Biggest Irvine drop?

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irvine_home_owner_IHB

irvine_home_owner_IHB

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I realize there is a 50% drop thread in the Orange County section but I was wondering if there were any like that in Irvine:



1. What's the biggest drop so far for an Irvine home?



2. What's the biggest drop so far for an Irvine home built in the last 5 years?
 
[quote author="irvine_home_owner" date=1225340589]I realize there is a 50% drop thread in the Orange County section but I was wondering if there were any like that in Irvine:



1. What's the biggest drop so far for an Irvine home?



2. What's the biggest drop so far for an Irvine home built in the last 5 years?</blockquote>


For the Ciara, I know one of the top price is around $1.7M(with upgrade) and one the lows is $1050K(no upgrade) so maybe 40%.

For Mille Fleurs, I know one of the top price is around $1.6M(with upgrade) and I've seen the lows in the $1.1M, so maybe 35%?

For Turtle Ridge, I've one of the Shade Tree model, once sold for $1.250M and that is now available for $870K, so maybe 30%.
 
[quote author="WestparkRenter" date=1225341023][quote author="irvine_home_owner" date=1225340589]I realize there is a 50% drop thread in the Orange County section but I was wondering if there were any like that in Irvine:



1. What's the biggest drop so far for an Irvine home?



2. What's the biggest drop so far for an Irvine home built in the last 5 years?</blockquote>


For the Ciara, I know one of the top price is around $1.7M(with upgrade) and one the lows is $1050K(no upgrade) so maybe 40%.

For Mille Fleurs, I know one of the top price is around $1.6M(with upgrade) and I've seen the lows in the $1.1M, so maybe 35%?

For Turtle Ridge, I've one of the Shade Tree model, once sold for $1.250M and that is now available for $870K, so maybe 30%.</blockquote>


Why are you comparing different plans? No wonder you're still renting.
 
No fair... Ciara is Tustin.



What I would like to see is a drop for the same home... not the prices compared against a tract group.



I'm sure one of the stats-heavy IHBers has that information handy.
 
[quote author="asianinvasian" date=1225343331]

Why are you comparing different plans? No wonder you're still renting.</blockquote>


hehe. because if a few houses drop by 40% in Irvine, they all should becasue they are cookie-cutter. I hear very little about desirability, design and overall look and feel of homes in Irvine as being important to many on this forum. maybe because if you've seen one irvine house, you've seen them all.
 
[quote author="asianinvasian" date=1225343331][quote author="WestparkRenter" date=1225341023][quote author="irvine_home_owner" date=1225340589]I realize there is a 50% drop thread in the Orange County section but I was wondering if there were any like that in Irvine:



1. What's the biggest drop so far for an Irvine home?



2. What's the biggest drop so far for an Irvine home built in the last 5 years?</blockquote>


For the Ciara, I know one of the top price is around $1.7M(with upgrade) and one the lows is $1050K(no upgrade) so maybe 40%.

For Mille Fleurs, I know one of the top price is around $1.6M(with upgrade) and I've seen the lows in the $1.1M, so maybe 35%?

For Turtle Ridge, I've one of the Shade Tree model, once sold for $1.250M and that is now available for $870K, so maybe 30%.</blockquote>


Why are you comparing different plans? No wonder you're still renting.</blockquote>


Because of comps. The advice has been always buy the cheapest house in the neighborhood. Yes I'm still renting by choice because I'm coming out ahead.,
 
[quote author="irvine_home_owner" date=1225343428]No fair... Ciara is Tustin.



What I would like to see is a drop for the same home... not the prices compared against a tract group.



I'm sure one of the stats-heavy IHBers has that information handy.</blockquote>


But it's in Irvine school district. I think NorthPark has Irvine address but Tustin school district.

But for Alexandria, I believe the top price is $1.3M and one of the lows is $800K, so there is about 40% drop.
 
[quote author="JLegend" date=1225343777][quote author="asianinvasian" date=1225343331]

Why are you comparing different plans? No wonder you're still renting.</blockquote>


hehe. because if a few houses drop by 40% in Irvine, they all should becasue they are cookie-cutter. I hear very little about desirability, design and overall look and feel of homes in Irvine as being important to many on this forum. maybe because if you've seen one irvine house, you've seen them all.</blockquote>


If you own real estate, you should know, people don't really care about that, it's a matter of preference. It's like buying a used car, does not matter what upgrades you have, people don't care, they always pay a used car by mileage and condition of the car. The rest of the upgrades, you paid for it, got great use out of it, but buyer does not give you extra amount for it.
 
