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Priced to Sell?

Posted: 26 Nov 2012 04:00 AM PST

This West Irvine property is ready to be sold at $878,800 thirteen years after being bought at $402,500. The property is well maintained going by the MLS pictures, and the location is good. The schools – Myford Elementary School, Pioneer Middle School and Beckman High School all have excellent parent ratings and test scores, and a perfect 10 API.  The listing price is $283/SF at a time when rest of the Irvine is crossing the $350/SF mark and heading towards $400/SF.

2 Ivy Lane, Irvine CA 92602

Listing Price: $878,800
Beds/Bath: 4 Beds/ 3 Baths
Area: 3,100 SF
Price/ SF: $283/SF
Lot Size: 5,135SF
Builders Tract Name: Briarwood
Builders Tract Code: BRIW
Builders Model Code: 3


Is it a good deal, or is the property just keeping with rest of the West Irvine neighborhood prices?

Here are similar properties listed for sale:

3 Freedom Place $300/SF
7 Parma  $362/SF
12 Proclamation Way $352/SF

Here is the sales history for similar properties in the past two years:

45 Elizabeth $290/SF
38 Elizabeth Ln $271/SF
98 Briar  $270/SF
15 Elizabeth Ln $278/SF

As of today, there are exactly 250 properties on sale in the Irvine market. 92602 has 24 properties listed for sale, and it’s dropped 72% from last year. Median list price is $894,000, and it’s up 79% from last year. Median listing price/SF is $348, and it’s up 17% from last year. Irvine real estate, and the 92602 area statistics have improved.

Here is a chart from Zillow that shows the increase in value per square feet in Irvine, and in West Irvine:

We are not close to the bubble numbers, but we didn’t follow the graphs and charts at the onset of the Great Housing Depression and head deep south.  Many walked away, but many found an opportunity to invest, and now that things appear stabilized, many more are buying. For those who bought at the peak of the real estate bubble, it might be a long road to recovery. For those who bought before 2003, there is hope that things might turn around.

What do you think?
Is this house priced right, or is it priced to sell?
Have you bought or sold recently?
Share your views. Comment below, or discuss at Talk Irvine.

Closed Sales from 11/15/2012 to 11/21/2012

Posted: 25 Nov 2012 03:40 PM PST

Date Sold Address Zip Tract Sold Price Beds Sq Ft
El Camino Real          
11/15/12 1 Snowberry 10 92604 Deerfield Townhomes $345,000 3 1252
11/21/12 15301 Seine Cir 92604 Ranch $695,000 4 2018
             
Northpark            
11/15/12 64 Chula Vis 95 92602 Monterey $397,700 3 1510
11/16/12 28 Bonsall 124 92602 Monterey $436,000 3 1510
             
Northwood          
11/15/12 171 Kingswood 86 92620 Arden Square $630,000 3 1800
11/16/12 22 ATHERTON 92620 Sheffield Manor $400,000 3 1668
11/16/12 13781 Solitaire Way 92620   $646,000 3 2257
11/16/12 21 Blossom 92620 Bella Rosa $835,000 4 2630
11/19/12 6 W Campanero 92620 Park Paseo $725,000 3 1910
11/19/12 18 Glenhaven 92620 Mayfield $1,338,000 6 3700
11/21/12 4022 Escudero Drive 92620 Racquet Club $576,500 4 2344
             
Oak Creek            
11/21/12 16 Alevera Street 92618 Aldea $605,000 4 1500
             
Portola Springs          
11/15/12 38 Seedling 92618 Las Ventas $680,000 4 2075
11/16/12 36 Cienega 92618 San Carlos $292,500 1 1126
11/19/12 58 Cienega 92618 San Carlos COURT $390,000 2 1621
             
Quail Hill            
11/15/12 36 DUET 92603 Sage $596,000 4 1500
             
Rancho San Joaquin          
11/16/12 17 Cerrito 9 92612 RSJ Townhomes $485,000 2 1507
11/17/12 5 Lago Sud 92612 RSJ Townhomes $462,000 2 1507
             
Stonegate East          
11/20/12 28 Deergrass 92618 Capistrano $608,500 3 1823
             
Turtle Ridge          
11/19/12 123 Canyoncrest 92603 Chantory $700,000 3 1495
             
Turtle Rock          
11/16/12 5 Morning Glory 92603 Ridge Townhomes Peters $1,000,000 3 2036
11/16/12 1 Mira 92603 Crest - Akins $1,028,000 3 2630
11/19/12 10 Baristo 92612 Pointe - Turtle Rock $842,800 3 2104
11/20/12 12 Morning View 92612 Ridge Townhomes Peters $820,000 3 2412
             
University Park          
11/15/12 7 Redwood Tree Ln 92612 Village III (Village Park) $635,000 4 2194
11/15/12 4641 Green Tree Ln 92612 Village III (Village Park) $685,500 4 2190
11/17/12 11 Hawthorn 92612 Terrace $565,000 3 1553
11/19/12 51 Oak Tree Ln 92612 Village III (Village Park) $612,000 3 2050
11/19/12 4055 Germainder Way 92612 Village I $530,000 3 1550
             
West Irvine          
11/19/12 37 Langford 92602 Sheridan Square $780,000 4 2698
             
Westpark            
11/19/12 10 Alcamo 92614 Vista West Park $740,000 4 1950
11/20/12 11 Festivo 92606 Cortina $665,000 3 2000
11/21/12 22 Marbella Aisle 12 92614 Tiempo $325,000 2 890
             
Woodbridge          
11/15/12 34 Claret 92614 Other $405,590 2 1230
11/16/12 61 Summerstone 92614 UNKNOWN $385,000 3 1511
11/16/12 13 Springwater 61 92604 Townhomes $500,000 2 1296
11/16/12 3 Woodland Dr 92604 Park Homes $540,000 3 1681
11/18/12 49 Meadowgrass 92604 Villager $300,000 3 1220
11/20/12 10 Bluejay 92604 Patio Homes (WB) $740,000 4 2300
11/20/12 9 Rockwood 92614 -- $425,000 2 1000
11/21/12 30 Springacre 92614 Chateaux $399,000 2 1236
             
Woodbury          
11/16/12 72 Canal 92620 Cachette $575,000 3 1580

Discuss on Talk Irvine: http://www.talkirvine.com/index.php/topic,3333.0.html

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