$659/sq ft for a nice house in a nice area - good news for the buyers, bad news for comps
https://www.redfin.com/CA/Irvine/11-Ticonderoga-92620/home/4778533
https://www.redfin.com/CA/Irvine/11-Ticonderoga-92620/home/4778533
Irvine on sale
- Thread starter OCtoSV
- Start date
irviniteeee
Active member
OCtoSV said:
Seems pretty fair for that size in NW though, no? Current market at least.
Some other recently sold NW homes:
https://www.redfin.com/CA/Irvine/34-Brena-92620/home/4786180https://www.redfin.com/CA/Irvine/4-Yankee-92620/home/4781364https://www.redfin.com/CA/Irvine/9-Savannah-92620/home/4781725(Very nice one)https://www.redfin.com/CA/Irvine/34-Colonial-92620/home/4778499(Same plan as Ticonderoga)
Ready2Downsize
Well-known member
OCtoSV said:
Why?
What makes that house bad for comps? Is it a lot better than these?
https://www.redfin.com/CA/Irvine/34-Colonial-92620/home/4778499
https://www.redfin.com/CA/Irvine/14-Sheridan-92620/home/4778912with a pool
https://www.redfin.com/CA/Irvine/9-Savannah-92620/home/4781725
https://www.redfin.com/CA/Irvine/34-Brena-92620/home/4786180
https://www.redfin.com/CA/Irvine/4-Yankee-92620/home/4781364
I must be missing something. Its a 42 year old house. Should it be worth more than those others?
CalBears96
Well-known member
OCtoSV said:
Sold at 3% below its initial listing, which was just after the housing peak. The horror! :-\
At this point, I think OCtoSV is just trolling trying to fit his narrative on Irvine housing crash. Another LL?
Ready2Downsize
Well-known member
I know that area very well. If you're looking at buying a house that age in that general area, look for Windstream or Canyon Creek. Both of those neighborhoods were originally sold to executives and doctors and were semi custom, much much better quality than the surrounding homes which are part of the Park Paseo HOA. They are both gated with their own pools and some back or face the hicks canyon trail.
For me........ too old but if you're looking for something like Ticonderoga, see if you can find something in WS or CC. Be on the lookout for laundry in the garage though. At that time, even some of those have that instead of inside laundry.
For me........ too old but if you're looking for something like Ticonderoga, see if you can find something in WS or CC. Be on the lookout for laundry in the garage though. At that time, even some of those have that instead of inside laundry.
Ready2Downsize
Well-known member
Even though prices are off their peak, LL was here saying not to buy with prices MUCH MUCH lower than they are now. Of course he will say see! Told you! But when prices are higher than when he started yapping it's not really all that accurate and when u consider payments being much lower than if someone were to buy now, how is that harming anyone? If someone wanted to flip a house, their own darn fault.
If someone buys a car and it goes down in value in a week, is that bad? OH! You should have rode the bus! Told u that car would go down in value!
What if they buy lunch and it's no longer here because u ate it? Well I told u it was a waste of money! Now what do you have?
https://www.redfin.com/CA/Irvine/4-McLean-92620/home/4783219
Sold in MAY. Less per sq foot than Ticonderoga and a three car garage.
Just stop with the Irvine is going to hell and you'll be able to get stuff for mega cheap.
If someone buys a car and it goes down in value in a week, is that bad? OH! You should have rode the bus! Told u that car would go down in value!
What if they buy lunch and it's no longer here because u ate it? Well I told u it was a waste of money! Now what do you have?
https://www.redfin.com/CA/Irvine/4-McLean-92620/home/4783219
Sold in MAY. Less per sq foot than Ticonderoga and a three car garage.
Just stop with the Irvine is going to hell and you'll be able to get stuff for mega cheap.
irviniteeee
Active member
Ready2Downsize said:
Windstream/Canyon Creek are definitely higher end if looking in NW, but aren't some of the homes around park paseo J.M. Peters homes? Those are known for being very high quality for that time. I know many people prefer to buy the J.M. Peters homes in Woodbridge for that reason.
Ready2Downsize
Well-known member
irviniteeee said:
I think u might be right but JM Peters wasn't semi custom.
It took many years to sell the houses out in WS and CC (interest rate thing). CC included real stain glass in entry windows and solid oak cabinets. We looked at the models and dreamed of "some day" owning a house when PP, WS and CC were selling. We thought who in their right mind would buy "that far from anything"? (We were going to UCI at the time).
There are some JM Peters homes in Tustin Ranch too. Fist fights erupted in the late 80's peak to get one and when the market turned and builders dropped prices they scoffed and said We are J.M. Peters and we do not lower prices....... They went belly up I believe.
irvinehomeowner
Well-known member
Windstream was part of my 3CWG search back in the day... great area... I bike the Hicks Canyon trail occasionally.
appreciate the datapoints. Ticonderoga was the nicest of all properties listed with the best interior location by the park, with 34 Colonial equally nice. Pool without a companion grass yard is a bug turnoff for me. Best neighborhhod curb appeal as well using the Street View function.
