Irvine's annual price per sqft. by zip code

graphrix_IHB

graphrix_IHB

New member
Since everyone has been claiming that it is product mix that is skewing the data, and it kinda is, I thought everyone would like to know what the annualized price per sqft. drops were for OC and Irvine. The sqft. data is only for SFRs, so the median % drop is for SFRs as well. Sorry, DQ has never has the sqft. data for 92602.



Location 2007 $ 2008 $ sqft. % median %



OC $396 $305 -23% -25.4%



92603 $517 $475 -8.1% -4.2%



92604 $419 $368 -12.2% -8.8%



<strong>92606 $405 $292 -27.9% -9.3%</strong> The largest drop in Irvine happens to be the same zip as no_vas's future home, the VOC.



92612 $401 $327 -18.5% -7.4%



92614 $415 $383 -7.7% -8.3%



92618 $485 $369 -23.9% -12.5%



92620 $359 $328 -8.6% -5.2%



Notice a pattern here? Only one zip had a price decline where the median % drop was more than the sqft. drop. Especially in 92606, where it couldn't be that bad there, could it? The funny thing is the sqft. data for Anaheim and Santa Ana pretty much line up with the median drop. So while the sales volume a lot higher in SA and Anaheim and it does skew the data, the price per sqft. proves that the drops in better areas were understated, which could mean the median price drop is actually more accurate than the idiotic Kool-Aid snorting bulls think over at Lansner's blog.



I have all the zips, so if anyone wants another zip, just ask.
 
<blockquote><strong>92606 $405 $292 -27.9% -9.3%</strong> The largest drop in Irvine happens to be the same zip as no_vas's future home, the VOC.<blockquote>



Listen, dammit!



<img src="http://images.encyclopediadramatica.com/images/thumb/5/50/House_Do_Not_Want.jpg/180px-House_Do_Not_Want.jpg" alt="" />



<blockquote>I have all the zips, so if anyone wants another zip, just ask</blockquote>


92706, 92705, 92782.



<img src="http://msp113.photobucket.com/albums/n220/dooberindallas/house-do-want.jpg" alt="" />
 
What? I thought you wanted to live near your girlfriend? <a href="http://www.redfin.com/CA/Irvine/78-Fringe-Tree-92606/home/12253241">Price dropped to $675k, and on the market for 67 days and still counting</a>...



Anyway...



92705 $403 $326 -19.1% -18.4%



92706 $426 $273 -35.9% -36.5%



92782 $369 $316 -14.4% -9.8%
 
[quote author="Janet" date=1229662381]The home profiled today has a comp at $799,000. Someone will buy it and make out quite well. As for the District, it is profoundly sucessful and will help this area long term. All the imaginary complaints about Columbus Grove are simple, uneducated sour grapes. It is a fine community with fabulous schools, parks and proximity to, well, everything.</blockquote>


<a href="http://www.irvinehousingblog.com/forums/viewthread/3945/">http://www.irvinehousingblog.com/forums/viewthread/3945/</a>



[quote author="ipoplaya" date=1229669399][quote author="Janet" date=1229668457]Let's see the comps, IR.</blockquote>


The relevant comps are 44 and 46 Honey Locust, both sold in October, for $565K and $625K respectively. They are smaller than 78 Fringe Tree though.



$799K is pure fantasy but Fringe will probably fetch $625-650K right now...</blockquote>


<a href="http://www.irvinehousingblog.com/forums/viewthread/3945/P25/">http://www.irvinehousingblog.com/forums/viewthread/3945/P25/</a>



[quote author="Janet" date=1229833109]Appraisals on townhomes and condos are slightly different than those on SFRs, as they are a far more uniform product type. Condos and townhomes should always have 2-3 comps from within the complex, and one from outside. You are correct about 3 month old comps being used....when they are available. In my example, they were not available, therefore the expansion to six months. In a rapidly-moving market, a time adjustment would simply be made to the comps, if needed.



The disprepancy on the $799,000 (MLS) versus $765,000 (Recorder) is due to a data conflict. I conceded the $765,000 is likely correct.</blockquote>


<a href="http://www.irvinehousingblog.com/forums/viewthread/3945/P150/">http://www.irvinehousingblog.com/forums/viewthread/3945/P150/</a>



Somebody's gonna be all butt hurt when they read this and it won't be me. Let's see if IPO was right. There is zero doubt in my mind this dump is headed for the high to mid 2's.
 
IPO is most always right about his prices Vas, you know that. I feel that place selling for $635-640K... It's not my fault they aren't taking the offers I know they are getting!



Dump yes, 2's never.
 
[quote author="graphrix" date=1232720746]Since everyone has been claiming that it is product mix that is skewing the data, and it kinda is, I thought everyone would like to know what the annualized price per sqft. drops were for OC and Irvine. The sqft. data is only for SFRs, so the median % drop is for SFRs as well. Sorry, DQ has never has the sqft. data for 92602.