I'm just guessing, but as a whole I would say that the Avenue one and Watermark condos on Jamboree have seen the biggest price declines - probably over 1/3 for the 1 bedrooms.
 
I still would like to see a same home comparison... 22 Honey Locust in Alexandria is pretty close:



Price: $809,000 Last Sale: $1,226,000 (08/31/2006)



That's 34%.
 
[quote author="irvine_home_owner" date=1225345017]I still would like to see a same home comparison... 22 Honey Locust in Alexandria is pretty close:



Price: $809,000 Last Sale: $1,226,000 (08/31/2006)



That's 34%.</blockquote>


Yes that would be ideal, but these are comps for the neigborhood is what you have to go by. You can't tell the appraiser to find you the exact price drop for this address, otherwise I won't buy it.
 
I saw this one on Redfin. There must be more than meets the eye because I don't know how this could have ever sold for 1.2 million



<a href="http://www.redfin.com/CA/Irvine/146-Saint-James-92606/unit-55/home/5887440"> 146 Saint James #55 Irvine, CA 92606 </a>



Price: $519,000

Beds: 2

Baths: 3

Sq. Ft.: 1,170

$/Sq. Ft.: $444

Lot Size: 2,275 Sq. Ft.

Year Built: 2001



Sales History

Jul 16, 2003 $642,455

Aug 22, 2005 $1,210,000
 
[quote author="WestparkRenter" date=1225345042]WestPark, drop 40%

Bought in 2006 for $1.300M, sold recently around $800K, drop $500K.</blockquote>
If you're talking about 11 Santa Rida:



<a href="http://www.redfin.com/CA/Irvine/11-Santa-Rida-92606/home/4626530">http://www.redfin.com/CA/Irvine/11-Santa-Rida-92606/home/4626530</a>



Oct 31, 2006 $1,300,000

Sep 05, 2008 $855,540



That's actually still 34%.
 
[quote author="ABC123" date=1225345978]I saw this one on Redfin. There must be more than meets the eye because I don't know how this could have ever sold for 1.2 million



<a href="http://www.redfin.com/CA/Irvine/146-Saint-James-92606/unit-55/home/5887440"> 146 Saint James #55 Irvine, CA 92606 </a>



Price: $519,000

Beds: 2

Baths: 3

Sq. Ft.: 1,170

$/Sq. Ft.: $444

Lot Size: 2,275 Sq. Ft.

Year Built: 2001



Sales History

Jul 16, 2003 $642,455

Aug 22, 2005 $1,210,000</blockquote>


This can't be true. This area has never gone over more than $700K.
 
Here's the neighbor



<a href="http://www.redfin.com/CA/Irvine/144-Saint-James-92606/unit-54/home/5887436"> 144 Saint James #54 Irvine, CA 92606 </a>



Price: $521,900

Sold: $735,000 May 04, 2006
 
[quote author="ABC123" date=1225346467]Here's the neighbor



<a href="http://www.redfin.com/CA/Irvine/144-Saint-James-92606/unit-54/home/5887436"> 144 Saint James #54 Irvine, CA 92606 </a>



Price: $521,900

Sold: $735,000 May 04, 2006</blockquote>


Sorry, I meant to be around $700K. I was not into exact number.
 
Here's an older house that was featured on the Blog. It's guessing that it's a short sale and the bank isn't accepting the list price. Either that or it needs $200,000 worth of work.



<a href="http://www.redfin.com/CA/Irvine/20-Silver-Cres-92603/home/4743437"> 20 Silver Cres Irvine, CA 92603 </a>



Price: $799,900 Last Sale: $1,299,000 (06/08/2007)

Beds: 4

Baths: 2

Sq. Ft.: 2,128

$/Sq. Ft.: $376

Lot Size: 6,741 Sq. Ft.

Year Built: 1977
 
[quote author="ABC123" date=1225347648]Here's an older house that was featured on the Blog. It's guessing that it's a short sale and the bank isn't accepting the list price. Either that or it needs $200,000 worth of work.



<a href="http://www.redfin.com/CA/Irvine/20-Silver-Cres-92603/home/4743437"> 20 Silver Cres Irvine, CA 92603 </a>



Price: $799,900 Last Sale: $1,299,000 (06/08/2007)

Beds: 4

Baths: 2

Sq. Ft.: 2,128

$/Sq. Ft.: $376

Lot Size: 6,741 Sq. Ft.

Year Built: 1977</blockquote>


I believe this one. It's 38% drop then. Is the swimming pool part of the backyard of this house or it's part of the community? It's hard to tell from the picture.
 
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