The big takeaway for me is that the Irvine premium for $/sq ft has vanished compared to nicer parts of South OC with inferior schools, and that Irvine resales offer the highest value as so many of today's buyers are drawn to the bling of new construction. As boomers like my parents put those NW homes on the market as they leave the area this glut of discounted resales will impact overrall Irvine pricing.
This very nice but corner situated 3/2 single level in MV sells at a $/sq ft premium. I doubt they'll get it but the buyer pools for Irvine and MV I suspect are radically idfferent, with the MV buyer likely valuing the outdoor space and amenities of Lake MV more than the Irvine buyer being attracted by those qualities.
https://www.redfin.com/CA/Mission-Viejo/22171-Duende-92691/home/5107817
The big takeaway for me is that the Irvine premium for $/sq ft has vanished compared to nicer parts of South OC with inferior schools, and that Irvine resales offer the highest value as so many of today's buyers are drawn to the bling of new construction. As boomers like my parents put those NW homes on the market as they leave the area this glut of discounted resales will impact overrall Irvine pricing.
This very nice but corner situated 3/2 single level in MV sells at a $/sq ft premium. I doubt they'll get it but the buyer pools for Irvine and MV I suspect are radically idfferent, with the MV buyer likely valuing the outdoor space and amenities of Lake MV more than the Irvine buyer being attracted by those qualities.
https://www.redfin.com/CA/Mission-Viejo/22171-Duende-92691/home/5107817
Ready2Downsize
Well-known member
OCtoSV said:
Do you know that area? Lots of traffic getting kids from Sierra Vista and the elementary school they share the parking lot for. Wonder if they still have those loud bells every period at Sierra Vista and the bell signaling the end of recess at the elementary school. Think they hear that at Ticonderoga? Oh yeah I bet they do.
Used to drive my oldest to the elementary school there (used to be called Westwood Basics Plus but I think they changed the name since then). Hated the traffic and it always spilled into the neighborhood.
Interestingly there are some custom homes in that general area that are actually newer without mello on them.
As for the MV home, it's a SINGLE story home on a corner lot with 1/4 acre. Maybe find something more comparable?
For me................... the traffic to/from MV and all that grass that has to be maintained and WATERED!.......... um no.
Ready2Downsize
Well-known member
OCtoSV said:
Tried to find something comparable to Ticonderoga in MV and couldn't. The area is older and most houses have pools.
But this should do for now:
https://www.redfin.com/CA/Mission-Viejo/27212-Calle-Del-Cid-92691/home/5017701
So which got the premium? Irvine, no view or MV with the view?
Ready2Downsize said:
Thanks R2D!
I know the NW area well - my siblings attend Brywood/SV/Irvine HS (pre-NWHS). Such a great family area without being too ostentatious and having NWHS makes that area a home run.
The MV house was one I was scoping out but isn't as nice as Ticonderoga nor does the neighborhood look quite as nice. The view is appealing but not the short wall any dog could leap over. Ticonderoga is a class A resale and location.
Single level MV or LN is what I'm after. MV with the Lake is very tempting given price point, super low HOA and plethora of amenities.
i was showing Ticonderoga to my playing partners at my golf club yesterday and everyone marveled at the low $/sq ft and we all agreed OC beckons sooner rather than later. One guy is in finance at NVIDIA and could truly work anywhere, whereas the other person is a medical professional and remarked on how much lower the pay in OC/SD is as her and her husband have a condo in Solana Beach but she would take a 30% pay cut to move there from here. For me I could move now but I give up my differentiation of being here, a akey factor in my last role and the current one I was recruited away for. The wife is itching to move so I've told her give me at least 2 more years to mine the network up here.
usctrojancpa
Well-known member
From speaking with my lenders, Irvine homes are still moving albeit at slightly lower prices while agents in North and South OC are saying it's really slow.
sleepy5136
Well-known member
I've looked at recent closings in Irvine and most are below asking. So Irvine is slowing as well. Probably not as much as other areas due to FCB. FCB causes Irvine market to hold up. You take away FCB and Irvine isn't going to be any different than other areas in OC.USCTrojanCPA said:
I do still see a lot of homeowners pricing their homes pretty high so those are sitting longer than expected. I also see those SFH on a motorcourt in BR but those are having their asking price cut by 100k+ in order to sale due to homeowners not realizing a SFH shouldn't have a motorcourt.
usctrojancpa
Well-known member
sleepy5136 said:
Yeah, prices are definitely drifting lower in Irvine and will probably continue to do so but we aren't falling off a cliff.
sleepy5136
Well-known member
I agree. Do you know if these recent closings are due to agents/sellers being unreasonable with their asking price? Or are they reasonable and the market is simply slowing? Irvine that is.USCTrojanCPA said:
BR folks I feel are pricing way too high.
CalBears96
Well-known member
sleepy5136 said:
I would say a bit of both, but more so because sellers are being unreasonable with their asking price. I mean, the Bluffs 1 across from me started at $1.89M ;D, then dropped to $1.828M, and then to $1.799M before deciding to remove listing. Their starting listing price was on 6/11, which was really a couple of months after the peak. At the same time, IP was selling Bluffs 1 with bigger lot for $1.725M. I knew they were on crack with their initial listing price.