Location 2007 $ 2008 $ sqft. % median %



OC $396 $305 -23% -25.4%



92603 $517 $475 -8.1% -4.2%



92604 $419 $368 -12.2% -8.8%



<strong>92606 $405 $292 -27.9% -9.3%</strong> The largest drop in Irvine happens to be the same zip as no_vas's future home, the VOC.



92612 $401 $327 -18.5% -7.4%



92614 $415 $383 -7.7% -8.3%



92618 $485 $369 -23.9% -12.5%



92620 $359 $328 -8.6% -5.2%



Notice a pattern here? Only one zip had a price decline where the median % drop was more than the sqft. drop. Especially in 92606, where it couldn't be that bad there, could it? The funny thing is the sqft. data for Anaheim and Santa Ana pretty much line up with the median drop. So while the sales volume a lot higher in SA and Anaheim and it does skew the data, the price per sqft. proves that the drops in better areas were understated, which could mean the median price drop is actually more accurate than the idiotic Kool-Aid snorting bulls think over at Lansner's blog.



I have all the zips, so if anyone wants another zip, just ask.</blockquote>


Thanks for doing this. This data is so much more usuful (and make sense) then the data on Lansner's blog.



Would you mind give me the data for ladera ranch? (92694)
 
[quote author="graphrix" date=1232720746]Since everyone has been claiming that it is product mix that is skewing the data, and it kinda is, I thought everyone would like to know what the annualized price per sqft. drops were for OC and Irvine. The sqft. data is only for SFRs, so the median % drop is for SFRs as well. Sorry, DQ has never has the sqft. data for 92602.



Location 2007 $ 2008 $ sqft. % median %



<strong>92606 $405 $292 -27.9% -9.3%</strong> The largest drop in Irvine happens to be the same zip as no_vas's future home, the VOC.



I have all the zips, so if anyone wants another zip, just ask.</blockquote>


It's very well known that builders are dropping prices of new homes much more drastically than resellers. Columbus Grove has the most new homes being sold in Irvine so of course that area will have the greatest drop in price. Is it even fully built yet?



Speaking of which, are they still building or selling in Portola Springs? With Woodbury East being built, I wonder who would be foolish enough to move to the boonies over in PS.



As for Columbus Grove, contrary to the opinions of many on this blog, I would jump at the opportunity to live there if real estate prices were more reasonable. Location wise, it's basically West Park, only newer. Living on Harvard between Irvine Center Drive and Barranca is so ideal - not too far from the businesses on Jamboree or the schools on Culver.
 
[quote author="hs_teacher" date=1232752574]

As for Columbus Grove, contrary to the opinions of many on this blog, I would jump at the opportunity to live there if real estate prices were more reasonable. Location wise, it's basically West Park, only newer. Living on Harvard between Irvine Center Drive and Barranca is so ideal - not too far from the businesses on Jamboree or the schools on Culver.</blockquote>
While I agree it's near Westpark... it's doesn't have the same benefits:



1. Much higher Mello Roos... for basically infrastructure. No schools are planned and no other community type areas.

2. Farther school district... at least Westpark I and Westpark II have elementary schools within their neighborhoods... for CG... you have to go to Woodbridge... an older school district.

3. Noise from Jamboree/trains. Granted, Westpark II has the train noise also (and Culver) but CG is closer to the Jamboree corridor.

4. Proximity to the WM waste dump, power lines and the concrete basher. I always disliked the smell on Warner going to the District... and the noise from the concrete mill in parts of CG is probably more annoying than the train.



3 and 4 are relatively subjective but 1 and 2 is what made me not decide to buy there in the end. We almost lived there, so I can't really say it's bad... but we're glad we decided not to.



Still don't know why a farmer would object to living there though... I mean... it's much better than a barn.
 
[quote author="irvine_home_owner" date=1232756717][quote author="hs_teacher" date=1232752574]



4. Proximity to the WM waste dump, power lines and the concrete basher. I always disliked the smell on Warner going to the District... and the noise from the concrete mill in parts of CG is probably more annoying than the train.

</blockquote>


Haha. I rent in Columbus Grove and have to agree with you on the smell on Warner going to the District. At least you're in a car. I ride a motorcycle and get the full aroma under my helmet.



Since I have no kids, don't have to pay mello roos, and don't hear/notice the train/concrete mill, I don't mind living there.



I agree the power lines are an eyesore, but it's a nice centralized location to everything e.g., District, Diamond Jamboree Plaza, 99 Ranch.
 
I have all the zips, so if anyone wants another zip, just ask.</blockquote>


Graph, please provide data for 92867. It's in Orange and I am looking at buying there, in the Park Ridge Estate.



Much appreciated.
 
[quote author="irvine123" date=1232747657]Thanks for doing this. This data is so much more usuful (and make sense) then the data on Lansner's blog.



