1min

Offline momopi

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Re: $ per SQ - you should all be scared
« Reply #10 on: June 13, 2017, 02:04:35 PM »

Certain condos also tend to have higher price/sq ft.  For example, in Oak Creek the 2/2 condo sold for $507/sq ft in March, increasing to $519/sq ft last week (June):

https://www.redfin.com/CA/Irvine/2212-Crescent-Oak-92618/home/5793104
https://www.redfin.com/CA/Irvine/1706-Elk-Grv-92618/home/5841308

Detached condo across the street sold for $526/sq ft in Jan:
https://www.redfin.com/CA/Irvine/38-Danbury-Ln-92618/home/5793595


But if you drive around the corner to Quail Ridge, condos there are like $400-$450/sq ft:
https://www.redfin.com/CA/Irvine/68-Dovetail-92603/home/5947545
https://www.redfin.com/CA/Irvine/36-Perennial-92603/home/5921493
https://www.redfin.com/CA/Irvine/262-Dewdrop-92603/home/5947466


The Quail Hill condos are bigger but consequently the value per sq ft decreased.  If you're in the market for a 2/2 condo you'd get more for your money at Quail Hill.  But I wouldn't buy at today's prices.  ;p

You are also comparing gated vs. non-gated ...


"Gated" communities ain't worth the trouble unless if there's a guard (like Shady Canyon).  When I lived in Oak Park/Oak Creek that stupid gate by Gelsons would break down frequently.  And if someone wants to do unauthorized entry they can simply follow another car in.


Offline USCTrojanCPA

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Re: $ per SQ - you should all be scared
« Reply #11 on: June 13, 2017, 02:09:44 PM »

Most new homes will have lower price.. plus they are still building out the area so the price per won't be as high until everything is done.  Limited inventory areas will do better.

Makes sense. So quicker rise in prices per SQ would be logical.

I wouldn't say "quicker" rise in prices....I'd say more of a steady increase as long as resale inventory stays low and the job market/economy are doing well. 
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Offline lovingit

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Re: $ per SQ - you should all be scared
« Reply #12 on: June 13, 2017, 09:17:04 PM »

Certain condos also tend to have higher price/sq ft.  For example, in Oak Creek the 2/2 condo sold for $507/sq ft in March, increasing to $519/sq ft last week (June):

https://www.redfin.com/CA/Irvine/2212-Crescent-Oak-92618/home/5793104
https://www.redfin.com/CA/Irvine/1706-Elk-Grv-92618/home/5841308

Detached condo across the street sold for $526/sq ft in Jan:
https://www.redfin.com/CA/Irvine/38-Danbury-Ln-92618/home/5793595


But if you drive around the corner to Quail Ridge, condos there are like $400-$450/sq ft:
https://www.redfin.com/CA/Irvine/68-Dovetail-92603/home/5947545
https://www.redfin.com/CA/Irvine/36-Perennial-92603/home/5921493
https://www.redfin.com/CA/Irvine/262-Dewdrop-92603/home/5947466


The Quail Hill condos are bigger but consequently the value per sq ft decreased.  If you're in the market for a 2/2 condo you'd get more for your money at Quail Hill.  But I wouldn't buy at today's prices.  ;p

You are also comparing gated vs. non-gated ...

Don't you know gated vs non gated sometimes don't matter? Have you followed the Strada resales that are in the non gated side of OH with TUSD?

 

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