Updated MLS Irvine Closed Sales

irvinerealtor

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Updated MLS Irvine Closed Sales through November 2009 at www.irvinerealtorsite.com.
(previous years are at tabs at the bottom)

- I show 165 closings for November, resale (5.5/day).
- Mortgage info has been updated through September.
- Only 2 homes were purchased in September which showed record of purchase with a second mortgage.
- November's median price for Irvine is in at $569,700, back down from October's $582,500 median.
- 29 were short sales (18% of total sales).
- 20 were REO sales (12% of total sales).

As a refresher:
Yellow is still unconfirmed (no data reported yet)
Blue is "suspicious" even though it is recorded. 
Green is confirmed.

Closed lease info has been updated through November, as well.
158 leases, prices edging slightly down again to $1.54/sqft. average.

Floorplans have all been uploaded, including new homes in Woodbury and Woodbury East.

Thank you again,
-IrvineRealtor
 
Updated MLS Irvine Closed Sales through December 2009 at www.irvinerealtorsite.com.
(previous years are at tabs at the bottom)

- I show 177 closings for December, resale (5.7/day).
- Mortgage info has been updated through September.
- December's median price for Irvine is in at $577,000, essentially flat to November's $569,700 median.
- 37 were short sales (21% of total sales).
- 14 were REO sales (8% of total sales).

As a refresher:
Yellow is still unconfirmed (no data reported yet)
Blue is "suspicious" even though it is recorded.
Green is confirmed.

Closed lease info has been updated through November, as well.
177 leases, prices edging imperceptibly down a penny to $1.53/sqft. average.

Floorplans have all been uploaded, including new homes in Woodbury and Woodbury East.

Happy New Year!
-IrvineRealtor
 
Updated MLS Irvine Closed Sales through January 2010 at www.irvinerealtorsite.com.
(previous years are at tabs at the bottom)

- I show 91 closings for January, resale (2.9/day).
- Mortgage info has been updated through the end of 2009.
- January's median price for Irvine is in at $520,000, down from December's $577,000 median.
- 22 were short sales (24% of total sales).
- 9 were REO sales (10% of total sales).


As a refresher:
Yellow is still unconfirmed (no data reported yet)
Blue is "suspicious" even though it is recorded.
Green is confirmed.

Closed lease info has been updated through January, as well.
166 leases, prices holding steady at $1.53/sqft. average.


Floorplans have all been uploaded, including updated new homes in Woodbury and Woodbury East.

For 2010, I've been able to incorporate year-built, original list price, and included SFR/Condo/Attached/Detached for sortability.
**Special thanks and hat-tip to Cletus and the CotoHousingBlog for the request**


Happy Hunting,
-IrvineRealtor
 
IR2, thanks for all the effort you put into your website, it's been extremely useful.

Btw, the additional columns you added to your data for last month is great!
 
IR2, thanks for the new MLS Update. I love looking through this data. I am suprised to see that several Las Colinas closed under $300 ppsf for the plan 3. Wow! 3 out of 5 sold for the same price as Villa Rosa and Carmel in Woodbury. I'd take Las Colinas any day over VR and Carmel. IHO! as you can see, we are not too far off from $275-$280ppft. You may finally get your 3 car garage. Give it one or two years. <!-- s:) -->:)<!-- s:) --> Forget Birch River in Aliso Viejo. This is the one you want. ;D

Category 1. 28% and 25% Downpayment for 2 Las Colinas
Category 2. 40% and 59% Downpayment for 2 Las Colinas
Category 3. 100% Cash buyer for 1 Las Colinas

Taking out a $700,000 - $750,000 mortgage just seems crazy to me. How do these guys sleep at night?
 
@Panda:

No cherry picking data points! I did some Excel-Fu and there were over 150 properties sold in Irvine in 2009 that were less than $275/sft... the median sale prices for those were $450k.

Unfortunately, that's only 10% of the total inventory that sold in 2009.

We are a long way from that dream.

And if I'm going to spend close to a mil on a house... it better have 3WCG... not a tandem.
 
The January lease info has been updated, and the above post has been modified to reflect current numbers. Thank you.

What do you make of there being only 91 resale closings in January, compared to the 177 closings in December?

-IR2
 
[quote author="IrvineRealtor"]The January lease info has been updated, and the above post has been modified to reflect current numbers. Thank you.

What do you make of there being only 91 resale closings in January, compared to the 177 closings in December?

-IR2[/quote]
Lack of inventory is your culprit plus the 2010 WB/WBE collection and sellers jacking up their asking prices on new listings doesn't help.
 
[quote author="irvinehomeowner"]@Panda:

No cherry picking data points! I did some Excel-Fu and there were over 150 properties sold in Irvine in 2009 that were less than $275/sft... the median sale prices for those were $450k.

Unfortunately, that's only 10% of the total inventory that sold in 2009.

We are a long way from that dream.

And if I'm going to spend close to a mil on a house... it better have 3WCG... not a tandem.[/quote]

Have you thought of a new handle "IrvineHomeDreamer"
 
If you all want to see prices come down you must show restraint in buying now like what you did at PS. Developer not only lowered prices but offered all kinds of incentives.

TIC is too far in Wooodbury construction now with streets, pads, and infrastructure all constructed unlike PS where the land was raw. The Collection is like a tomato or lettuce crop where the shelf life is limited. Developer has to sell the inventory cheaper if there is little absorption.