Would you mind give me the data for ladera ranch? (92694)</blockquote>


You're welcome and thanks for making me feel appreciated.



Unfortunately though, Ladera sqft data is N/A from DQ. They get their info via public records, and long story, but the builders basically dump a sh*t load of stuff that needs to be recorded on the recorder at one time. It either gets put on the back burner, the builder never gave the sqft data, or the recorder never recorder the info because it was lunch time. It's the same for 92602, and it also explains why Zillow doesn't always have the data either.
 
[quote author="tenmagnet" date=1232768576]Where?s 92602?

Don?t see it listed</blockquote>


Reread the first post, then read the post above.
 
[quote author="waiting2buylater" date=1232813233]Graph, please provide data for 92867. It's in Orange and I am looking at buying there, in the Park Ridge Estate.



Much appreciated.</blockquote>


Wait... I dunno, that means you will live near me and no_vas, are you sure you really wanna do that to yourself? Have you heard about our garages? They ain't pretty.



You want to buy in Park Ridge, huh. Whatever happened to that short sale in there? And, aren't there like five other properties in there that have been rotting for months and months? I like Park Ridge, but I laugh at the fools who have had their homes listed for months on end, and think that changing agents will sell it.



Anyway...



92867 $366 $301 -17.8% -25.4%
 
I'm not a real-estate buff, we all know that. But lets play out a scenario and perhaps some of you can give me an educated guess as to what that will do to home prices. (lets just pretend)



**Financial system collapses. Probably leading to a global systemic collapse. Big puns like BofA, Citi, Wells etc. implode. DOW at this point is probably at 4K. (once again let's just pretend)

Think about all the consequences of a collapse. Credit drying up completely, business unable to raise capital, firing of employees - leading to high unemployment which in turn places pressure on earnings as well as more individuals unable to pay their mortgage. The govt can't do jack at this point as they have already lowered interest rates to 0% (not that it did anything anyway), they can't borrow money anymore from the Chinese, only thing they can do is print, print, print which leads to hell anyway. (Keep in mind that credit card implosion, commercial, ALT-A are still only in their early stages and are on their way) I think we have received our first wave of attacks with subprime blow up...now we have the calm before the real storm hits. So if you think the above is even a remote possiblity, why would you risk the chance of buying?



But anyway, if the median sq/ft price is $305, where do you think prices will head to?



BTW, great info Graph.



EDIT: I'll go first..$142 per sq/ft.
 
^ Very well said, BV. If I ever think of buying within the next year, I'm definitely coming here to have you guys give me a good slap upside the head.
 
[quote author="graphrix" date=1232814298][quote author="waiting2buylater" date=1232813233]Graph, please provide data for 92867. It's in Orange and I am looking at buying there, in the Park Ridge Estate.



Much appreciated.</blockquote>


Wait... I dunno, that means you will live near me and no_vas, are you sure you really wanna do that to yourself? Have you heard about our garages? They ain't pretty.



You want to buy in Park Ridge, huh. Whatever happened to that short sale in there? And, aren't there like five other properties in there that have been rotting for months and months? I like Park Ridge, but I laugh at the fools who have had their homes listed for months on end, and think that changing agents will sell it.



Anyway...



92867 $366 $301 -17.8% -25.4%</blockquote>


The opportunity to live close to the two IHB legends just sealed the deal for me no matter what your garages look like. Plus no mello roos and no train noise except when foggy.
 
[quote author="BlackVault CM" date=1232845984]I'm not a real-estate buff, we all know that. But lets play out a scenario and perhaps some of you can give me an educated guess as to what that will do to home prices. (lets just pretend)



**Financial system collapses. Probably leading to a global systemic collapse. Big puns like BofA, Citi, Wells etc. implode. DOW at this point is probably at 4K. (once again let's just pretend)

Think about all the consequences of a collapse. Credit drying up completely, business unable to raise capital, firing of employees - leading to high unemployment which in turn places pressure on earnings as well as more individuals unable to pay their mortgage. The govt can't do jack at this point as they have already lowered interest rates to 0% (not that it did anything anyway), they can't borrow money anymore from the Chinese, only thing they can do is print, print, print which leads to hell anyway. (Keep in mind that credit card implosion, commercial, ALT-A are still only in their early stages and are on their way) I think we have received our first wave of attacks with subprime blow up...now we have the calm before the real storm hits. So if you think the above is even a remote possiblity, why would you risk the chance of buying?



But anyway, if the median sq/ft price is $305, where do you think prices will head to?



BTW, great info Graph.



EDIT: I'll go first..$142 per sq/ft.</blockquote>


Yup. There is no way to know how much in $ terms what a home would cost. It all depends on how and how long it takes the fed to get currency, $, into the public's hands. What will a $ buy? What will $10,000 buy? I dunno.
 
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