Apparently the sheeple is losing this mind game and the deck is to the developers favor.

There are 13 phases so what is the hurry? TIC's is too deep into the hole having financed everything. TIC must sell homes no matter what. The priority pre qualified list is a strategy game and all the "reserved buttons" are just a part of psychological warfare. I can't believe sheeple are so gullible!

TIC needs cash right now. retail and office vacancy are high. Huge massive employee lay-offs. Pelican Resort is doing poorly with still a high overhead. TIC is in a very different financial position from 3 years ago.

There is no opportunity for TIC to switch or substitute other products. They are stuck with the deveopment and must finish. TIC owes a lot of money to the construction trades and it must sell homes to pay bills. It can't afford to hold supply like in the past.

When I talked to the sales team about the "sold" buttons they said that it is very likely that several would fall out of escrow and I would be contacted immediately if I register. They really wanted my contact info.

Several back up buyers are miraculously getting their choice lots despite of "sold" buttons already on them. Hm, sounds pretty fishy to me!
 
You have to trust me the sold buttons are there to make you nervous. Staff will contact you one by one and tell you that you are the only sweepstake winner for a lot just fell out of escrow. Get together with your cousins, friends and comrads and compare notes. The same stories and you are all lucky winners for the only lot that came up.
 
[quote author="graceomalley"]You have to trust me the sold buttons are there to make you nervous. Staff will contact you one by one and tell you that you are the only sweep stake winner for a lot just fell out of escrow. Get together with your cousins, friends and comrades and compare notes. The same stories and you are all lucky winners for the only lot that came up.[/quote]

I hope that you don't all end up with houses with a "stuck pedal".
 
GOM speaks the truth... if you can wait... wait.

Once they get through the initial FCB hype... it should slow down. Already we are hearing stories of people who did not pre-register or are not one of the chosen prequaled 700 and are able to get their buy on.

And every one of you who does buy at WB/WBE, you should really ask about incentives, question their pricing etc etc... this will give them the hint that they don't have you over a barrel as much as they think they do. Play the homes against each other... tell Carmel that you think Sonoma is better located and cost less... tell them that $8k credit because they are lower than $800k is a sticking point.

The fact that people are buying at these prices is amazing... and it speaks to the Irvine psychology... but the math makes it hard for me to believe they can hold this high forever (although it won't get as low as others have claimed). And as compelling as that NHS (new home smell) is... there is still a bunch of land left in Irvine.
 
[quote author="irvinehomeowner"]GOM speaks the truth... if you can wait... wait.

... there is still a bunch of land left in Irvine.[/quote]

Just because there's land doesn't mean you can build on it. Urban planning and zoning takes decades. You've got a long time to wait. While other people get on with their lives and families now, yours will have already passed by when you finally buy.
 
[quote author="test"]
[quote author="irvinehomeowner"]GOM speaks the truth... if you can wait... wait.

... there is still a bunch of land left in Irvine.[/quote]

Just because there's land doesn't mean you can build on it. Urban planning and zoning takes decades. You've got a long time to wait. While other people get on with their lives and families now, yours will have already passed by when you finally buy.
[/quote]
Not really... there are least 4 areas in Irvine that have been planned/zoned/graded but were put on hold with the drop in RE:

Portola Springs II
Orchard Hills
Stonegate
Laguna Crossings

This doesn't include areas that have already been zoned but no work has been done. Any of those above projects can be started and built within a year... not decades.
 
[quote author="irvinehomeowner"]
[quote author="test"]

Just because there's land doesn't mean you can build on it. Urban planning and zoning takes decades. You've got a long time to wait. While other people get on with their lives and families now, yours will have already passed by when you finally buy.
[/quote]
Not really... there are least 4 areas in Irvine that have been planned/zoned/graded but were put on hold with the drop in RE:

Portola Springs II
Orchard Hills
Stonegate
Laguna Crossings

This doesn't include areas that have already been zoned but no work has been done. Any of those above projects can be started and built within a year... not decades.[/quote]

Those areas are already planned, so the land is not left.
 
[quote author="test"]
Those areas are already planned, so the land is not left.
[/quote]
Now we are talking semantics.

The land is still "left" because no houses have been built. What my original comment meant was that there is lots of land left to build new houses so Woodbury and WBE are not the last opportunities to buy new in Irvine.

And... besides the already planned areas... there is still the Great Park and other land near the 405... so... yeah... I don't think anyone has to worry about losing out on buying new in Irvine for quite a while. Maybe my kids can buy in Laguna Crossings when it finally gets built.
 
Updated MLS Irvine Closed Sales through February 2010 at www.irvinerealtorsite.com.
(previous years are at tabs at the bottom)

- I show 138 closings for February, resale (4.9/day).
- Mortgage info has been updated through the end of 2009.
- February's median price for Irvine is in at $529,500, up from January's $520,000 median.
- 33 were short sales (24% of total sales).
- 12 were REO sales (8.7% of total sales).


As a refresher:
Yellow is still unconfirmed (no data reported yet)
Blue is "suspicious" even though it is recorded.
Green is confirmed.

Closed lease info has been updated through January, as well.
197 leases, prices dropping slightly to $1.50/sqft. average.



Thank you and good luck,
-IrvineRealtor
 
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